Star Imaging and Path Lab
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Aug 2025 – 12 Aug 2025
- Listing date
- 18 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹142 per share
- Lot size
- 1,000 shares
- Listing at
- BSE
- Total issue size
- ₹69.47 Cr
- Market cap at offer price
- ₹247 Cr
- Promoter holding
- 100.00% → 71.92% pre-issue → post-issue
- ISIN
- INE0YG001013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- 4B/4, Tilak Nagar, Near Sant Pura, Tilak Nagar West, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,04,000 | — | — |
| Market maker | 4,80,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹142
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,42,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,84,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,94,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,36,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.82 | 9.16 |
| P/E (×) | 12.01 | 15.50 |
| Price to book (×) | 4.07 | — |
| Market cap | — | ₹247 Cr |
Key performance indicators
- Return on net worth
- 40.65%
- ROCE
- 29.92%
- Debt / equity
- 0.69
- PAT margin
- 19.10%
- EBITDA margin
- 34.22%
- NAV per share
- ₹34.93
- Price to book
- 4.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Star Imaging and Path Lab
Star Imaging and Path Lab Limited was originally incorporated as a private limited company on May 31, 2004, and converted to a public limited company on September 17, 2024. The company traces its origins to 1978 as Janta X-Ray Clinic, a proprietorship providing X-ray and basic pathology tests using manual methods. In 2004, it was established as a private entity with a vision to offer pathology, radiology, cardiology, and neurology services under one roof. As part of expansion, the company acquired the businesses of Janta X-Ray Clinic, Star Imaging & Path Lab, and Star Health Care in 2011. The company operates 24 diagnostic centers across Delhi, Uttar Pradesh, and Maharashtra (Nashik), with 20 centers operated under a public-private partnership model. The company generates revenue from three segments: B2C (individual patients), B2B (hospitals and healthcare providers), and B2G (government contracts). For fiscal 2025, revenue from operations was ₹8,350.01 lakhs, with B2G contributing 57.47%, B2C contributing 36.24%, and B2B contributing 6.29%. The company's main revenue sources are pathology and radiology services, which accounted for 97.42% of total revenue in FY 2025.
Company Analysis
from RHPStar Imaging and Path Lab Limited operates a NABL-accredited diagnostic testing network providing pathology, radiology, cardiology, and neurology services across Delhi, Uttar Pradesh, and Maharashtra through B2C, B2B, and B2G business models.
Star Imaging and Path Lab Limited was originally incorporated as a private limited company on May 31, 2004, and converted to a public limited company on September 17, 2024. The company traces its origins to 1978 as Janta X-Ray Clinic, a proprietorship providing X-ray and basic pathology tests using manual methods. In 2004, it was established as a private entity with a vision to offer pathology, radiology, cardiology, and neurology services under one roof. As part of expansion, the company acquired the businesses of Janta X-Ray Clinic, Star Imaging & Path Lab, and Star Health Care in 2011. The company operates 24 diagnostic centers across Delhi, Uttar Pradesh, and Maharashtra (Nashik), with 20 centers operated under a public-private partnership model. The company generates revenue from three segments: B2C (individual patients), B2B (hospitals and healthcare providers), and B2G (government contracts). For fiscal 2025, revenue from operations was ₹8,350.01 lakhs, with B2G contributing 57.47%, B2C contributing 36.24%, and B2B contributing 6.29%. The company's main revenue sources are pathology and radiology services, which accounted for 97.42% of total revenue in FY 2025.
Objects of the Issue
- To Meet Working Capital Requirement ₹2,500.00 lakhs p.25
- Repayment/prepayment of certain borrowings availed of by our Company ₹1,200.00 lakhs p.25
- Funding the Capital expenditure towards installation of medical equipment in running facilities ₹514.08 lakhs p.25
- General corporate purposes p.25
- To Meet Working Capital Requirement ₹2,500.00 lakhs p.96
- Repayment/prepayment of certain borrowings availed of by our Company ₹1,200.00 lakhs p.102
- Funding the Capital Expenditure towards purchase of Refurbished Medical Equipment in running facilities ₹514.08 lakhs p.103
- General Corporate Expenses p.104
- Issue Expense p.105
- Not disclosed in this excerpt
- —
Issue Structure
- Total Issue
- 48,92,000 Equity Shares of face value ₹10 each aggregating to ₹[●] lakhs
- Fresh Issue
- 39,20,000 Equity Shares of face value ₹10 each aggregating to ₹[●] lakhs
- Offer for Sale
- 9,72,000 Equity Shares by Mr. Pawan Gupta aggregating to ₹[●] lakhs
- Price Band
- ₹135 to ₹142 (Floor Price ₹135, Cap Price ₹142)
- Lot Size
- 1,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through three primary segments: (1) B2C (Business-to-Consumer) - individual patients who walk into diagnostic laboratories or avail medical consultation services through polyclinics; (2) B2B (Business-to-Business) - providing diagnostic services to hospitals, clinics, nursing homes, private laboratories, radiology centers, diagnostic centers, IVF centers, and other healthcare establishments through laboratory management agreements; and (3) B2G (Business-to-Government) - public-private partnership contracts with public health agencies for conducting diagnostic tests and operating diagnostics centers. The company operates a centralized hub diagnostic center that serves as the primary processing facility, with satellite centers for sample collection and service delivery.
Business Segments
SWOT Analysis
- • NABL accredited diagnostic network with multimodal services(p.23)
- • Long operating history with service evolution and capacity upgrades(p.23)
- • Diversified revenue model across B2C, B2B, and B2G segments(p.38)
- • Strong financial growth trajectory with improving profitability(p.26)
- • Established relationships with government and institutional customers(p.39)
- • Integrated diagnostic provider with pathology and radiology services(p.109)
- • Established presence and proven track record in diagnostics(p.109)
- • Dedicated management team with significant industry experience(p.109)
- • Strong EBITDA margins of 34.21% in FY2025(p.112)
- • High Return on Equity of 40.63% in FY2025(p.110)
- • Tele-radiology hub with full suite of diagnostic equipment and skilled radiologists(p.99)
- • Advanced diagnostic technology and equipment(p.153)
- • Specialized medical expertise across multiple disciplines(p.153)
- • Standardized sample collection and processing procedures(p.153)
- • Strong revenue growth and operating leverage(p.149)
- • Diversified business model across B2C, B2B, and B2G segments(p.151)
- • NABL accreditation ensuring laboratory quality standards(p.183)
- • Established diagnostic and pathology operations across multiple locations(p.195)
- • ISO certification demonstrating quality standards compliance(p.195)
- • Multiple industry awards and recognition for service quality(p.196)
- • Strong financial performance with growing revenues and profitability(p.238)
- • Experienced management with medical and healthcare sector expertise(p.204)
- • NABL accreditation and comprehensive diagnostic service portfolio(p.298)
- • Strong revenue growth and profitability trajectory(p.303)
- • Improved operational efficiency and cost management(p.302)
- • Established operational history and service expansion(p.298)
- • Diversified revenue model across B2C, B2B and B2G segments(p.298)
- • Strong profitability with significant profit after tax growth(p.305)
- • Established government approvals and regulatory compliance across multiple jurisdictions(p.342)
- • Comprehensive medical device and diagnostic accreditations from national and international bodies(p.344)
- • ISO 15189:2012 certification for medical laboratory standards(p.345)
- • Strong financial performance with growing profitability(p.355)
- • Healthy leverage ratio indicating conservative debt management(p.356)
- • Net tangible assets exceeding regulatory requirements(p.355)
- • Regulatory filing discrepancies and CSR compliance default(p.33)
- • Multiple statutory compliance defaults including CSR obligations(p.34)
- • Negative cash flows from operating activities in recent periods(p.35)
- • Delays in statutory payment filings and ESI/PF returns(p.41)
- • Unregistered intellectual property and brand assets(p.37)
- • Leased registered office with contract termination risk(p.37)
- • Significant litigation exposure across multiple categories(p.33)
- • High debt-to-equity ratio indicating significant leverage(p.44)
- • High dependence on government contracts creating extended receivable cycles(p.100)
- • High debt levels with debt-to-equity ratio of 0.69(p.116)
- • Negative operating cash flow of ₹596.08 lakhs in FY2025(p.112)
- • Significant outstanding borrowings of ₹1,304 lakhs requiring repayment(p.102)
- • Company is newly listed on SME platform with no prior IPO experience(p.94)
- • New compliance burden as recently converted to public limited company(p.53)
- • Dependence on advanced equipment and technology(p.153)
- • Limited emergency medical services capability(p.153)
- • Capacity constraints during peak demand periods(p.153)
- • High concentration of revenue from top customers(p.152)
- • Limited geographic presence primarily concentrated in Delhi and Uttar Pradesh(p.151)
- • Significant dependence on a few key customers affecting revenue stability(p.261)
- • High financial leverage with debt-to-equity ratio of 0.69(p.246)
- • Working capital management challenges with significant trade receivables growth(p.251)
- • Promoter group litigation and potential conflicts of interest(p.222)
- • Limited geographic presence concentrated in Delhi, Uttar Pradesh, and Nashik(p.242)
- • High dependence on government contracts with extended payment cycles(p.301)
- • Substantial outstanding labour disputes and claims(p.323)
- • Significant outstanding financial indebtedness(p.318)
- • Outstanding litigation with Delhi Medical Council affecting CGHS empanelment(p.327)
- • Pending income tax liability from reassessment(p.328)
- • Material trade receivables concentration risk(p.301)
- • Operational concentration in limited geographic areas within Delhi(p.344)
- • Debt obligations present with total borrowings(p.356)
- • Limited track record as a newly converted public company(p.342)
- • Recent name change requiring regulatory alignment(p.343)
- • Expanding geographic presence to new markets(p.38)
- • Growing demand for diagnostic services and healthcare spending in India(p.24)
- • B2G segment expansion through PPP contracts and government tenders(p.39)
- • Capacity enhancement and specialized diagnostic services development(p.25)
- • Integration of advanced diagnostic technologies and service portfolios(p.40)
- • Expansion into new diagnostic and pathology centers across regions(p.99)
- • Growth from PPP (Public Private Partnership) centres in Nashik and Uttar Pradesh(p.100)
- • Increased health awareness post-COVID driving preventive testing uptake(p.100)
- • Expansion by establishing PP partnerships and collaborations(p.100)
- • Purchase of refurbished MRI equipment to expand Najafgarh Centre operations(p.103)
- • Listing on BSE SME platform providing visibility and liquidity(p.96)
- • Expansion into underserved rural and tier-II/III markets(p.153)
- • Adoption of cutting-edge diagnostic technologies including AI(p.153)
- • Growing government spending on diagnostic infrastructure via PPP models(p.154)
- • Expansion of specialized diagnostic services including molecular diagnostics(p.154)
- • Collaboration with pharmaceutical companies for clinical trials(p.153)
- • Growth in organized diagnostic chains capturing market share(p.132)
- • Rapid growth projected for Indian diagnostics industry at 10-12% CAGR(p.129)
- • Expansion through PPP model for healthcare services(p.195)
- • Growth in diagnostic services through subsidiary training institute(p.195)
- • Subsidiary company financial performance demonstrating expansion potential(p.227)
- • Growing market opportunity in healthcare diagnostics sector(p.196)
- • Potential for service expansion including teleradiology and remote diagnostics(p.219)
- • Expansion of diagnostic service portfolio and geographic footprint(p.298)
- • Growth in institutional and B2B diagnostic services(p.303)
- • Increasing adoption of modern diagnostic technologies(p.298)
- • Expansion into emerging diagnostic segments and specializations(p.298)
- • Migration pathway to main board of BSE following capital expansion(p.379)
- • Access to capital markets through SME platform listing(p.342)
- • GST exemption providing competitive pricing advantage in diagnostic services(p.343)
- • Leverage market making arrangements for liquidity enhancement(p.380)
- • Intense competition from larger diagnostic healthcare providers(p.44)
- • Pricing pressure and margin compression from competitive dynamics(p.44)
- • Dependence on Delhi and Uttar Pradesh for 100% of revenue with geographic concentration risk(p.39)
- • Regulatory changes and government price controls on diagnostic services(p.44)
- • Economic slowdown and reduced healthcare spending(p.50)
- • Cancellation or non-renewal of PPP contracts and institutional customer arrangements(p.39)
- • Infectious disease outbreaks disrupting operations(p.50)
- • Supply chain disruption from vendor and supplier dependencies(p.37)
- • Medical malpractice and healthcare liability claims(p.40)
- • Loss of key medical and technical personnel(p.48)
- • Stringent labour legislation affecting operational flexibility(p.54)
- • Circuit breaker restrictions limiting ability to sell shares or control pricing(p.54)
- • Risk of long delays in government payment cycles affecting cash flow(p.100)
- • Risks associated with Indian economic landscape and policy changes(p.53)
- • Regulatory changes affecting healthcare and diagnostic sector operations(p.53)
- • Possible dilution of shareholder ownership if pre-emptive rights cannot be exercised(p.53)
- • Technological obsolescence requiring continuous equipment upgrades(p.154)
- • Evolving healthcare regulations and compliance requirements(p.154)
- • Unpredictable demand fluctuations based on seasonal and health trends(p.154)
- • Competitive pressure from large organized diagnostic chains(p.132)
- • Price competition from online diagnostic platforms(p.139)
- • Supply chain disruptions and rising input costs(p.139)
- • Global excess capacity in key sectors affecting pricing(p.127)
- • Regulatory compliance burden under multiple environmental and healthcare laws(p.187)
- • Risk of regulatory penalties for non-compliance with biomedical waste rules(p.187)
- • Cybersecurity and data protection regulatory requirements affecting operations(p.190)
- • Operational risks from mandatory healthcare compliance and labor law changes(p.190)
- • Financial sector regulations and GST compliance requirements(p.191)
- • Regulatory compliance risks related to government healthcare policies(p.300)
- • Dependence on government contracts susceptible to renegotiation or termination(p.300)
- • Seasonal disease outbreaks and pandemic-related revenue volatility(p.300)
- • Competitive pressures and market dynamics in diagnostics industry(p.317)
- • Operational risks from disruptions at key diagnostic centres(p.300)
- • Technology and data security risks including cyber threats(p.300)
- • Regulatory changes to diagnostic and medical device approval requirements(p.342)
- • Potential compliance burden from multiple regulatory authorities(p.343)
- • Dependence on continuation of diagnostic service GST exemption(p.342)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Pawan Gupta | Promoter and Selling Shareholder | 73.91% | 51.70% |
| Ms. Chhaya Gupta | Promoter | 10.00% | 7.75% |
| Mr. Pawan Gupta | Promoter | 73.91% | 51.70% |
| Ms. Chhaya Gupta | Promoter | 10.00% | 7.75% |
| Mr. Ram Avtar Gupta | Promoter Group | 9.09% | 7.05% |
| Ms. Gia Gupta | Promoter Group | 7.00% | 5.42% |
| Not provided in this excerpt | Promoter | — | — |
| Mr. Pawan Gupta | Promoter | 66.50% | — |
| Ms. Chhaya Gupta | Promoter | 10.00% | — |
| Mr. Pawan Gupta | Promoter | 89,77,365 shares (66.50%) | — |
| Dr. Ram Avtar Gupta | Promoter | 22,27,365 shares (16.50%) | — |
| Mrs Chhaya Gupta | Promoter | 13,50,000 shares (10.00%) | — |
| Ms Gia Gupta | Promoter Group | 9,45,000 shares (7.00%) | — |
| Mr. Pawan Gupta | Promoter | — | — |
| Pawan Gupta | Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.