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, 190+ CT/MRI centers, 4,000+ collection centers, and 140 pathology labs, serving 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.

• Q3 FY26 was seasonally soft, with lower volumes and temporary operational pauses to accelerate government receivable recovery, resulting in over INR 130 crore collected and a strengthened cash position.

• Retail diagnostics segment is scaling rapidly, with revenue growing 8x year-over-year and now contributing up to 10% to group revenue.

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

Financial highlights

• Q3 FY26 consolidated revenue from operations was INR 1,812 million, up 4% year-over-year, modestly impacted by seasonality and project pauses.

• Normalized EBITDA for Q3 FY26 was INR 484 million (27% margin), up 4% year-over-year.

• Normalized PAT for Q3 FY26 was INR 152 million, with a margin of 8-9%.

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

• Over INR 100 crore more collected in Q3 FY26 compared to Q3 FY25, reflecting improved working capital discipline.

Outlook and guidance

• Rajasthan project expected to contribute INR 200 crore annualized revenue at maturity by end of FY27, with ongoing expansion of labs and collection centers.

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

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

• Retail segment expected to scale further, supported by expansion in multiple states and increased home collection services.