Underappreciated Strengths
- Diversified diagnostics platform beyond just reagents.
- Operates across reagents, instruments, consumables, equipment & service income.
- Strong “Make in India” manufacturing push underway.
- In-house analyzer programs: Selectra Pro M, Microlab 300, Q-Count 5, automated slide stainer.
- Manufacturing localization can improve long-term margins and reduce import dependence.
- EBITDA more than doubled in 2 years: ₹32.98 Cr → ₹71.32 Cr.
- EBITDA margins expanded from 18% to 23%, indicating operating leverage.
- Expanding installed equipment base may drive recurring reagent/service revenue.
- Indian IVD market projected to reach ~US$2.98 Bn by CY30.
- Long-term sector tailwinds from rising diagnostics penetration, chronic diseases, and healthcare automation.