Krsnaa Diagnostics (KRSNAA) Q3 25/26 earnings summary

Executive summary

• Operates a differentiated, radiology-led diagnostics platform with a strong public-private partnership (PPP) model, requiring significant upfront investment and creating high entry barriers.

• Network spans 18 states/UTs with 190 CT/MRI centers, 4,000+ collection centers, and 140 pathology labs, serving over 81 million patients to date; served 4.6 million patients in Q3 FY26.

• Achieved 9% year-over-year revenue growth for the nine months ended FY26, with revenue reaching ₹5,802 million.

• Launched India's first PPP-based cancer and cardiac care hospital in Pune, with approval for four more hospitals totaling 600 beds.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and released.

Financial highlights

• Q3 FY26 consolidated revenue from operations was INR 1,812 million, up 4% year-over-year; standalone revenue was INR 1,594.32 million.

• Q3 normalized EBITDA was INR 484 million (27% margin), up 4% year-over-year.

• Q3 normalized PAT was INR 168 million (9% margin); consolidated net profit was INR 152.46 million.

• For 9M FY26, EBITDA increased 13% to ₹1,600 million, and PAT rose 5% to ₹597 million.

• Retail revenue grew nearly 8x year-over-year, contributing up to 10% to group revenue in Q3.

Outlook and guidance

• Expect revenue ramp-up from Rajasthan and Maharashtra projects in Q4 and next fiscal year, with full revenue potential from Rajasthan likely by end of FY27 and annualized revenue target of INR 200 crore.

• Margins may see a temporary dip in Q4 due to expansion costs but are expected to stabilize as projects mature.

• Plans to cement position as one of Asia's largest radiology players with over 200 CT/MRI centers upon completion of the order book.

• Retail segment expected to scale steadily with further expansion and home collection services.