Chandan Healthcare Ltd(CHANDAN)

NSE: CHANDAN

₹ 218-4.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 546 crUpdated: 24 Oct 2026

About

Chandan Healthcare runs pathology and radiology diagnostic centres and labs, mainly in Uttar Pradesh. Until its pharmacy subsidiary was sold, it also ran retail pharmacy. In FY26 it reported revenue of Rs 276.39 Cr, and its network covered 16 States and Union Territories and 62 districts. The company says it has served over 30 million patients and performed over 150 million tests since it began. In Q1 FY27 it agreed to sell its 53.56% stake in Chandan Pharmacy Limited so that it can focus on diagnostics.^[1][2][3]

Business segments

The group runs three service lines: pathology, radiology and retail pharmacy. Retail pharmacy was 43.50% of revenue in FY26.^[2]
Customer mix in Q1 FY27: B2C 38%, B2B 32%, B2G (government) 30%. In FY25 it was B2B 39.68%, B2C 37.53%, B2G 22.80%.^[3][4]
Diagnostics mix in Q1 FY27: pathology 74%, radiology 25.86%. In Q3 FY26 pathology was 75%.^[3][5]
Diagnostics to pharmacy revenue split was 60:40 in Q3 FY26. Pharmacy revenue stops accruing from 1 September 2026 after the divestment.^[5][3]

Network and operations

As of Q1 FY27: 2 central referral labs, 23 comprehensive diagnostic centres, 18 diagnostic centres, 24 standalone labs and 15 radiology centres, in 15 states.^[3]
According to the FY26 annual report, Uttar Pradesh has 173 of the 313 centres and labs, Uttarakhand has 28 and Delhi has 26.^[2]
As of 15 September 2026, total diagnostic centres numbered 568+.^[6]
Accreditations per the FY26 annual report: 16 NABL-accredited labs, 6 NABH-accredited radiology centres and 38 AERB-licensed radiology centres. All centres hold ISO 9001:2015 certification.^[2]
Six comprehensive centres opened in H1 FY26: Patna, Ashiana Lucknow, Ayodhya, Lakhimpur, Delhi and Bhopal.^[7]
In November 2025 the company secured property in Mumbai, Chandigarh and Kolkata for regional processing labs.^[7]

Key operating numbers

In FY25 the company served 18.21 lakh patients and conducted 53.98 lakh+ tests. It offered 1,496+ pathology tests.^[4]
Average revenue per patient was ₹650 in H1 FY26.^[7]
Year-on-year revenue growth by customer type in Q1 FY27: B2B +94%, B2G +22%, B2C +20%.^[3]
Year-on-year patient volume growth in Q1 FY27: general/online +29%, preventive health +29%, corporate +24%, government +14%.^[3]
Management said a mature comprehensive centre generates about ₹10 Cr a year (Q1 FY27).^[3]

Customers and distribution

B2B customers are hospitals, nursing homes, corporate clients and smaller labs. Their samples are processed at the central reference laboratory.^[2]
Exclusive 5-year diagnostic partnership with Jeena Sikho Lifecare, covering its 50 hospitals and 150+ clinics across 17 states.^[7]
Jeena Sikho revenue crossed ₹1.45 Cr in a month (July 2026), compared with about ₹3 lakh a day in Q3 FY26. About 80% of its network was covered as of Q1 FY27.^[3][5]
The franchise network grew from 264 centres at the end of Q1 FY27 to 375 by August 2026 and to 500+ by 15 September 2026.^[3][6]
Franchise model: the company keeps 50-80% of the MRP and puts in no capex. The franchise owner invests about Rs 1 lakh.^[3]
The company started online services in both diagnostics and pharmacy (FY26).^[2]

Expansion and capex

Government PPP radiology contract for 8 Punjab district hospitals and 1 railway hospital in Guwahati, worth about ₹55 Cr a year for 10 years. All 12+ Punjab centres are targeted by December 2026.^[5][3]
8 new comprehensive centres and more than 6 further diagnostic centres are planned within 3-4 months of the Q1 FY27 call.^[3]
Plans include 2 PET scan machines at Kanpur and Gorakhpur within 2-3 months, and a genome lab at Jankipuram, Lucknow within 6 months (Q1 FY27 call).^[3]
Franchise targets: 1,000 centres by the end of FY27 and 3,000 within two years.^[6]
Remaining FY27 capex is about ₹10 Cr, to be funded from internal accruals or debt. The company plans to grow from 15 to 18 states.^[3]

Recent developments

Q1 FY27: the company agreed to sell its full 53.56% stake in Chandan Pharmacy Limited for about INR 16.77 crores.^[3]
April 2026: acquired Nishkam Imaging Center in Yamuna Vihar, Delhi. In Q2 FY27 it began its first Gujarat operation, at Vadodara.^[3]
FY26: allotted 44,50,000 convertible warrants on a preferential basis, for up to Rs. 104.13 crore.^[2]
14 September 2026: allotted 5,99,998 shares on conversion of warrants, raising ₹14,03,99,532.00.^[8]
30 September 2026: allotted 6,50,000 shares on conversion of warrants held by Negen Capital entities, raising ₹15,21,00,000.^[9]
Independent Director Vinod Jain resigned with effect from 5 October 2026, citing other professional commitments.^[10][11]
FY26: Chandan Healthcare Projects Private Limited was incorporated as a wholly owned subsidiary.^[2]

Market Cap

₹546 Cr

High / Low

₹358 / 185

Stock P/E

22.6

Price / Book

3.6

Book Value

₹70

EPS

₹11.1

No. of Shares

2.45 Cr

ROCE

23.3%

ROE

17.9%

OPM

16.8%

Debt / Equity

0.31

Sales

₹276 Cr

Net Profit

₹29 Cr

Promoter holding

48.4%

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