Fischer Medical — Q2 FY26 earnings call

Call held 7 Nov 2025

Management summary

Fischer Medical Ventures delivered a strong Q2 and H1 FY26, driven by significant revenue and profitability growth across its Diagnostic and Preventive Healthcare segments. The company reported a 118% YoY revenue increase in Q2 to INR 86 crores and a 25-fold EBITDA growth to INR 19 crores, reflecting strong operating leverage and strategic focus on high-margin solutions. Management highlighted expansion in both domestic and export markets, alongside advancements in MRI and AI-enabled diagnostic technologies.

Highlights

  • Q2 FY26 Revenue of INR 86 crores, up 118% YoY.

  • H1 FY26 Revenue of INR 110 crores, up 120% YoY.

  • Q2 FY26 EBITDA of INR 19 crores, a 25-fold increase YoY, with a 21% margin.

  • H1 FY26 EBITDA of INR 30.5 crores, a 22x increase YoY, with a 25% margin.

  • Q2 FY26 PAT of INR 14 crores, up from INR 0.3 crores YoY, with a 16% margin.

  • H1 FY26 PAT of INR 19 crores, up from INR 0.2 crores YoY, with a 16% margin.

  • Net cash stood at INR 28 crores, and debt-to-equity ratio was very low at 0.04.

  • Completed a stock split from INR 10 to INR 1 face value, effective September 12, 2025.

Key financials

2 periods

Headline

  • Revenue
    ₹86 Cr
    YoY +118%
  • Gross Margin
    28%
  • EBITDA
    ₹19 Cr
    YoY +2,471%
  • EBITDA Margin
    21%
  • PAT
    ₹14 Cr
    YoY +4,567%
  • PAT Margin
    16%
  • Net Cash
    ₹28 Cr
  • Debt-to-Equity Ratio
    0.04

H1

  • Revenue
    ₹110 Cr
    YoY +120%
  • Gross Margin
    30%
  • EBITDA
    ₹30.5 Cr
    YoY +2,150%
  • EBITDA Margin
    25%
  • PAT
    ₹19 Cr
    YoY +9,400%
  • PAT Margin
    16%

What they filed

Q1 FY27: revenue up 249.5%, net profit down 22.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue40 12 49 23 86 +118%101 +760%98 +98%82 +249%
EBITDA1 0 3 4 16 +3144%22 +5730%-4 −250%11 +182%
Net profit0 -0 1 5 14 +4693%19 +6731%-12 −1050%4 −22%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

SegmentIndia RevenueOverseas Revenue
Diagnostic and Preventive Health Segment——
Geographic Revenue (H1 FY26)70%30%
Geographic Revenue (Previous Year)90%5%

Guidance & targets

Market Growth

  • MRI Market Growth (India) Market Growth · High confidence 15% CAGR
    the number of MRIs in India alone is around 500 MRIs per year, which is growing at a steady rate of around 15% CAGR.

    — Shankar Varadharajan, Chief Operating Officer

  • Medtech Sector Growth (India) Market Growth · Medium confidence 15-20%
    overall, we are looking at from a macro perspective, the sector itself is looking at a growth of around 15% to 20%.

    — Shankar Varadharajan, Chief Operating Officer

Market Demand

  • MRI Demand (India) Market Demand · next 3 to 4 years · High confidence >1000 MRIs per year
    this demand is expected to grow even more, because all tertiary hospitals are mandated to have an MRI, which puts the demand over the next 3 to 4 years to around maybe even more than 1000 MRIs per year.

    — Shankar Varadharajan, Chief Operating Officer

Market Share

  • Market Share (Domestic & Asian MRI) Market Share · High confidence 15-20%
    from a Device perspective, we are shooting 15% to 20% market share domestically and in the Asian market, provided we are able to actually address the demand more than anything else.

    — Shankar Varadharajan, Chief Operating Officer

Revenue

  • Revenue Split (Imaging vs Preventive Healthcare) Revenue · 2 to 3 years · Medium confidence almost equal
    in terms of the split between our Imaging business and Preventive Healthcare, in 2 to 3 years, we are expecting the revenue split to be almost equal between these 2 segments.

    — Shankar Varadharajan, Chief Operating Officer

Regulatory

  • Nanomedic CDSCO Approval Regulatory · November 2025 · High confidence end of November
    we are expecting that to get over by the end of this month, which is November

    — Shankar Varadharajan, Chief Operating Officer

Product Launch

  • Nanomedic Commercial Deployment Product Launch · Q3 FY26 or Q4 FY26 · Medium confidence this quarter or next
    we will be starting from the pilots to go into commercial deployment, most probably this quarter, if not next quarter.

    — Shankar Varadharajan, Chief Operating Officer

Capacity

  • MRI Manufacturing Capacity Capacity · High confidence 80-160 machines per year
    Current capacity is about 80 MRI machines per year. That is in 1 shift. If required, we can scale up the shifts into 2. That will increase our capacity to, let us say, around 150 to 160, if we do 2 shifts.

    — Amol Mhaskar, Chief Operating Officer, Time Medical International Ventures (India) Private Limited

Sales Cycle

  • Radiology Equipment Sales Cycle Sales Cycle · High confidence 6 to 12 months
    the sales cycle for the hardware, basically the Radiology business is anywhere typically around 6 to 12 months for bigger equipment.

    — Shankar Varadharajan, Chief Operating Officer

Cost Savings

  • Capex Savings (vs competitors) Cost Savings · High confidence 20-35% lower
    in comparison to GE, Philips and Siemens, we are at least 20% to 35% in terms of the capex

    — Shankar Varadharajan, Chief Operating Officer

  • Opex Savings (vs competitors) Cost Savings · High confidence 10-15% lower
    in terms of the opex also, we are lower by 10% to 15%.

    — Shankar Varadharajan, Chief Operating Officer

Project Rollout

  • Schools Project Rollout (Version 1) Project Rollout · Q3 FY26 and Q4 FY26 · High confidence Version 1
    we have come up with a version 1 of that, which will be doing it in the Quarter 3 and Quarter 4 of this year.

    — Shankar Varadharajan, Chief Operating Officer

Market context

  • Global MRI Market Growth Market Growth · High confidence 8-9% CAGR
    the MRI market is around $11 billion to $12 billion, growing at a CAGR of 8% to 9% overall in the world.

    — Shankar Varadharajan, Chief Operating Officer

Risks & concerns

  • Regulatory delays for international market expansion

    medium

    The company's international expansion is slowed by pending regulatory approvals in individual countries.

    Management acknowledged

  • Regulatory delays for Nanomedic skin technology (CDSCO approval)

    medium

    Final CDSCO approval for full-fledged deployment of Nanomedic skin technology is still awaited, though expected by end of November 2025.

    Management acknowledged

  • Competition from global majors in high-end diagnostic imaging

    medium

    The diagnostic imaging market is competitive with global majors dominating the high-end segment, which remains cost-intense and infrastructure-heavy.

    Management acknowledged

Areas of evasion (1)

  • Specific order book numbers for future periods

Q&A highlights

3 direct
Core expertise and business areas (imaging hardware, diagnostic, AI-based structure) Direct
from Fischer through its subsidiaries, of course, we have multiple expertise from our Time Medical perspective. Our expertise is in the Radiology equipment where we have started with MRIs and we are expanding from diagnostic to interop MRIs... FlynnCare on the other side is completely associated with Preventive Health.

Clarifies the company's dual-pronged strategy across Radiology equipment (Time Medical) and Preventive Health (FlynnCare), indicating a diversified approach.

Asked by Dhanraj Tolani

Revenue split between India and overseas markets Direct
in this half year, predominantly or approximately 70% of our revenues is from India, and the balance 30% is from outside India. But going forward, we are able to see good traction in the export markets as well. Last year, primarily our focus entirely was on the domestic markets... export sales was, I would say around 5 to 10%.

Shows a significant shift towards international markets and provides concrete figures for geographic revenue diversification, indicating successful export traction.

Asked by Vinod Shah

Cost savings for diagnostic centers using Fischer MRI machines compared to competitors (GE, Philips, Siemens) Direct
in comparison to GE, Philips and Siemens, we are at least 20% to 35% in terms of the capex, and in terms of the opex also, we are lower by 10% to 15%.

Highlights a key competitive advantage in terms of affordability and operational efficiency, which is crucial for market penetration, especially in emerging markets and Tier-2/3 cities.

Asked by Chinmay Shah

3 min read 6 chapters

Detailed narrative

Strong Q2 & H1 FY26 Financial Performance

Fischer Medical Ventures reported robust financial results for Q2 and H1 FY26, with Q2 revenue reaching INR 86 crores, a significant 118% year-on-year growth. H1 revenue stood at INR 110 crores, increasing by 120% year-on-year. Profitability saw substantial improvement, with Q2 EBITDA at INR 19 crores (a 25-fold increase) and H1 EBITDA at INR 30.5 crores (a 22x increase), translating to margins of 21% and 25% respectively. PAT for Q2 was INR 14 crores (16% margin) and for H1 was INR 19 crores (16% margin), reflecting strong operating leverage and cost optimization.

Strategic Focus on Diagnostic Imaging and Preventive Healthcare

The company's core expertise is bifurcated into Radiology equipment through Time Medical International Ventures (India) Private Limited, focusing on MRIs and expanding into CT and interop MRIs, and Preventive Health through FlynnCare Health Innovation Private Limited, which provides connected healthcare solutions. Management emphasized making healthcare more accessible through early diagnosis and preventive measures, leveraging AI, cloud-based platforms, and decentralized models of care. The goal is to provide accessible healthcare to everyone, encompassing both diagnostics and preventive solutions.

Expanding Product Portfolio and Technological Innovation

Fischer Medical's product portfolio includes 1.5 Tesla MRI systems (MICA and QUIN, both helium and helium-free) and open MR systems (PICA) for micro musculoskeletal and spine imaging, offering significant cost and operational advantages over competitors (20-35% lower capex, 10-15% lower opex). The company is also developing AI-enabled interop MRIs for neurosurgery and integrating AI-driven diagnostics, teleradiology, and indigenous manufacturing into a seamless ecosystem. This fusion aims to set new benchmarks for cost-effectiveness and high performance in medical imaging.

Geographic Diversification and Market Share Ambitions

The company is actively expanding its market presence, with H1 FY26 revenues showing a significant shift towards international markets, where 30% of revenue originated, up from 5-10% in the previous year, while India contributed 70%. Management targets a 15-20% market share in the domestic and Asian MRI markets. The Indian MRI market is projected to grow from 500 units per year at a 15% CAGR to over 1000 units per year in the next 3-4 years, driven by government mandates for tertiary hospitals.

Capacity Expansion and Regulatory Progress

Fischer Medical currently has an MRI manufacturing capacity of 80 machines per year on a single shift, which can be scaled up to 150-160 machines per year with two shifts. The company is awaiting final CDSCO approval for its Nanomedic skin technology, expected by the end of November 2025, with commercial deployment anticipated in Q3 or Q4 FY26. Initial rollout of preventive health screening in schools is underway, with a refined version 1 of the health kiosk deployment expected in Q3 and Q4 FY26.

Government Initiatives and Healthcare Landscape

The Indian healthcare landscape is undergoing rapid transformation, supported by government programs like Ayushman Bharat, National Health Mission, and Digital Health Mission, which are expanding access to quality and affordable healthcare. The "Make in India" and PLI schemes for medical devices are encouraging domestic innovation, positioning Fischer Medical to benefit from the projected 15-20% growth in the Medtech sector. The company sees good traction from government policies, though specific projections for government tenders are not provided due to their nature.

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