Fischer Medical Ventures Ltd(FISCHER)

NSE: FISCHERBSE: 524743

₹ 24.95+4.09%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 1,743 crWebsite: www.fischermv.comUpdated: 24 Oct 2026

About

Fischer Medical Ventures is a Chennai-based medical diagnostics, digital health and AI healthcare software company, best known for developing MRI systems in India. It describes itself as the first Indian company to manufacture MRI systems domestically, at a facility in the Andhra Pradesh MedTech Zone. Revenue for FY26 was Rs 308.58 Cr.^[1][2]

Business lines

Management attributed H1 FY26 growth to Preventive Healthcare (wellness, mental health, contactless screening), while Radiology revenue stayed at the FY25 level.^[3]
In Q1 FY27, management described the company as a healthcare AI platform covering AI-enabled medical imaging, population-scale screening and hospital digitisation.^[4]
The group covers medtech/diagnostics, AI/digital health and international ventures through stakes such as Nanyang Biologics 51%, WonderTech 51%, SASCAN 19.9% and Nano Medic 15% (Q1 FY27).^[4]

Products and brands

The MRI range includes NEONA (called the world's first neonatal MRI system), NOVA (ultra-high-field neuroimaging), MICA (1.5T whole-body) and QUIN 1.5T (helium-free), as of FY25.^[1]
Proprietary IP covers magnets (0.35T to 3.0T, cryogen-free, HTS), RF coils, gradients, console, imaging and AI (Q1 FY27).^[4]
Other products include CT systems, a portable X-ray, a patented multispectral oral cancer scanner, a thermal breast screening device and a voice-based mental health screening tool (FY25).^[1]
Digital platforms include e-HAP (50+ health assessments), MIDAS, Flynn LIVE Dx, Flynn ATLAS, a Digital Hospital platform and AI-based TB and cancer care programmes (FY25).^[1]
The company holds marketing rights in India, the Middle East and ASEAN for Nanyang Biologics nutraceuticals, which draw on a 40,000+ compound natural library (FY25).^[1]

Manufacturing and approvals

The FY24 annual report said the subsidiary's AMTZ Visakhapatnam facility can produce 160 MRI machines a year.^[5]
In Q2 FY26, management put current capacity at about 80 MRIs a year on one shift, rising to about 150-160 with a second shift.^[3]
Subsidiary Time Medical International Ventures (India) received India's first CDSCO licence to manufacture and distribute MRI systems (FY25).^[1]

Key operating numbers

About 30% of H1 FY26 revenue came from outside India, up from roughly 5-10% the year before.^[3]
Q2 FY26 revenue was INR 86 cr, up from INR 40 cr in Q2 FY25 (118% growth). Gross margin in the quarter was 28%.^[3]

Customers and markets

Time Medical India signed a strategic agreement with the State of Assam to supply MRI machines (FY25).^[1]
The company runs TB and cancer screening programmes with the governments of Sikkim and Assam (FY25).^[1]
A partnership with Tech Avant-Garde targets health screening across 33,000 CBSE and ICSE schools using the Flynn Health Kiosk, amounting to 132 million screenings a year (FY25).^[1]
Radiologist partner Dr. Gulati agreed to take 9 more 1.5T MRI machines across FY26-FY27.^[3]
In FY25 the company expanded into Singapore, the USA, ASEAN, Africa, the Middle East and Korea.^[1]

Pipeline and expansion plans

As of Q2 FY26, the company was developing CT imaging and an AI-enabled intraoperative MRI (DRIS-iMRI) with Dr. Iype Cherian; management said the iMRI launch was imminent.^[3]
In Q2 FY26 the company planned to expand its manufacturing facility for CT.^[3]
The NanoMedic regenerative skin device was planned to move to commercial deployment in Q3 or Q4 FY26, subject to CDSCO approval.^[3]
Management stated a target of 15-20% MRI market share in India and Asian markets, and a roughly equal Imaging and Preventive Healthcare revenue split within 2-3 years (Q2 FY26).^[3]
An AI-enabled imaging upgrade to the PICA platform was announced as upcoming, aimed at cutting scan times (FY25).^[1]

Recent developments

The share face value was split from INR 10 to INR 1, effective 12 Sep 2025.^[3]
The company raised around INR 360 crore through a preferential issue of shares and warrants (FY25).^[1]
Two Singapore subsidiaries were set up in August 2024, followed by one in Malaysia. The company invested in Wonder Tech Group in November 2024.^[1]
The company listed on the NSE in FY25 and acquired a maker of mobile X-ray, fixed X-ray and digital radiography systems.^[1]
The company was renamed Fischer Medical Ventures in March 2024, and the acquirers became its new promoters.^[5]

Market Cap

₹1,743 Cr

High / Low

₹121 / 24

Stock P/E

55.6

Price / Book

4.4

Book Value

₹6

EPS

₹0.5

No. of Shares

65.45 Cr

ROCE

11.8%

ROE

8.6%

OPM

16.3%

Debt / Equity

0.19

Sales

₹309 Cr

Net Profit

₹31 Cr

Promoter holding

63.1%

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