KRSNAA Q1 FY26 earnings call.
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Revenue
₹193 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
₹52.4 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Krsnaa Diagnostics reported steady Q1 FY26 results with ₹193 crore revenue (+13% YoY) and ₹52.4 crore EBITDA (+19% YoY), delivering 120bps margin expansion to 27%. ₹20.5 crore PAT (+15% YoY) demonstrates bottom-line momentum. The flagship Rajasthan PPP contract (42 mother labs, 135 satellite labs, 1,300+ collection centers) represents a transformative ₹300-350 crore annualized revenue opportunity with ₹200-250 crore capex, ramping over 6-9 months with full revenues from FY27. Retail expansion continues accelerating with 24,414 touchpoints (+7x YoY) contributing 6% to group revenues, targeting 5-8% by FY26 and 18-20% over two years. Maharashtra radiology rollout (73 CT/MRI centers) is 75% complete by Q3 FY26. Volume growth was subdued at 4% due to prior BMC contract exit and project suspensions, though management expects improvement. Karnataka revenue faced procedural headwinds but Himachal Pradesh remained stable. Working capital improved with overdue payments received from HP and Karnataka. EBITDA break-even for retail targeted by FY26 end.
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Guidance to track
- Expect ₹300-350 crore annualized revenue from Rajasthan PPP project with ₹200-250 crore capex investment, reaching full potential in 1.5-2 years from FY27 onwards.
- Targeting 5-8% retail contribution to total revenue by FY26, scaling to 18-20% over the next two years with B2C focus.
- Retail venture (RPL) expected to achieve EBITDA break-even by end of FY26 as business matures and scales with PPP infrastructure leverage.
- Major portion (~75%) of Maharashtra CT and MRI rollout (73 centers) to be completed by Q3 FY26 end, with remaining sites by Q4.
Risks flagged
- Patient and test volume growth was only 4% versus industry ~10%, attributed to BMC contract exit and project suspensions. Management expects improvement but provided no specific recovery timeline.
- Karnataka revenue declined due to procedural changes by state government. Management characterized impact as 'not significant' but did not quantify the revenue reduction, suggesting potential opacity.
- Deploying 42 mother labs, 135 satellite labs, and 1,335 collection centers over 6-9 months represents aggressive timeline. Prior PPP projects have seen implementation delays; management acknowledged history of similar challenges.
- Rajasthan contract involves business partner revenue share, which management expects to increase. While confirming EBITDA margins will remain at current levels (~27%), the variable cost structure creates execution risk on margin sustainability.
Key quotes
- We are structurally advantaged platform with diversified revenue streams, contracted growth from long-term PPPs and accelerating high margin retail. This is a business designed not just to grow with the market but to take share from it consistently and profitably.
- The Rajasthan tender, the revenue per test would be more or less in the similar ranges but as the project matures we expect the revenue per patient also to increase.
- On the working capital we've collected our money from various authorities. The payments have started flowing in. The retail business is also ramping up with most of these being cash paying customers, which gives us a good position to scale with the current network.
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