SURAKSHA Q3 FY26 earnings call.
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Revenue
₹78 Cr
verified against source
Revenue YoY
30.3%
reported change
EBITDA
₹23.96 Cr
latest reported figure
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Suraksha Diagnostic delivered 30% YoY revenue growth in Q3 FY26 driven by volume expansion and genomics vertical traction. Total income reached ₹78.3 crore with EBITDA at ₹24 crore (30.6% margin), though margins compressed 200bps YoY due to pre-operative costs from 24 new centers, of which 18 are less than a year old. PAT grew 21% to ₹7.2 crore. The company commissioned 12 new centers in 9 months with 6 more in execution. Genomics vertical (Suraksha Sutra) achieved ₹53 lakh monthly revenue run rate with management targeting ₹4+ crore annual run rate in FY27. Revenue per patient declined to ₹2,140 due to new market penetration. The company reiterates margin recovery to 33-34% by FY27 Q3 as new centers mature, prioritizing scale over near-term profitability. Management targets 100 centers by FY28 with 12-15 centers annually. Key risks include competitive genomic launches by Dr. Lal and Metropolis, margin pressure from expansion, and PPP receivables. Market positioning remains focused on eastern India where Suraksha is the only player with complete genomic capabilities.
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Guidance to track
- Management expects EBITDA margins to end at approximately 32% for FY26, down from earlier guidance of 33-34%, due to pre-operative expenses of new centers.
- As new centers mature and economies of scale set in, management expects margins to revert to higher levels from Q3 FY27 onwards.
- Management targets genomics segment to reach ₹4+ crore annual run rate in FY27, growing in multiples rather than gradually, entering cancer and preventive genomics.
- Company targets 100 centers by FY28, planning 12-15 center additions annually (5 hub + 10 small format), with expansion into Northeast states and Bihar.
Risks flagged
- Analyst flagged declining EBITDA margins in mature centers (42 centers) on Slide 10. Management attributed this to seasonal weakness in Q3, which is the weakest quarter in healthcare, but did not provide specific margin data for mature centers.
- Listed diagnostic players Dr. Lal and Metropolis are introducing genomics capabilities. While management claims Suraksha's first-mover advantage in eastern India with turnaround time benefits, larger competitors have greater resources to scale genomic offerings.
- PPP projects face pricing pressure, receivables issues, and are low-margin. Management stated they are not actively seeking PPP projects and will deploy capital in other centers, though they sometimes accept when forced.
- Management struggled to quantify steady-state revenue contribution from genomics by FY28, calling it difficult to put a number to. Revenue currently at nascent stage with ₹53 lakh quarterly run rate against total revenue of ₹78 crore.
Key quotes
- Genomics is not just a point of pride. It is our primary mode against the commodization seen in the routine testing market. In essence we are investing for scale, short-term compression for long-term dominance.
- The only genomic complete genomic lab in the entire east and northeast belongs to Suraksha.
- Q3 margins are always this — the quarter three is the weakest quarter in healthcare. It is almost a given for seasonal thing.
- We might be smaller than both Lal and Metropolis but technologically we are at par with anybody in this country today.
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