Corrigendum to Notice and Annual Report for 22nd AGM for the FY 2025-26

STAR IMAGING AND PATH LAB LIMITED B U I L T O N T R U S T . R E A D Y F O R T O M O R R O W . ANNUAL REPORT 2025-2026 CONTENT COMPANY OVERVIEW A MESSAGE TO OUR SHAREHOLDERS 03 WHO WE ARE 05 STAR IMAGING AT A GLANCE 07 OUR JOURNEY 09 OUR SERVICE PORTFOLIO 11 OUR GEOGRAPHIC FOOTPRINT 13 THE ROAD AHEAD 14 OUR COMPETITIVE STRENGTHS 15 AWARDS & ACCOLADES 16 BOARD OF DIRECTORS 17 STATUTORY REPORTS COMPANY INFORMATION 19 NOTICE OF AGM 21 DIRECTOR’S REPORT 29 MDA 59 STATUTORY REPORTS STANDALONE: INDEPENDENT AUDITOR’S REPORT 71 STANDALONE FINANCIAL STATEMENTS 79 NOTES TO STANDALONE FINANCIAL STATEMENTS 84 CONSOLIDATED: INDEPENDENT AUDITOR’S REPORT 102 CONSOLIDATED FINANCIAL STATEMENTS 109 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 114 FOR INSTITUTIONAL INVESTORS Research Team research@atlascapital.in +91 63549 47366 Mr. Rutul Shah rutul.shah@atlascapital.in Corporate Overview Statutory Reports Financial Statements As we look ahead, our strategic priorities remain clear: FROM THE DESK OF Expanding our diagnostic centre network across existing and new geographies OUR CHAIRMAN Deepening specialised diagnostic capabilities in advanced imaging and molecular diagnostics Increasing pathology integration across radiology-led centres Strengthening our B2C franchise and referral ecosystem Pursuing additional PPP opportunities across government healthcare infrastructure projects Dear Shareholders, Continuing investments in technology, quality systems, and operational efficiency FY26 has been an important milestone year in the journey of Star Imaging and Path Lab Limited. As we continue to We are also undertaking meaningful capital expenditure towards new center additions and advanced medical strengthen our position in the diagnostic healthcare ecosystem, the year reflected steady progress across equipment to support the next phase of growth. Our upcoming expansion initiatives, including new high-potential operational execution, network expansion, service diversification, and financial discipline. centres,are expected to further strengthen our market presence and operational scale over the coming years. From our beginnings in 1978 as Janta X-Ray Clinic in West Delhi, offering basic X-ray and pathology services, we The diagnostics industry in India continues to present a significant long-term opportunity, driven by rising have evolved into a comprehensive diagnostic services providerwith capabilities spanning radiology, pathology, healthcare awareness, increasing chronic disease prevalence, expanding insurance penetration, and a growing cardiology, and neurology diagnostics. Over the decades, our commitment to clinical excellence, technology emphasis on preventive healthcare. We believe Star Imaging is well-positioned to benefit from these structural adoption, and patient-centric care has enabled us to build a trusted diagnostic brand across Delhi NCR and tailwinds through its integrated service model, strong regional presence, execution capabilities, and trusted brand adjoining regions. legacy. Today, Star Imaging operates across Delhi, Uttar Pradesh, and Nashik, serving patients through a diversified On behalf of the Board, I would like to express my sincere gratitude to our patients, doctors, hospital partners, business model comprising B2G Public-Private Partnership (PPP) contracts, B2C retail diagnostic centers, and B2B government authorities, shareholders, and employees for their continued trust and support. The dedication and institutional partnerships with hospitals and healthcare providers. This balanced operating structure provides commitment of our team remain the foundation of our success. both revenue stability and long-term growth opportunities. As we move into FY27, we remain focused on building a scalable, technology-driven, and institutionally strong diagnostics platform that delivers sustainable value to all stakeholders while contributing meaningfully to the During FY26, we continued to strengthen our presence in the government healthcare ecosystem through PPP- healthcare ecosystem. based radiology operations across multiple state-run hospitals. We believe this segment remains a significant long-term opportunity, supported by increasing investments in public healthcare infrastructure and growing Warm Regards, focus on affordable diagnostics under various centraland state healthcare schemes. Our experience in operating radiology and CT scan facilities within government institutions positions us as a credible and execution-focused Pawan Gupta healthcare partner. Chairman & Managing Director Star Imaging and Path Lab Limited At the same time, our retail B2C business continued to witness healthy traction, supported by rising healthcare awareness, preventive diagnostic adoption, and increasing preference for organized diagnostic service providers. Our integrated “one-stop diagnostics” model - offering advanced imaging, pathology, cardiology, and neurology diagnostics under one roof - continues to differentiate us in a highly competitive market. One of the defining strengths of our Company is the breadth and depth of our diagnostic capabilities. Our radiology portfolio includes MRI, CT scan, mammography with 3D tomosynthesis, digital X-ray,advanced ultrasound systems, bone densitometry, and dental imaging. Our pathology division offers comprehensive testing across hematology, biochemistry, microbiology, histopathology, immunology, and molecular diagnostics. In addition, we provide specialized cardiology and neurology diagnostics, enabling us to serve a wide spectrum of patient requirements through a unified platform. Technology and quality continue to remain central to our operating philosophy. Our NABL accredited laboratory infrastructure, integrated digital reporting systems, PACS-enabled imaging workflows, voice-assisted radiology FY26 STRENGTHENED OUR INTEGRATED DIAGNOSTICS PLATFORM AND EXPANDED OUR PRESENCE ACROSS RETAIL AND INSTITUTIONAL reporting tools, and tele-radiology capabilities have significantly strengthened operational efficiency and HEALTHCARE. AS WE MOVE AHEAD, WE REMAIN FOCUSED ON DEEPENING reporting accuracy across our network. These investments are helping us improve turn around times, optimize CAPABILITIES, EMBRACING TECHNOLOGY, AND DELIVERING ACCESSIBLE, through put, and deliver a better patient experience. PATIENT-CENTRIC DIAGNOSTICS AT SCALE. Financially, FY26 demonstrated the resilience and scalability of our operating model. Despite certain regulatory delays related to approvals and licensing for new centre additions, the Company delivered healthy growth in revenue and profitability while significantly improving operating cash flows and strengthening the balance sheet. Importantly,we turned net cash positive during the year, reflecting our disciplined approach towards capital allocation and working capital management. 03 Star Imaging and Path Lab Limited Annual Report 2025-26 04 Corporate Overview Statutory Reports Financial Statements KEY OPERATING STATISTICS FY26 ABOUT THE COMPANY Founded in 1978 as Janta X-Ray Clinic, Star Imaging and Path Lab Limited has evolved into one of the leading diagnostic service providers across Delhi NCR, with over four decades of experience in the healthcare sector. Originally established to provide X-ray and basic pathology services, the Company has consistently embraced 222444 DIAGNOSTIC CENTRES advancements in medical technology to expand its diagnostic capabilities. Today, Star Imaging and Path Lab Limited offers an integrated portfolio of Radiology, Pathology, Cardiology, and Neurology services under one roof, catering to preventive healthcare, referral networks, and institutional healthcare panels. The Company’s comprehensive service offering and strong regional presence have positioned it as a trusted diagnostic brand in the private healthcare segment. 222333666 EMPLOYEES The Company operateswith a strong focus on quality,accuracy, and patient care, supported by NABH standards and NABL-acc [Showing first 8,000 characters — download PDF for full document]