Suraksha Diagnostic Q2FY27: consolidated PAT +67% YoY to ₹15 Cr, margins expand to ~36%

Suraksha Diagnostic's consolidated PAT attributable to owners rose 67.0% YoY to ₹15.01 Cr (₹8.99 Cr a year ago) on consolidated revenue from operations of ₹99.07 Cr, up 25.8% YoY and 13.0% QoQ; EPS climbed to ₹2.88 from ₹1.73. Standalone told a similar story — revenue ₹94.53 Cr (+23.9% YoY) and PAT ₹15.30 Cr. There is no exceptional item on either side of the comparison, so the YoY jump is a clean, like-for-like print rather than a base-effect artefact. Profit outgrew revenue because the EBITDA margin expanded by roughly 500 basis points, from an estimated ~31% in the year-ago quarter to ~36% now, as employee costs and other operating expenses fell as a share of revenue — the operating leverage from new-center maturation and cost efficiencies that management flagged on the May 2026 call. That expansion came despite finance costs rising 74.3% YoY (₹4.84 Cr vs ₹2.78 Cr) and depreciation up 24.3% YoY (₹12.61 Cr vs ₹10.14 Cr), both consequences of Ind AS 116 lease capitalisation tied to the network build-out; the topline and cost-ratio gains were large enough to absorb this and still lift PBT margin. Against management's own FY27 guidance from the May 2026 concall — revenue growth around 15% and EBITDA margin stabilising near 33% (medium-term target 35%, long-term 38-39%) — this quarter is running well ahead: revenue grew 25.8% YoY and the margin is already tracking close to the medium-term goal and within sight of the long-term band, roughly a year earlier than the glide path implied. We found no analyst consensus or brokerage preview specifically for this quarter (small-cap, thin coverage), so vsStreet is unknown; this is read purely against the company's own stated guidance, which it has beaten on both lines. Capex discipline also looks on track: H1FY27 consolidated capex (purchase of PP&E/intangibles) was ₹33.59 Cr, roughly 48% of the ₹70 Cr FY27 network-expansion guide for West Bengal, Bihar, Jharkhand and Tripura, consistent with a similar run rate in H2. Two other developments sit alongside the print: Dinesh Gupta was appointed CFO in August 2026, mid-way through this reporting half, and the six consolidated subsidiaries (Suraksha Speciality, Suraksha Radiology, Suraksha Advanced Radiology, AIIR, Fetomat Wellness, Suraksha Salvia) remain collectively loss-making, with non-controlling interests at -₹0.06 Cr this quarter versus -₹0.16 Cr in Q1FY27 — narrowing, but still the reason consolidated PAT sits slightly below standalone. No separate management press release was available with this filing to cross-check against the Board's own framing of the quarter.