Suraksha Diagnostic Ltd (NSE: SURAKSHA) Q4 2025 Earnings Call dated May. 30, 2025
Corporate Participants:
Somnath Chatterjee — Chairman & Joint Managing Director
Ritu Mittal — Managing Director & Chief Executive Officer
Ravindra K.S. — Chief Financial Officer
Analysts:
Ashish Tendulkar — Analyst
Preeti Agarwal — Analyst
Deepak Malik — Analyst
Darshil Jhaveri — Analyst
Nikita Soriya — Analyst
Riyashi Jain — Analyst
Aashita Jain — Analyst
Nishant Gupta — Analyst
Mohammed Nameer — Analyst
Aryan Jain — Analyst
Raj Patel — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4 and FY25 conference call of Suraksha Diagnostic Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing Star than zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Ashish Tendulkar from MUFG in time India Private Limited. Thank you. And over to you, sir.
Ashish Tendulkar — Analyst
Thanks, Steve. Good afternoon, ladies and gentlemen. From the management team we have Dr. Sobhnath Chatterjee, Chairman and Joint Managing Director. Mrs. Ritu Mittal, Joint MBA and CEO Mr. Ravindra KS Group Chief Financial Officer and Mr. Balgopal Chunjonola, Regional Business Head.
Before we proceed with this call, I would like to mention that some of the statements made in today’s call may be forward looking in nature and may involve risk and uncertainty. For more details kindly refer to the investor presentation and other findings that can be found on the company’s website and stock exchanges.
Now I would like to hand over the call to the management for opening remarks. Thank you. And over to you, sir.
Somnath Chatterjee — Chairman & Joint Managing Director
Good afternoon, this is Dr. Somnath Chatterjee. Thank you everyone and welcome to the quarter four and financial year 25 earnings conference call of Shuraksha Diagnostic Limited. We are extremely privileged to present the outcome of our first full fiscal year as a listed entity. For the full year we delivered quite a strong performance with total income growing by 15% year on year.
Our EBITDA also registered a healthy growth of 16% compared to the previous year with margins maintained at a robust level of approximately 34%. Shurukha Diagnostics continues to strengthen its position as the leading integrated diagnostic service provider in eastern India which our operations anchored in a unique and scalable business model.
Our model is built around fully in house polyclinic chambers that combine diagnostic centers with medical consultation services, creating a comprehensive and patient centric approach to healthcare delivery. We have a healthy breakup between the radiology and pathology business with contributions of around 45% and 51% respectively. Moreover, our strong B2C orientation, which contributes over 93% of our revenues, has been instrumental in driving consistent financial performances.
This model has allowed us to maintain sustainable EBITDA margins of around 34% supported by strong business fundamentals and disciplined execution. Looking ahead, we see a very long Runway for expansion. The eastern part of India, where Shurukha has its dominant presence remained significantly under penetrated and present a very compelling opportunity for us to deepen our presence and and drive the next phase of growth. We are confident that our proven model, experience, team and strategic investment position positions us well to capitalize on this opportunity and deliver sustained value in the days ahead.
With that, I would like to hand over the call to Mrs. Ritu Mittal, our CEO who will brief you about the overall operations of the company. Thank you once again very much for being with us today afternoon.
Ritu Mittal — Managing Director & Chief Executive Officer
Thank you Dr. Chatterjee and thank you to all the participants for joining us today. As highlighted by Dr. Chatterjee, we are pleased to report a strong performance for the year marked by robust operating metrics across the board. Over the past 12 months we have served approximately 1.19 million patients conducting over 6.7 million tests across our centers.
Our revenue per patient has grown by 10% from last year. It has reached 2118 per patient. And our EBITDA per patient has also gone up by approximately 10% and is at 715 rupees per patient. Talking about the addition of centers during the year, we successfully expanded our network with addition of seven new centers comprising one large center, one medium center, three small centers and two centers under PPP model. So which brings us to a total of 55 centers as of March 2025.
This expansion was achieved despite several operational headwinds, including the significant time and attention dedicated by the management team to our IPO process, as well as external challenges such as Dr. Strike and Geopolitical developments in the Bangladesh that temporarily impacted our operations. Looking ahead, we remain optimistic about our expansion plans. In fact, in the past two months of the new financial year we have already opened five centres and we plan to add three more centers in this month, therefore an addition of eight centres in the first quarter. We have already secured the necessary approvals for the majority of our proposed centers, so we overall plan to add 15 to 18 new centers in this fiscal year.
As we scale our operations and our centers move forward with greater maturity, we are confident in our ability to deliver sustained improvement in our EBITDA and PAT margins. This optimism is rooted in several structural advantages. As throughput increases, we benefit from improved operating leverage, which enables us to absorb fixed costs more efficiently as we move ahead.
Our continued emphasis on disciplined cost control measures will yield results, particularly in our mature centers where we are expecting to see steady and meaningful margin expansion. Moreover, as the newer centers that have launched over the past few quarters begin to stabilize, we expect them to make increasingly significant contributions to our overall performance. These centers are tracking well against our internal benchmarks and are positioned to enhance our profitability going forward.
Taken together, these factors support our expectation of a stronger, more resilient and more profitable financial profile across the network, which we believe will create long term value for our stakeholders in terms of inorganic growth. I’m pleased to inform you that in March 2025, Suraksha Diagnostic Limited entered into a definitive agreement to acquire a majority equity stake in Fetomat Wellness Private Limited a prominent healthcare provider specializing in fetal and maternal medicine.
The transaction was successfully completed in April 2025, upon which the company held a 63% equity stake in Fitomat. Giving you the brief about this company, it was founded in May 2021. FYTomat has swiftly emerged as one of eastern India’s leading centers for Pregnancy care and women’s ultrasound diagnostics, with a strong emphasis on safe motherhood and comprehensive fetal care. Phetomat operated two centers. As of March 2024, the company reported a consolidated turnover of approximately 4.11 crore with an EBITDA of 0.6 crore.
This strategic acquisition is closely aligned with our vision to expand and deepen our service portfolio in the healthcare segment. By integrating fetomath specialized capabilities in prenatal diagnostics and advanced maternal therapies, we strengthen our existing diagnostic infrastructure. We believe this synergy will not only enhance value for our stakeholders, but also enable us to serve a broader spectrum of healthcare needs with greater precision and care. Looking ahead, we remain committed to pursuing both organic and inorganic growth opportunities with a focused approach on technology enhancement and operational efficiency.
With that, I Now invite our CFO, Mr. Ravindra KS to provide a detailed overview of the Q4 and FY25 results. Thank you so much.
Ravindra K.S. — Chief Financial Officer
Thank you. Good afternoon everyone. I will now take you through a brief overview of our financial performance for the quarter and full year ended 31st March 2025. For quarter four 2025 we reported a total income of 659.1 million reflecting a 17.35 year on year growth. For FY25 our total income stood at 2559.4 million registering around 15% increase over last year.
Our EBITDA for Q4 FY25 stood at 200 million versus 204 million of same period previous year. The decline in the EBITDA is majorly attributable to one time cost which is increased in consumption cost, ECL provision and other expense. For the full year EBITDA grew by 16% to 850.9 million. The EBITDA margin for FY25 was stable at around 34%.
As our new centers continue to stabilize and contribute more meaningfully to our financial performance, we expect to see a steady improvement in margins going forward. Our profit after tax witnessed a strong growth for Q4 FY25. PAT increased by 13% year on year to 71.7 million, while for the full year PAT stood at 309.8 million representing a 34% growth over the prior year.
As a result, our PAT margin improved to 12.3% in FY25 compared to 10.6% in FY24. To conclude, we are very pleased with our financial performance for FY25. The strong growth across total income, EBITDA and PAT alongside healthy margin and solid operating metrics reflects our continued ability to execute effectively and drive sustainable, profitable growth. We are confident in our ability to maintain this positive momentum in the years to come.
With that, I conclude my remark and would now request the moderator to open the floor for the Q and A session. Thank you.
Questions and Answers:
Operator
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants. If you wish to ask a question to the management, you may press star n 1. The first question is from the line of Preeti Agarwal from SK Associates. Please go ahead.
Preeti Agarwal
Hello, Am I audible?
Operator
Yes.
Preeti Agarwal
Thank you so much for the opportunity. My first question to you is could you specify in the factors which led to such few centers getting opened in Q4 which are finally out of the way, and what is the normalized level of annual center additions which we should expect going forward?
Ritu Mittal
So we had always talked about opening 12 to 15 centers in the year and we did open seven and we have opened five in the first two months. So there was a delay of two months if we look at the deliverables. And that is because, you know, the management was busy with the IPO process.
Preeti Agarwal
Okay, and my second question is, could you please provide us with an Update on the B2B partnerships with corporates? Also, it would be great if you could help me understand the margin trajectory due to the focus of on B2B.
Ritu Mittal
So our B2B business is basically around 6 to 7% today. And we are in the process of building our genomic lab which will be one of the first in the whole of eastern India. And after that we definitely would enter into a lot more B2B agreements with all the nursing homes and hospitals of eastern India which currently have to send their samples all the way either to Mumbai or Bangalore or Hyderabad. So we definitely want to tie up with them because we can give them better service and better turnaround times.
Preeti Agarwal
Okay, thank you very much.
Operator
Thank you. The next question is on the line of Deepak Malik from Carnegie Asset Management. Please go ahead.
Deepak Malik
Yeah, thanks for taking my question. So first question is on the EBITDA performance. So this quarter you said that there was some one off in the EBITDA line. Can you please elaborate? What was that?
Ritu Mittal
Yeah, so Deepak, this was, you know, like I mentioned, we are in the process of setting up our genomic lab. So There was a one off consumption of around 1.5 cr because we are validating the test for our genomic lab. That was one major contribution by which our EBITDA was not as strong. The second thing was, the second thing was the ECL that was introduced in November 2020.
Deepak Malik
What is this ECL?
Ritu Mittal
So expected credit loss. This is because, you know, there is an increase in receivables and therefore we had to provision 60 lakhs for the year. And the third reason was that there has been an update in November 24 regarding GST payment. Okay. You know, even if the property owner does not have GST, Suraksha still has to pay under RCM. Therefore we made a provision of 50 lakhs over there. This is why the thing has taken a little bit of a hit. But this is a one time thing.
Deepak Malik
Okay. So if I adjust for that, then I think it’s a double digit kind of growth in the ebitda.
Ritu Mittal
Yes.
Deepak Malik
Yes. Okay. And you also opened new centers. Eight centers got opened. So I’m assuming there must be some losses because of that new centers also in this ebitda.
Ritu Mittal
Yes, we do have some losses in the ebitda, but because our business volume is increasing in the mature centers that is absorbing this loss.
Deepak Malik
But can you, ma’ am, highlight how much was that loss because of the new centers?
Ritu Mittal
Around 30 lakhs.
Deepak Malik
Around 30 lakhs. So in those eight centers, how many centers did the break even and how many centers did that loss?
Ritu Mittal
So out of eight, the ppp, out of the eight centers, at seven centers that we opened, two are ppp. They are still not making money. But most of our own centers have broken even at the center level. Ebitda.
Deepak Malik
Within a quarter we have been able to do the breakeven.
Ritu Mittal
Yes.
Deepak Malik
That is very commendable. And we have opened around eight centers right now in this quarter we will be opening.
Ritu Mittal
Yes. So five have already opened in the first two months, that is April and May 2025 and three are ready to open. We are just waiting for one license, which I expect to get any day. So therefore, we will be opening eight centers altogether in this first quarter.
Deepak Malik
And besides these eight centers, you will be opening another eight to 10 more centers during the rest of the year.
Ritu Mittal
Yes.
Deepak Malik
Okay. And ma’ am, any outlook on. Because we are like very strong new centers opening happened in the last quarter for which the full benefit will come in this year. And along with that, another 15, 16 centers opening this year. So what is the growth outlook in the revenue terms for FY26?
Ritu Mittal
We are expecting around 18 to 20% growth.
Deepak Malik
Okay. And in terms of EBITDA margins, because there was few one offs this year. So how do you see the next year? FY26 in terms of EBITDA?
Ritu Mittal
We expect it to close around 36% should be the lowest EBITDA that we achieve in this year.
Deepak Malik
So this year you have done 33.8% margin, which is almost similar to the last year. And on that you believe that there will be around 200 wips margin expansion despite opening 15, 16 new centers?
Ritu Mittal
Yes.
Deepak Malik
Okay. And third thing, the new acquisition which we have done. Can we highlight what are the plans for this fetal test? Because when we are acquired, this I’m assuming you must have some bigger goal of acquired. So how do you want to grow this business?
Somnath Chatterjee
So the way we have looked at it sir, is we, our genomic lab is almost finalizing its opening. It’s maybe one week away from full launch. So when you look at genomics, 50% of genomics today is philly medicine. So we complete a circle by acquiring fetal medicine. Because a lot of investigations that originates from fetal medicine, including a large part of genomic study comes out of the fetal medicine centers.
So by doing this we are almost making certain that with 35 to 40% of all genomic studies these days are from the world of reproductive medicine. So we are just strengthening our foothold in that particular sphere. So whatever you have to do with IVF or fetal medicine, the genomic component will be handled by us as well as the fetal medicine part will also be and lead by us.
Deepak Malik
So are we going to offer this test across our 55 centers?
Somnath Chatterjee
Absolutely, sir, absolutely.
Deepak Malik
So currently this is 4 crores revenue it is doing and 63% stake. So what kind of revenue potential it has once we will start offering across 55 centers?
Somnath Chatterjee
So this being a very high end science, it will, the progress will be gradual. Initially we are opening it in four of our own centers and by the year end it should be almost 12 Shrokha. Current centers will also be doing tetra medicine. It will take around 24 to 30 months for all of our centers, even in remote areas to use this technology. So the fair guess would be the revenue should increase very robustly with the addition of 8 to 10 Shrokha Centers to this vertical.
Deepak Malik
So if, if it’ll take around 30 months or maybe if I say two and a half to three years. So in three years time frame can it be like 20, 25 crores kind of revenue?
Ritu Mittal
So Deepak, the thing is that FETO Met itself may not go up to that level because Phetomat and Suraksha will have different business models. Suraksha will gain in this aspect of maternal medicine and fetal tests and also the genomic lab that we are setting up. This is like a backward integration even for that lab business. But if you look at Fetomat, we are expecting a growth of around 20, 25% every year.
Deepak Malik
Okay, got it. And last question from my end. So recently there is an increased tension with our neighbor. So have we seen any impact because of that on the business?
Ritu Mittal
It does impact our business because West Bengal has a very porous border with Bangladesh and we have three centers very close to the border where we do enough business from Bangladeshi patients. We have factored in all that and therefore we are giving out a growth potential of around 18 to 20% this year.
Deepak Malik
Any ballpark number that what percentage of the patients which comes across our 55 centers come from Bangladesh?
Ritu Mittal
Should be around 5%.
Deepak Malik
Okay. It’s a single digit kind of percentage.
Ritu Mittal
Yes.
Deepak Malik
Okay. Thank you for taking my questions. And all the very best.
Ritu Mittal
Thank you.
Operator
Thank you. Before we take the next question, we would like to remind participants that you may press star N1 to ask a question. The next question is from the line of Tarshal Javeri from ABC Capital. Please go ahead.
Darshil Jhaveri
Hi. Am I audible? Yes, you are. Hi. Thank you for taking my question. Actually, I just have a couple of questions in line with the previous participants. Similar question for the Fitomat acquisition. Just wanted to have any details about the geographical presence of Phytomat facilities following its acquisition.
Ritu Mittal
Okay. So currently they have two centers in Kolkata and one is in East Kolkata and one is in South Kolkata. And why we have acquired this asset is because we want to take these tests to the peripheries of Kolkata. So that means we want to take it to the districts of West Bengal also because we see a huge potential there.
Darshil Jhaveri
Okay. Another question would be, what was your contribution From Fatomat to FY25 numbers? And what would be the expected annual revenue run rate from. From the company that we are expecting?
Ritu Mittal
So there was no contribution in FY25 because we acquired them in April. And going forward also their contribution directly would not be very impactful in Suraksha’s balance sheet. But it’s a business that can scale up and will contribute significantly to Suraksha’s turnover.
Darshil Jhaveri
Okay, and a last question from my side. How and where do you foresee synergies getting extracted from Fatomat? And do you have any specific numbers for the same, Any timeline by when do we see the synergies getting extracted?
Ritu Mittal
So like Dr. Chatterjee mentioned, we will start with four of our centers doing these fetal scans and invasive tests. And in a period of around two to two and a half years, we will expect most of our centers to be catering to fetal medicine.
Darshil Jhaveri
Okay, thank you so much. That was it for my time.
Ritu Mittal
Thank you.
Operator
Thank you. A reminder to all participants that, that you may press Star and one to ask a question. The next question is from the line of Nikita Surya from SNK Capital. Please go ahead.
Nikita Soriya
Hi, ma’ am.
Ritu Mittal
Hi.
Nikita Soriya
Hi. So I have a few questions. Firstly, like, one of my fellow analysts asked about the eight centers that you’re going to established. So out of those, what is, what would be the breakdown of those eight centers in terms of small, medium and large?
Ritu Mittal
So out of the eight centers, one is a big center, one is medium, three are small that we have already opened. We have one PPP that we have opened and the remaining two, there will be one ppp, one small.
Nikita Soriya
Okay. All right. And my next question would be like, some of the competitors are looking at expanding geographically through acquisitions. So are you looking at expanding into other geographies?
Ritu Mittal
Yes, we are. If we get a good acquisition at which is quality and if it suits our price band, then we are definitely looking for acquisitions. And we would prefer doing it in eastern India.
Nikita Soriya
And also like some of your competitors are also into, you know, paying dividends to the shareholders. So what are your thoughts on that? Initiating any dividend payments?
Ritu Mittal
We are actually too new to the process. Give us some time to stabilize, understand the public market, and then we will definitely take a call.
Nikita Soriya
Right? That’s awesome. Thank you, ma’ am.
Ritu Mittal
Thank you.
Operator
Thank you. The next question is from the line of Riyashi Jain from NM Capital. Before you ask your question, let me remind participants that they may press STAR and one to ask a question. Reishi, you may proceed.
Riyashi Jain
Yeah. Hello. My question is how do you foresee volume growth in terms of number of tests conducted and also like pricing growing growth forward? Also, do you foresee test related cost going up?
Ritu Mittal
Can you please repeat the question?
Riyashi Jain
Yeah, sure. So my question is how do you foresee volume growth in terms of number of tests conducted and pricing growing going forward? And also second question would be like, do you foresee test related costs going up?
Ritu Mittal
So volume of tests has been growing at around 10% for us. If we compare FY24 and FY25 price, normally we take an increase of around 2 to 3% every alternate year.
Riyashi Jain
Okay. Also I want to ask one more question. In terms of market share, have you seen any impact with competitors entering the East India market?
Ritu Mittal
Not yet.
Riyashi Jain
Okay. Okay, that’s all for now. Thank you.
Ritu Mittal
Thank you.
Operator
Thank you. The next question is from the line of Ashita Jain from Nuama Institutional Equities. Please go ahead.
Aashita Jain
Hello. Hi. So I’ve just few questions on. Yeah. So firstly on the balance seven to eight centers that you plan to open in the next half, could you please give us a breakup between say hub and the spokes? How many hub and spokes that you plan to open?
Ritu Mittal
Yeah, so we are planning to open four big centers and four small centers.
Aashita Jain
Okay. Four small.
Ritu Mittal
Yes, four big and four small.
Aashita Jain
Okay. And what’s the capex guidance for this year?
Ritu Mittal
CapEx guidance for this year again is around 70cr because typically our big centers cost around 10cr and a small center is between 1.5 to 2cr.
Aashita Jain
Okay. And secondly, just to drill down better on the margin side, what portfolio, what percentage of the revenue would currently be, you know, or what percentage of the centers would making say subpar margins less than margin from currently speaking and where we see.
Ritu Mittal
So in fact we are working on a model where we want to see what. So we consider five years as a year of maturity. So at what level, what margins are mature centers working? And then we have another bracket of three to five years and then zero to three years. So we are working on this model right now and I think we’ll be able to share it offline with you.
Aashita Jain
Sure, that could be dedicated. Thank you so much.
Operator
Thank you. Participants who wish to ask a question may press star and one at this time, ladies and gentlemen, if you wish to ask a question to the management, you may press star n1. Our next question is from the line of Nishan Gupta from Minerva Capital. Please go ahead.
Nishant Gupta
Hi ma’ am. I had one question around the pricing. So in the east region, typically the cost of the tech is on a higher side as compared to the other geographies. But now we are seeing that, you know, increasing competition in the east side where, you know, some of the listed players are also into. Some of the bigger groups are also foraying into the healthcare sector in the east side. So I just wanted to understand more on a longer term perspective, like how sustainable are the pricing which you know you are charging to a customer and if you are trying to reduce and if that happens, not like this year, you have said that the EBITDA margins would probably increase. But going forward, if there is any compression, which can happen through that.
Ritu Mittal
See, one thing I would like to say is that wherever the listed peers are also entering, they are more focused on the B2B discounted business. Whereas 93 to 94% of our share comes from B2C. Therefore prices do not. I mean the competitive prices that our peers are offering is not to our customer, but it’s to B2. It’s from business to business.
Therefore we don’t see our prices getting impacted. And as far as our B2B business is concerned, that is by doing tests that no one in East India does today. So therefore we will be catering to the nurses and hospitals which will not be very highly discounted. So they will shift to us because we will be offering better turnaround times and better service.
Nishant Gupta
So there is no asset risk from the pricing. It can sustain for a longer time.
Ritu Mittal
No, no.
Nishant Gupta
Got it. Thank you.
Ritu Mittal
Thank you.
Operator
Thank you. Our next question is from the line of Mohammed Dam from I Michael, Quantum Solutions, please go ahead.
Mohammed Nameer
Yeah, thank you for the opportunity. Can you please clarify about the transfer of ip? Is it already transferred to the digital entity or the IP is still held by Suraksha.
Ritu Mittal
Which can you please repeat.
Mohammed Nameer
The question is about the transfer of ip. If I’m not wrong, the IP is with Surakshai. Is it already transferred to the listed entity or is it with. Still with Suraksha?
Ritu Mittal
Are you talking about the brand name.
Mohammed Nameer
Correct? Yes.
Ritu Mittal
I see. Yes. Yes, the brand name. We have applied for transferring it to SDL which is still in the process.
Mohammed Nameer
Can you please provide the timeline for the hill?
Ritu Mittal
We have applied and we are chasing it regularly. But then it’s a government organization so we really can’t have a definitive timeline.
Mohammed Nameer
Just the last thing. Are you paying any amount for transfer the IP or is it just a transfer?
Ritu Mittal
No, it is just a transfer. There is no amount.
Mohammed Nameer
Thank you. That’s from my side.
Ritu Mittal
Thank you.
Operator
Thank you. Participants, you may press star and one to ask a question. Ladies and gentlemen, if you wish to ask a question, you may Press Star and 1. Our next question is from the line of Aryan Jain from Groove Mutual Funds. Please go ahead.
Aryan Jain
Yeah. Hi. Thank you for the opportunity. So my question was on a Guwahati center. Can you please highlight how has its performance been this year and how is it scaling up?
Ritu Mittal
The performance has been good ever since we entered Guwahati. In fact, we are building our second center this year. Okay. Okay. We think, you know, Guwahati is again a big city to take in five centers. So we are in the process.
Aryan Jain
Okay, perfect. And any plans of future expansion in the northeast, like any more stays?
Ritu Mittal
Yes, we definitely have. But we are currently more focused on the districts of West Bengal where we have are yet to enter.
Aryan Jain
Okay. Okay. That’s just from my side. Thank you.
Ritu Mittal
Thank you.
Operator
Thank you. Before we take the next question we would like to remind participants that you may press star N1 to ask a question. The next question is from the line of Raj Patel from RK Securities. Please go ahead.
Raj Patel
Thank you for the opportunity. Just quick one question from my side. So what is your plan for PPP model and how many PPP centers do you plan to add on annual basis?
Ritu Mittal
Actually it is very difficult to have a plan about PPP because all PPPs are granted through a process of tendering. So we are not actually going overboard with ppp. But there are options for which we of course beat. But giving a number is next to impossible because it is done through a process of tendering. There is an E tender on which this happens. But we have got. We are in the process of establishing MRI in Calcutta Medical College which should happen in the next 90 days and that’s. That possibly is a very good opportunity for us.
Raj Patel
Okay, and just an add on question. So could you provide any guidance for FY26 regarding revenue EBITDA and capex 20%.
Ritu Mittal
So we are expecting a growth of around 18 to 20% as compared to FY25. We expect an EBITDA margin of around 36%.
Raj Patel
Okay. And what about capex?
Ritu Mittal
Capex is. We have planned for around 70cr except for the PPP are allotted a few.
Raj Patel
Okay, that’s all from my side. Thank you.
Ritu Mittal
Thank you.
Operator
Thank you. As there are no further questions from the participants I now hand the conference over to Dr. Somnath Chatterjee for closing comments.
Somnath Chatterjee
First of all we would like to thank everybody for being here. This is our first presentation annual reports. So we approach this with a lot of trepidation in our art before signing off what we can assure the market is the spirit is very high. As you can well gather by the number of new centers opening in this current financial year. We think we are in the right time at the right place. East being the ultimate growth story of India for the next five years. We hope next year when we meet at the same time, we will have much better results and much better performance. Thank you all again for being here with us today afternoon.
Operator
Thank you. On behalf of Suraksha Diagnostic Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.