Suraksha Diagnostic Limited, one of India’s leading diagnostic service providers headquartered in Kolkata, West Bengal, has received a significant boost to its financial credibility as CRISIL Ratings Limited has upgraded its long-term credit rating from CRISIL B (Issuer Not Cooperating) / Stable to CRISIL A- / Stable, and has assigned CRISIL A2+ to its short-term bank facilities.

This credit rating upgrade represents a major milestone for the company, reflecting its improved financial health, operational resilience, and effective management practices.

CRISIL Rating Upgrade Details

As per the disclosure made to the BSE and NSE on October 09, 2025, CRISIL has completed a comprehensive review of Suraksha Diagnostic’s financial performance and governance standards.

The long-term bank facilities have now been migrated to CRISIL A- / Stable, which signifies adequate safety and low credit risk, while the short-term facilities have been rated CRISIL A2+, indicating strong capacity for timely payment of financial obligations.

This upgrade from the earlier CRISIL B (Issuer Not Cooperating) marks a notable turnaround in the company’s credit outlook and signifies renewed lender and investor confidence.

Significance of the Rating Upgrade

The rating migration by CRISIL highlights the company’s consistent operational performance, improved financial management, and robust liquidity position. A rating of CRISIL A- / Stable denotes that the company’s financial risk profile is strong, with sound business fundamentals, while the Stable outlook indicates low chances of rating volatility in the near future.

In addition, the A2+ short-term rating confirms the company’s efficient cash flow management and strong repayment capability, positioning it favourably in India’s competitive healthcare and diagnostics sector.

What Led to the Upgrade

The improvement in Suraksha Diagnostic’s rating is the result of multiple internal and external factors:

• Improved financial discipline: The company’s focus on maintaining strong liquidity buffers and optimising working capital has strengthened its overall balance sheet.

• Operational excellence: With its expanding diagnostic network, the company has consistently reported growth in testing volumes and improved margins.

• Better compliance and transparency: The company’s governance policies and transparent disclosures under SEBI (LODR) Regulations, 2015 have enhanced its credibility among stakeholders.

• Favourable industry outlook: The diagnostic and healthcare testing segment in India continues to grow steadily, supported by rising health awareness and expansion in Tier-II and Tier-III cities.

These factors collectively contributed to CRISIL’s confidence in Suraksha Diagnostic’s financial stability and operational strength.

About the Company

Suraksha Diagnostic Limited was incorporated in 2005 and operates an extensive network of diagnostic centres across West Bengal and Eastern India. The company provides a wide range of pathology, radiology, and imaging services, including MRI, CT Scan, Ultrasound, and advanced laboratory testing.

Over the years, Suraksha has built a strong brand reputation through accurate test results, state-of-the-art equipment, and qualified medical professionals. Its growth has been driven by technology adoption, automation, and a patient-first approach.

The company’s registered office is located at 12/1, Premises No. 02-0327, DG Block, Action Area 1D, New Town, Kolkata – 700156, and it is listed on both BSE and NSE under the symbol SURAKSHA.

Strengthening Financial Management

The upgrade from Issuer Not Cooperating to CRISIL A- / Stable also reflects the company’s enhanced interaction with rating agencies and timely sharing of financial information, which demonstrates transparent governance.

Suraksha’s management has actively focused on:

• Reducing borrowing costs by restructuring existing credit lines.

• Diversifying funding sources through efficient capital management.

• Ensuring timely debt servicing to maintain strong lender relations.

• Sustaining profitability through strategic cost control and operational efficiency.

This disciplined approach has transformed the company’s credit profile and positioned it as a financially sound player in the healthcare industry.

Impact on Stakeholders

The CRISIL rating upgrade is likely to bring several benefits to the company:

1. Improved access to capital: A higher rating typically allows a company to negotiate better lending terms and lower interest rates from banks and financial institutions.

2. Enhanced investor confidence: The upgrade reinforces the market’s trust in Suraksha Diagnostic’s business fundamentals and financial integrity.

3. Positive perception in the healthcare sector: The rating places Suraksha among strongly rated diagnostic players, further boosting its competitive standing.

With an improving financial base and rising demand for diagnostic services, the company is well-positioned to pursue expansion opportunities in the coming years.

Industry Context and Future Outlook

India’s diagnostic services market has been growing at a CAGR of over 10%, supported by rising awareness, preventive healthcare, and government focus on public health infrastructure.

Suraksha Diagnostic’s commitment to quality, digital transformation, and geographical expansion has positioned it strongly to benefit from industry growth.

The company plans to:

• Expand its footprint into new regions across Eastern and North-Eastern India.

• Introduce specialised testing services leveraging advanced technology and automation.

• Strengthen digital platforms for booking, reporting, and patient engagement.

With these initiatives, Suraksha aims to maintain steady revenue growth, robust margins, and sustainable profitability in the years ahead.

Management’s Comment

While the company has not issued a separate detailed statement, the management has consistently reiterated its focus on transparency, growth, and prudent financial management.

This rating improvement serves as validation of the company’s ongoing efforts to maintain a solid financial foundation while providing reliable and affordable diagnostic services across India.

Conclusion

The CRISIL rating upgrade to A- / Stable and A2+ marks an important milestone in Suraksha Diagnostic Limited’s journey of growth and stability. It demonstrates the company’s resilient business model, efficient operations, and commitment to governance excellence.

By achieving this significant upgrade, Suraksha Diagnostic has strengthened its position as a trusted healthcare brand and financially robust organisation.

The recognition by CRISIL reflects not only the company’s creditworthiness but also its ability to adapt and excel in India’s dynamic healthcare sector. As the diagnostic industry continues to expand, Suraksha Diagnostic Limited is well-poised for sustained growth, financial stability, and enhanced stakeholder value.

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