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.

Invicta Diagnostic Limited reported a consolidated net profit of ₹48.73 Cr for the financial year ended March 31, 2026, compared to ₹49.30 Cr in the previous year. Total income for the period rose to ₹330.42 Cr from ₹301.81 Cr in FY25. The Board of Directors approved the audited standalone and consolidated financial results on May 18, 2026, in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The auditors, Kanak Rathod & Co., issued an unmodified opinion on the financial statements.

Financial Performance

The company achieved a consolidated EBITDA of ₹104.50 Cr for FY26, up from ₹92.90 Cr in the previous year. The EBITDA margin improved to 31.63% from 30.78%. For the second half of FY26, total income was recorded at ₹159.62 Cr with a net profit of ₹7.89 Cr. The EBITDA for H2 FY26 stood at ₹35.50 Cr, resulting in a margin of 22.24%.

During FY26, the company invested ₹129.61 Cr towards the purchase of fixed assets to support its long-term growth strategy. Depreciation expense increased by approximately 31% to ₹32.47 Cr in FY26 from ₹24.91 Cr in FY25.

Strategic Expansion

The company undertook several strategic initiatives during the period, including a joint venture entry into the Pune market. Invicta Diagnostic holds a 52% stake in the venture, which plans to establish diagnostic centres offering MRI, CT scan, and other services. The first centre has been secured at Market Yard, Pune.

Commercial operations commenced at the Dadar Centre on January 30, 2026, expanding the company's portfolio with PET-CT and CT scan facilities. The centre, located near Tata Memorial Hospital, was established with a project investment of approximately ₹55.00 Cr.

Additionally, the company received approval to acquire up to a 95% stake in Vinchurkar Diagnostics Private Limited, marking its entry into the Nashik market. The first phase of the acquisition was completed on May 8, 2026, securing a 51% controlling stake for a total consideration of ₹76.00 Cr.

Management Commentary

Sanket Vinod Jain, Chairman and Non-Executive Director, stated that FY26 was a landmark year with the company's NSE Emerge listing in December 2025. He highlighted the stable financial and operational performance, noting the maintenance of EBITDA margins in excess of 30%. The company remains focused on expanding its diagnostics network and driving sustainable growth in FY27.