KRSNAA DIAGNOSTICS LTD

Runs a nationwide diagnostic services network under public-private partnership (PPP) contracts with state governments, alongside a growing retail diagnostics brand. Operates 190+ CT/MRI centers, 147 pathology labs and 4,700+ patient collection centers across 18 states, processing 59 million tests and serving 20 million patients in FY26. The PPP arm — including a Rajasthan project with 27 mother labs and 800+ collection centers, and a new 7-year Himachal Pradesh contract covering CT scans at 34 government health institutions — supplies the bulk of revenue, with FY27 capex of ₹500 crore earmarked for further expansion (₹300+ crore Rajasthan, ₹150+ crore MRI). The retail arm operates 3,500+ touchpoints across 5 states with 54 NABL-accredited labs and 54 NABH-accredited radiology centers, contributing ~8% of FY26 revenue at ~₹60 crore. Costs split as materials (23.2% of revenue), employees (18.2%), other opex (31.2%) and depreciation (11.7%); FY26 capex ran at 28.4% of revenue. Days sales outstanding stood at 139 days at year-end versus 155 days earlier, with a sub-120 day FY27 target.