Wipro GE HealthcareIndirect supplier · MediumUnlisted
Mahajan Imaging & Labs
Unlisted Delhi-based imaging chain known for advanced MRI, CT and PET-CT and teleradiology
Strengths
Premium imaging brand in NCR with early adoption of new scanners
Risks
Unlisted; capital-heavy expansion
Background
Private
Compiled from public reporting — not exchange-listed.
Where it fits
Buys scanners and runs imaging centres for walk-in patients, referring doctors and hospitals; under PPP contracts, operates CT/MRI and lab services inside government hospitals for a fixed fee per scan, paid by the state.
Why it matters
Imaging is capital-heavy but sticky: a scanner in a busy location earns for a decade, and PPP contracts bring volumes to government hospitals that would otherwise have none. It links straight to medtech (the scanner makers) and to the hospital chains' own radiology departments.
Where the value pool sits
20-35% EBITDA margins at scale; returns depend on scans per machine per day. PPP payments come from state budgets, so receivable days can stretch.
Key drivers
Rising use of CT/MRI in diagnosis and cancer care
State governments outsourcing diagnostics under the Free Diagnostics Initiative
Teleradiology and AI-assisted reads
Potential bottlenecks
Radiologist shortage (teleradiology helps)
High equipment cost, mostly imported
Payment delays from state governments on PPP contracts