B2C Diagnostic Sales Growth
34%
+34% YoY
B2C diagnostic sales grew 34% YoY, the major contributor to overall revenue growth.
CHANDANHEALTHCARE
Healthcare
31 Dec 2025
Chandan Healthcare Ltd — Q3 FY26
Chandan Healthcare delivered a solid Q3 FY26 with revenue of ₹65.77 Cr (+20% YoY) and EBITDA of ₹12.61 Cr (+39% YoY), driven by 34% growth in B2C diagnostics.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Chandan Healthcare delivered a solid Q3 FY26 with revenue of ₹65.77 Cr (+20% YoY) and EBITDA of ₹12.61 Cr (+39% YoY), driven by 34% growth in B2C diagnostics. EBITDA margin expanded 263 bps to 19.17%, despite a one-time gratuity provision of ₹2.2 Cr. PAT grew 8% to ₹4.54 Cr. The company is aggressively expanding: 6 comprehensive centers and 18 labs opened YTD, with 9 more labs launching next month. A landmark 10-year government contract for radiology services in Punjab and Assam (₹55 Cr annual revenue) will commence over the next six months. Management guided for significantly higher growth in FY27, with EBITDA margins expected to improve to 30-35% as new centers mature. Key risk: rapid expansion could strain working capital and employee costs, which rose to 18% of revenue this quarter.
Key Numbers
Comprehensive Centers Opened YTD
6
+6 vs prior year
Six new comprehensive diagnostic centers started this financial year, offering pathology and radiology under one roof.
Franchisee Locations Enrolled
100
+100 vs prior year
Franchisee network expanded to over 100 locations, with results expected from Q4.
Government Contract Annual Revenue
₹55 Cr
New contract
10-year contract for radiology services in 8 Punjab districts and 1 Assam railway hospital, worth ₹55 Cr per year.
Management Guidance
FY27 Revenue Growth Significantly Higher Than 30%
Management indicated that FY27 revenue growth will be 'much much higher' than 30%, driven by new centers and the government contract.
Management guidance revenueEBITDA Margin Improvement to 30-35%
Management expects consolidated EBITDA margins to improve to 30-35% as new centers mature and the one-time gratuity impact fades.
Management guidance margins1000 Franchisee Locations in 3 Years
Target to enroll 1,000 franchisee collection centers over the next three years, with 100 already enrolled.
Management guidance expansionCapex of ₹100 Cr Over 3 Years for Labs
Planned investment of approximately ₹100 Cr over three years for setting up new laboratories, funded via preferential shares.
Management guidance capexKey Risks
Employee Cost Inflation
Employee costs rose to 18% of revenue due to expansion-related hiring and one-time gratuity provisioning; may pressure margins if revenue ramp-up lags.
medium · analyst_questionWorking Capital Strain from Government Contracts
Although the Punjab project is cash-based, other government contracts may have delayed payments; management acknowledged B2G receivables take 3-4 months.
medium · analyst_questionExecution Risk in Rapid Expansion
Opening 18 labs and 7 comprehensive centers in one year, plus a large government project, could strain operational bandwidth and quality control.
medium · data_observationCompetition from Organized Players in Franchise Business
Franchise model faces direct competition from Dr. Lal, Thyrocare, and Metropolis; management expects franchise to be only 10% of total business.
low · management_commentaryNotable Quotes
Our aim is to keep B2C at the highest level, B2B at the second level and B2G at the last level just because of receivable amount and that takes nearly 3 to four months in case of B2G.
This is much less what we are going to give it is much less what you are talking it is much less. It will be much much higher.
In next 2 three years definitely we can go amongst first four or five but not two to three just because there are three four big players. But as far as growth is concerned definitely we can compete anyone.
Frequently Asked Questions
What was Chandan Healthcare's revenue in Q3 FY26?
Chandan Healthcare reported revenue of ₹65 Cr in Q3 FY26, representing a +20% change compared to the same quarter last year.
What guidance did Chandan Healthcare management give for FY27?
FY27 Revenue Growth Significantly Higher Than 30%: Management indicated that FY27 revenue growth will be 'much much higher' than 30%, driven by new centers and the government contract. EBITDA Margin Improvement to 30-35%: Management expects consolidated EBITDA margins to improve to 30-35% as new centers mature and the one-time gratuity impact fades. 1000 Franchisee Locations in 3 Years: Target to enroll 1,000 franchisee collection centers over the next three years, with 100 already enrolled. Capex of ₹100 Cr Over 3 Years for Labs: Planned investment of approximately ₹100 Cr over three years for setting up new laboratories, funded via preferential shares.
What are the key risks for Chandan Healthcare in FY27?
Key risks include Employee Cost Inflation — Employee costs rose to 18% of revenue due to expansion-related hiring and one-time gratuity provisioning; may pressure margins if revenue ramp-up lags.; Working Capital Strain from Government Contracts — Although the Punjab project is cash-based, other government contracts may have delayed payments; management acknowledged B2G receivables take 3-4 months.; Execution Risk in Rapid Expansion — Opening 18 labs and 7 comprehensive centers in one year, plus a large government project, could strain operational bandwidth and quality control.; Competition from Organized Players in Franchise Business — Franchise model faces direct competition from Dr. Lal, Thyrocare, and Metropolis; management expects franchise to be only 10% of total business..
Did Chandan Healthcare meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Chandan Healthcare Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.