Star Imaging And Path Lab Ltd (544482)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Star Imaging's revenue was ₹43.0 Cr (+4.9% year on year, -4.4% on the previous half-year), and net profit ₹9.0 Cr (-10.0% year on year); the operating margin was 37.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹43.0 | +4.9% | -4.4% |
| Operating profit | ₹16.0 | -5.9% | -5.9% |
| Net profit | ₹9.0 | -10.0% | -10.0% |
| EPS (₹) | 5.30 | -26.4% | -8.5% |
| Operating margin | 37.2% | — | — |
📢 Recent Corporate Announcements
Star Imaging and Path Lab Limited has secured an empanelment with the Municipal Corporation of Delhi (MCD) to offer diagnostic services to eligible beneficiaries. The services will be billed according to Central Government Health Scheme (CGHS) prescribed rates. The empanelment is subject to the continued validity of the company's underlying CGHS empanelment. While specific revenue commitments were not disclosed, this broadens the company's institutional patient volume, which generated Rs 172 Cr in TTM revenue.
- Empanelled with Municipal Corporation of Delhi (MCD) on 12 October 2026
- Diagnostic services to be rendered at CGHS prescribed rates
- Empanelment validity tied directly to the ongoing validity of the company's CGHS empanelment
- Direct financial consideration or contract value is not disclosed
Star Imaging And Path Lab has commenced commercial operations of a new CT Scan diagnostic facility at R G Stone Urology & Laparoscopy Hospital in Faridabad, Haryana, effective 28 September 2026. The partnership is structured under a 5-year tie-up arrangement, which is extendable by mutual consent. While the company stated that the financial impact cannot be quantified at this stage, the facility adds to Star Imaging's diagnostic imaging network against its TTM revenue base of ₹172 crore. The arrangement is not a related party transaction.
- Commercial operations commenced on 28 September 2026 at Faridabad, Haryana
- Facility established under a 5-year tie-up arrangement with R G Stone Hospital
- Tenure is extendable by mutual written consent
- Financial consideration and revenue impact not disclosed at this stage
Star Imaging and Path Lab Limited announced the outcome of its Board Meeting held on August 28, 2026. The Board approved the convening of its 22nd Annual General Meeting (AGM) on September 29, 2026, with the cut-off date for e-voting set for September 24, 2026. Additionally, the Board approved the re-appointment of M/s Sheetal & Company as Secretarial Auditor and appointed Mr. Suraj Verma as Internal Auditor for FY 2026-27. The Board also recommended the re-appointment of Ms. Neelam Ratra, Executive Director retiring by rotation.
- 22nd Annual General Meeting scheduled for September 29, 2026 via Video Conferencing
- E-voting cut-off date fixed as September 24, 2026; voting open September 26 to September 28, 2026
- Re-appointment of M/s Sheetal & Company as Secretarial Auditor for FY 2026-27
- Appointment of Mr. Suraj Verma as Internal Auditor for FY 2026-27
- Recommendation for re-appointment of Ms. Neelam Ratra as Executive Director retiring by rotation
Star Imaging and Path Lab Ltd announced the outcome of its Board meeting held on August 28, 2026. The Board approved the convening of the 22nd Annual General Meeting (AGM) on September 29, 2026, with the cut-off date for e-voting set as September 24, 2026. Additionally, the Board approved the re-appointment of M/s Sheetal & Company as Secretarial Auditor and appointed Mr. Suraj Verma as Internal Auditor for FY27.
- 22nd Annual General Meeting scheduled for Tuesday, September 29, 2026, at 02:00 PM via VC/OAVM
- E-voting cut-off date fixed for September 24, 2026; remote e-voting runs from September 26 to September 28, 2026
- M/s Sheetal & Company re-appointed as Secretarial Auditor and Scrutinizer for FY 2026-27
- Mr. Suraj Verma appointed as Internal Auditor for FY 2026-27
- Recommended the re-appointment of retiring Executive Director Ms. Neelam Ratra
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents. The company has not provided specific percentage growth for its imaging or pathology segments.
Geographic Revenue Split
Not disclosed in available documents. Regional contribution percentages are not provided.
Profitability Margins
Not disclosed in available documents. Specific Gross, Operating, or Net profit margins are not available.
EBITDA Margin
Not disclosed in available documents. YoY changes in EBITDA percentage are not provided.
Capital Expenditure
Not disclosed in available documents. No historical or planned INR values for Capex are mentioned.
Credit Rating & Borrowing
Not disclosed in available documents. Interest rate percentages and credit ratings are not provided.
Operational Drivers
Raw Materials
Not disclosed in available documents. Specific consumables for imaging and pathology labs are not listed.
Capacity Expansion
Not disclosed in available documents. Current number of labs or imaging centers is not specified.
Raw Material Costs
Not disclosed in available documents. Percentage of revenue spent on medical consumables is not provided.
Manufacturing Efficiency
Not disclosed in available documents. Capacity utilization percentages for diagnostic equipment are not provided.
Strategic Growth
Growth Strategy
The company is focusing on institutional tie-ups to drive volume. By securing an arrangement with the Supreme Court of India to provide credit/cashless medical services, the company aims to increase patient footfall from a stable base of government officials and their dependents. This strategy leverages CGHS empanelment to ensure a steady stream of referrals, though the company notes this specific arrangement currently has no material financial impact.
Products & Services
Medical imaging services, pathology laboratory services, and credit/cashless medical services for institutional beneficiaries.
Brand Portfolio
Star Imaging and Path Lab Limited.
New Products/Services
Credit/Cashless Medical Services specifically tailored for the Supreme Court of India officials. Revenue contribution percentage is not disclosed.
Strategic Alliances
Arrangement with the Competent Authority of the Supreme Court of India to provide medical services on a credit/cashless basis.
External Factors
Industry Trends
The diagnostic industry is seeing a shift toward organized players securing government and institutional contracts. The company is positioning itself to capture this by aligning with CGHS norms, which is a growing trend for healthcare providers seeking high-volume, reliable payment channels despite lower margins.
Competitive Moat
The company's moat is built on institutional empanelment and regulatory compliance. Securing the Supreme Court of India as a client provides a high-profile endorsement and a captive user base, which is sustainable as long as the company maintains CGHS compliance and service quality standards.
Consumer Behavior
Increasing preference for cashless and credit-based healthcare services among government employees to reduce out-of-pocket expenses at the point of service.
Regulatory & Governance
Industry Regulations
Operations are governed by Central Government Health Scheme (CGHS) guidelines and norms, which dictate the pricing and service standards for eligible beneficiaries.
Risk Analysis
Key Uncertainties
The primary uncertainty is the potential for delayed reimbursement from government-linked credit arrangements, which could impact short-term liquidity. The company states the current impact is not material, but scaling such arrangements could increase working capital pressure.
Third Party Dependencies
Dependency on the Supreme Court of India's Competent Authority for the continuation of the service arrangement.
Credit & Counterparty Risk
Credit exposure to the Supreme Court of India for services rendered on a cashless basis, where payment is settled post-service.
