Invicta Diagnostic Limited announced on June 1, 2026, that its subsidiary, Porteus Medical LLP, has incorporated a new entity named Porteus Pathogenius LLP. Consequently, Porteus Pathogenius LLP has become a step-down subsidiary of Invicta Diagnostic Limited. The incorporation aims to expand the group's business operations in the healthcare and diagnostics sector.

Porteus Medical LLP has acquired a 51% partnership interest in the newly formed entity by contributing an initial capital of ₹51,000. The total initial capital contribution for Porteus Pathogenius LLP is ₹1,00,000. The transaction does not fall within the ambit of a related party transaction, as neither the promoter group nor other group companies hold any direct interest in the new LLP, apart from the indirect control exercised through Porteus Medical LLP.

The new step-down subsidiary will undertake the business of diagnostics, pathology, healthcare services, and laboratory services. As the entity has been newly incorporated, its current turnover is nil, and it is yet to commence business operations. The initial Limited Liability Partnership (LLP) Agreement is yet to be executed by the partners.

No specific governmental or regulatory approvals are required for the incorporation, other than those necessary in the ordinary course of business. The indicative time period for the completion of the acquisition is one month. The cost of acquisition for the 51% partnership interest is ₹51,000, acquired at par.

Key Details of Porteus Pathogenius LLP

Invicta Diagnostic Limited has reported its financial results for the full year FY26, disclosing a total income of INR33.04 crores, an increase from INR30.18 crores in FY25. The company's net profit for the year stood at INR4.87 crores, reflecting a net profit margin of 14.74%. EBITDA for the period rose to INR10.45 crores from INR9.29 crores in the previous year, with EBITDA margins improving to 31.63%. The financial performance was shared during the H2 FY26 earnings conference call held on May 23, 2026.

For the second half of FY26, the company reported a total income of INR15.96 crores, with an EBITDA of INR3.55 crores and a net profit of INR0.79 crores. The EBITDA margin for H2 was recorded at 22.4%. Management attributed the variance between H1 and H2 performance to seasonal factors, noting that the first half typically accounts for approximately 55% of annual sales due to higher patient volumes during the monsoon season, while the second half accounts for around 45%.

Financial Performance

The company's growth was accompanied by significant capital expenditure, with cash outflow of approximately INR12.96 crores directed towards the purchase of fixed assets during FY26. Consequently, depreciation expenses increased by approximately 31% to INR3.25 crores in FY26 from INR2.49 crores in FY25. The company stated that it is currently in an active investment and expansion phase, focusing on network expansion and infrastructure strengthening.

Operational Highlights and Expansion

During the second half of FY26, Invicta Diagnostic undertook several strategic initiatives to strengthen its presence in Maharashtra. The company commenced commercial operations at its Dadar center in January 2026, strategically located near Tata Memorial Hospital to cater to oncology diagnostics. The center offers services such as PET-CT, CT scan, sonography, pathology, and X-ray.

The company also entered the Pune market to establish a center featuring a 3-Tesla MRI and a cardiac 128-slice CT, expected to be operational by June. Additionally, Invicta Diagnostic expanded into Shegaon near Akola for a CT scan setup within Sant Nagari Multi-Specialty Hospital, anticipated to be operational between June and July.

A significant development was the strategic entry into Nashik through the acquisition of a 95% stake in Vinchurkar Diagnostic Private Limited for a total consideration of INR7.6 crores. The first phase of the transaction, involving the acquisition of a 51% controlling stake, has been completed. This acquisition aligns with the company's strategy to leverage established brands in new markets.

Future Outlook

Looking ahead, the company aims to scale its network across Maharashtra with a continued emphasis on advanced radiology services. Management expressed interest in exploring opportunities in Tier 2 and Tier 3 markets through partnerships and selective center additions. The company is also evaluating technology integration opportunities, including AI-enabled radiology reporting, to improve efficiency and clinical accuracy. Furthermore, Invicta Diagnostic is exploring overseas tele-radiology services, particularly in the US market, as an asset-light vertical to leverage its radiologist bench strength.