Medinova Diagnostic Service Limited has successfully completed its merger with Vijaya Diagnostic Centre Limited, marking a significant corporate action in the healthcare diagnostics sector. The scheme of amalgamation became effective on November 4, 2025, following the filing of the National Company Law Tribunal (NCLT) sanctioned order with the Registrar of Companies in Hyderabad by both companies.

Key Details of the Merger

• Effective Date: November 4, 2025
• Appointed Date: April 1, 2024
• Share Exchange Ratio: 1 equity share of Vijaya Diagnostic Centre for every 22 equity shares of Medinova Diagnostic Services
• Record Date: November 25, 2025

Implications of the Merger

The completion of this merger has several important implications:

1. Automatic Dissolution: Medinova Diagnostic Services Limited has been automatically dissolved without going through winding-up proceedings.

2. Leadership Changes: All positions of Directors, Key Managerial Personnel, and Statutory Auditors of Medinova Diagnostic Services have been vacated effective November 4, 2025.

3. Shareholder Impact: Eligible shareholders of Medinova Diagnostic Services as of the record date (November 25, 2025) will receive shares in Vijaya Diagnostic Centre based on the specified exchange ratio.

Financial Performance Prior to Merger

In its last reported financial results before the merger, Medinova Diagnostic Services showed the following performance:

These figures demonstrate the company's financial standing leading up to the merger.

Industry Implications

This merger may consolidate the position of Vijaya Diagnostic Centre in the diagnostic services market. By absorbing Medinova's operations, Vijaya Diagnostic Centre could potentially benefit from expanded reach, combined expertise, and improved operational efficiencies.

The amalgamation of these two entities may indicate a trend towards consolidation in the diagnostic services sector, as companies seek to strengthen their market positions and enhance their service offerings in the healthcare landscape.

Medinova Diagnostic Service Limited (Medinova) has taken a significant step towards consolidation in the diagnostic services sector. The company's Board of Directors has approved the unaudited standalone and consolidated financial results for the second quarter and half-year ended September 30, 2025, alongside a major corporate restructuring move.

Merger Approval and Terms

The company received sanction from the National Company Law Tribunal (NCLT), Hyderabad, on October 13, 2025, for its amalgamation scheme with Vijaya Diagnostic Centre Limited. Under the terms of the merger:

• Shareholders of Medinova will receive 1 equity share of INR 1 face value in Vijaya Diagnostic Centre for every 22 equity shares of INR 10 face value held in Medinova Diagnostics.
• The appointed date for the merger is set as April 1, 2024.
• The record date to determine eligible shareholders is November 25, 2025.

Financial Performance

Medinova's financial results for Q2 and H1 FY2026 showcase a robust performance:

Consolidated Results (H1 FY2026)

Key Highlights

• The company witnessed a significant improvement in profitability, with net profit increasing by 27.78% year-over-year.
• Operating revenue grew by 3.30%, indicating steady business performance.
• Earnings per share (EPS) for the half-year stood at INR 1.18, up from INR 0.92 in the same period last year.

Balance Sheet Strength

As of September 30, 2025, Medinova's consolidated balance sheet reflects:

• Total assets of INR 761.97 lakhs
• A notable improvement in the equity position, with the negative equity reduced to INR 8.33 lakhs from INR 124.79 lakhs as of March 31, 2025

Merger Implications

The amalgamation with Vijaya Diagnostic Centre is expected to create synergies in the diagnostic services sector. This strategic move may lead to:

• Enhanced market presence
• Operational efficiencies
• Expanded service offerings

The merger will be effective upon filing the certified copy of NCLT's order with the Registrar of Companies, Hyderabad.

Looking Ahead

As Medinova Diagnostic Services prepares for this transition, the focus will likely be on integration and leveraging combined strengths. Stakeholders will be watching closely how this merger impacts the competitive landscape in the diagnostic services industry.

The company's improved financial performance, coupled with the strategic merger, positions Medinova for potential growth in the evolving healthcare diagnostics market.