Fischer Medical Ventures Ltd Management Discussions

And Analysis

Global Economy

The global economy witnessed multiple roadblocks, however it continues to move forward with a slow recovery in FY 2024-2025. The IMFs April 2025 global forecast is down to 2.8% for 2025 and 3.0% for 2026. It remains steady, but still under the pre-pandemic growth average of 3.8%. This dip in the growth trajectory can be attributed to persistent geopolitical tensions, trade volatility, and the lingering effects of these tensions on economies worldwide.

Source: https://www.reuters.com/business/imf-cuts-growth-forecasts-most-countries-wake-century-high-us-tariffs-2025-04-22/

The major global economies experienced modest growth. The United States recorded growth of approximately 2.8% in 2024, driven by resilient consumer spending. However, the export circumstances and varying consumption patterns suggest a slight reduction in 2025. However, the Eurozone showed promising signs of recovery, and growth improved remarkably from 0.4% in 2023 to 1.0% by 2025, driven by the services sector. However manufacturing dependent economies like Germany continued to face a slow decline.

The emerging economies of developing countries presented an optimistically stable growth curve of around 4.2%. Countries like India & China are expected to have a good run. India in particular stood out with an estimated real GDP growth of 6.4% in FY25. This was backed by strong performances across multiple sectors, including agriculture, services, and overall private consumption.

Source: https://www.ibef.org/economy/ economic-survey-2024-25

Global inflation has shown a downward trend through 2024-2025. It is expected to decline from 5.8% in 2024 to 4.4% in 2025. This is a result of tighter monetary policies, eased supply chains, and efforts to stabilize commodity prices. However emerging markets still face the brunt of elevated pricing structures. Inflation did not hit as hard as forecasted however wage growth and geopolitical tensions may impact these figures. Policy makers across the globe are working diligently to balance inflation with consistent growth and adjusting interest rates to stabilise the situation.

Source: https://data.imf.org/en/news/steady%20and%20 slow%20decrease%20in%20global%20annual%20 inflation

https://www.imf.org/en/Publications/ WEO/Issues/2024/01/30/ world-economic-outlook-update-january-2024

Steering forward the world continues to expect a steady growth with projections at around 3.2% for 2025. However, the ongoing outlook depends on multiple volatile factors. Such as policy shifts, climate-related disruption, and long-term structural changes in supply chain networks.

The Indian Economy

The Indian economy remains a stellar example of an encouraging growth trajectory, despite current global tensions. Indias estimated GDP growth for fiscal year 2024-25 is 6.5%, according to the Ministry of Statistics and Programme Implementation (MoSPI). This figure represents the real GDP growth, which is adjusted for inflation. The fourth quarter (Q4) of FY 2024-25 saw a 7.4% growth, according to MoSPI. The Reserve Bank of India projects a sustained growth rate of 7% for the fiscal year 2024-2025. This steady growth appears to reflect the young workforce with rising incomes, coupled with a growing middle class.

Key strategic factors that have fuelled this economy are the governments focus on multiple strategic investments and capital expenditures. In addition, a robust service industry continues to encourage this growth and also employs approximately 30% of the workforce.

Source: https://www.pib.gov.in/

PressReleaseIframePage.aspx?PRID=2098048

The manufacturing sector also witnessed a growth boost. Although the sector accounted for 17% of the GDP in 2023-2024, various initiatives have incentivized this sector. The government has implemented targeted initiatives, including Production Linked Incentive (PLI) schemes, tax incentives, and business reforms, to enhance the ease of doing business.

India has a unique competitive edge owing to expertise in niche and complex manufacturing segments that require specific resources and skills. The Interim Union Budget for 2024-25 reinforces this growth centric approach, allocating a massive INR 11.1 Lakh Crores (3.4% of GDP) towards capital expenditure. This marks an 11.11% increase over the previous years estimates. The healthcare sector has also received a boost, with INR 90,171 Crores allocated to improve access to services nationwide. Flagship programmes like the National Logistics Policy and PM Gati Shakthi are geared towards stimulating economic activity and bolstering global competitiveness.

Source: https://economictimes.indiatimes.com/news/ economy/policy/budget-expectations-healthcare-sector-ayushman-bharat-affordable-treatment-will-sitharaman-give-a-higher-dose-of-allocation-for-healthcare-this-time-around/articleshow/111859537. cms?from=mdr

Indias economy is currently ranked as the fourth largest in the world. This ranking is based on nominal GDP, where India has surpassed Japan. The country is also projected to become the worlds third-largest economy by 2030, according to some projections.

Source: https://www.newsonair.gov.in/india-becomes-worlds-4th-largest-economy-surpasses-japan-niti-aayog/

Outlook

Indias economic outlook for FY 2025-2025 remains positive with the Reserve Bank of India projecting real GDP growth at 6.5%. Government policies, rise in local demand and disinflation are factors influencing this growth. The International Monetary Fund (IMF) also supports this and reaffirms its growth forecast of between 6.2% and 6.5%. This makes India the fastest growing major economy on the global platform. Source: https://www.pib.gov.in/ PressReleaseIframePage.aspx?PRID=2098357_

Key growth drivers include a surge in manufacturing investments, expansion of digital infrastructure. In addition, critical milestones like a projected $1 trillion in total exports led by electronics, pharmaceuticals, and agriculture strengthen India.

Source: https://www.pib.gov.in/

PressReleaseIframePage.aspx?PRID=2098357_

Despite challenges such as geopolitical tensions and the ongoing energy transformation, Indias economic outlook remains positive. Indias growth is strengthened by strategic initiatives in manufacturing, clean energy, and export diversification.

The Global Healthcare Market

The global healthcare market is expected to reach a market size of $9.26 trillion in 2025, growing at a CAGR of 5.4% from 2024. Aging populations, the rise of chronic diseases, and increased access to care impact this growth. This has also increased dependency on digital health, personalized healthcare and outpatient services.

In addition, the advancement of technology and AI holds a promising future. Together with multiple AI-powered diagnostic wearables, telemedicine is transforming the global healthcare market. However, the acute shortage of healthcare workers remains a growing concern. This talent gap may create serious roadblocks in the way healthcare is delivered.

However, collateral segments like preventive care and wellness solutions are surging. It is reflected in the booming nutritional supplement and functional food markets. As healthcare technology continues to advance, the efficiency and accessibility of healthcare will increase globally. Long term healthcare outcomes will be prioritized and become the norm.

Source: https://www.thebusinessresearchcompany. com/report/healthcare-service-global-market-report

https://yourstory.com/2025/06/how-talent-shortages-are-threatening-healthcare-industry-india

https://www.fmiblog.com/2025/06/25/ multi-nutritional-supplement-market/

Global Medical Device Industry

The Global Medical Device Industry is projected to reach approximately $681.6 billion in 2025, growing at a CAGR of nearly 7% through 2030. The rise in the ageing population, prevalence of chronic illnesses, and demand for advanced diagnostic tools further push this industry towards increased demand. On a segment basis, the cardiology device, respiratory device, and orthopedic device markets have an increase in demand. In addition, the diagnostic imaging device market is going through a transformative phase. The increase dependency on accurate diagnostics in modern healthcare demands newer, more efficient imaging systems/ The focus continues to be on reducing radiation exposure, improving accuracy, and quality of imaging. Healthcare continues to shift towards precision medicine, the role of advanced diagnostic imaging devices is expected to become even more crucial. North America remains the largest market, while Asia-Pacific is the fastest-growing, driven by expanding healthcare infrastructure and rising investments. As the sector evolves, the focus is shifting toward value-based care, sustainability, and inclusive innovation to meet the needs of diverse populations worldwide.

Source: https://www.mordorintelligence.com/industry-reports/ global-medical-device-technologies-market-industry

Global MRI Industry

The global magnetic resonance imaging (MRI) systems market is a part of the global healthcare equipment market. MRI is a medical imaging technique that utilizes a magnetic field and radio waves to produce detailed images of the organs and tissues within the body. Owing to expanding clinical applications and rapid technological advancements, there is an increasing demand for MRI.The global magnetic resonance imaging (MRI) systems. The global magnetic resonance imaging (MRI) market was valued at USD 7.1 billion in 2024 and is projected to reach USD 10.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030. MRI is an effective diagnostic tool for identifying conditions such as spinal lesions, tumours, and strokes, which can affect blood vessels and the brain.The global

MRI system market is expected to experience significant growth during the forecast period.

Source: https://www.grandviewresearch.com/industry-analysis/ magnetic-resonance-imaging-market

Indian Healthcare Market

Indias healthcare market is rapidly expanding, projected to exceed INR 100 trillion by 2028. It is expected to have a compound annual growth rate (CAGR) of over 22% during FY 2025 - 26. Increase in demand for quality healthcare, rise in investments in healthcare and demand for digital health facilities nurture this growth.

The Union Budget for 2025–26 has allocated INR INR 90,959 crore to the Ministry of Health and Family Welfare, marking a 9.8% increase from the previous year. This reflects the governments commitment to improving healthcare infrastructure and access. Key initiatives include the establishment of 200 new Daycare Cancer Centres, the addition of 10,000 medical seats, and increased funding for the PM-JAY and PM-ABHIM schemes. The Ayushman Bharat Digital Mission is also progressing, incorporating AI, telemedicine, and wearable technology into the delivery of healthcare.

Indias strengths in cost-effective manufacturing, a skilled workforce further strength our future prospects. In addition,supportive policies through Production Linked Incentive (PLI) schemes are attracting global investors. Additionally, the rise of medical tourism and health-tech innovations helps position India as a prominent global healthcare hub.

Source: https://www.ibef.org/industry/healthcare-presentation https://government.economictimes.indiatimes. com/blog/union-budget-2025-26-a-major-boost-for-healthcare-as-government-takes-greater-responsibility/118657380

https://theindianpractitioner.com/union-budget-2025-key-takeaways-for-the-healthcare-industry/

Indian Medical Device Industry

The Indian Medical Device Industry is growing at a rapid pace, and this trajectory is expected to continue. It is the 4th largest Asian medical device company. The market size is estimated at Rs. 90,000 crore (approximately US$11 billion) as of 2022. According to trends, it is on track to grow to a noteworthy US$50 billion by 2030, with a CAGR of 16.4%. This is a monumental escalation for the Indian Medical Device market.

The rising number of medical facilities in India is a key contributor to this growth curve. The diagnostic equipment market in India is expected to reach Rs. 51,978 crore (US$6 billion) by 2027. Currently, 70-80% of the Indian medical device market is from the US, China, and Germany. In addition, India & Russia have also set bilateral trade agreements. A big positive market for the industry is Indias medical technology is expected to reach experts of up to Rs. 1,69,000 crores (US$20 billion) by FY30.

An increase in policy support, combined with almost 100% FDI, helps the industry grow further. Established in May 2023 under the Department of Pharmaceuticals, the Export Promotion Council for Medical Devices is headquartered in Noida. The Union Chemicals and Fertiliser Minister launched a Rs. 500 crore scheme to boost Indias medical device industry. The initiative focused on enhancing manufacturing capabilities, developing skills, and improving industry infrastructure.

Under the PLI scheme, over 26 projects have been approved. With a committed investment of Rs. 1,206 crore towards the MedTech industry and Make in India initiatives within the sector.

Source: https://www.ibef.org/industry/medical-devices

Indian MRI Market Overview

Indias MRI market is expected to witness a robust growth in FY 2025 -2026. The estimated market size is at USD 326.85 million and projected to reach USD 439.67 million by 2030, reflecting a CAGR of 6.11%. The growth of healthcare awareness across urban and rural regions further poise this industry for growth.

Government initiatives are crucial to advancing Indias healthcare sector. The Production Linked Incentive (PLI) scheme is actively supporting the domestic manufacturing of advanced medical devices, such as MRI machines, by providing incentives based on increased sales, backed by an allocation of INR 3,420 crore. Alongside this, the market for refurbished MRI machines is also witnessing significant growth, further expanding access to advanced diagnostic technologies.

Source: https://www.grandviewresearch.com/industry-analysis/ magnetic-resonance-imaging-market

Emerging Market Trends in Healthcare

Rising Demands for Preventive Healthcare and Smart Medical Devices

The global medical equipment maintenance market is projected to reach USD 59.3 billion in 2025, driven by the growing emphasis on preventive maintenance and smart diagnostics. In India, there is a growing ageing population; thus, the demand for long-term solutions is important. The adoption of AI solutions is an important step in changing the face of healthcare globally.

Indias Growing MedTech Manufacturing

Indias medical devices sector is expected to cross USD 25 billion by 2025, supported by robust government initiatives like the PLI Scheme, Medical Device Parks, and the National Medical Devices Policy 2023. Multiple projects have been commissioned to product high end devices such as MRI machines and CT scans domestically. This sector also witnesses a growth in FDI and better export performance.

Digital Health and Infrastructure Expansion

The Ayushman Bharat Digital Mission has created over 78 crore health IDs, making it easier for people to access their medical records. More than 1.6 lakh Health and Wellness Centres are now open, offering free tests and medicines. In the 2025 Union Budget, over INR 1 lakh crore was allocated to healthcare, focusing on cancer treatment, digital health services, and medical training. Affordable, locally made MRI machines and portable diagnostic tools are being introduced in smaller cities to improve access for underserved communities.

Improving Healthcare Infrastructure and Accessibility

The governments initiatives to expand access to healthcare, such as the Ayushman Bharat programme, are expected to increase the annual demand for MRI scanners in the country. Efforts to develop affordable, locally manufactured MRI systems are underway to improve accessibility and reduce costs for patients. Medical Tourism

Indias appeal as a medical tourism destination can be attributed to its advanced diagnostic imaging capabilities, including MRI. Projected to reach USD 13 billion by 2026, the medical tourism sector is set to accelerate the demand for high-end technological devices, medical equipment, and appliances. The southern states of India, renowned for their early establishment of medical schools and institutions, are seen as preferred destinations for medical tourism. This reputation is owing to their high standards of healthcare infrastructure, including diagnostic imaging.

Source: Medical Device Industry: Invest India

Company Overview

Fischer Medical Ventures Limited (FMVL), headquartered in Chennai with a state-of-the-art facility in the Andhra Pradesh MedTech Zone (AMTZ). The company is transforming healthcare with cost-effective medical imaging technologies and advanced diagnostics using the power of innovation. As the first Indian company to domestically manufacture MRI systems, FMV combines innovation and affordability to transform healthcare. Publicly listed on the BSE & & NSE (FISCHER 524743 INE771F01025), FMV focuses on preventive medicine, digital health solutions, and data analytics to enhance healthcare delivery, improve engagement, and optimize resource use globally.

Fischer Medical Ventures Limited (FMV), along with its wholly owned subsidiary Time Medical International Ventures (India) Private Limited, is dedicated to transforming the healthcare industry. It does so by delivering advanced, affordable, and accessible medical diagnostic and imaging technologies worldwide.

The Company is leading the development of state-of-the-art MRI systems, marking the creation of Indias first indigenously manufactured MRI scanner. This significant achievement not only demonstrates FMVs pioneering spirit but also positions India favourably in the global medical realm.

With extensive experience and a focus on innovation, the Company designs and produces industry-leading MRI systems that are reshaping diagnostic radiology. FMVs facility has a growing manufacturing capacity for MRI machines each year. Notably, the first Indian company to get CDSCO license.

Strategic Investments in Healthcare include

Indigenously Manufactured MRI Systems

FMVL is the first in India to produce high quality imaging solution that is also cost-effective locally. Designed indigenous, this is a landmark milestone in the history of Indian healthcare. Innovations include open MRI machines suited for patients with claustrophobia and rural deployment.

AI Powered Mental Health Diagnostics

In collaboration with Therapy Platform Pte Ltd & Wondertech Group, the company has introduced AI to empower accurate diagnosis of mental health conditions. This approach will change the way psychological care is diagnosed and made accessible.

Contactless Vital Signs Monitoring

Through our partnerships, we have offered multiple contactless screening systems to facilitate fast and non-invasive diagnosis. This includes detecting heart rate, HbA1c, hemoglobin, and more basic vitals.

Advanced Nursing Home Care Solutions

FMVL has curated AI driven vital sign monitoring system that offers various benefits for nursing homes. It enhances comfort and allows continuous observation with care and without interruption.

Comprehensive School Health Programs

Full-body screening solutions include vision, hearing, and mental health screenings for students. This proactive model is revolutionary in enabling early detection and intervention.

Telehealth Services

With a growth in demand, our telehealth platform enables patients and doctors to connect via a single platform. It nurtures faster consultations, e-pharmacy, and better support. It is ideal for rural medical care.

Deployment of Health Kiosks

By setting up diagnostic kiosks abroad, FMVL extends its health innovation footprint to underserved global regions.

Radiology Equipment Provider

The Company has acquired a leading innovator in radiologyequipment, providing cutting-edge technology and solutions to the healthcare industry, including mobile X-Ray machines,fixed X-Ray machines, and digital radiography systems.

CT Scan Systems

FMVL has introduced state-of-the-art CT technology that delivers exceptionally clear and detailed images, enabling clinicians to detect even the smallest abnormalities with confidence. With optimized dose management protocols, the system minimizes radiation exposure, making scans safer for all age groups, including children and patients requiring repeat follow-ups. Its rapid image acquisition and enhanced processing shorten examination times, support faster diagnoses, and improve overall clinical outcomes.

Healthcare Solutions Offered

Digital Hospital

The Digital Hospital combines electronic health records, practice management, imaging, and telemedicine into a secure, configurable platform. It supports specialty-specific workflows, unifies health records across sites, integrates with diagnostic devices, and leverages AI-powered decision support. Automated scheduling, billing, inventory intelligence, and payer integration streamline operations while optimizing resources for improved care delivery.

MIDAS (Multi-Spectral Integrated Diagnostic Analytical System)

MIDAS is an advanced diagnostic hub for health lounges and kiosks. It enables multi-modal screenings eye, lung, foot, and mental health using AI-based risk stratification, rapid diagnostic test support, fundus imaging, and neuropathy screening. Integrated with PACS, digital stethoscopes, and mental health tools, MIDAS ensures early detection and secure cloud-based result sharing with referral networks.

Flynn LIVE Dx

Flynn LIVE Dx extends diagnostics into communities through a mobile-friendly tele-diagnosis platform. Supporting online and offline modes, it integrates with multiple diagnostic tools and EMRs to deliver AI-assisted screenings, structured reporting, and real-time referrals. With outreach capabilities, automated reminders, and HIPAA/HL7 compliance, LIVE Dx enables scalable, secure, and accessible community healthcare.

Flynn ATLAS

It serves as the AI analytics backbone, transforming raw data into actionable intelligence. It delivers descriptive, diagnostic, predictive, and prescriptive insights, supported by real-time dashboards and a unified 360-degree view of individuals. Interoperable with all FlynnCare platforms, ATLAS empowers hospitals, insurers, pharma, and public health systems with evidence-based decision-making.

Oncology & TB Cancer Care

FMV has developed advanced programs for critical disease management, focusing on Cancer and Tuberculosis (TB). The AI-powered Cancer Care Program, built on the SHIELD strategy, integrates large-scale screenings, confirmatory diagnostics, telemedicine consultations, and digital tracking to ensure timely and accurate care, while also supporting recovery through nutraceuticals, preventive awareness, and community outreach. Complementing this, the AI-powered TB platform combines digital chest X-ray imaging with molecular testing, cloud-based integration, and mobile access to prescriptions and follow-up care, ensuring rapid diagnosis and continuous monitoring even in underserved regions. Together, these initiatives strengthen public health infrastructure, reduce late-stage diagnoses, and set new benchmarks in patient-centric preventive and long-term care.

Innovative Products

PICA – 0.35T Whole-Body MRI System

PICA is a top-tier open MRI system that delivers exceptional comfort, rapid scans, and superior image quality.

With the strongest gradient amplitude and slew rate among open MRI systems (33 mT/m and 90 T/m/s respectively), the MRI system stands out as a cost-effective and high-performance solution for whole-body imaging.

NEONA – First Neonatal MRI System in the World

As the worlds first neonatal MRI system, NEONA is engineered for swift and precise imaging tailored specifically for neonates.

Its compact and lightweight design facilitates easy installation near Neonatal Intensive Care Units (NICUs), reducing the risks associated with neonatal transportation. Notably, NEONA reduces RF power Specific Absorption Rate (SAR) and acoustic noise, ensuring a safer diagnostic environment for neonates.

NOVA – Ultra-High-Field MRI for High-Resolution Neuro Imaging

NOVA is an ultra-high-field MRI system designed for high-resolution neuroimaging and is renowned for its stability and consistency.

Complete with advanced imaging software and customizable pulse sequences, NOVA offers superior performance across a range of clinical and research applications. Available in various bore sizes and field strengths, the MRI system caters to diverse imaging needs with exceptional precision.

MICA

MICA represents our commitment to developing the worlds highest-performing 1.5T whole-body MRI system. Its integrated superconducting RF coil and unique High-Temperature Superconducting (HTS) RF coils enable superb image quality that rivals 3T systems. MICAs powerful gradients—with an amplitude of up to 45 mT/m and a slew rate of 130 T/m/s—are the strongest among open MRI systems, facilitating advanced applications like whole spine imaging.

QUIN 1.5T

The QUIN 1.5T MRI is an advanced, whole-body imaging system that delivers high-resolution, diagnostic-quality images. Its 1.5 Tesla magnet strength provides exceptional clarity for soft tissue, making it ideal for the detailed diagnosis of conditions affecting the brain, spinal cord, and tumors.

A standout feature is its helium-free design, which significantly cuts down on operational costs and infrastructure needs. Furthermore, the systems impressive slew rate of 258 T/m/s ensures rapid and efficient image acquisition, enhancing patient throughput and overall workflow.

Modern State-Of-The-Art Manufacturing Facilities

Our wholly owned subsidiary has a manufacturing facility in Andhra Pradesh MedTech Zone (AMTZ), India which is equipped with the latest technology and machinery, enabling the Company to produce MRI machines with unparalleled precision and efficiency. Every aspect of the production process is designed to ensure the highest level of quality, ranging from advanced computer-controlled cleanrooms and shield rooms that meet the highest standards of cleanliness.

Rigorous Testing

Before any MRI machine leaves our facilities, it undergoes a comprehensive series of tests and inspections to ensure it meets or exceeds all safety and performance requirements.

We scrutinize all functional aspects of these machines, including imaging quality and system stability, to noise levels and individuals comfort, leaving no stone unturned in our pursuit of perfection.

Risk Management

Infrastructure and Accessibility

Currently, the rural market scenario and reach in remote areas of India are very limited. This is due to an infrastructure gap that significantly dampens healthcare in India. Areas that have reduced MRI coverage demand more public-private partnership initiatives. Subsidies on import or improving local manufacturing support for MRI systems can help improve accessibility of MRI, and thereby, timely diagnosis.

Regulatory Challenges

Tedious regulatory framework and lengthy turnaround times on import and installations are a serious roadblock to accessing imaging technology. Some of these obstacles stall innovation and market growth. Competitive India will require a greater focus on responsive governance alongside streamlining pathways with clear frameworks. This will help put India on the map for various med-tech-enabled innovations.

Public Awareness and Misconceptions

Not only is awareness low, but myths surrounding MRI scan diagnostics persist too. These can be roadblocks to better adoption of useful med tech across India. Increased public awareness is key to improving tech adoption.

Cost And Affordability

The costs of MRI scans make it difficult for individuals from middle and lower income groups in terms of affordability. MRI scanning also suffers from inconsistent MRI coverage, making it an issue for those who struggle financial despite being covered by insurance. Systematic acceptance in insurance and government-subsidized MRI accessibility could help tackle this challenge. Besides this, the time and resources required to develop, test, and roll out new devices are steep. For developing high-end medical devices, strong R&D facilities are required that require investment, skills and technical manpower.

Cybersecurity

With the advancement in technology and the incorporation of AI, there is a risk of data theft or cyber threats. Connected medical devices will require robust cybersecurity measures to ensure full-proof system. Any device connected to a hospital or healthcare facilitys network can pose as an entry point to serious threats. Complex medical devices require advanced operating systems, firmware to ensure maximum safety.

Source: https://www.illumio.com/blog/connected-medical-devices-healthcare-cybersecurity-vulnerability

Future Opportunities

Artificial Intelligence Integration

The global AI in MRI market is expected to reach USD 1.65 billion by 2025, growing at a CAGR of 20.45% through 2030. Its established that AI is going to change the way imaging is performed. Automating image acquisition, enhancing scan quality, and reducing interpretation time are factors that favor this change. These tools, when integrated into real-time workflows, support personalized treatment planning and reduce clinical workload.

Personalized Medicine

MRI continues to be a critical pillar in precision diagnostics as a noninvasive, high resolution tool. The integration of MRI data with genomics, biomarkers, and AI will enable accurate diagnostics and help in accessing targeted therapies.

Compact and Portable MRI Systems

Compact MRI systems are gaining momentum in 2025. This is especially true for rural and underserved communities. These systems are helium-free, lightweight, and require minimal infrastructure, making them ideal for mobile clinics and smaller hospitals. In addition, open structure MRI systems, compact MRI systems encourage faster, worry-free diagnosis for those wary of MRIs bulky structure.

Sustainable Innovations

Sustainability is a key focus in MRI development this year. Manufacturers are introducing helium-free MRI scanners which significantly reduce environmental impact and operational costs. Innovations include energy-efficient magnets, air-cooled systems, and recyclable components support sustainability.

Financial Overview (FY 2024–25) Revenue & Profitability (In Lakhs)

Revenue from Operations: 521.97 Profit Before Tax: INR 96.08 Profit After Tax: INR 66.32

Earnings per Share (EPS): INR 0.05 per share

Liabilities (In Lakhs)

Non-Current Liabilities: 1,569.66 Current Liabilities: INR 712.26

Equity (In Lakhs)

Equity Share Capital: INR 6380.15 Lakhs Other Equity: INR 27188.35 Lakh Total Equity: INR 33568.51 Lakhs

Total Equity & Liabilities (In Lakhs): INR 35850.43 lakh

Financial Highlights

(INR in Lakhs)

Key Financial Ratios 2024-25

Debtors Turnover – 0.351 Current Ratio – 3.868 Net Profit Margin – 0.127 Return on Equity – 0.33% Creditors Turnover- 0.604

Internal Financial Control System

Internal Control Systems and Their Adequacy

At FMVL, we prioritise maintaining an effective internal financial control system that encompasses both business operations and financial reporting systems. To ensure its efficiency, management and internal auditors conduct regular audits. The internal control mechanisms are tailored to the size and complexity of the Companys operations, ensuring their appropriateness. Integral to the system is the comprehensive documentation of policies, guidelines, and standard operating procedures (SOPs). We regularly conduct checks and audits, performed by our internal auditors, to identify any deviations from the established SOPs. In such instances, we promptly recommend remedial actions for resolution. The Audit Committee takes proactive measures by initiating and adopting the recommendations put forth by the internal auditors. This ensures swift remedial action and strengthens the overall effectiveness of the internal control systems within the Company.

Human Relations

The well-being and development of our employees play a key role in maintaining the spirit of FMVL. The company has laid out stringent SOPs and systems to ensure a smooth workflow. Additionally, regular training and upskilling initiatives are implemented to empower employees. The company follows a ‘people-first approach in all that we do. Our employees retention initiatives involve creating an encouraging and positive work environment that helps each individual grow professionally. We strive for equality and inclusivity in our work, growth, and environment.

The company undertakes regular training and development programs and implements robust policies to prevent sexual harassment in our workplaces. By fostering a healthy work environment, we not only ensure the long-term viability of our business but also create a culture that values and respects every individual.

Cautionary Statement

Statements made in this Management Discussion and Analysis Report may contain certain forward-looking statements based on various assumptions about the Companys present and future business strategies and the environment in which it operates. Actual results may differ substantially or materially from those expressed or implied due to risks and uncertainties. These risks and uncertainties include the effects of economic and political conditions in India and abroad, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the Companys businesses, and the ability to implement strategies. The information contained herein is as of the date referenced, and the Company does not undertake any obligation to update these statements. The Company has obtained all market data and other information from sources believed to be reliable or its internal estimates, although its accuracy or completeness cannot be guaranteed