Conference Call with Krsnaa Diagnostics Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.
Healthcare Services company Krsnaa Diagnostics announced Q1FY26 results Revenue from Operations: Rs 1,930 million compared to Rs 1,702 million during Q1FY25, change 13%. EBITDA: Rs 524 million compared to Rs 442 million during Q1FY25, change 19%. EBITDA Margin: 27% for Q1FY26. PAT: Rs 205 million compared to Rs 179 million during Q1FY25, change 15%. PAT Margin: 11% for Q1FY26. EPS: Rs 6.25 for Q1FY26. Yash Mutha, Managing Director, said: “We are delighted to share that Krsnaa Diagnostics has been awarded one of the most prestigious and transformative healthcare projects in the state of Rajasthan under the National Health Mission (NHM). After being on hold for some time, this critical project is now set in motion. This landmark initiative will enable us to deliver best-in-class diagnostic services to millions of citizens across the state, reinforcing our mission of making quality healthcare accessible to all. As part of this project, we will establish 42 state-of-the-art Mother Labs, 135 Satellite Labs, and over 1,300 Collection Centres, making it one of the largest and most comprehensive PPP diagnostic projects ever undertaken in India. The scale, reach, and impact of this tender underscore not just the trust placed in Krsnaa Diagnostics but also our proven ability to execute large-scale public health initiatives with excellence. It marks a defining growth milestone, one that will drive both strategic expansion and long-term value creation while making a meaningful difference in public health delivery. In Q1FY26, Krsnaa delivered a remarkable 13% YoY revenue growth, reaching Rs 1,930 million, driven by rising patient trust and growing brand awareness. Krsnaa Diagnostics has delivered breakout retail growth a 7.9x jump in revenue and a 6.7x surge in touchpoints in just 12 months, now spanning 2,414 locations across four states, we are fast emerging as India’s most formidable retail diagnostics growth story. Our services continue to gain traction, with significant increases in test volumes and patient footfall. EBITDA surged 19% YoY to Rs 524 million, supported by healthy margin expansion to 27%. Net profit climbed 15% YoY to Rs 205 million, with margins improving to 11% a reflection of our disciplined execution, operational efficiencies, and the strategic rollout of new centres. This consistent performance is a testament to our scalable model, strong governance, and operational agility, which position us to thrive in an evolving and high-growth healthcare ecosystem. Looking ahead, we are more energised and optimistic than ever. Backed by a seasoned and deeply committed leadership team, we are: Aggressively pursuing high-potential tenders across multiple states. Expanding into new geographies, through both PPP and our fast-growing RPL retail vertical. Strengthening our project pipeline to ensure sustained, predictable growth momentum. We are also making strategic investments in technology, automation, and digital transformation, unlocking faster turnaround times, seamless patient experiences, and future-ready operations. At Krsnaa Diagnostics, we are building more than a business; we are creating a healthcare movement that empowers communities, strengthens public health infrastructure, and generates long-term value for all stakeholders.” Pallavi Bhatevara, Executive Director, said: “At Krsnaa Diagnostics Limited, we remain unwavering in our mission to transform India’s diagnostic landscape by making high-quality, affordable, and technology-enabled diagnostic services available to every Indian regardless of geography, income, or infrastructure barriers. Diagnostics today are not just a support function in healthcare; they are the bedrock of effective treatment and prevention. With every test we perform, we enable quicker diagnoses, better outcomes, and healthier lives. And we take immense pride in being at the forefront of this transformation, not just participating in the growth of the industry, but leading it. It is with great pride and optimism that I share a landmark development in our growth journey, the successful execution of the Rajasthan Pathology tender agreement, one of the largest and most strategically significant public healthcare projects in India. This is healthcare infrastructure transformation at a population scale. It is a bold demonstration of Krsnaa’s unmatched execution capability, speed of deployment, and expertise in navigating complex healthcare ecosystems. With this project, we will touch millions of lives, enabling timely, affordable diagnostics in every corner of Rajasthan. The significance of this win goes far beyond numbers: It cements our leadership position in large-scale Public-Private Partnerships. It showcases our ability to build state-wide networks with speed, efficiency, and clinical excellence. It further validates the trust governments place in Krsnaa as their implementation partner of choice. This strategic milestone also significantly strengthens our long-term growth outlook. Our presence across Rajasthan is now comprehensive and deep-rooted, forming a robust platform for further expansion both in public healthcare and our fast-growing RPL retail brand. These initiatives are not just about expansion; they are about creating real impact. Whether it's through Public-Private Partnerships (PPP), state healthcare tenders, or direct-to-patient retail offerings under our RPL brand. We have consistently demonstrated our ability to deliver timely, technology-enabled, and patient-centric diagnostic solutions across urban, semi-urban, and rural India. As we continue to scale and deepen our presence, our core purpose remains unchanged: To be India’s most trusted and preferred diagnostics partner, delivering care that is affordable, dependable, and always within reach. We are excited about what lies ahead. With the Rajasthan project in motion, a strong national pipeline, and growing traction in both PPP and retail, Krsnaa Diagnostics is entering a new phase of accelerated, high-impact growth. And we are confident that we will continue to deliver long-term value to our patients, partners, and investors alike.” Result PDF
Healthcare Services company Krsnaa Diagnostics announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Revenue from Operations: Rs 1,861 million vs Rs 1,663 million in Q4FY24 (Change: 12%) Other Income: Rs 44 million vs Rs 43 million in Q4FY24 Total Income: Rs 1,905 million vs Rs 1,706 million in Q4FY24 (Change: 12%) EBITDA: Rs 542 million vs Rs 441 million in Q4FY24 (Change: 23%) EBITDA Margin: 29% vs 27% in Q4FY24 EBIT: Rs 354 million vs Rs 299 million in Q4FY24 (Change: 18%) EBIT Margin: 16% vs 18% in Q4FY24 Profit After Tax (PAT): Rs 207 million vs Rs 187 million in Q4FY24 (Change: 11%) PAT Margin: 11% vs 11% in Q4FY24 Diluted EPS: Rs 6.30 vs Rs 5.70 in Q4FY24 (Change: 11%) FY25 Financial Highlights: Revenue from Operations: Rs 7,172 million vs Rs 6,196 million in FY24 (Change: 16%) Other Income: Rs 255 million vs Rs 168 million in FY24 Total Income: Rs 7,427 million vs Rs 6,364 million in FY24 (Change: 17%) EBITDA: Rs 1,958 million vs Rs 1,466 million in FY24 (Change: 34%) EBITDA Margin: 27% vs 24% in FY24 EBIT: Rs 1,273 million vs Rs 865 million in FY24 (Change: 47%) EBIT Margin: 17% vs 14% in FY24 Profit After Tax (PAT): Rs 776 million vs Rs 568 million in FY24 (Change: 37%) PAT Margin: 11% vs 9% in FY24 Diluted EPS: Rs 23.56 vs Rs 17.31 in FY24 (Change: 36%) Yash Mutha, Managing Director, said: “We are pleased to report the strongest Profit After Tax (PAT) growth since our listing, with PAT reaching Rs 776 million in FY25 a 37% YoY increase. This exceptional performance was driven by higher volumes and improved operational efficiency. Krsnaa is executing several strategic initiatives to diversify its revenue streams beyond its current B2G-focused model. As part of our transition to an asset-light business model, we have entered into strategic partnerships with Medikabazaar and United Imaging to procure over 30 imaging machines on a deferred payment basis. We are also expanding into high-end PET-CT (oncology care) services through investments in Apulki Healthcare. Additionally, we are leveraging the Krsnaa brand at PPP centres to penetrate the B2C market. These initiatives will drive sustained growth, improve realizations, and reduce capex intensity, thereby enhancing the return ratios of the business. Krsnaa has delivered impressive growth over the last five years and is well-positioned for continued growth. Our unique business model targets the underserved markets in tier 2–3 cities, offering significant volume growth potential, especially as more states adopt the PPP model for free diagnostic schemes. Our nationwide offerings in pathology and radiology mitigate concentration risk and create economies of scale. In FY25, Krsnaa achieved a remarkable 16% year-on-year revenue growth, reaching Rs 7,172 million. Increased awareness of our high-quality services, combined with competitive pricing, has led to a significant rise in patient volumes and test counts. On the financial front, EBITDA surged 34% YoY to Rs 1,958 million, with improved margins of 27%. Net profit rose 37% YoY to Rs 776 million, with net margins at 11%, reflecting our ongoing commitment to operational efficiency through strategic initiatives. We remain confident in sustaining this positive momentum in the quarters ahead. Looking forward, our senior management is fully committed to executing our growth strategies. We are actively expanding our participation in tenders and strengthening our pipeline to ensure sustained growth. With a clear vision and disciplined execution, we are poised to further solidify our market leadership.” Pallavi Bhatevara, Executive Director, said: “At Krsnaa Diagnostics Limited, we leverage the Public-Private Partnership (PPP) model to provide free diagnostic services across India, with a strong pan-India presence. We have established ourselves as a key player in delivering high-quality and affordable diagnostic services, which are essential for disease diagnosis, management, and prevention. These services form a fundamental pillar of the healthcare industry. The Indian diagnostics industry, historically fragmented with a network of unorganized players, has experienced steady growth. The market registered an 8% CAGR over the past five years, reaching approximately US$ 12 billion in FY24. Within this context, the organized segment, consisting of national and regional diagnostic chains, has outpaced the broader market, achieving a 12% CAGR. This makes diagnostics one of the fastest-growing segments in the Indian healthcare sector. However, despite this steady expansion, diagnostics penetration in India remains among the lowest globally, even when compared to other developing nations. Krsnaa's Free Diagnostics Services has already made significant strides. To date, 12 states and Union Territories (UTs) have adopted free pathology services through the PPP model, and 19 states/UTs have adopted free radiology services, highlighting substantial untapped potential. State-level allocations for diagnostics have grown at an 18% CAGR, significantly outpacing the broader industry growth rate. Krsnaa has effectively capitalized on these opportunities, securing pathology tenders in 8 out of 12 states and winning radiology tenders in 12 out of 19 states, resulting in an impressive 75% win-to-bid ratio. This strong performance positions Krsnaa Diagnostics as the leading PPP player, offering a fully integrated service portfolio across radiology, pathology, and teleradiology.” Result PDF
Conference Call with Krsnaa Diagnostics Management and Analysts on Q3FY25 Performance and Outlook. Listen to the full earnings transcript.
Healthcare Services company Krsnaa Diagnostics announced Q3FY25 results Revenue: Rs 1,745 million compared to Rs 1,583 million during Q3FY24, change 10%. EBITDA: Rs 466 million compared to Rs 378 million during Q3FY24, change 23%. PAT: Rs 194 million compared to Rs 130 million during Q3FY24, change 50%. EPS: Rs 5.88 for Q3FY25. Yash Mutha, Joint Managing Director, said: “We are pleased to report another strong quarter, driven by significant margin improvements, reflecting the success of our operational efficiency initiatives. I am delighted to share that your company has achieved a remarkable profit of Rs 569 million in 9MFY24, equaling the full-year profit of the previous year. We have successfully launched retail operations in four states, witnessing encouraging traction for our services. In a major strategic milestone, we have placed a purchase order for machinery under our exclusive partnership with United Imaging and Medikabazaar. This unique arrangement, available only to Krsnaa, allows us to pay 10% upfront while spreading the remaining cost over six years—optimizing cash flow and enabling business expansion without additional strain on our balance sheet. This expansion aligns with our mission to provide accessible, affordable, and accurate diagnostics across both urban and rural regions. We remain committed to sustainable, profitable growth by leveraging our core strengths, optimizing cost structures, and investing in high-growth opportunities. In the first nine months of FY25, Krsnaa achieved an impressive 17% year-on-year revenue growth, reaching Rs 5,311 million. Increased awareness of our high-quality service offerings, combined with competitive pricing, has significantly boosted patient volumes and test counts. On the financial front, EBITDA surged 39% YoY to Rs 1,416 million, with margins improving to 27%. Net profit rose 49% YoY to Rs 569 million, with net margins at 11%—demonstrating our continued focus on operational efficiency through strategic initiatives. We are confident in maintaining this positive trajectory in the coming quarters. Looking ahead, our senior management remains fully committed to executing our core growth strategies. We are actively expanding our participation in tenders and strengthening our pipeline for sustained growth. With a clear vision and disciplined execution, we can further solidify our market leadership.” Pallavi Bhatevara, Executive Director, said: “Krsnaa Diagnostics Limited has been a key player in delivering high-quality and affordable diagnostic services, essential for disease diagnosis, management, and prevention. The provision of these services is a fundamental pillar of the healthcare industry. At Krsnaa, we firmly believe that our employees are the backbone of our success, and we are committed to fostering a work environment that prioritizes their well-being, growth, and professional development. As part of this commitment, we have launched several initiatives aimed at enhancing employee engagement, upskilling, and overall job satisfaction. We have introduced comprehensive training programs designed to equip our workforce with the latest advancements in diagnostic technology, ensuring they remain at the forefront of industry standards. As we continue to grow, we remain dedicated to investing in our people, ensuring they have the right tools, knowledge, and support to thrive. A well-trained and motivated workforce is key to our mission of providing accessible, affordable, and accurate diagnostics to communities across the country. The recent contract wins highlight the exceptional capabilities of our in-house teams, showcasing their proficiency in navigating the complex bidding process, meeting all requirements, and successfully securing these contracts. As we embark on these projects, Krsnaa Diagnostics is actively expanding its footprint into new geographical regions, laying a strong foundation for sustainable, long-term growth.” Result PDF