Krsnaa Diagnostics Ltd(KRSNAA)

NSE: KRSNAABSE: 543328

₹ 501.45+0.74%refreshed 26 Oct, 12:14 pm ISTMarket cap: ₹ 1,627 crWebsite: www.krsnaadiagnostics.comUpdated: 24 Oct 2026

About

Krsnaa Diagnostics Ltd is an Indian diagnostics company. It provides radiology, pathology, tele-radiology and retail diagnostics services, mainly through public-private partnership (PPP) contracts with state governments. In FY26 it reported revenue of 772.77 and ran a network of 190 CT/MRI centres and more than 4,700 collection centres. It says it was the first company outside the US to receive ACR accreditation.^[1][2][3]

Business segments

Radiology and pathology split revenue 41%/59% in Q1 FY27, compared with about 50%/50% in FY26, as the Rajasthan pathology project ramps up.^[4]
Retail diagnostics (RPL) brought in about 8% of group revenue (INR 193 mn) in Q1 FY27, up from about 1% in Q1 FY26, and grew 64% YoY.^[4]
Retail contributed about 8% of overall revenue in FY26, per the FY26 annual report.^[1]

Services and brands

Radiology services include MRI, CT, X-ray, mammography, ultrasound, Colour Doppler and bone densitometry (FY26).^[1]
Pathology covers biochemistry, haematology, microbiology, histopathology, cytopathology, serology, immunology and molecular diagnostics, run on a hub-and-spoke model (FY26).^[1]
Retail diagnostics are sold under the RPL brand. In FY26 the retail portfolio had 35 bundled test packages, including wellness and screening packages.^[1]
In FY26 the wellness brand AYAKSHAM was soft-launched in Mumbai and Pune, where more than 100,000 packages were sold.^[1]

Network and operations

As of Q1 FY27, the network had 191 CT/MRI centres, 37 pathology reference labs, 66 NABH-accredited radiology centres (+113% YoY) and 54 NABL-accredited pathology labs across 18 states/UTs.^[4]
The company had more than 4,700 collection centres as of FY26, compared with 4,034 collection centres and 140 pathology labs in Q3 FY26.^[1][5]
In FY26 the company opened 51 centres and over 1,100 collection centres, bringing its presence to 331 districts.^[1]
It runs India's first NABH-accredited tele-radiology reporting hub, in Pune (FY26).^[1]
It claims India's first CAP-recognised lab at a government facility and says it is India's first ACR-recognised company (FY26).^[1]
Retail touch points reached 4,000+ across 7 states in Q1 FY27, compared with 3,479 in Q1 FY26.^[4]

Key operating numbers

Q1 FY27: 16.1 mn tests performed (+2% YoY) and 5.1 mn patients served (+2% YoY). 9M FY26: 45.4 mn tests (-3% YoY).^[4]
FY26: 19.8 mn patients served (+3% YoY). Q2 FY26: 16.4 mn tests and 5.4 mn patients.^[3]
Over 8.7 million scans performed, and over 68 million patients served in the 5 years to FY26.^[1]
Q1 FY27 retail figures: revenue per patient of INR 950, patient count up 75% YoY and test volume up 47% YoY.^[4]
Days Sales Outstanding fell from 155 days in Q3 FY26 to 139 days at the end of Q4 FY26. Q4 FY26 collections of INR 1,580 mn were the highest quarterly collections in the company's history.^[3]

Rajasthan PPP project

Described as India's largest diagnostic PPP. At the end of Q1 FY27, Rajasthan had 31 Mother labs, 62 hub labs and 1,228 collection centres running.^[4]
Rajasthan brought in about INR 26 crores of revenue in Q1 FY27. FY27 revenue is guided at INR 100-150 crores, with an aspirational target of INR 200 crores.^[4]
Fees to hospitals and operational partners rose to INR 406 mn (17% of revenue) in Q1 FY27 from INR 154 mn (8%) in Q1 FY26, reflecting revenue-share arrangements tied to Rajasthan.^[4]

Expansion and pipeline

8 of 17 pipeline MRI centres in Maharashtra opened in Q1 FY27. The remaining 9 are expected to be running by the end of Q3 FY27.^[4]
Awarded a Himachal Pradesh CT project for 34 CT centres across the state, up from 12 existing ones, with 10-year revenue visibility.^[4]
Management says the existing order book will take the radiology network beyond 200 CT/MRI centres and significantly expand pathology in Rajasthan (FY26).^[1][3]
In FY26 the company secured contracts in Maharashtra, Assam, Odisha, Madhya Pradesh and Jharkhand.^[1]
FY27 capex (capitalisation) is guided at INR 5,000 mn, including Rajasthan (about INR 300 cr) and MRI expansion (about INR 150 cr).^[3]
Retail targets for the end of FY27: 7-8 states, 1,000+ dedicated retail centres, and 10-15% of group revenue.^[4]
Retail EBITDA breakeven is targeted for Q2 FY27. The long-term target is for retail to reach 25-30% of group revenue within 3-5 years.^[4]

Strategic partnerships

Holds exclusive diagnostic rights (cardiology and oncology) across all Apulki Healthcare hospitals for 30+ years. The first 150-bed Apulki hospital is running in Pune under a PPP with Pune Municipal Corporation.^[3]
Approvals secured for 4 more Apulki hospitals with 600-bed capacity. Mature annual revenue from Apulki is estimated at about INR 20 cr within 2-3 years.^[5]

Recent developments

On 8-9 October 2026, BSE and NSE gave in-principle approval for the issue of 16,21,000 convertible warrants to the promoter and promoter group at Rs. 566 per share (face value Rs. 5).^[6]
The warrant proceeds are earmarked for capex on projects and for acquisitions under consideration. No targets had been disclosed as of the Q1 FY27 call.^[4]
Karnataka government receivables were expected to be largely collected by Q2 FY27. Himachal Pradesh receivables had begun coming in by the Q1 FY27 call.^[4]

Market Cap

₹1,627 Cr

High / Low

₹847 / 494

Stock P/E

16.5

Price / Book

1.6

Book Value

₹302

EPS

₹31.3

No. of Shares

3.24 Cr

ROCE

12.3%

ROE

10.9%

OPM

20.2%

Debt / Equity

0.55

Sales

₹773 Cr

Net Profit

₹101 Cr

Promoter holding

27.1%

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