Krsnaa Diagnostics LimitedPharmaceuticals & HealthcareKRSNAA
Q1 FY27 concall · earnings callKrsnaa Diagnostics Limited
The quarter was driven by the transition of the large Rajasthan PPP project from infrastructure build-out to revenue generation, strong retail growth, and a new project win in Himachal Pradesh.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹235.5 Cr | 22% | |
| EBITDA | ₹58.8 Cr | — | |
| EBITDA Margin | 25% | — | |
| PAT | ₹16.6 Cr | — | |
| Retail Revenue | ₹19.3 Cr | 64% | |
| Retail Contribution | 9% | — | |
| Rajasthan Q1 Revenue | ₹26 Cr | — | |
| Like-to-like Growth | 12% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹174.51 Cr+10.2% YoY-6.3% QoQ | ₹19.41 Cr+49.7% YoY-1% QoQ | ₹6.01+46.9% YoY-1% QoQ |
| Q2 FY25 | ₹186.34 Cr+19.9% YoY+9.5% QoQ | ₹19.60 Cr+86.7% YoY+9.4% QoQ | ₹6.07+81.2% YoY+9.4% QoQ |
| Q1 FY25 | ₹170.23 Cr+22% YoY+2.4% QoQ | ₹17.92 Cr+22.4% YoY-4.3% QoQ | ₹5.55+19.1% YoY-4.3% QoQ |
| Q4 FY24 | ₹166.28 Cr+24.8% YoY+5% QoQ | ₹18.73 Cr-1% YoY+44.4% QoQ | ₹5.80-3.8% YoY+41.8% QoQ |
| Q3 FY24 | ₹158.32 Cr+34.1% YoY+1.8% QoQ | ₹12.97 Cr-4.9% YoY+23.5% QoQ | ₹4.09-6% YoY+22.1% QoQ |
TL;DR
- Revenue grew 22% year-on-year.
- Retail revenue grew 64% year-on-year.
- Large Rajasthan PPP project operationalized, contributing INR 26 crores in Q1.
- Won new Himachal Pradesh CT project, expanding to 34 centers.
- EBITDA margin moderated to 25% due to upfront costs in Rajasthan, but expected to improve.
- Retail business expects to be EBITDA positive by Q2.
Said on the call
“Execution excellence and quality of service create the foundation for repeat business and long-term partnerships.”
From the Q&A
| Topic | What management said |
|---|---|
| Rajasthan Project Revenue and Guidance | Rajasthan contributed INR 26 crores in Q1; full-year guidance is INR 100-150 crores conservatively, with aspirations for INR 200-250 crores. |
| Rajasthan Project Cost & Fees to Hospital | The significant increase in 'fees to hospital' expense (INR 41 crores) is due to revenue sharing with partners for services in Rajasthan and other PPP projects. |
| Retail Business (RPL) Profitability | RPL was EBITDA negative in Q1 due to upfront costs, but management expects it to be EBITDA positive by Q2 and grow exponentially. |
| Overall Margin Outlook | Margins are expected to improve quarter-on-quarter as Rajasthan scales and RPL turns profitable, aiming for double-digit margins by year-end. |
| Receivables from States | Himachal Pradesh funds have started flowing in; Karnataka payments are delayed but expected by Q2; Maharashtra also has delays. |
| Revenue Mix (Radiology vs Pathology) | The mix was 41% radiology, 59% pathology in Q1; the balance may shift as Rajasthan (pathology-heavy) ramps up, but radiology is also growing with new MRI centers. |
Guidance
- Rajasthan full-year revenue guidance: INR 100-150 crores (conservative).
- Retail business expected to be EBITDA positive by Q2 FY27.
- Overall margins expected to improve and return to double digits by year-end.
- Retail contribution target for the financial year: 10% to 15% of overall revenue.
Source
Summary written from the transcript filed by Krsnaa Diagnostics Limited for the call held on 14 Aug 2026; published 19 Aug 2026, 20:10 IST.
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