Conference Call with Krsnaa Diagnostics Management and Analysts on Q3FY26 Performance and Outlook. Listen to the full earnings transcript.
Healthcare Services company Krsnaa Diagnostics announced Q3FY26 results Revenue: Rs 1,812 million against Rs 1,745 million during Q3FY25, change 4%. EBITDA: Rs 474 million against Rs 466 million during Q3FY25, change 2%. EBITDA Margin: 26% for Q3FY26. PAT: Rs 152 million against Rs 194 million during Q3FY25, change -22%. PAT Margin: 8% for Q3FY26. EPS: Rs 4.66 for Q3FY26. Yash Mutha, Managing Director, said: “Q3 is traditionally a seasonally softer quarter for the diagnostics industry, and this year followed a similar pattern. However, what stands out this quarter is the strength of execution beneath the numbers. During the quarter, we undertook focused and disciplined actions to improve working capital efficiency and accelerate recovery of long-pending government receivables. These measures resulted in cash recoveries of over Rs 130 crore during Q3. Importantly, cash recovered during the quarter was over Rs 100 crore higher on a YoY basis compared to the corresponding quarter last year, reflecting a structurally stronger collections framework and improved maturity of our operating model. EBITDA margins during the quarter reflect deliberate, front-loaded investments to support the next phase of growth, particularly the rollout of India’s largest pathology PPP initiative — the Rajasthan Pathology Project. While certain manpower and readiness costs have been incurred ahead of revenue generation, the project is progressing fully as planned, with meaningful revenue commensuration expected from the next financial year. Encouragingly, our B2C segment continues to build strong momentum, recording multi-fold growth during the quarter. We are seeing steadily rising acceptance of the Krsnaa brand in the consumer market, driven by our focus on high-quality diagnostics, round-the-clock service availability, and pricing that remains meaningfully more affordable than regional alternatives. As brand trust deepens and our specialty portfolio expands, this segment is emerging as a meaningful contributor to sustainable growth, profitability, and long-term shareholder value. Krsnaa operates a uniquely differentiated diagnostics platform that is difficult to replicate. Anchored in a PPP framework and a radiology-led model, our business entails upfront equipment investments that are nearly 2.5x higher than those of traditional, pathology-led diagnostics players. A significant portion of this capital has been deployed over the past few years to build the country’s largest pan-India radiology network, creating a high-entry-barrier platform with a durable, long-term competitive advantage. Despite operating within a highly regulated government ecosystem, Krsnaa has remained EBITDA- and PAT-positive since inception, even while delivering services at price points approximately 50–70% lower than prevailing market rates. While return ratios may appear moderated during this investment phase, our non-radiology business already delivers returns comparable to industry benchmarks, and our radiology segment continues to demonstrate industry-leading returns supported by scale, utilization, and operating efficiency—factors that are inherently difficult to replicate. Backed by long-term PPP contracts, a wide geographic footprint, predictable revenue visibility, and structurally lower customer acquisition costs, Krsnaa has built a resilient healthcare infrastructure platform. As these investments mature and operating leverage strengthens, we believe the full economic potential of this platform will increasingly come into view, positioning Krsnaa for sustained long-term value creation.” Pallavi Bhatevara, Executive Director, said: “At Krsnaa Diagnostics, we remain deeply committed to delivering high-quality, accessible, and patient-centric diagnostic services, underpinned by strong governance, integrity, and operational excellence. Through our differentiated Public-Private Partnership (PPP) model, we have successfully built one of India’s largest platforms for providing free and affordable diagnostic services, enabling millions of patients across the country to access essential healthcare. Our expanding pan-India footprint and long-standing collaborations with multiple state governments have firmly positioned Krsnaa Diagnostics as a trusted, preferred, and scalable partner in India’s public healthcare ecosystem, with strong execution credibility and longterm growth visibility. We are pleased to announce the launch of the first hospital under Apulki Healthcare, marking a significant strategic milestone as we extend our capabilities beyond diagnostics into integrated tertiary care. Apulki’s flagship project in Pune, developed in partnership with the Pune Municipal Corporation, is India’s first PPP-based cancer and cardiac hospital, reinforcing our leadership in executing complex, high-impact public healthcare infrastructure projects. The 150-bed facility was completed within approximately two and a half years, reflecting strong project management, disciplined capital deployment, and execution efficiency. The hospital operates under a long-term concession structure of 30 years, extendable by a further 30 years, providing durable revenue visibility and alignment with public healthcare objectives. Designed as a comprehensive care facility, it offers end-to-end cancer treatment under one roof and is equipped with advanced medical infrastructure, including LINAC, PET-CT, a 160-slice cardiac CT scanner, intensive care units, mammography, fluoroscopy, a full diagnostics suite, and multiple ward categories, enabling the delivery of high-quality care across patient segments. Looking ahead, Apulki Healthcare is supported by a clearly articulated and scalable growth roadmap aimed at building a pan-India super-specialty hospital network. The Company plans to develop approximately ten hospitals with an aggregate capacity exceeding 2,000 beds, alongside the installation of more than 15 PET-CT units across the network. This expansion strategy is expected to meaningfully enhance clinical depth, strengthen diagnostic integration, and unlock operating leverage over time. Backed by Krsnaa Diagnostics’ proven PPP expertise, strong government relationships, and disciplined execution capabilities, these initiatives are well-positioned to drive sustainable growth, improved asset utilization, and long-term value creation, while addressing India’s growing need for affordable, specialized healthcare.” Result PDF
Healthcare Services company Krsnaa Diagnostics announced Q2FY26 results Revenue from Operations: Rs 2,060 million compared to Rs 1,863 million during Q2FY25, change 11%. EBITDA: Rs 602 million compared to Rs 509 million during Q2FY25, change 18%. EBITDA Margin: 29% for Q2FY26. PAT: Rs 239 million compared to Rs 196 million during Q2FY25, change 22%. PAT Margin: 12% for Q2FY26. EPS: Rs 7.25 for Q2FY26. Yash Mutha, Managing Director, said: “Krsnaa Diagnostics has delivered its highest-ever quarterly profit, reinforcing the strength and resilience of our business model. Revenue grew 12% YoY in H1FY26, driven by expanding patient volumes and the growing confidence in our diagnostic network across India. EBITDA increased 18% YoY to Rs 1,126 million, with margins improving to 28%, reflecting disciplined execution and strong operating leverage. Net profit rose 19% to Rs 445 million, underscoring our focus on profitable and sustainable growth. Over the years, we have built one of India’s most efficient and inclusive diagnostic platforms, with a presence across Tier-II and Tier-III markets through our Public-Private Partnership model. This structure not only supports volume growth but also provides stability through long-term contracts and broad geographic diversification. On the working capital side, our receivable cycle currently stands around 150+ days, reflecting a temporary transition linked to new central government payment norms under which states are aligning to RBI-linked disbursement mechanisms. Furthermore, Krsnaa has not recorded any bad debts since inception, underscoring the quality of our receivables and the credibility of our government partnerships. Our focus remains on accelerating collections, optimizing cash flows, and reinvesting into high-impact growth initiatives such as the Rajasthan PPP — India’s largest diagnostic project — which is progressing well and on schedule. With multiple labs going live in the coming months, we anticipate meaningful revenue contribution starting Q4FY26 and a full-year impact in FY27. With strong fundamentals, disciplined execution, and a clear growth roadmap, Krsnaa is well-positioned to deliver sustainable value and reinforce its leadership in India’s diagnostics landscape.” Pallavi Bhatevara, Executive Director, said: “At Krsnaa Diagnostics, we remain steadfast in our commitment to quality, integrity, and patient-centric care. Leveraging our Public-Private Partnership (PPP) model, we provide free and high-quality diagnostic services across India, enabling millions to access essential healthcare. Our pan-India network and close collaboration with state governments have firmly established Krsnaa as a trusted and preferred partner in public healthcare delivery. We are delighted to announce that for the first time in India, our company has received accreditation from the American College of Radiology (ACR) — a prestigious milestone marking the first-ever ACR recognition outside the United States. This global distinction stands as a testament to Krsnaa’s unwavering pursuit of excellence and adherence to international standards in imaging and radiology. Additionally, we are also proud to continue holding the CAP (College of American Pathologists) accreditation, the only such recognition granted to a government diagnostic location in India. These dual international accreditations underscore our relentless focus on quality, precision, and patient safety. They reaffirm Krsnaa’s position as a benchmark for globally recognized diagnostic standards in India, strengthening our reputation among clinicians, government partners, and patients alike. Importantly, these achievements also contribute to higher patient trust, improved volumes, and stronger institutional credibility, supporting long-term growth. Recently, we were honoured with the title of “India’s Most Trusted Integrated Diagnostic Brand” at the Big FM – Big Impact Awards held in Vietnam, a testament to our unwavering commitment to quality, accessibility, and patient trust With a foundation built on internationally accredited quality, a scalable nationwide platform, and a clear mission to make advanced diagnostics accessible to all, Krsnaa Diagnostics is well-positioned to capitalize on India’s expanding healthcare landscape, drive sustainable growth, and enhance value for all stakeholders.” Result PDF
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