Geographical Expansion
Expected: FY26HIGH confidence
What: Center Count: 12 new centers
Impact: INR 6 CR revenue in Q3
“So new center revenue -- so it was around INR6 CR from the new centers for Q3.”
Suraksha Diagnostic Ltd: Stock Analysis & Fundamentals
Data from 2w agoSuraksha Diagnostic Ltd (Diagnostics) — fundamental analysis, earnings data, and key metrics. PE: 44.4. ROE: 16.5%. This stock is not currently in the Nifty 500 momentum outperformers list.
Suraksha Diagnostic Ltd Key Facts
What's Happening
📊Debt increased 33% YoY — leverage rising
🏛️DII reducing — stake down 1.2%
Earnings Acceleration Triggers
1. Geographical Expansion
FY26HIGH
2. Value Added Product Mix Shift
OngoingMEDIUM
3. Operating Leverage Inflection
FY27 Q3MEDIUM
Key Risks
1. Volatility in silver prices impacting non-pathology inventory (films)
LOW2. Delays in obtaining relevant licenses for new centers due to government office c
LOWSector-Specific Signals
Total Centers63 centers+8
Matured Centers (>2 years)42 centers
New Centers (<2 years)24 centers
Revenue Per PatientINR 2,140+2.7%
Key Numbers
Current Price
₹284
Market Cap
1.5K Cr
Valuation
N/AWhy Are Suraksha Diagnostic Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 19, 2026
Value Added Product Mix Shift
Expected: OngoingMEDIUM confidence
What: Genomics Revenue: INR 63 lakhs
“Today, genomics is the new black in pathology. Keeping in line with its history, Suraksha has been able to deliver the first complete genomic lab to Eastern India.”
Operating Leverage Inflection
Expected: FY27 Q3MEDIUM confidence
What: Center Maturity: 42 matured centers
Impact: 37-38% EBITDA margin
“I think FY’27 third quarter... margins, we know we don't even have to look at it, it'll automatically come because of economies of scale.”
Revenue growth of 30.3% vs 15% guidance.
HIGH confidence
What: Revenue growth of 30.3% vs 15% guidance.
“It is driven by two distinct engines: volume expansion, which comes through the ramp-up of our new centers, and the product mix.”
What Are the Key Risks for Suraksha Diagnostic Ltd?
Earnings deceleration risks from management commentary
Volatility in silver prices impacting non-pathology inventory (films)
LOWTrigger: Global silver price fluctuations affect the cost of radiology consumables.
Management view: Prices have stabilized after a recent correction; pathology costs are capped via long-term contracts.
Monitor: commodity
Delays in obtaining relevant licenses for new centers due to government office c
LOWTrigger: Festivities in Kolkata led to administrative shutdowns, delaying center openings.
Management view: Centers are ready and waiting for licenses to commence operations.
Monitor: regulatory
What Is Suraksha Diagnostic Ltd's Management Saying?
Key quotes from recent conference calls
“As guided earlier, we are confident of achieving 15% revenue growth in FY26 and EBITDA margin between 33% to 34%. [Previous Revenue Growth guidance]”
“This pivot is not just a point of pride; it is our primary moat against the price commoditization seen in the routine testing market. [Initiative: Suraksha Sutra (Genomics)]”
“But recently what we saw with non-pathology inventory, which mostly is films, so they were chasing a price impact because of the rise in the silver prices. [Risk (commodity): LOW]”
“Second is because of the festivities coming in earlier, the government offices were shut. So, therefore, we could not get the relevant licenses. [Risk (regulatory): LOW]”
What Did Suraksha Diagnostic Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 783.09 million
YoY +30.3%QoQ -1.6%
Why: Growth was driven by volume expansion from new center ramp-ups and a favorable product mix from the new genomic testing vertical.
Revenue growth significantly outpaced the company's long-term 15% guidance.
EBITDA
INR 237.82 million
YoY +26.1%Margin 30.6%
Why: Aggressive network expansion led to higher initial operating costs on new centers, causing a temporary compression in margins.
Margins remain below the 33-34% target range due to the high volume of non-matured centers.
PAT
INR 72.41 million
YoY +21%QoQ -18%
Why: PAT growth was supported by topline momentum but offset by the margin drag from new center pre-operative expenses.
PAT margin saw a slight year-on-year decline from 10.1% to 9.3%.
Other Highlights
• Genomics revenue reached INR 63 lakhs in Q3, surpassing the entire H1 performance of INR 55 lakhs.
• 12 centers were fully commissioned and operational within the first nine months of the fiscal year.
• Net cash position stands at approximately INR 29 crores with negligible gross debt of INR 1-1.5 crores.
What Sector Metrics Matter for Suraksha Diagnostic Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Centers
63 centers
YoY +8QoQ 0
Why: Includes 56 standard SDL centers, 4 PPP models, 1 AIR, and 2 Fetomat centers.
Matured Centers (>2 years)
42 centers
Why: These centers provide the core profitability with 37-38% EBITDA margins.
New Centers (<2 years)
24 centers
Why: 18 of these are less than a year old, currently diluting overall margins.
Revenue Per Patient
INR 2,140
YoY +2.7%QoQ +0.9%
Why: Increase driven by the introduction of high-value genomic tests.
EBITDA Per Patient
INR 686
YoY -5.4%QoQ -1.3%
Why: Declined due to the higher operating costs associated with non-matured centers.
Number of Tests Performed
2.06 million
YoY +30.7%
Why: Strong volume expansion from new center ramp-ups.
B2C Revenue Mix
92-93%
Why: The company remains heavily focused on the direct-to-consumer retail model.
Pathology Revenue Mix
48%
Why: Part of a comprehensive diagnostic model balancing pathology and radiology.
Radiology Revenue Mix
46%
Why: Includes high-end imaging like CT and MRI reporting enhanced by AI.
Repeat Customer Rate
30%
YoY 0%
Why: Stable customer loyalty; company is developing a software-based loyalty scheme to improve this.
What Is Suraksha Diagnostic Ltd's Management Guidance?
Forward-looking targets from management for FY26-FY28
Revenue Growth Target
15%
OPM Guidance
32%
Capex Plan
₹70 Cr
Revenue Outlook
15% year-on-year
Margin Outlook
LOWERED
Capex Plan
INR 70 crores
Opening 12 to 15 new centers annually
Management Tone: BULLISH
Guidance Changes
LOWERED
EBITDA Margin: 33% to 34% → 32%
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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Frequently Asked Questions: Suraksha Diagnostic Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Suraksha Diagnostic Ltd's latest quarterly results?
Suraksha Diagnostic Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +21.1%
- Revenue Growth YoY: +30.5%
- Operating Margin: 29.8%
What is Suraksha Diagnostic Ltd's current PE ratio?
Suraksha Diagnostic Ltd's current PE ratio is 44.4x.
- Current PE: 44.4x
- Market Cap: 1.5K Cr
What is Suraksha Diagnostic Ltd's price-to-book ratio?
Suraksha Diagnostic Ltd's price-to-book ratio is 6.4x.
- Price-to-Book (P/B): 6.4x
- Book Value per Share: ₹44
- Current Price: ₹284
Is Suraksha Diagnostic Ltd a fundamentally strong company?
Suraksha Diagnostic Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 18.0%
Is Suraksha Diagnostic Ltd debt free?
Suraksha Diagnostic Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹89 Cr
What is Suraksha Diagnostic Ltd's return on equity (ROE) and ROCE?
Suraksha Diagnostic Ltd's return ratios over recent years
- FY2023: ROCE 9.0%
- FY2024: ROCE 17.0%
- FY2025: ROCE 18.0%
Is Suraksha Diagnostic Ltd's cash flow positive?
Suraksha Diagnostic Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹63 Cr
- Free Cash Flow (FCF): ₹23 Cr
- CFO/PAT Ratio: 203% (strong cash conversion)
What is Suraksha Diagnostic Ltd's dividend yield?
Suraksha Diagnostic Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹284
Who holds Suraksha Diagnostic Ltd shares — promoters, FII, DII?
Suraksha Diagnostic Ltd's shareholding pattern (Mar 2026)
- Promoters: 49.1%
- FII (Foreign): 13.5%
- DII (Domestic): 23.1%
- Public: 14.3%
Is promoter holding increasing or decreasing in Suraksha Diagnostic Ltd?
Suraksha Diagnostic Ltd's promoter holding has increased recently.
- Current Promoter Holding: 49.1% (Mar 2026)
- Previous Quarter: 49.0% (Dec 2025)
- Change: +0.10% (increasing — positive signal)
Is Suraksha Diagnostic Ltd a new momentum entry or an established outperformer?
Suraksha Diagnostic Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Suraksha Diagnostic Ltd?
Suraksha Diagnostic Ltd has 4 key growth catalysts identified from recent earnings analysis
- Geographical Expansion — Expansion into Jharkhand and new districts in West Bengal to capture under-penetrated markets.
- Value Added Product Mix Shift — Genomics and molecular testing provide a moat and higher realization per test.
- Operating Leverage Inflection — As the 24 new centers mature, fixed cost absorption will drive margin expansion.
- Revenue growth of 30.3% vs 15% guidance. — Driven by aggressive center expansion and the successful launch of the high-value genomics vertical.
What are the key risks in Suraksha Diagnostic Ltd?
Suraksha Diagnostic Ltd has 2 key risks worth monitoring
- [LOW] Volatility in silver prices impacting non-pathology inventory (films) — Global silver price fluctuations affect the cost of radiology consumables.
- [LOW] Delays in obtaining relevant licenses for new centers due to government office c — Festivities in Kolkata led to administrative shutdowns, delaying center openings.
What did Suraksha Diagnostic Ltd's management say in the latest earnings call?
In Q3 FY26, Suraksha Diagnostic Ltd's management highlighted
- "As guided earlier, we are confident of achieving 15% revenue growth in FY26 and EBITDA margin between 33% to 34%. [Previous Revenue Growth guidance]"
- "This pivot is not just a point of pride; it is our primary moat against the price commoditization seen in the routine testing market. [Initiative: Su..."
- "But recently what we saw with non-pathology inventory, which mostly is films, so they were chasing a price impact because of the rise in the silver pr..."
What is Suraksha Diagnostic Ltd's management guidance for growth?
Suraksha Diagnostic Ltd's management has provided the following forward guidance for FY26-FY28
- Revenue growth target: 15%
- OPM guidance: 32%
- Capex plan: ₹70 Cr for Opening 12 to 15 new centers annually
- Management tone: bullish
- Milestone: [LOWERED] EBITDA Margin: 33% to 34% → 32%
What sector-specific metrics matter most for Suraksha Diagnostic Ltd?
Suraksha Diagnostic Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Centers: 63 centers (YoY +8) (QoQ 0) — Includes 56 standard SDL centers, 4 PPP models, 1 AIR, and 2 Fetomat centers.
- Matured Centers (>2 years): 42 centers — These centers provide the core profitability with 37-38% EBITDA margins.
- New Centers (<2 years): 24 centers — 18 of these are less than a year old, currently diluting overall margins.
- Revenue Per Patient: INR 2,140 (YoY +2.7%) (QoQ +0.9%) — Increase driven by the introduction of high-value genomic tests.
- EBITDA Per Patient: INR 686 (YoY -5.4%) (QoQ -1.3%) — Declined due to the higher operating costs associated with non-matured centers.
- Number of Tests Performed: 2.06 million (YoY +30.7%) — Strong volume expansion from new center ramp-ups.
Is Suraksha Diagnostic Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Suraksha Diagnostic Ltd may be worth studying
- Cash flow is positive — CFO ₹63 Cr
What is the investment thesis for Suraksha Diagnostic Ltd?
Suraksha Diagnostic Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Geographical Expansion
Risk Factors (Bear Case)
- Key risk: Volatility in silver prices impacting non-pathology inventory (films)
What is the future outlook for Suraksha Diagnostic Ltd?
Suraksha Diagnostic Ltd's forward outlook based on current data signals
- Key Catalyst: Geographical Expansion
- Key Risk: Volatility in silver prices impacting non-pathology inventory (films)
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.