Star Imaging & Path Lab Ltd

BSE: 544482

₹ 74.7-2.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 130 crWebsite: www.starimaging.inUpdated: 24 Oct 2026

About

Star Imaging & Path Lab runs diagnostic centres that offer radiology, pathology, cardiology and neurology services under one roof. The business began in 1978 as Janta X-Ray Clinic in West Delhi. Its annual report calls it one of the leading diagnostic service providers across Delhi NCR. FY26 revenue was 88.53 (Rs crore), and the company ran 24 diagnostic centres and conducted about 7.1 lakh tests in FY26.^[1][2][3]

Revenue by customer segment

B2G (government): revenue of INR47.3 crores in FY26, down 1% YoY.^[3]
B2C (walk-in patients): revenue of INR33 crores in FY26, up 18% YoY. Management names B2C as its main focus for expansion.^[3]
B2B (hospitals and labs): revenue of INR8.1 crores in FY26, up about 10% YoY.^[3]

Radiology vs pathology mix

Radiology revenue was INR73.6 crores in FY26, up from INR66.9 crores in FY25 and INR53.5 crores two years earlier.^[3][1]
Pathology revenue was INR12.3 crores in FY26, down from INR14.1 crores in FY25 and INR20.7 crores two years earlier.^[3]

Services

Radiology covers MRI, CT scan, mammography with 3D tomosynthesis, digital X-ray, advanced ultrasound, bone densitometry and dental imaging.^[1]
Pathology covers hematology, biochemistry, microbiology, histopathology, immunology and molecular diagnostics.^[1]
Its laboratories are NABL-accredited and follow ISO 15189 protocols, and it works to NABH standards.^[1]

Network and operations

The network had 24 diagnostic centres in FY26 and conducted about 7.1 lakh tests that year.^[3][1]
Delhi NCR centres include Tilak Nagar, Vikaspuri, Najafgarh, Pusa Road (Karol Bagh) and Janakpuri.^[1]
In FY26 the Vikaspuri centre was expanded and upgraded with MRI and CT. A B2C centre at Dwarka opened after the year ended.^[3]

Customers and distribution

Under PPP contracts, the company runs radiology and CT scan facilities at government hospitals in several states. It is also empanelled with the Central Government Health Scheme.^[1]
B2B hospital tie-ups rose to more than 100 in FY26, an increase of 40-45 hospitals during the year.^[1][3]
The company has contracts with numerous small labs to perform tests for them.^[1]

Expansion plans

Capex for FY27 is planned at INR20-25 crores, mostly for equipment and building new diagnostic centres.^[3]
Four more CT scanner tie-ups with RG Stone hospitals were in the pipeline as of the Q4 FY26 call, each needing about INR2 crores of capex.^[3]
Management guided 25-30% YoY revenue growth for FY27 and FY28, and FY28 revenue of INR110-120 crores.^[3]
The company plans to expand into molecular diagnostics and advanced imaging.^[3]

Recent developments

28 Sep 2026: a CT scan facility began commercial operations at R G Stone Urology & Laparoscopy Hospital, Faridabad, under a 5-year tie-up that can be extended.^[4]
FY26: revenue grew 6% against guidance of 30-35% growth. Management said PNDT and AERB regulatory delays slowed the opening of new centres.^[3]
FY26: IPO proceeds of INR49.7 crores helped cut total debt to INR20.6 crores. The company held net cash of INR31 crores.^[3]

Market Cap

₹130 Cr

High / Low

₹152 / 46

Stock P/E

7.0

Price / Book

0.0

Book Value

₹67

EPS

₹11.1

No. of Shares

1.74 Cr

ROCE

20.6%

ROE

16.6%

OPM

31.5%

Debt / Equity

0.18

Sales

₹89 Cr

Net Profit

₹19 Cr

Promoter holding

71.9%

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