Krsnaa Diagnostics (KRSNAA) Q3 25/26 earnings summary

Executive summary

• Operates a differentiated, radiology-led diagnostics platform with high entry barriers and a pan-India presence across 18 states and union territories, serving over 81 million patients to date and 4.6 million 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 plans to operationalize four more hospitals.

• Achieved significant accreditations, including 49 NABH-accredited radiology centers and 57 NABL-accredited labs.

• 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; 9M FY26 revenue reached ₹5,802 million.

• Q3 FY26 normalized EBITDA was ₹484 million (27% margin), and normalized PAT was ₹168 million (9% margin); consolidated net profit for Q3 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 in Q3, contributing up to 10% of group revenue.

• Over INR 130 crore in government receivables recovered in Q3, improving cash position and reducing days outstanding.

Outlook and guidance

• Rajasthan project expected to contribute INR 200 crore annualized revenue at maturity, with full potential by end of FY27; pathology share in revenue to rise to 65-70%.

• Plans to expand to over 200 CT/MRI centers and further scale retail segment in Maharashtra, Punjab, Assam, and Odisha.

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

• Management expects no material impact from ongoing tax proceedings and continues to monitor regulatory changes.