Krsnaa Diagnostics (KRSNAA) Q1 26/27 earnings summary

Executive summary

• Revenue grew 22% year-over-year in Q1 FY27 to INR 2,355 million, driven by new project wins, organic growth, and strong expansion in radiology and pathology segments.

• Retail business expanded rapidly, with 64% YoY growth, over 4,000 touchpoints across seven states, and a 75% increase in patient count.

• Major PPP project wins, including the Himachal Pradesh CT project, have strengthened long-term revenue visibility.

• Served 5.1 million patients and performed 16.1 million tests in Q1 FY27, reflecting a 2% YoY increase in both metrics.

• Board approved issuance of up to 1,621,000 share warrants to promoters at a price not less than Rs. 565 per warrant.

Financial highlights

• Q1 FY27 consolidated revenue from operations: INR 2,355.32 million, up from INR 1,929.78 million in Q1 FY26 (22% growth).

• EBITDA: INR 588 million (25% margin), down from 27% margin in Q1 FY26 due to upfront costs for new projects.

• PAT: INR 166 million, with a margin of 7%, down 19% YoY.

• Retail revenue: INR 193 million, up from INR 118 million in Q1 FY26, contributing 9% of group revenue.

• Total expenses increased to INR 1,767 million (75% of revenue), with notable rises in fees to hospitals and other expenses.

Outlook and guidance

• Rajasthan PPP revenue expected to ramp up, with annualized guidance of INR 100–175 crore, potentially higher as utilization improves.

• Retail business targeted to reach 10–15% of total revenue by year-end.

• Margins expected to improve as new projects mature and operational efficiency increases.

• EBITDA positivity for retail business anticipated by Q2.

• Management expects no material impact from ongoing tax proceedings on the financial position or performance.