Krsnaa Diagnostics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Krsnaa Diagnostics Ltd filed with BSE on 29 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Krsnaa Diagnostics reported FY26 revenue of approximately INR7,728 million with EBITDA margin of around 28% and reported PAT of approximately INR1,014 million, crossing INR1,000 million in PAT for the first time. Management said Q4 revenue grew about 4% year-on-year with EBITDA margin of 29%, while DSO improved from 155 days to 139 days during the quarter. Management outlined plans for Rajasthan ramp-up, retail scale-up, and further capital investment of INR5,000 million in FY27.
Numbers mentioned
Revenue: INR7,728 million (FY26)
p. 7
“We have achieved a sales of INR7,728 million against the previous year sales of INR7,171 million.”
Chandra Singh, page 7 of the filed PDF · View the filing
EBITDA margin: 27.81% (FY26)
p. 7
“We achieved EBITDA margin of 27.81% on a full year basis.”
Chandra Singh, page 7 of the filed PDF · View the filing
Reported PAT: INR1,014 million (FY26)
p. 7
“We crossed INR1,000 million in reported PAT for the first time and achieved a reported PAT of INR1,014 million against the previous year PAT of INR776 million.”
Chandra Singh, page 7 of the filed PDF · View the filing
EBITDA: INR2,149 million (FY26)
p. 7
“Our EBITDA grew to INR2,149 million against last year EBITDA of INR1,958 million, representing a growth of almost 10%.”
Chandra Singh, page 7 of the filed PDF · View the filing
Retail revenue: INR60 crores (FY26)
p. 7
“Our retail business scaled from almost INR10 crores in FY '25 to INR60 crores in '26, which is a sixfold growth in a single year that firmly establishes the consumer appetite for Krsnaa's brand of affordable and quality diagnostics.”
Chandra Singh, page 7 of the filed PDF · View the filing
Q4 revenue from operations: approximately INR1,926 million (Q4 FY26)
p. 6
“During the quarter 4, our revenue from operations and sales stood at approximately INR1,926 million, representing year-on-year growth of around 4%, sequential quarter-on-quarter growth of nearly 7%.”
Mitesh Dave, page 6 of the filed PDF · View the filing
Q4 EBITDA margin: 29% (Q4 FY26)
p. 6
“EBITDA for the quarter stood at approximately INR559 million with EBITDA margins of 29%, reflecting the efficiency and strength of our operational discipline, along with the scalability of our integrated diagnostic platforms.”
Mitesh Dave, page 6 of the filed PDF · View the filing
Q4 reported PAT: approximately INR417 million (Q4 FY26)
p. 4
“the Q4 reported PAT alone stood at approximately INR417 million, growing over 101% year-on-year.”
Yash Mutha, page 4 of the filed PDF · View the filing
DSO: 139 days (Q4 FY26)
p. 6
“we have successfully reduced our DSO from 155 days in quarter 3 to 139 days at the end of the quarter 4 FY '25-'26.”
Mitesh Dave, page 6 of the filed PDF · View the filing
Q4 collections: INR1,580 million (Q4 FY26)
p. 5
“In the half year alone, collections stood at approximately INR2,910 million, including INR1,580 million in Q4, the highest quarterly collection in our history.”
Yash Mutha, page 5 of the filed PDF · View the filing
Retail contribution to revenue: approximately 8% (FY26)
p. 5
“Retail today contributes approximately 8% of the company's revenues and is increasingly contributing towards improving the overall cash profile of the business.”
Yash Mutha, page 5 of the filed PDF · View the filing
Dividend: INR2 per share (FY26)
p. 8
“I'm happy to share that the Board has recommended a dividend of INR2 per share, that is 40% of face value.”
Chandra Singh, page 8 of the filed PDF · View the filing
NCD from ADB: 4,300 million
p. 7
“Our borrowings include NCD issued to ADB were 4,300 million, term loans and working capital.”
Chandra Singh, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Rajasthan revenue potential — INR100 crores to INR150 crores · full year FY27
stated conditionally by Yash Mutha
p. 8
“So Rajasthan, we believe the revenue potential to be in the range of about INR100 crores to INR150 crores on a full year basis.”
Yash Mutha, page 8 of the filed PDF · View the filing
Capital investment — INR5,000 million · FY27
stated firmly by Chandra Singh
p. 7
“We have planned a total capital investment of INR5,000 million in FY '27, which includes both the carryforward commitments from FY '26 and fresh investment in FY '27, which includes both Rajasthan and our projects in radiology and other projects.”
Chandra Singh, page 7 of the filed PDF · View the filing
DSO — sub 120 days · FY27
stated conditionally by Chandra Singh
p. 7
“Our improvement journey to sub 120 days guided for FY '27 remains on track.”
Chandra Singh, page 7 of the filed PDF · View the filing
Retail contribution to revenue — double digits · FY27
stated as an aspiration by Mitesh Dave
p. 6
“We expect retail contribution to further scale up to double digits, supported by strong network expansion, deeper customer engagements and increasing adoption of preventive health care and wellness services.”
Mitesh Dave, page 6 of the filed PDF · View the filing
EBITDA margin — current level
stated as an aspiration by Yash Mutha
p. 9
“With regards to the margin profile, we are working towards maintaining the current level of EBITDA margins.”
Yash Mutha, page 9 of the filed PDF · View the filing
Rajasthan installation completion — Q1 and Q2 FY27
stated firmly by Yash Mutha
p. 8
“The entire installation is expected to be completed majorly within Q1 and some bit of it going into Q2.”
Yash Mutha, page 8 of the filed PDF · View the filing
Retail contribution to group revenue — 25% to 30% · 3 to 5 years
stated as an aspiration by Mitesh Dave
p. 12
“having contribution of retail alone within the entire group revenue close to 25% to 30% should be there in the line with.”
Mitesh Dave, page 12 of the filed PDF · View the filing
RPL EBITDA — positive EBITDA, same levels of consolidated EBITDA · FY26-27
stated as an aspiration by Yash Mutha
p. 18
“But in this FY '26, '27 is where we are looking at positive EBITDA and trying to get it to the same levels of the consolidated EBITDA level by the end of financial year, FY '26, '27.”
Yash Mutha, page 18 of the filed PDF · View the filing
FY27 EBITDA margin — FY27
stated as an aspiration by Yash Mutha
p. 19
“But I think from a -- if you look at it from a year-end perspective, we believe that the EBITDA margins at least should be same and not have a dent.”
Yash Mutha, page 19 of the filed PDF · View the filing
Rajasthan capitalization — around INR200-odd crores · Q1 FY27
stated firmly by Yash Mutha
p. 20
“the capitalization will happen from Q1 onwards, around almost INR200-odd crores.”
Yash Mutha, page 20 of the filed PDF · View the filing
Radiology centers — 200-plus CT MRI centers
stated firmly by Yash Mutha
p. 4
“Upon completion of our existing order book, Krsnaa will cross 200-plus CT MRI centers, an important milestone, making us one of Asia's largest radiology platforms.”
Yash Mutha, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the earlier project-value aspiration still holds but they are taking a conservative ramp-up view for actual guidance.
Answered by Yash Mutha
Asked by Bala Murali Krishna: What is the revenue potential from Rajasthan and why is it lower than earlier guidance of INR250-300 crores?
p. 8
“So from an aspiration and the project value perspective, the number that we quoted earlier holds good. It is just that we were considering the ramp-up here and from our experience, we'd like to have a conservative approach.”
Yash Mutha, page 8 of the filed PDF · View the filing
Management said organic growth for continuing projects was around 13%, offset by projects that closed due to tenure completion.
Answered by Yash Mutha
Asked by Hitaindra Pradhan: What was like-to-like PPP revenue growth adjusting for non-renewals?
p. 10
“Our organic growth for like-to-like projects which are continuing is almost in the range of around 13-odd percent.”
Yash Mutha, page 10 of the filed PDF · View the filing
Management said the split is roughly even.
Answered by Yash Mutha
Asked by Surya Patra: What is the revenue split between pathology and radiology?
p. 10
“I think there is a different -- I mean, the split within radiology and pathology is in the range of 50%, 50%.”
Yash Mutha, page 10 of the filed PDF · View the filing
Management attributed the gap to operational delays such as government site availability and said the PPP model and long-term opportunity remain intact.
Answered by Yash Mutha
Asked by Mayur: Why has PAT/revenue growth guidance repeatedly fallen short of delivery over recent years?
p. 13
“Just to give you a reference of Maharashtra, the Maharashtra project itself has certain delays getting government sites on time.”
Yash Mutha, page 13 of the filed PDF · View the filing
Management said receivable delays stem from factors like officer transfers and a new government payment system, and it is calibrating guidance to a more realistic level.
Answered by Yash Mutha
Asked by Mayur: Why is DSO guidance at 120 days rather than the earlier 100-day target?
p. 15
“But considering the realistic position on the ground, we have now looked at bringing it down to 120 days.”
Yash Mutha, page 15 of the filed PDF · View the filing
Management said the business has weathered government changes before and delays are operational rather than structural.
Answered by Yash Mutha
Asked by Vinod Krishna: How risky are receivables given reliance on state governments and possible political change?
p. 16
“The delays, as I said, mostly are operational in nature, nothing to do from a structural or a strategic.”
Yash Mutha, page 16 of the filed PDF · View the filing
Management said the departures reflect natural attrition after long tenures and that the core leadership team remains stable.
Answered by Yash Mutha
Asked by Nikhil Gupta: Why have there been several senior leadership departures including CFO, CBO, CEO and an Executive Director?
p. 17
“Just to give you a reference, our earlier CFO spent 5 years.”
Yash Mutha, page 17 of the filed PDF · View the filing
Management said the accounting classification changed but the exclusive diagnostics partnership across Apulki's hospitals remains in place.
Answered by Yash Mutha
Asked by Surya Patra: Is Apulki still a strategic partner after being reclassified as not an associate company?
p. 18
“So Mr. Surya, Apulki's investment from an accounting, it's not an associate. But our partnership is intact.”
Yash Mutha, page 18 of the filed PDF · View the filing
Management said touch point additions have actually progressed quarter on quarter and revenue softness in Q4 is a normal business fluctuation.
Answered by Mitesh Dave
Asked by Deepak Ajmera: Why are retail touch points and revenue declining over the last two quarters?
p. 19
“in quarter 3 versus quarter 4, absolute addition has gone for 703 rather as in touch points. However, in quarter 4, revenue is a little muted versus quarter 3.”
Mitesh Dave, page 19 of the filed PDF · View the filing
Risks flagged
Receivable delays tied to government officer transfers and new payment systems
p. 14
“For example, when an MD NHM officer or a government official gets transferred or moves out, the new officer takes his own time to look into the records.”
Yash Mutha, page 14 of the filed PDF · View the filing
Delays in government site availability affecting project implementation timelines
p. 13
“Just to give you a reference of Maharashtra, the Maharashtra project itself has certain delays getting government sites on time.”
Yash Mutha, page 13 of the filed PDF · View the filing
Upfront manpower cost deployment pressuring near-term margins
p. 9
“There might be some impact in the Q1 where there is upfront deployment of manpower.”
Yash Mutha, page 9 of the filed PDF · View the filing
Delays in funds from central government and new SPARSH payment system
p. 14
“There were also some challenges from the funds that were coming from the central and the new system, the SNS SPARSH that is being deployed, where there are operational challenges at the respective governments.”
Yash Mutha, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.