KRSNAA Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹193 Cr
verified against source
Revenue YoY
7.8%
reported change
EBITDA
₹214.9 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Krsnaa Diagnostics reported FY26 revenue of ₹772.8 crore (up 7.8% YoY) with EBITDA at ₹214.9 crore (27.8% margin) and PAT of ₹101.4 crore (up 30.7% YoY). Q4 showed revenue of ₹192.6 crore (4% YoY) with 29% EBITDA margin and PAT of ₹41.7 crore (up 101% YoY). The muted revenue growth reflects completion of certain project tenures, partially offset by ~30% organic growth in continuing PPP projects. Rajasthan PPP implementation is on track with 27 mother labs and 800+ collection centers; revenue contribution expected from Q1 FY27 at ₹100-150 crore annually. Retail scaled 6x to ₹60 crore (8% of revenue), with management targeting 25-30% contribution over 3-5 years. DSO improved from 155 days to 139 days; target remains sub-120 days by FY27. FY27 capex guidance of ₹500 crore (Rajasthan ~₹300 crore + MRI ~₹150 crore) with strong order book visibility of ₹6,000-7,000 crore over 5-7 years. Key risks include government receivables dependency (HP and Karnataka delays), leadership transitions (CFO, CBO, Executive Director resignations), and pipeline uncertainty as no major new PPP announcements are imminent.
Colored figures show movement against the previous available record.
Guidance to track
- Conservative guidance for Rajasthan PPP project as first-year ramp-up; management acknowledges upside potential as collection centers and labs get fully activated in Q1-Q2 FY27.
- Collections improvement journey on track; reduced from 155 days (Q3) to 139 days (Q4) through stronger documentation and government engagement.
- Retail business scaling rapidly (₹10 crore to ₹60 crore in one year); expected to exceed 10% of revenue in FY27 with 3,500+ touchpoints and 500+ franchise centers.
- Capital investment planned for Rajasthan (~₹300 crore), MRI projects (~₹150 crore), and smaller projects in Jharkhand and Ranchi; combination of debt, internal accruals, and vendor finance.
- Management aspiration for retail to contribute 25-30% of total revenue within 3-5 years, up from current 8%, leveraging PPP infrastructure and preventive healthcare adoption.
Risks flagged
- HP and Karnataka have experienced payment delays due to government official transfers and new SPS system implementation at central level. These delays are administrative rather than credit risk, but impact cash flow timing. DSO improvement lagging initial guidance of 100 days.
- Multiple senior exits (CFO after 5 years, CBO, Executive Director Palvi Bhatt) raised by analyst. Management characterized these as normal attrition but acknowledged Palvi Bhatt was a founding team member handling government installations. No succession details provided for key roles.
- Analyst pointed out FY25 guidance of 25% growth delivered 16%, FY26 guidance of 15-16% delivered 1%. Management acknowledged execution lags due to government site delays and selective PPP participation. No major new PPP announcements despite 'couple in pipeline' mentioned.
- Analyst explicitly raised risk of Congress government states (HP, Karnataka) causing trouble; questioned if BJP-ruled states are safer. Management claimed government changes don't matter as NHM funds are central-driven, though historical evidence shows Rajasthan went from Congress to BJP and back.
Key quotes
- We have maintained our unblemished record of virtually zero bad debts since inception. The timing delays are administrative in nature, not a credit risk issue.
- We don't recklessly pursue PPPs... the simple reason being we don't recklessly participate in PPPs that don't create long-term value. That is why Krishna is able to be a successful company in the PPP space whereas there are other players who have not been successful enough.
- While yes we had aspirations to grow at a higher [rate]... whilst there were also certain reasons. Some of the reasons could be attributed to delays. Just to give you a reference of Maharashtra, the Maharashtra project itself had certain delays getting government sites on time.
- The retail has the potential to become a very meaningful long-term growth and cash flow driver for Krishna. Our strategic investment in Apulki Healthcare positions Krishna within the oncology and cardiac care ecosystems which we believe represent a very significant long-term healthcare opportunity in India.
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