NSE: KRSNAA · BSE: 543328
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. PPP/government diagnostic services, Retail diagnostics (RPL brand) (8%). Asset-heavy diagnostic infrastructure (FY26 capex 28.4% of revenue) with government-counterparty-heavy receivables and long collection cycles (DSO 139 days).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 455 | 487 | 620 | 717 | 773 |
| EBITDA (ex other income) | 131 | 122 | 144 | 190 | 212 |
| margin % | 28.9 | 25.1 | 23.3 | 26.5 | 27.4 |
| Owners' profit | 68 | 62 | 57 | 78 | 101 |
| EPS, as reported (₹) | 22.89 | 19.78 | 17.90 | 24.04 | 31.30 |
| ROE % · ROCE % | 10.0 · 14.4 | 8.4 · 10.8 | 7.0 · 9.7 | 8.8 · 13.0 | 10.3 · 10.6 |
| Debt / equity (x) | 0.06 | 0.04 | 0.20 | 0.23 | 0.55 |
| Cash from operations | 128 | 76 | 24 | 87 | 143 |
| Capex | (132) | (141) | (194) | (127) | (219) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 186 | 175 | 186 | 193 | 206 | 181 | 193 | 236 |
| Profit before tax | 25 | 25 | 29 | 27 | 32 | 20 | 52 | 22 |
| Net profit | 20 | 19 | 21 | 21 | 24 | 15 | 42 | 17 |
| EPS (₹) | 6.07 | 6.01 | 6.40 | 6.35 | 7.38 | 4.72 | 12.86 | 5.10 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 31,676 | 45.6 | 12.46 | 36.8 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,858 | 79.2 | 15.52 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,403 | 23.6 | 7.48 | 27.2 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,875 | 28.9 | 13.44 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,272 | 64.8 | 5.62 | 24.8 | 6.9 | 8.6 | — | 25.3 |
| SURAKSHA DIAGNOSTIC LTD | 1,615 | 45.1 | 6.63 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| KRSNAA DIAGNOSTICS LTD ◆ | 1,609 | 16.5 | 1.64 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| 3B BLACKBIO DX LTD. | 1,199 | 20.0 | 3.61 | 14.1 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.5 | 23.6 | 8 of 25 | 71% |
| P/B | 1.6 | 2.1 | 11 of 24 | 57% |
| ROCE | 8.4 | 6.1 | 12 of 29 | 61% |
| ROE | 10.3 | 6.0 | 9 of 24 | 65% |
| Debt / Equity | 0.6 | 0.1 | 19 of 23 | 18% |
| EBITDA margin | 27.7 | 25.6 | 11 of 24 | 57% |
| Revenue growth | 22.1 | 20.8 | 11 of 25 | 58% |
| Profit growth | (19.3) | 22.0 | 19 of 25 | 25% |
| Market cap | 1609 | 34 | 7 of 30 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Krsnaa Diagnostics schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for November 2 to approve quarterly results | results | low | — | — |
| 22 Oct 2026 · Krsnaa Diagnostics collaborates with AZmed on artificial intelligence radiology | strategic transactions | high | — | — |
| 16 Oct 2026 · Promoter group allotted 16.21 lakh convertible warrants in Krsnaa Diagnostics | ownership changes | high | — | — |
| 14 Oct 2026 · Correction: Warrants allotment premium revised from Rs 551 to Rs 561 | fund raising | medium | — | — |
| 13 Oct 2026 · Krsnaa Diagnostics allots 16.21 lakh convertible warrants to promoter group | fund raising | high | — | — |
| 9 Oct 2026 · BSE nod for 16.21 lakh convertible warrants to promoters of Krsnaa Diagnostics | fund raising | high | — | — |
| 8 Oct 2026 · Krsnaa Diagnostics gets approval to issue 16.21 lakh warrants to promoters | fund raising | medium | — | — |
| 8 Oct 2026 · Krsnaa Diagnostics gets approval for 16.21 lakh warrants to Promoters at Rs 566 | fund raising | high | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for dematerialisation of shares | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.