---
title: "Medinova Diagnostic Services Ltd (526301) — Share Price, Financials & Analysis"
symbol: "526301"
company: "Medinova Diagnostic Services Ltd"
canonical: "https://tapetide.com/stocks/526301"
nse_symbol: "MEDINOVADIAGNOSTICSERVICELTD"
bse_code: "526301"
sector: "Healthcare"
industry: "Healthcare Services"
generated_at: "2026-09-13T19:16:05.401Z"
---

# Medinova Diagnostic Services Ltd (526301)

Canonical page: https://tapetide.com/stocks/526301

## Company

- **NSE Symbol:** MEDINOVADIAGNOSTICSERVICELTD
- **BSE Code:** 526301
- **Sector:** Healthcare
- **Industry:** Healthcare Services
- **Macro Sector:** Healthcare
- **Stock Type:** EQUITY
- **Listed Since:** 2013-01-16
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** medinovaindia.com

## About

Incorporated in 1985, Medinova Diagnostic Services Ltd is in the business of providing diagnostic services.

## Latest Price

## Key Insights

### Weaknesses

- The company has delivered a poor sales growth of 5.66% over past five years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 12% | -5% | 56% |
| revenue growth | 1% | -9% | 6% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2.22 | 2.75 | 2.42 | 2.87 | 2.39 | 2.49 | 2.49 | 2.56 | 2.25 | 2.51 | 2.72 | 2.5 |
| Expenses | 1.73 | 1.83 | 1.89 | 1.97 | 1.8 | 1.74 | 1.8 | 1.76 | 1.59 | 1.66 | 1.67 | 1.57 |
| Operating Profit | 0.49 | 0.92 | 0.53 | 0.9 | 0.59 | 0.75 | 0.69 | 0.8 | 0.66 | 0.85 | 1.05 | 0.93 |
| OPM % | 22.07 | 33.45 | 21.9 | 31.36 | 24.69 | 30.12 | 27.71 | 31.25 | 29.33 | 33.86 | 38.6 | 37.2 |
| Other Income | 0.01 | 0.16 | 0.02 | 0.02 | 0.03 | 0.13 | 0.02 | 0.03 | 0.03 | 0.07 | 0.06 | 0.03 |
| Interest | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.12 | 0.13 | 0.13 | 0.12 | 0.12 | 0.11 |
| Depreciation | 0.08 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 |
| Profit before tax | 0.28 | 0.9 | 0.38 | 0.75 | 0.45 | 0.71 | 0.56 | 0.66 | 0.52 | 0.76 | 0.95 | 0.82 |
| Tax % | 17.86 | 14.44 | 13.16 | 10.67 | 11.11 | 15.49 | 23.21 | 25.76 | 26.92 | 22.37 | 31.58 | 35.37 |
| Net Profit | 0.23 | 0.77 | 0.33 | 0.66 | 0.4 | 0.6 | 0.42 | 0.5 | 0.38 | 0.6 | 0.66 | 0.51 |
| EPS in Rs | 0.23 | 0.77 | 0.33 | 0.66 | 0.4 | 0.6 | 0.42 | 0.5 | 0.38 | 0.6 | 0.66 | 0.51 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 7.79 | 8.67 | 8.97 | 7.45 | 12.74 | 13.2 | 9.99 | 10.17 | 9.81 | 9.98 |
| Expenses | 7.68 | 7.94 | 7.64 | 6.25 | 9.74 | 9.45 | 7.34 | 7.34 | 6.75 | 6.49 |
| Operating Profit | 0.11 | 0.73 | 1.33 | 1.2 | 3 | 3.75 | 2.65 | 2.83 | 3.06 | 3.49 |
| OPM % | 1.41 | 8.42 | 14.83 | 16.11 | 23.55 | 28.41 | 26.53 | 27.83 | 31.19 | 34.97 |
| Other Income | 1.77 | 1.48 | 1.7 | 0.07 | 0.14 | 0.15 | 0.23 | 0.2 | 0.12 | 0.19 |
| Interest | 1.06 | 0.84 | 0.66 | 0.59 | 0.46 | 0.56 | 0.65 | 0.62 | 0.54 | 0.48 |
| Depreciation | 2.66 | 1.88 | 1.29 | 0.95 | 0.72 | 0.55 | 0.33 | 0.13 | 0.14 | 0.15 |
| Profit before tax | -1.84 | -0.51 | 1.08 | -0.27 | 1.96 | 2.79 | 1.9 | 2.28 | 2.5 | 3.05 |
| Tax % | -5.43 | -11.76 | 25 | -18.52 | 3.06 | 15.05 | 12.11 | 12.28 | 24 | — |
| Net Profit | -1.74 | -0.45 | 0.82 | -0.23 | 1.9 | 2.38 | 1.67 | 2 | 1.9 | 2.15 |
| EPS in Rs | -1.74 | -0.45 | 0.82 | -0.26 | 2.02 | 2.27 | 1.67 | 2 | 1.9 | 2.15 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 9.96 | 9.96 | 9.96 | 9.96 | 9.96 | 9.96 | 9.96 | 9.96 | 9.96 | 9.96 |
| Reserves | -19.52 | -19.66 | -18.87 | -19.13 | -17.15 | -16.77 | -15.09 | -13.08 | -11.2 | -10.04 |
| Borrowings | 8.45 | 7.26 | 6.43 | 5.64 | 4.47 | 6.38 | 5.75 | 5 | 5 | 4 |
| Other Liabilities | 9.7 | 8.51 | 7.25 | 7.59 | 7.1 | 4.87 | 3.86 | 3.5 | 3.17 | 3.7 |
| Total Liabilities | 8.59 | 6.07 | 4.77 | 4.06 | 4.38 | 4.44 | 4.48 | 5.38 | 6.93 | 7.62 |
| Fixed Assets | 6.89 | 4.48 | 3.34 | 2.4 | 1.87 | 1.49 | 1.55 | 1.64 | 1.94 | 1.88 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.51 | 2.28 |
| Other Assets | 1.7 | 1.59 | 1.43 | 1.66 | 2.51 | 2.95 | 2.93 | 3.74 | 3.48 | 3.46 |
| Total Assets | 8.59 | 6.07 | 4.77 | 4.06 | 4.38 | 4.44 | 4.48 | 5.38 | 6.93 | 7.62 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -0.62 | 0.08 | 1.16 | 1.3 | 1.24 | 1.69 | 1.35 | 1.42 | 2.67 | 2.52 |
| Cash from Investing Activity | -4.65 | -0.11 | 0.37 | -0.15 | -0.16 | -0.06 | -1.84 | -0.34 | -0.21 | -1.9 |
| Cash from Financing Activity | 5.33 | -0.01 | -1.5 | -1.2 | -1.07 | -1.37 | 0.31 | -0.85 | -1.32 | -0.63 |
| Net Cash Flow | 0.06 | -0.04 | 0.04 | -0.06 | 0.01 | 0.25 | -0.17 | 0.23 | 1.14 | -0.01 |
| Free Cash Flow | -5.27 | -0.03 | 1.53 | 1.15 | 1.23 | 1.5 | 1.19 | 1.03 | 2.46 | 2.04 |
| CFO/OP | 3100 | 73 | 159 | 123 | 106 | 56 | 49 | 57 | 98 | 93 |

### Ratios

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 22.48 | 14.53 | 8.84 | 19.12 | 17.15 | 23.78 | 14.38 | 25.58 | 15.43 | 20.46 |
| Inventory Days | 58.99 | 32.3 | — | — | — | — | — | — | — | — |
| Days Payable | 1533.74 | 1353.41 | — | — | — | — | — | — | — | — |
| Cash Conversion Cycle | -1452.27 | -1306.58 | 8.84 | 19.12 | 17.15 | 23.78 | 14.38 | 25.58 | 15.43 | 20.46 |
| Working Capital Days | -548.23 | -455.43 | -370.89 | -341.4 | -406.15 | -198.54 | -122.77 | -97.92 | -92.95 | -81.48 |
| ROCE % | — | — | — | — | — | — | — | 2684.21 | 232 | 108.87 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% |
| DIIs | 0% | 1.58% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 37.86% | 36.29% | 37.86% | 37.86% | 37.86% | 37.86% | 37.86% | 37.87% | 37.87% | 37.87% |
| No. of Shareholders | 10129 | 9877 | 9668 | 9568 | 9494 | 9860 | 9926 | 10295 | 10847 | 10609 |

### Quarterly

| Category | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% | 62.14% |
| Public | 37.87% | 37.86% | 37.86% | 37.87% | 37.87% | 37.87% | 37.86% | 37.86% | 37.86% | 37.87% | 37.86% | 37.87% |
| No. of Shareholders | 9972 | 9926 | 9921 | 10041 | 10205 | 10295 | 10544 | 10730 | 10931 | 10847 | 10750 | 10609 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 10 / 6 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 43.71 | Sell |
| EMA (10) | 43.61 | Sell |
| SMA (20) | 42.54 | Buy |
| EMA (20) | 42.89 | Buy |
| SMA (50) | 41.26 | Buy |
| EMA (50) | 41.85 | Buy |
| SMA (100) | 41.33 | Buy |
| EMA (100) | 41.19 | Buy |
| SMA (200) | 39.91 | Buy |
| EMA (200) | 40.34 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 56.75 | Neutral |
| MACD (12,26,9) | 0.9 | Buy |
| Stochastic (14,3,3) | 74.75 | Neutral |
| ADX (14) | 18.54 | Neutral |
| Williams %R (14) | -42.86 | Neutral |
| ATR (14) | 1.69 | High Volatility |
| ROC (12) | -1.52 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 55.33 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 4 Nov 2025 - Scheme of Amalgamation effective 04 Nov 2025; Medinova dissolved; NCLT order filed with ROC. | [Announcement under Regulation 30 (LODR)-Scheme of Arrangement 4 Nov 2025 - Scheme of Amalgamation effective 04 Nov 2025; Medinova dissolved; NCLT order filed with ROC.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8ca20b5f-c912-45d3-b150-c80d31279a10.pdf) |
| 4 Nov 2025 - Publication of Unaudited Financial Result in the Newspaper for the Second Quarter and Half Year Ended September 30, 2025 | [Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Nov 2025 - Publication of Unaudited Financial Result in the Newspaper for the Second Quarter and Half Year Ended September 30, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/02353815-faed-496f-8a33-0a304e96240c.pdf) |
| 3 Nov 2025 - NCLT-approved amalgamation of Medinova into Vijaya; appointed date Apr 1, 2024; record date Nov 25, 2025; exchange 22:1. | [Board Meeting Outcome for Held On 03Rd November 2025 3 Nov 2025 - NCLT-approved amalgamation of Medinova into Vijaya; appointed date Apr 1, 2024; record date Nov 25, 2025; exchange 22:1.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/69878de9-3f2e-42a7-8c83-7e6d329d2a49.pdf) |
| — | [Unaudited Financial Results For The Quarter And Half Year Ended 30Th September 2025 3 Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a0255fd2-df4b-4c3a-8191-40eb0ad12765.pdf) |
| — | [Corporate Action - Fixation Of Record Date On November 25, 2025. 3 Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d66bf0ae-2bae-440e-92dd-853002a2c983.pdf) |
| — | [Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 5 Feb 2016](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2016/2/8F65C9B6_7D85_4F43_B4BE_FB7FDF0801D0_161808.pdf) |
| — | [Outcome of Board Meeting 3 Feb 2016](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2016/2/B434E46F_7B89_4220_9286_C21EE35E3B83_164015.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2013 from nse](https://archives.nseindia.com/annual_reports/AR_3093_ELDERPHARM_2012_2013_01012014104905.zip) |
| from nse | [Financial Year 2012 from nse](https://archives.nseindia.com/annual_reports/AR_ELDERPHARM_2011_2012_31122012035656.zip) |
| from nse | [Financial Year 2011 from nse](https://archives.nseindia.com/annual_reports/AR_ELDERPHARM_2010_2011_11052012052025.zip) |
| from nse | [Financial Year 2010 from nse](https://archives.nseindia.com/annual_reports/AR_ELDERPHARM_2009_2010_03092010120000.zip) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3c7e01bd-0840-47cd-8a3e-146646ec5c54.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1ef9c2df-50c9-4bcd-9db2-a32a632c3237.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ef5f5ecf-3df2-41a3-944c-693cac02d7b4.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/526301/73508526301.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/526301/68882526301.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/526301/65571526301.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:16:05.401Z.