Suraksha Diagnostic Limited is a prominent healthcare diagnostics company, offering integrated pathology, radiology testing, and medical consultancy services primarily across Eastern India. Incorporated in 2005, the company has established a strong presence with a central reference laboratory, 8 satellite laboratories, and 215 customer touchpoints as of June 30, 2024. These touchpoints include 49 diagnostic centres and 166 sample collection centres spread across West Bengal, Bihar, Assam, and Meghalaya. Over 95% of its revenue is generated from West Bengal, highlighting its strong regional focus.
The company made its debut on the stock market on December 6, 2024, following an IPO priced at ₹441 per share, which raised ₹846.25 crores through an offer for sale. The shares were listed at ₹437, reflecting a slight discount of 0.91% to the issue price.
Suraksha Diagnostic offers a comprehensive "one-stop solution" for diagnostic and medical consultation needs. The company provides an extensive menu of over 2,300 diagnostic tests, ranging from routine pathology to advanced radiology. Its operational model is supported by a central reference lab, 8 satellite labs, and a wide network of diagnostic and collection centers, ensuring efficient sample processing and service delivery.
Beyond diagnostics, Suraksha also integrates online and offline medical consultation services. Its polyclinics, housed within 44 diagnostic centres, are staffed by more than 750 doctors, serving primarily individual patients while also engaging in some B2B contracts. The company leverages advanced technology platforms such as its Laboratory Information Management System (LIMS), fully integrated Radiology Information System (RIS), Picture Archive Communication System (PACS), and Enterprise Resource Planning System (ERP) to streamline its operations and enhance service efficiency.
The company has demonstrated robust financial performance with consistent growth in both revenue and profit.
- Q3 FY2024-25: Consolidated net profit surged by 32.25% to ₹6.15 crore, compared to ₹4.65 crore in Q3 FY2023-24. Revenue from operations increased by 14.83% year-on-year to ₹59.51 crore.
- Q2 FY2024-25 (Sept 2024): Net profit rose by 22.95% to ₹10.34 crore (vs. ₹8.41 crore in Q2 FY2023-24). Sales increased by 11.16% to ₹66.75 crore (vs. ₹60.05 crore in Q2 FY2023-24).
For the full financial year 2023-24:
- Profit: Profit attributed to owners of the parent significantly increased to ₹23.62 crore, a jump of 262.81% from ₹6.51 crore in FY2022-23.
- Revenue: Revenue from operations grew by 15.02% to ₹218.70 crore, up from ₹190.13 crore in FY2022-23.
- The company boasts an operating revenue of ₹242.19 crore on a trailing 12-month basis, with an outstanding annual revenue growth of 15%. Its pre-tax margin of 14% and ROE of 13% indicate a healthy financial position.
- Market Capitalization: ₹1,551 crore (as of March 2025)
- 52-Week Range: ₹449.00 (High) / ₹233.15 (Low)
- P/E Ratio: 69.43
- P/B Ratio: 9.16
- EPS: ₹1.42 (Q1 FY2025), ₹4.43 (FY2023-24)
- ROE (Consolidated): 16.29% (FY2023-24)
As of March 2025, the promoter holding in Suraksha Diagnostic Ltd stood at 48.78%, a decrease from 61.06% in December 2024. The latest reported shareholding breakdown is:
- Promoter: 48.8%
- FII: 14.5%
- DII: 22%
- Public: 14.7%
Suraksha Diagnostic is committed to expanding its footprint and enhancing service delivery. In FY2024, the company conducted 5.98 million tests for 1.14 million patients, with pathology contributing 53.30% of revenue and radiology 46.03%. Its hub-and-spoke model ensures efficient service delivery, while the integration of polyclinic chambers at diagnostic centres enhances patient convenience and drives cross-selling opportunities.
The company actively pursues growth through strategic acquisitions. A notable example is the acquisition of a 63% stake in Fetomat in April 2025, which underscores its commitment to expansion through strategic partnerships.
Suraksha's competitive edge is multifaceted. It benefits from an extensive network across eastern and northeastern India, offering integrated pathology, radiology, and medical consultancy services under a single roof. The company's advanced clinical infrastructure and robust technology platforms, including LIMS, RIS, PACS, and ERP, streamline operations and ensure high-quality service. This integrated service model, coupled with a strong focus on quality, enables high customer retention in the fragmented Eastern and Northeastern Indian markets.
The company's promoters include Dr. Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma, with Dr. Somnath Chatterjee serving as the Chairperson. The management team has recently seen changes, with the CFO, Amit Saraf, resigning effective February 15, 2025, which led to a minor fluctuation in share price.
Suraksha Diagnostic Limited holds a market share of approximately 1.26% in its operational areas, which is continuously scaling up with the opening of new centres. These expansions are expected to contribute positively to its top and bottom lines over time. The company operates over 100 centres across India, providing comprehensive diagnostic and healthcare services, with a strong emphasis on accuracy, affordability, and accessibility in delivering diagnostic solutions.
