Invicta Diagnostic FY26: A radiology-led platform builds for the next leg of Maharashtra expansion

Invicta Diagnostic Limited, which operates under the consumer brand PC Diagnostics, closed FY26 with total income of INR 33.04 crore, EBITDA of INR 10.45 crore and net profit of INR 4.87 crore. The company’s business remains strongly radiology-led, with radiology contributing INR 29.57 crore or 91.40 percent of FY26 revenue, while pathology contributed INR 2.78 crore or 8.60 percent.

The FY26 narrative is shaped by two themes that can coexist. One, the company maintained a full-year EBITDA margin of 31.63 percent despite being in an active investment phase. Two, the second half performance was weaker, with H2 FY26 EBITDA margin at 22.4 percent and net profit at INR 0.79 crore. In its first earnings call after listing on NSE Emerge in December 2025, management attributed the H2 softness to seasonality in diagnostics volumes and a higher cost load in the second half due to employee bonuses and increased depreciation.

A hub-and-spoke diagnostics model anchored in advanced imaging

Invicta positions itself as a radiology-focused diagnostic services platform with pathology as a complementary layer. The company operates eight diagnostic centers in the Mumbai Metropolitan Region, structured around a hub-and-spoke model. Spoke centers act as local access points for pathology collection and basic radiology, while hubs provide advanced modalities such as MRI and CT. The flagship center supports high-end imaging like PET-CT.

Operationally, FY26 reported 98,867 patients served and 154,675 tests performed. Tests per patient visit moderated to 1.56 in FY26 from 1.70 in FY25, while average revenue per test increased to INR 2,092 from INR 1,708. Management explained on the call that as utilization reaches mature levels, the company shifts from discounted volume-building to higher realization, which can reduce lower-priced test volumes while improving net realization.

A key feature of the model is utilization management. Management stated that in mature centers, MRI utilization is typically in the 75 to 85 percent range, reflecting the time-bound capacity of MRI operations. The company expects to improve throughput through faster machines and technology enablers, and it also discussed the potential role of AI in improving efficiency in radiology workflows and reporting.

FY26 mix and demand profile: consumers dominate, institutions add incremental scale

The company reported that the majority of business is consumer-led. In the investor presentation, individual consumer revenue in FY26 was INR 27.59 crore versus institutional business revenue of INR 4.77 crore. On the call, management described the revenue split as roughly 85 to 87 percent direct consumer and the remainder institutional. It also noted that institutional credit cycles can stretch beyond the stated 45 days to about 65 to 90 days.

Radiology continues to dominate the mix by design. Management explicitly stated that it is a radiology-focused company and that the focus will continue, including the deployment of IPO proceeds largely toward radiology equipment. The company also highlighted that it has stayed away from the hyper-competitive home collection pathology market, where large players are aggressively spending to acquire share.

Expansion pipeline: Dadar, Pune, Shegaon, and Nashik drive the next phase

FY26 was also a year of stepping into the next growth phase through a mix of greenfield additions and inorganic entry.

The Dadar center commenced commercial operations toward the end of January 2026. It is positioned near Tata Memorial Hospital and offers PET-CT, CT scan, sonography, pathology, and X-ray. Management highlighted early traction, noting that in the second month it performed roughly 75 to 80 PET scans. The company also shared a reference point from its Thane center, where it performs about 300 to 330 PET patients per month at an average revenue of around INR 15,000 per scan, to provide a sense of potential as a PET-CT facility matures.

Pune is the next key build. Management stated it is setting up a high-end center with a 3-Tesla MRI and a cardiac 128-slice CT, along with a full-fledged clinical pathology setup. It expects the Pune center to be operational by June 2026 and mentioned that it aims for new centers to reach operational breakeven within about six months of starting operations.

The company is also entering Shegaon near Akola through a CT scan setup inside a 100-bedded hospital, Sant Nagari Multi-Specialty Hospital. Management expects this center to be operational between June and July 2026, and to explore further opportunities as the hospital ramps up.

In Nashik, the company agreed to acquire 95 percent of Vinchurkar Diagnostics Private Limited for a total consideration of INR 7.6 crore and has already completed the first phase by acquiring a 51 percent controlling stake. Management described this as access to a well-established market and a legacy brand in the city, aligned to its Maharashtra-focused expansion.

What FY26 financials say about the investment phase

The consolidated financial statements show a balance sheet that changed meaningfully over FY26. Cash and bank balances increased to INR 22.21 crore, with other current financial assets of INR 10.50 crore, and debt-to-equity reduced to 0.07 times. The company’s current ratio rose to 4.79 times.

At the same time, operating cash flow fell to INR 2.93 crore in FY26 from INR 6.56 crore in FY25, even as EBITDA increased. Investing cash outflow was INR 13.67 crore in FY26. Management stated it invested around INR 12.96 crore toward purchase of fixed assets during the year. Depreciation increased to INR 3.25 crore in FY26 from INR 2.49 crore in FY25, which management linked to the higher asset base created during the year.

One metric investors may track is receivable days, which increased to 56.51 days in FY26 from 20.67 days in FY25. Management also clarified that government business is currently avoided due to long credit cycles that can extend from 9 months to 18 months, and it said it has not pursued NABH or NABL accreditation because it sees those accreditations as more critical for government scheme participation.

Risks and execution markers highlighted by management

Management identified two key risks for expansion. First is site selection, where a wrong micro-market can delay breakeven even after research. Second is the risk of hyper-competition entering a market after the company sets up, compressing pricing and volumes.

The call also discussed structural pricing pressure in radiology. Management noted that scan prices have remained broadly unchanged over long periods while equipment costs have risen, with helium price escalation cited as a risk that can raise the upfront cost of MRI machines. It added that in its current expansion pipeline, procurement was contracted before the recent escalation, limiting near-term impact.

On margins, management was candid that EBITDA margins may not remain at the same level as the company expands because new centers add revenue while ramping up, while mature centers continue to contribute EBITDA. This framing aligns with the FY26 pattern where full-year margins remained healthy but the second half reflected cost and ramp dynamics.

Takeaways from FY26: a radiology-first strategy with visible near-term commissioning

Invicta’s FY26 disclosures present a radiology-first diagnostics model anchored in the Mumbai Metropolitan Region, with expansion stepping into new Maharashtra markets. The company ended FY26 with INR 33.04 crore of total income and a 31.63 percent EBITDA margin, while simultaneously commissioning and building new capacity.

The next checkpoints are operational, not just strategic. Management has shared commissioning timelines for Pune and Shegaon and has outlined its acquisition pathway in Nashik. The pace at which these centers move to operational breakeven, and how the company manages pricing pressure and competition while scaling, will likely shape how FY26 investment translates into FY27 and beyond.