💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment (Healthcare and Diagnostics). Total revenue for FY25 was INR 24.53 Cr, representing a marginal growth of 1.45% compared to INR 24.18 Cr in FY24. However, H1 FY26 revenue grew significantly by 24.57% to INR 13.12 Cr from INR 10.53 Cr in H1 FY25.

Geographic Revenue Split

100% of revenue is generated from the Greater Mumbai region, where the company operates 35 diagnostic centers. This concentration makes the company highly sensitive to local competition and regulatory changes in the Mumbai metropolitan area.

Profitability Margins

Net Profit Margin improved significantly from a loss in FY24 to a profit of INR 1.98 Cr in FY25. For H1 FY26, the Net Profit was INR 1.43 Cr. Historical data shows a Net Profit Margin of 14.6% in FY23, up from 8.9% in FY22, driven by better cost absorption.

EBITDA Margin

The EBITDA margin for FY25 was 29.8% (INR 7.31 Cr profit before interest and depreciation on INR 24.53 Cr revenue). This was a decline from the previous year's INR 9.19 Cr (38% margin), primarily due to increased operating costs and competitive pricing pressures.

Capital Expenditure

Historical capital expenditure is reflected in the property, plant, and equipment depreciation of INR 2.41 Cr for FY25. As of September 30, 2025, the company maintains a significant asset base to support its 35 diagnostic centers, though specific future expansion CapEx is not disclosed.

Credit Rating & Borrowing

The credit rating was downgraded to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable'. This reflects a high risk of default and lack of transparency. Total borrowings as of September 2025 stood at INR 12.50 Cr (INR 3.77 Cr long-term and INR 8.73 Cr short-term), with an estimated effective interest rate of approximately 13.6% based on H1 FY26 interest expenses of INR 85.11 Lakhs.

⚙️ Operational Drivers

Raw Materials

Diagnostic reagents, chemicals, and medical consumables represent the primary raw materials, accounting for 3.07% of total revenue (INR 40.35 Lakhs in H1 FY26).

Import Sources

Not specifically disclosed, but typically sourced from domestic distributors of global medical technology firms in Maharashtra.

Capacity Expansion

Current capacity consists of 35 diagnostic centers across Greater Mumbai. The company has grown from its inception in 2000 to its current scale, though specific plans for the 36th center or beyond are not detailed.

Raw Material Costs

Raw material costs were INR 1.02 Cr for FY25 (4.1% of revenue). In H1 FY26, costs decreased to INR 40.35 Lakhs from INR 47.99 Lakhs in H1 FY25, a 15.9% reduction, suggesting improved procurement efficiency or a shift in test mix.

Manufacturing Efficiency

Efficiency is measured by test turnaround time and equipment uptime across the 35 centers. Depreciation of INR 92.26 Lakhs in H1 FY26 reflects the heavy use of high-value medical machinery.

Logistics & Distribution

Distribution costs are minimal as services are consumed at the point of sale (diagnostic centers), though sample collection logistics from satellite centers to the main lab are a factor.

📈 Strategic Growth

Expected Growth Rate

24.57%

Growth Strategy

Growth is being driven by increasing the volume of diagnostic services (Pathology, Radiology, Cardiology, Neurology) across the existing 35 centers. The company is also managing a large loan portfolio of INR 33.99 Cr to 'Others', which generates interest income to supplement core operations.

Products & Services

Diagnostic services including CT scans, MRI, Ultra Sound, 2D Echo, ECG, and pathology testing.

Brand Portfolio

Nidan Diagnostics.

New Products/Services

The company continues to expand its service menu under one roof, covering Pathology, Radiology, Cardiology, and Neurology to increase the average revenue per patient.

Market Expansion

The company has focused on deepening its presence in the Greater Mumbai and Virar regions over its 29-year history.

Market Share & Ranking

Not disclosed, but operates as a established regional player in the Mumbai diagnostic market.

Strategic Alliances

The company has invested INR 20.00 Cr in Junnar Sugar Limited, indicating a strategic diversification or financial investment outside its core healthcare sector.

🌍 External Factors

Industry Trends

The Indian healthcare industry is growing across pharma, hospitals, and diagnostics. There is a trend toward 'all-under-one-roof' diagnostic services, which Nidan follows by offering pathology and radiology together.

Competitive Landscape

Faces intense competition from large national diagnostic chains and Private Equity-funded startups that use aggressive pricing to gain market share.

Competitive Moat

Nidan's moat is its 29-year brand reputation and its network of 35 centers in the high-density Mumbai market. This creates a 'convenience moat' for local patients, though it is vulnerable to price-based competition from larger chains.

Macro Economic Sensitivity

Highly sensitive to local economic conditions in Mumbai and general healthcare spending trends. Inflation in medical consumables directly impacts the 4% raw material cost base.

Consumer Behavior

Shift toward preventive healthcare and comprehensive diagnostic packages is driving demand for Nidan's multi-disciplinary service offering.

Geopolitical Risks

Low, as operations are entirely domestic and localized to Mumbai.

⚖️ Regulatory & Governance

Industry Regulations

Subject to the Clinical Establishments Act and various healthcare standards for radiology (AERB) and pathology (NABL). Compliance is essential to maintain operating licenses for the 35 centers.

Environmental Compliance

Not disclosed; primarily relates to bio-hazardous waste management at diagnostic centers.

Taxation Policy Impact

The company is subject to standard Indian corporate tax rates. Interest on income tax was INR 25.71 Lakhs in FY25, indicating previous tax-related adjustments.

Legal Contingencies

The company reported no fraudulent or illegal transactions for FY25. No specific pending litigation values were disclosed in the financial extracts.

⚠️ Risk Analysis

Key Uncertainties

The 'Issuer Not Cooperating' status from CRISIL (impact: high) and the significant non-core investment/loans (INR 33.99 Cr) pose risks to liquidity and credit availability.

Geographic Concentration Risk

100% of revenue is derived from Greater Mumbai, creating a high risk if local regulations change or if a regional competitor enters the market aggressively.

Third Party Dependencies

High dependency on equipment manufacturers for the maintenance of MRI and CT machines; downtime directly results in lost revenue.

Technology Obsolescence Risk

Medical diagnostic technology evolves rapidly; the company must continually reinvest to ensure its 35 centers do not fall behind technologically.

Credit & Counterparty Risk

The company has a high exposure to 'Others' through loans and advances totaling INR 33.99 Cr, which is significantly higher than its annual revenue, posing a major counterparty risk.