Chandan Healthcare Limited (CHANDAN)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Chandan Healthcare's revenue was ₹80.9 Cr (+19.1% year on year, +7.0% on the previous quarter), and net profit ₹7.9 Cr (+27.8% year on year); the operating margin was 24.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹80.9 | +19.1% | +7.0% |
| Operating profit | ₹19.6 | +41.1% | +70.5% |
| Net profit | ₹7.9 | +27.8% | +60.1% |
| EPS (₹) | 3.07 | +29.5% | +53.5% |
| Operating margin | 24.2% | — | — |
CHANDAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.69% of the CHANDAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.11%. That is lower than usual for this stock. Turnover was only ₹50 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 72.0% · 50.0% · 79.0% · 72.7% · 57.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Chandan Healthcare reported provisional Q2 FY27 figures, with diagnostics operational revenue rising 46.66% YoY to ₹56.38 crore compared to ₹38.44 crore in Q2 FY26. Total income surged 73.22% YoY to ₹71.03 crore, boosted by a one-time gain of ₹12.03 crore from selling its equity stake in Chandan Pharmacy Limited. Excluding this exceptional item, total income rose 43.89% YoY to ₹59.00 crore. Operationally, the company expanded rapidly, adding 410 franchises during the quarter to bring its network to 685 franchises alongside 25 diagnostic labs and 25 comprehensive centers.
- Revenue from diagnostics grew 46.66% YoY to ₹5,637.88 lakhs in Q2 FY27 vs ₹3,844.29 lakhs in Q2 FY26
- Added 410 franchises during the quarter, bringing the total franchise network to 685
- Total income reached ₹7,103.26 lakhs, up 73.22% YoY (or 43.89% excluding one-time income)
- Booked a one-time income of ₹12.03 crore from the sale of its equity stake in Chandan Pharmacy Limited
- Diagnostic infrastructure includes 25 Comprehensive Diagnostic Centres, 19 Diagnostic Centres, 25 Diagnostic Labs, and 16 Radiology Labs
Chandan Healthcare Limited announced the resignation of Independent Director Mr. Vinod Jain (DIN: 10701178), effective October 5, 2026. The director cited other professional commitments requiring increased time and attention, confirming no disagreements with the board or management. The company stated that its board composition remains compliant with SEBI LODR minimum independent director requirements. For context, the company generated TTM revenue of ₹289 Cr and TTM PAT of ₹25 Cr.
- Independent Director Mr. Vinod Jain tendered resignation effective October 5, 2026
- Appointed on August 13, 2024, concluding a tenure of approximately 26 months
- Confirmed no material reasons or disagreements with board/management
- Board composition remains compliant with SEBI LODR regulations
Chandan Healthcare Limited has been sanctioned a Medical Equipment Loan of ₹5.22 crore by ICICI Bank Limited on October 05, 2026. The facility will fund 90% of the purchase cost of a 128-slice CT scanner, valued at ₹5.80 crore, with the company providing the remaining 10% margin. The loan carries an interest rate of 8.75% p.a. over a 60-month tenure, including a 60-day moratorium. Relative to TTM revenue of ₹289 crore, this ₹5.80 crore capex represents ~2.0% of annual turnover.
- Loan facility of ₹5.22 crore sanctioned by ICICI Bank Limited
- Asset cost stands at ₹5.80 crore for one 128-slice CT scanner (90% debt-funded)
- Interest rate fixed at 8.75% p.a. with a 60-month tenure including a 60-day moratorium
- Company to fund 10% margin alongside hypothecation of the acquired asset
Chandan Healthcare Limited announced the resignation of Independent Director Mr. Vinod Jain (DIN: 10701178), effective October 5, 2026. Mr. Jain was appointed recently on August 13, 2026, serving less than two months on the Board. The stated reason for resignation is other professional commitments requiring his time and attention, with no reported disagreements or other material issues. The company confirmed that its Board composition continues to meet SEBI LODR minimum independent director requirements.
- Resignation effective from October 5, 2026
- Appointed to the Board on August 13, 2026 (tenure of under 2 months)
- No disagreements with the Board or management confirmed by the director
- Company confirms continued compliance with SEBI LODR Board composition norms
Chandan Healthcare Limited announced the voting results and scrutinizer's report for its 23rd Annual General Meeting held on September 30, 2026. All five resolutions were passed with the requisite majority, with 1,09,96,600 total valid votes polled (representing 44.97% of outstanding shares). Key approvals included the adoption of FY26 financial statements, the re-appointment of director Mr. Amar Singh, the appointment of Independent Director Mr. Sanjay Srivastava, and a special resolution approving a variation in the objects and utilisation of preferential convertible warrant proceeds with 99.99% votes in favour.
- All 5 resolutions passed, with 1,09,96,600 valid votes cast out of 2,44,52,064 outstanding shares (44.97% turnout)
- Special resolution to vary objects and utilisation of preferential convertible warrant proceeds passed with 99.99% approval (800 votes against)
- Appointment of Mr. Sanjay Srivastava as Independent Director approved with 100% of votes in favour
- Adoption of FY26 Standalone and Consolidated Financial Statements approved unanimously by voting shareholders
Chandan Healthcare reported proceedings of its 23rd AGM held on September 30, 2026. For FY26, consolidated total income grew 20.43% to ₹280.67 crore with PAT expanding 21.42% to ₹28.55 crore. Operating metrics saw diagnostics tests rise to 8.8 million, while its franchise network grew to over 600 centres with a target of exceeding 2,000 by FY27. Additionally, the company divested its 53.56% stake in Chandan Pharmacy to refocus capital toward pure diagnostics, radiology, and advanced pathology.
- FY26 consolidated Total Income rose 20.43% to ₹280.67 crore, while PAT climbed 21.42% to ₹28.55 crore
- Franchise footprint expanded from 235 at FY26 end to over 600 centres, targeting 2,000+ by FY27
- Partnership with Jeena Sikho crossed monthly revenue of ₹1.50 crore, with 80% partner locations operational
- Secured three 10-year radiology PPP projects in Punjab covering 12 locations (9 MRI and 3 CT)
- Divested entire 53.56% stake in Chandan Pharmacy Limited to sharpen diagnostic focus
Chandan Healthcare Limited approved the allotment of 6,50,000 equity shares of face value ₹10 each at an issue price of ₹234 per share (including a premium of ₹224 per share), aggregating to ₹15.21 crore. The allotment follows the conversion of fully convertible warrants issued on a preferential basis to non-promoter entities Negen Capital Services and Negen Undiscovered Value Fund. Post-allotment, the company's paid-up share capital increased from ₹25.05 crore (2,50,52,062 shares) to ₹25.70 crore (2,57,02,062 shares). A total of 32,00,002 warrants remain outstanding for future conversion.
- Allotment of 6,50,000 equity shares at an issue price of ₹234 per share
- Total consideration received for the shares is ₹15,21,00,000 (with balance ₹11.41 crore received now)
- Paid-up equity share capital increases from ₹25.05 crore to ₹25.70 crore, expanding share count to 2,57,02,062
- Allottees Negen Undiscovered Value Fund and Negen Capital Services now hold 1.56% and 0.97% equity stake, respectively
- 32,00,002 warrants remain outstanding for conversion
Chandan Healthcare Limited has entered into an agreement on September 25, 2026, to acquire two units of Ansh Diagnostics & Health Care situated in Ghaziabad, Uttar Pradesh. The acquired target operates pathology and advanced radiology facilities, including CT and MRI services. Financial details such as acquisition cost, turnover, and consideration were not disclosed in the filing. The transaction is at arm's length with no promoter group interest, aimed at expanding Chandan's diagnostic footprint in the National Capital Region.
- Acquired 2 operational units of Ansh Diagnostics located at Gyan Khand 2 (Indirapuram) and Raj Hansh Tower (Ahinsha Khand) in Ghaziabad
- Target adds pathology and radiology capabilities, specifically CT and MRI infrastructure
- Agreement executed on September 25, 2026, with zero governmental or regulatory approvals required
- Acquisition cost and revenue contribution were not disclosed in the disclosure
Chandan Healthcare Limited has submitted a regulatory intimation under Regulation 30 of SEBI LODR regarding a media feature published in the Business Standard (Mumbai Edition) on September 25, 2026. The publication covers the company's diagnostic network, expansion plans in radiology and diagnostics, financial performance, and future growth strategy. No new quantified commercial agreements, financial guidance, or corporate actions were disclosed in the filing extract. The filing serves purely as an informational newspaper publication intimation.
- Newspaper feature published in Business Standard (English Version), Mumbai Edition, on 25 September 2026
- Intimation filed under Regulation 30 and Regulation 46(2) of the SEBI LODR Regulations, 2015
- Feature covers integrated diagnostic network, expansion of radiology services, and future growth plans
- Document does not disclose any new financial or quantitative contract metrics
Chandan Healthcare announced that its diagnostic franchise network has crossed 500 operational centres, bringing its total diagnostic network to 568+ centres as of September 15, 2026. The franchise model operates on zero capex from the company, with franchise partners covering local operating expenses while Chandan provides diagnostic processing and branding. Management plans to double the franchise count to 1,000 centres by FY27-end and subsequently expand to 3,000 centres over the following two years. Around 80% of current franchise centres are in Uttar Pradesh, with future expansion targeting a pan-India footprint.
- Franchise network reached 500+ operational centres, expanding total diagnostic footprint to 568+ centres as of September 15, 2026
- Targets doubling franchise centres to 1,000 by FY27-end and scaling to 3,000 centres over the subsequent two years
- Zero capex deployment from Chandan Healthcare as franchise partners bear local capex and operating expenses
- Approximately 80% of existing franchise network currently concentrated in Uttar Pradesh
- FY26 reported Consolidated Total Income of ₹280.67 Cr, EBITDA of ₹56.84 Cr, and PAT of ₹27.06 Cr
Chandan Healthcare Limited responded to an NSE query under Regulation 33 regarding the omission of segment details in its financial results submitted on August 14, 2026. The company clarified that it operates under a single reportable business segment, namely healthcare and diagnostic services. Consequently, separate segment-wise disclosures are not applicable under accounting standards. This procedural response settles the exchange's query without altering reported Q1 financials, which previously reflected June 2026 revenue of ₹80.85 crore and net profit of ₹7.91 crore.
- Clarification submitted to NSE on September 03, 2026 regarding financial results filed on August 14, 2026
- Company confirmed it operates under only 1 reportable business segment (healthcare and diagnostic services)
- No separate segment reporting required under SEBI Regulation 33
- Quarter ended June 30, 2026 standalone revenue stood at ₹80.85 crore with net profit of ₹7.91 crore
Chandan Healthcare has approved the allotment of 5,99,998 equity shares following the conversion of fully convertible warrants issued on a preferential basis. The allotment was executed at an issue price of ₹234 per share (including ₹224 premium), aggregating to ₹14.04 crore. Strategic partner Jeena Sikho Lifecare was allotted 4,50,000 shares, taking a 1.80% post-allotment equity stake. Following this conversion, the company's paid-up equity share capital increased from ₹24.45 crore to ₹25.05 crore, while 38,50,002 warrants remain outstanding.
- 5,99,998 equity shares allotted at ₹234 per share (₹10 face value + ₹224 premium)
- Total consideration received is ₹14,03,99,532.00, including ₹10.53 crore balance payment received now
- Jeena Sikho Lifecare converted 4,50,000 warrants, acquiring a 1.7963% stake post-allotment
- Paid-up equity share capital increases from 2,44,52,064 to 2,50,52,062 equity shares
- 38,50,002 total warrants remain outstanding across all preferential allottees
Chandan Healthcare Limited has confirmed the conclusion of its scheduled Analyst/Investor Meeting held on September 11, 2026, at 01:00 PM IST. The interaction was conducted virtually in a question-and-answer format without any formal presentation. The company stated that no Unpublished Price Sensitive Information (UPSI) was shared during the session. This follows their prior intimation submitted on September 07, 2026.
- Meeting conducted on Friday, September 11, 2026, at 01:00 PM IST
- Interaction held in virtual mode via a Q&A format
- No investor presentation was made by company officials
- No Unpublished Price Sensitive Information (UPSI) was discussed
Chandan Healthcare Limited has submitted its Annual Report for FY 2025-26 and issued notice for its 23rd Annual General Meeting scheduled for September 30, 2026. The company reported paid-up equity share capital of 2,445.21 (in thousands/hundreds as stated: 24,452,064 shares of Rs. 10 each) against an authorized share capital increased to 3,000.00 (30,000,000 shares) from 2,500.00. The Chairman's message highlights geographic expansion into cities like Bhopal, Mumbai, Kolkata, and Delhi, alongside strategic ties with Jeena Sikho Lifecare.
- 23rd Annual General Meeting scheduled for Wednesday, September 30, 2026 at 04:00 P.M. via Video Conferencing
- Authorised equity share capital increased to 30,000,000 shares (Rs 3,000.00) from 25,000,000 shares (Rs 2,500.00)
- Subscribed and fully paid-up share capital stands at 24,452,064 shares of Rs 10 each (stated value 2,445.21)
- Expansion footprint highlights entries into Lucknow, Ayodhya, Bhopal, Delhi, Mumbai, Kolkata, and Kota
Chandan Healthcare's Board has recommended reallocating ₹50.00 crore of unutilised proceeds from its 44,50,000 preferential convertible warrants. The funds, originally earmarked for acquiring existing diagnostic units and assets, will now be used to set up new diagnostic laboratories and comprehensive diagnostic centres. The Board also recommended the appointment of retired SGST Additional Commissioner Sanjay Srivastava as an Independent Director for a five-year term ending 29 September 2031. Both proposals are subject to shareholder approval at the Annual General Meeting on 30 September 2026.
- ₹50,00,00,000 (₹50 Cr) in unutilised warrant proceeds reallocated to setting up new diagnostic labs and centres
- Shift in strategy from inorganic acquisitions of existing units to organic setup of comprehensive centres
- Appointment of Mr. Sanjay Srivastava as Independent Director for a 5-year term from 30 September 2026 to 29 September 2031
- Shareholder approval to be sought via Special Resolution at the AGM on 30 September 2026
Financial Performance
Revenue Growth by Segment
Standalone revenue grew by 29.32% to INR 129.16 Cr in FY25, while H1 FY26 consolidated revenue reached INR 137.49 Cr, a 23.38% YoY increase. The diagnostic segment is a primary driver, while the pharmacy business is being optimized for higher margins.
Geographic Revenue Split
The company primarily operates in North India, specifically Uttar Pradesh and Uttarakhand. Recent expansion includes new centers in Patna, Lucknow, and Ayodhya to capture rising demand in urban and semi-urban markets.
Profitability Margins
Consolidated PAT for FY25 increased by 43.78% to INR 23.52 Cr. H1 FY26 PAT was INR 15.6 Cr with a margin of 11.35%, up 180 basis points YoY due to better business mix and cost management.
EBITDA Margin
Consolidated EBITDA margin for H1 FY26 stood at 21.81%, up 312 basis points from 18.7% in the previous period. The diagnostic-specific EBITDA margin is significantly higher at 34.22%, reflecting strong core profitability.
Capital Expenditure
The company invested INR 35.80 Cr in investing activities during FY25, up from INR 15.36 Cr in FY24. This capital was used to open 10 major diagnostic centers over the last 18 months to drive volume growth.
Credit Rating & Borrowing
Credit rating was upgraded to 'Crisil BBB-/Stable' from 'Crisil BB-/Stable'. Total borrowings as of March 31, 2025, included INR 22.14 Cr in long-term and INR 11.06 Cr in short-term debt, with finance costs rising 68.8% YoY to INR 3.57 Cr.
Operational Drivers
Raw Materials
Diagnostic reagents, chemicals for pathology (biochemistry, hematology, microbiology), and pharmacy stock-in-trade represent the primary material inputs.
Import Sources
Not specifically disclosed, though materials are sourced for NABL/NABH accredited laboratory operations across North India.
Key Suppliers
Not specifically named in the documents; however, the company manages a complex supply chain for 1,192 professionals across technical and operational functions.
Capacity Expansion
Current operations include over 10 major new centers opened in the last 18 months. Expansion is targeting a pan-India presence through a combination of owned labs and a new franchise-led model.
Raw Material Costs
Cost of materials consumed was INR 15.42 Cr in FY25 (11.9% of revenue), increasing 41.3% YoY. Purchase of stock-in-trade for pharmacy operations was INR 4.47 Cr, up 71% YoY.
Manufacturing Efficiency
Operational leverage improved as consolidated EBITDA grew 57.09% in FY25, outstripping revenue growth and indicating high efficiency in scaling existing diagnostic infrastructure.
Logistics & Distribution
Distribution is managed through a network of owned centers and a growing franchise model to reduce capital intensity while maintaining brand reach.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through an exclusive strategic partnership with Jeena Sikho (expected to add INR 25-50 Cr annually), accelerating pan-India expansion via franchises, and increasing the volume of high-margin super-specialty tests.
Products & Services
Pathology tests (biochemistry, hematology, immunology), Radiology services (MRI, CT scans, X-rays), and Pharmacy retail sales.
Brand Portfolio
Chandan Healthcare, Chandan Pharmacy, Chandan Medical Centres, and Chandan Hospital (Group Company).
New Products/Services
Expansion into super-specialty diagnostic investigations and a new franchise-based collection model expected to contribute significantly to the 20-25% growth target.
Market Expansion
Targeting pan-India expansion beyond the core North India region, with recent entries into Patna and Ayodhya to leverage the Jeena Sikho partnership.
Market Share & Ranking
Leading provider of diagnostic and pharmacy services in North India (UP and Uttarakhand).
Strategic Alliances
Exclusive strategic partnership with Jeena Sikho Lifecare for sample collection and diagnostic services.
External Factors
Industry Trends
The industry is shifting toward organized diagnostic chains and franchise models to reach semi-urban markets. Chandan is positioning itself by moving from a 100% owned model to a hybrid franchise model to capture volume.
Competitive Landscape
Competes with national diagnostic chains. Management notes that while competitors face margin pressure in franchise/online segments, Chandan's local branding and Jeena Sikho partnership provide a volume cushion.
Competitive Moat
Moat is built on a 30-year brand legacy in North India, integrated diagnostic and pharmacy services, and high switching costs for loyal B2C customers. Sustainability is supported by NABL/NABH quality certifications.
Macro Economic Sensitivity
Highly sensitive to Indian healthcare spending trends and economic developments within the states of operation.
Consumer Behavior
Increasing consumer preference for reliable, branded diagnostic centers over unorganized local labs, supporting the company's B2C stability.
Geopolitical Risks
Primarily domestic regulatory risks, including changes in healthcare PPP (B2G) contract terms and local tax regimes.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, NABL/NABH accreditation standards, and clinical establishment regulations. Management ensures compliance with Section 133 accounting standards.
Taxation Policy Impact
The company complies with Indian Income Tax regulations; FY25 Profit Before Tax stood at INR 28.17 Cr.
Legal Contingencies
No specific pending litigation values disclosed. Management confirmed that no directors were disqualified under Section 164(2) of the Companies Act as of March 31, 2025.
Risk Analysis
Key Uncertainties
Potential for material misstatements due to fraud or error in financial reporting (inherent limitation) and the risk of deteriorating compliance in rapidly expanding franchise locations.
Geographic Concentration Risk
High revenue concentration in Uttar Pradesh and Uttarakhand, making the company vulnerable to regional economic or regulatory shifts.
Third Party Dependencies
Increasing dependency on franchise partners and the Jeena Sikho alliance for future volume and revenue growth targets.
Technology Obsolescence Risk
High risk of technology obsolescence in radiology, requiring continuous reinvestment in MRI and CT scan hardware to remain competitive.
Credit & Counterparty Risk
Working capital-intensive operations with trade payables and receivables that require disciplined management to maintain the current ratio of 1.94.
