Star Imaging And Path Lab Ltd

AGM Details

• Date and time: 29 September 2026 at 2:00 PM IST.
• Mode: VC/OAVM.
• Record date: 24 September 2026.

Resolutions & Outcomes

• Ordinary Resolution 1: adopt audited standalone and consolidated financial statements for year ended 31 March 2026; passed unanimously.
• Ordinary Resolution 2: re-appoint Neelam Ratra (DIN: 11116532) retiring by rotation; passed unanimously.

Voting Results

• Both resolutions passed unanimously; no dissent recorded.

Dividend

• No dividend proposed or declared.

Director Changes

• Ms. Neelam Ratra re-appointed as director; retiring by rotation; term details not specified.

Auditors

• No auditor changes announced.

Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• No additional material approvals reported.

AGM Details

• Date and time: 29 September 2026, 02:00 PM IST; concluded 02:17 PM.
• Mode: VC/OAVM; meeting conducted via video conference.

Resolutions

• Ordinary: Adopt audited standalone and consolidated financial statements for FY 2025-26.
• Ordinary: Re-appointment of Ms Neelam Ratra (retiring by rotation).
• Voting results will be submitted subsequently; outcomes not disclosed in this filing.

Director Changes

• Ms Neelam Ratra to be re-appointed; retires by rotation.

CT scan facility commencement

• CT scan facility commenced at Faridabad via tie-up with RG Stone Hospital.
• Operational from 28 September 2026.
• Location: RG Stone Urology & Laparoscopy Hospital, Faridabad, Haryana.
• Tie-up arrangement for CT scan diagnostic services; not a related party transaction.
• Term: 5 years, extendable by mutual written consent.
• Financial impact not quantified; expected to contribute to diagnostic operations and revenues.
• Aims to expand diagnostic network in Faridabad and adjoining areas.

Star Imaging And Path Lab Ltd — Trading window closed from Thursday, 01 October 2026 till 48 hours after the declaration of unaudited (standalone and consolidated) financial results for the half year ended 30th September 2026.

AGM details & reporting access

• 22nd AGM scheduled for 29 Sep 2026 at 2:00 PM IST via VC/OAVM.
• FY2025-26 Annual Report and AGM notice sent by email to shareholders with registered addresses.
• Annual Report accessible on BSE and NSDL websites.
• Web-link to Annual Report: https://www.starimaging.in/annualreport.html.
• Exact access path: Investors -> Annual Report -> Financial Year 2025-26 -> Annual Report FY2025-26.
• Cut-off date for e-voting: 24 Sep 2026.
• Remote e-voting window: 26 Sep 2026 09:00 to 28 Sep 2026 17:00.
• Company renamed to Star Imaging and Path Lab Limited.

AGM Details & Ordinary Business

• AGM date/time/mode: 29 Sep 2025 at 02:00 P.M., VC/OAVM.
• Ordinary Business: Adopt audited standalone and consolidated financial statements for year ended 31 March 2026.
• Ordinary Business: Re-appoint Neelam Ratra as Executive Director; retire by rotation.
• Remuneration: proposed ₹100,000 per month for re-appointed ED.
• Remote e-voting window: Sep 26–28, 2026; cut-off date: Sep 24, 2026.
• Proxy attendance not available; Members may attend via VC/OAVM.

Financial highlights

• Standalone revenue from operations rose to ₹8,852.69 Lakhs in FY26 from ₹8,323.92.
• Standalone PAT ₹1,931.60 Lakhs in FY26, up from ₹1,591.25.
• Consolidated revenue ₹89.52 Cr; PAT ₹19.26 Cr.
• EBITDA ₹33.2 Cr; EBITDA margin 37.5%.
• Cash flow from operations ₹23.4 Cr; year-end net cash positive.
• IPO completed Aug 2025; listing on BSE SME.
• Paid-up capital rose to ₹17.42 Cr post-IPO.
• Promoter holding 51.70%; promoter+PG stake 71.92%.
• Dividend not proposed for FY26.

Operations and network

• 24 diagnostic centres across Delhi, UP, Maharashtra.
• Approximately 7.1 lakh tests conducted in FY26.
• Integrated radiology and pathology platform enhances cross-service utilization.
• NABL/NABH accredited labs with digital reporting and PACS workflows.
• PPP-based radiology operations in government hospitals.
• Brand strength in Delhi-NCR with diversified B2G, B2C, B2B model.
• Dwarka and other centres to support future expansion.

IPO and capital structure

• IPO on SME platform; fresh issue and OFS totaling 4.92 million shares.
• Capital increased from ₹13.50 Cr to ₹17.42 Cr post-IPO.
• Promoter stake 51.70%; public holding 28.08% (total 71.92% promoter group).
• IPO proceeds utilized ₹34.54 Cr; ₹15.13 Cr unutilised at year end.

Governance and compliance

• Neelam Ratra appointed Executive Director in June 2025; regularized June 25, 2025.
• Board strength seven directors; three independent directors; audit, nomination, CSR committees in place.
• Statutory Auditor: BHS & Co; audit reports unqualified.
• Secretarial audit by Sheetal & Co; MR-3 report without qualifications.
• CSR Committee: four meetings; CSR spend ₹24.06 Lakh; 2% average net profit compliance.

Related party transactions and ESG

• Total related party transactions FY26: ₹7.53 Cr; arm's-length and in ordinary course.
• Key RPTs include director remuneration, testing charges, and intercompany loans/payables.
• CSR disclosures include web disclosure and annual CSR policy on starimaging.in.

Outlook and growth strategy

• Expansion across geographies; focus on advanced imaging and molecular diagnostics.
• Strengthen pathology integration with radiology-led centres; multi-channel revenue growth.
• Pursue PPP opportunities in government healthcare; expand B2B hospital partnerships.
• Invest in technology, quality systems, and hub-and-spoke scalability; target Dwarka-scale expansion.

Audit, risk and disclosures

• Auditors' report notes no fraud; internal controls deemed adequate with some system observations.
• Risk management policy in place; insurers cover key assets.
• Management discusses cautious forward-looking statements with standard caveats.

Subsidiaries and major notes

• One subsidiary: Staredu Education and Training Institute Private Limited; slight losses in FY26.
• Annexures include AOC-1 for subsidiary, CSR, and MD&A disclosures.

AGM notice & voting

• Board approved the Draft Notice for 22nd AGM on Sept 29, 2026 via VC/OAVM.
• Cut-off date for e-voting fixed as 24 September 2026.
• Remote e-voting period from Sept 26, 2026 09:00 to Sept 28, 2026 17:00.

Governance & reporting

• Board approved Board's Report and MD&A for FY ended 31 March 2026 for annual report.
• Board took note of the Secretarial Audit Report for FY 2025-26.
• Scrutinizer appointment approved: Sheetal & Company as Scrutinizer for AGM.

Auditors & internal audit

• Re-appointment of Secretarial Auditor: Sheetal & Company for FY 2026-27.
• Internal Auditor appointed: Suraj Verma for FY 2026-27.

Directors

• Board recommended re-appointment of Executive Director Ms. Neelam Ratra, retiring by rotation.

Issue Overview

• Type of issue: SME IPO of Equity Shares.
• Total issue size Rs 55.66 crore; net proceeds revised to Rs 49.67 crore.
• The IPO was fully subscribed.
• Main use of proceeds: working capital, debt repayment, capex, and general corporate purposes.

Utilisation of Proceeds

• Utilisation as per Offer Document; no material deviations.
• End-quarter unutilised funds: Rs 12.51 crore.
• Rs 2.62 crore spent in Q1 FY27 for working capital.
• Working capital: partially utilised and ongoing; other objects fully utilised.
• Unutilised funds parked in sweep FDR and current accounts.

Governance and Compliance

• All required approvals obtained; BSE listing approval noted.
• Funds moved from public to monitoring account; commingling noted.
• CA certificate dated Aug 4, 2026 relied upon.
• Auditor notes no deviations from expenditure.
• No other material events affecting viability reported.

General Corporate Purpose

• GCP used fully prior to Q1 FY27; no new GCP utilisation.