About Suraksha Diagnostic Ltd.
Suraksha Diagnostic Ltd. (NSE: SURAKSHA) is an Indian healthcare company that operates a wide network of diagnostic centers offering integrated pathology, radiology, and medical consultation services. Established in 1992 in Kolkata, it has grown to become one of the prominent diagnostic service providers in eastern and north-eastern India, with numerous diagnostic centers, sample collection points and a central reference laboratory accredited by the College of American Pathologists (CAP) and other quality bodies like NABL.
The company provides a comprehensive range of tests and imaging services supported by advanced technology and expert medical professionals, and also offers convenience features such as online booking and home sample collection. Suraksha Diagnostic converted into a public limited company in 2024 and is publicly listed on Indian stock exchanges, reflecting its expanding scale and institutional growth.
Q3 FY26 Financial Performance (Year-on-Year)
During the third quarter of FY26, the company reported total income of ₹783.09 million, representing a 30.3% year-on-year increase compared to Q3 FY25. EBITDA rose to ₹237.82 million, marking a 26.1% YoY growth, while the EBITDA margin stood at 30.6%, slightly lower than the previous year. Profit after tax (PAT) increased by 21.0% YoY to ₹72.41 million, with the PAT margin at 9.3%. Earnings per share (EPS) for the quarter were ₹1.44, compared with ₹0.26 in the corresponding period last year.
9M FY26 Financial Performance (Year-on-Year)
For the first nine months of FY26, total income grew 21.8% YoY to ₹2,313.81 million, up from ₹1,900.27 million in 9M FY25. EBITDA increased 12.8% YoY to ₹734.04 million, with an EBITDA margin of 31.7%, compared to 32.1% in the previous year. PAT rose 6.0% YoY to ₹252.43 million, while the PAT margin moderated to 10.1% from 11.0% in 9M FY25.
Key Operational Highlights – Q3 FY26 (Year-on-Year)
Operationally, total tests conducted increased 30.7% YoY to 2.06 million in Q3 FY26, while total patients grew 23.0% YoY to 0.36 million. Tests per patient improved to 5.77, reflecting a 6.2% YoY increase. Average revenue per test remained stable at ₹378, broadly unchanged year-on-year.
Key Operational Highlights – 9M FY26 (Year-on-Year)
For the nine-month period, total tests rose 27.2% YoY to 6.18 million, and total patients increased 19.3% YoY to 1.07 million. Tests per patient increased 6.7% YoY to 5.78, indicating higher engagement per patient. However, average revenue per test declined 3.8% YoY to ₹370, reflecting pricing or mix changes over the period.
Management Comment
The management stated that the company continued to deliver strong top-line growth in Q3 FY26, driven by robust network expansion. It explained that the temporary impact on EBITDA margins was due to the launch and development of new centers, while centers older than two years continued to operate at a healthy 37% EBITDA margin, underscoring the strength of the business model. The management emphasized that it was investing for scale, accepting short-term margin compression to achieve long-term market leadership.
It further reported that during 9M FY26, the company added 12 fully operational centers and had six centers under development. The management added that the launch of Suraksha Sutra, its genomics and molecular diagnostics vertical, marked a successful entry into the high-value genomics segment and provided a strong first-mover advantage in Eastern India. Finally, it reaffirmed its commitment to creating shareholder value through innovation, operational excellence, and sustainable long-term growth.