Slide 1: BSE disclosure letter on investor presentation
Date: 25 May 2026 To, Listing Compliance Department BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Scrip Code: 544482 Scrip Symbol: STARIMAGIN Dear Sir / Ma’am, Reg: Disclosure under Regulation 30(6) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015
Slide 2: Star Imaging and Path Lab Limited Investor Presentation FY26 Earnings Update
Star Imaging and Path Lab Limited Investor Presentation FY 26 Earnings Update
Slide 3: Safe harbor statement
Safe harbor statement Safe harbor statement This presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities ("Securities") of Star Imaging and Path Lab Limited (“Star" or the "Company")
Slide 4: Contents
CONTENTS 01 02 03 04 PERFORMANCE COMPANY BUSINESS MODEL & GROWTH SNAPSHOT OVERVIEW SERVICE PORTFOLIO STRATEGY 05 06 07 TECHNOLOGY & INFRASTRUCTURE FINANCIAL PERFORMANCE INDUSTRY OUTLOOK
Slide 5: Executive summary – FY26
Executive summary – FY26 Executive summary – FY26 Revenue and profitability Return and capital Operations & Network Revenue from operations Return on capital employed Diagnostic centers ₹ 88.5 crores ^ 6% 29.0% vs 41.9% 24 EBITDA Return on equity Team size ₹ 33.2 crores ^ 16% 23.7% vs 40.7% 236 ^ 12
Slide 6: Performance update and management commentary – FY26
Performance update and management commentary – FY26 Performance update and management commentary – FY26 Business updates ▪ Vikaspuri center expanded and upgraded, with MRI and CT machine installed ▪ B2B hospital tie-up network expanded significantly, existing empanelment's grew by 40-45 additional h
Slide 7: Multi-channel business model
Multi-channel business model Multi-channel business model B2G B2B B2C -1% +18% +10% 33.0 47.8 47.3 7.4 8.1 28.0 FY25 FY26 FY25 FY26 FY25 FY26 Total Revenue contribution (%) +6.3% 88.5 B2G 34% 37% 83.2 B2B FY25 FY26 54% B2C 57% 9% 9% FY25 FY26 One businesses was classified under B2C in the previously
Slide 8: Service-wise revenue bifurcation
Service-wise revenue bifurcation Service-wise revenue bifurcation FY24 FY25 FY26 16.9% 13.9% 26.4% 68.2% 80.4% 83.2% Cardiology Neurology Pathology Radiology Urology Industry FY24 FY25 FY26 Cardiology 1.6 1.7 2.2 Neurology 2.7 0.4 0.4 Pathology 20.7 14.1 12.3 Radiology 53.5 66.9 73.6 Urology 0.1 0.1
Slide 9: Geographic diversification: Expanding regional footprint
Geographic diversification: Expanding regional footprint Geographic diversification: Expanding regional footprint Delhi Uttar Pradesh Nashik ▪ FY26 revenue: ₹42.4 crores ▪ FY26 revenue: ₹43 Crores ▪ FY26 revenue: ₹3.2 Crores ▪ Consistent revenue share ▪ Strong PPP-based radiology ▪ Services offered
Slide 10: Contents
CONTENTS 01 02 03 04 PERFORMANCE SNAPSHOT COMPANY OVERVIEW BUSINESS MODEL & SERVICE PORTFOLIO GROWTH STRATEGY 05 06 07 TECHNOLOGY & INFRASTRUCTURE FINANCIAL PERFORMANCE INDUSTRY OUTLOOK
Slide 11: Comprehensive testing under one roof
Star Imaging and Path Lab Limited: Comprehensive testing under one roof Star Imaging and Path Lab Limited: Comprehensive testing under one roof Star Imaging and Path Lab Limited is a NABL-accredited diagnostic services provider, offering comprehensive pathology, radiology, cardiology, and neurology
Slide 12: Diverse and experienced leadership team
Diverse and experienced leadership team Diverse and experienced leadership team Mr. Pawan Gupta Ms. Neelam Ratra Ms. Chhaya Gupta Chairman and Managing Director Executive Director Executive Director Dr. Sameer Sood Dr. Vimal Gupta Mr. Yogesh Kumar Virmani Mr. Dikshant Nagpal Non-Executive Director I
Slide 13: Awards and recognitions: Honouring excellence
Awards and recognitions: Honouring excellence Awards and recognitions: Honouring excellence Best Diagnostic & Imaging Best Imaging Service Best Diagnostic Centre Centre Provider Of The Year 2015 (Radiology & Laboratory Centre) Presenter: The Abs Presenter: Six Sigma Achievement In Business & Healthc
Slide 14: Contents
CONTENTS 01 02 03 04 PERFORMANCE SNAPSHOT COMPANY OVERVIEW BUSINESS MODEL & SERVICE PORTFOLIO GROWTH STRATEGY 05 06 07 TECHNOLOGY & INFRASTRUCTURE FINANCIAL PERFORMANCE INDUSTRY OUTLOOK
Slide 15: Strategic moat: Defensible market position
Strategic moat: Defensible market position Strategic moat: Defensible market position Long-standing brand with 50+ years Centralized tele-radiology hub. heritage. PPP expertise & government EMR Integration affiliations. Scalable hub-and-spoke model with Emerging B2C revenue digital integration. pres
Slide 16: Comprehensive diagnostics: Pathology to urology
Comprehensive diagnostics: Pathology to urology Comprehensive diagnostics: Pathology to urology 7.1Lakh 72 Radiologists and 19 24 Test cconducted (FY26) technicians Lab operators Centers Radiology services Pathology services Cardiac test Neurology diagnostics Urology & other tests • Digital X-Ray •
Slide 17: Diagnostic services: From routine testing to specialized care
Diagnostic services: From routine testing to specialized care Diagnostic services: From routine testing to specialized care Company offers one-stop solution of pathology, radiology testing services through its operational network Specialized testing ▪ Uses advanced techniques including immunoassays,
Slide 18: Diagnostics network: Equipment and center footprint
Diagnostics network: Equipment and center footprint Diagnostics network: Equipment and center footprint Radiology equipment Total Centers CT-Scan X-Ray MRI 24 ECG Ultrasound EEG Delhi Uttar Pradesh (Maharashtra) 5 centers 18 centers 1centers NCV CBCT OPG 17
Slide 19: Contents
CONTENTS 01 02 03 04 PERFORMANCE SNAPSHOT COMPANY OVERVIEW BUSINESS MODEL & SERVICE PORTFOLIO GROWTH STRATEGY 05 06 07 TECHNOLOGY & INFRASTRUCTURE FINANCIAL PERFORMANCE INDUSTRY OUTLOOK
Slide 20: Growth blueprint: Key business strategies ahead
Growth blueprint: Key business strategies ahead Growth blueprint: Key business strategies ahead Expand into molecular Specialized Diagnostics diagnostics & genomics Capitalize on government LeveragePPP Models healthcare initiatives Focus on Tier II & III cities Pan-India Expansion with tele-reportin
Slide 21: Key strategic developments and growth pipeline
Key strategic developments and growth pipeline Key strategic developments and growth pipeline ▪ PPP model expansion ▪ New center expansion ▪ B2B network building ▪ Brand building Initiatives Pre - IPO ▪ Tilak Nagar is upgraded ▪ Dwarka location finalized Post- with 640 slice CT Scan ▪ 40-45 new tie-
Slide 22: Contents
CONTENTS 01 02 03 04 PERFORMANCE SNAPSHOT COMPANY OVERVIEW BUSINESS MODEL & SERVICE PORTFOLIO GROWTH STRATEGY 05 06 07 TECHNOLOGY & INFRASTRUCTURE FINANCIAL PERFORMANCE INDUSTRY OUTLOOK
Slide 23: Public-private partnerships: Delivering diagnostics at scale
Public-private partnerships: Delivering diagnostics at scale Public-private partnerships: Delivering diagnostics at scale Making diagnostic services available to a broader population through government collaborations ▪ Collaborating with governments of Uttar Pradesh, Delhi, and Nashik under PPP mode
Slide 24: Diagnostics workflow: Seamless, accurate and efficient
Diagnostics workflow: Seamless, accurate and efficient Diagnostics workflow: Seamless, accurate and efficient Streamlined, patient-centric workflows powered by technology and clinical precision Ambulance Scanning 3D Report EMR Pickup Procedures Reconstruction Preparation Integration Radiology Servic
Slide 25: Facility snapshot: Imaging and path lab capabilities
Facility snapshot: Imaging and path lab capabilities Facility snapshot: Imaging and path lab capabilities 24
Slide 26: Tech-driven diagnostics: Central hub and AI-enabled operations
Tech-driven diagnostics: Central hub and AI-enabled operations Tech-driven diagnostics: Central hub and AI-enabled operations Central tele-reporting hub for Leveraging integrated IT systems and AI tools to enhance scalability and quality diagnostic accuracy, efficiency, and scalability EMR integrati
Slide 27: Contents
CONTENTS 01 02 03 04 PERFORMANCE SNAPSHOT COMPANY OVERVIEW BUSINESS MODEL & SERVICE PORTFOLIO GROWTH STRATEGY 05 06 07 TECHNOLOGY & INFRASTRUCTURE FINANCIAL PERFORMANCE INDUSTRY OUTLOOK
Slide 28: Profit & loss statement: Standalone
Profit loss statement: Standalone Profit & loss statement: Standalone ₹ crores unless otherwise mentioned Particulars H2 FY25 H2 FY26 FY24 FY25 FY26 YoY Change Revenue from operations 40.7 43.3 78.5 83.2 88.5 6% Operating Expense + Cost of Material Consumed 12.4 14.1 36.1 30.9 30.8 0% Employee benef
Slide 29: Balance sheet: Standalone
Balance sheet: Standalone Balance sheet: Standalone ₹ crores unless otherwise mentioned ₹ crores unless otherwise mentioned Assets FY24 FY25 FY26 Equity and Liabilities FY24 FY25 FY26 Share Capital 1.5 13.5 17.4 Non-current assets Reserves & Surplus 29.7 33.6 98.6 Property, plant and equipment 21.7
Slide 30: Cash Flow Statement: Standalone
Cash Flow Statement: Standalone Cash Flow Statement: Standalone ₹ crores unless otherwise mentioned Particulars FY24 FY25 FY26 A Cash Flow from Operating Activities Profit Before Tax 14.7 21.3 26.3 Add: Non-cash and Non-operating Adj. 6.4 7.3 7.0 Add/(Less): Working Capital Changes 1.3 (25.6) (3.1)
Slide 31: Profit & loss statement: Consolidated
Profit loss statement: Consolidated Profit & loss statement: Consolidated ₹ crores unless otherwise mentioned Particulars H2 FY25 H2 FY26 FY24 FY25 FY26 YoY Change Revenue from operations 40.9 43.3 78.5 83.2 88.5 6% Operating Expense + Cost of Material Consumed 12.5 14.1 36.1 30.9 30.8 (1%) Employee
Slide 32: Balance sheet: Consolidated
Balance sheet: Consolidated Balance sheet: Consolidated ₹ crores unless otherwise mentioned ₹ crores unless otherwise mentioned Equity and Liabilities FY24 FY25 FY26 Assets FY24 FY25 FY26 Share Capital 1.5 13.5 17.4 Non-current assets Reserves & Surplus 29.9 33.7 98.7 Property, plant and equipment 2
Slide 33: Cash flow statement: Consolidated
Cash flow statement: Consolidated Cash flow statement: Consolidated ₹ crores unless otherwise mentioned Particulars FY24 FY25 FY26 A Cash Flow from Operating Activities Profit Before Tax 14.8 21.4 26.3 Add: Non-cash and Non-operating Adj. 6.4 7.2 7.0 Add/(Less): Working Capital Changes 0.8 (25.9) (3
Slide 34: Contents
CONTENTS 01 02 03 04 PERFORMANCE SNAPSHOT COMPANY OVERVIEW BUSINESS MODEL & SERVICE PORTFOLIO GROWTH STRATEGY 05 06 07 TECHNOLOGY & INFRASTRUCTURE FINANCIAL PERFORMANCE INDUSTRY OUTLOOK
Slide 35: Indian healthcare outlook: Growth, demand & trends
Indian healthcare outlook: Growth, demand trends Indian healthcare outlook: Growth, demand & trends ▪ Total Industry Value (2023): US$ 372 billion Healthcare Market (₹ Tn) ▪ Hospital Market (2023): US$ 98.98 billion ▪ Projected CAGR (2024–2032): 8% ▪ Public Healthcare Spending: 1.9% of GDP (FY24) 15
Slide 36: Indian diagnostics sector: Growth drivers and trends
Indian diagnostics sector: Growth drivers and trends Indian diagnostics sector: Growth drivers and trends Growth drivers: Diagnostics Industry (USD Bn) ▪ Urbanization, Growing income, expanded test menus, rising non- Pathology communicable diseases Radiology ▪ Market split (2024): Pathology – 56%, R
Slide 37: Inclusive diagnostics: Government-led PPP strategy
Inclusive diagnostics: Government-led PPP strategy Inclusive diagnostics: Government-led PPP strategy ▪ Involves diagnostic players partnering with the government to offer pathology/radiology services for a specific concession period at ▪ predefined rates ▪ Aims to improve healthcare access, especia
Slide 38: Thank you
Thank you For further information, please contact: COMPANY Mr. Azad Ali CFO cs@starimaging.in Investor Relations Consultant Meeting Request Link NeoAtlas Capital Advisory LLP Research Team Rutul Shah +91 63549 47366 +91 82002 47366 research@atlascapital.in rutul.shah@atlascapital.in