Krsnaa Diagnostics Limited (KRSNAA)
₹533.30 +0.00% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Krsnaa Diagnostics' revenue was ₹236 Cr (+22.1% year on year, +22.0% on the previous quarter), and net profit ₹16.6 Cr (-19.3% year on year); the operating margin was 24.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹236 | +22.1% | +22.0% |
| Operating profit | ₹58.0 | +12.8% | +5.4% |
| Net profit | ₹16.6 | -19.3% | -60.6% |
| EPS (₹) | 5.10 | -19.7% | -60.3% |
| Operating margin | 24.6% | — | — |
KRSNAA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.59% of the KRSNAA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.92%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 54.2% · 53.8% · 55.1% · 60.6% · 56.6%
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
Krsnaa Diagnostics issued a typographical clarification regarding its preferential warrant allotment announced on October 13, 2026. The company stated that the issue premium per fully convertible warrant should be read as ₹561 rather than the inadvertently mentioned ₹551. All other details from the prior disclosure remain unchanged. The correction represents a ₹10 per warrant upward adjustment to the stated issue premium.
- Clarification issued regarding allotment of fully convertible warrants on a preferential basis
- Corrected warrant premium to ₹561 per warrant from ₹551 inadvertently stated earlier
- Previous intimation referenced was dated October 13, 2026
- All other allotment terms and details remain unchanged
Krsnaa Diagnostics has allotted 16,21,000 fully convertible warrants at an issue price of ₹566 each on a preferential basis to promoter and promoter group entities, representing a total issue size of ₹91.75 crore. The company has collected 25% upfront subscription money totaling ₹22.94 crore, with the remaining 75% payable upon conversion within 18 months. Upon full conversion, the promoter and promoter group stake will increase from 27.11% to 29.70%. The warrant issue price of ₹566 represents a modest premium of 6.3% over the current market price of ₹532.7.
- Allotment of 16,21,000 convertible warrants at ₹566 per warrant (total value of ₹91.75 crore)
- Received 25% upfront subscription money aggregating to ₹22,93,71,500
- Promoter shareholding to rise from 27.11% to 29.70% post full conversion
- Warrant holders have an 18-month window from October 13, 2026, to pay the remaining 75% and convert
- Warrant issue price of ₹566 is at a premium to the current market price of ₹532.7
Krsnaa Diagnostics has received a corrected in-principle approval from BSE Limited for issuing 16,21,000 convertible warrants on a preferential basis to its Promoter and Promoter Group. The warrants are priced at Rs 566 each (convertible into equity shares of face value Rs 5 each), representing a total fundraising amount of approximately Rs 91.75 crore. This capital infusion accounts for roughly 5.3% of the company's current market cap of Rs 1,741 crore. The filing rectifies factual errors noted in BSE's earlier approval letter dated October 08, 2026.
- Received corrected in-principle approval from BSE for 16,21,000 convertible warrants
- Issue price set at Rs 566 per warrant convertible into equity shares of face value Rs 5
- Total capital to be raised stands at approximately Rs 91.75 crore
- Warrants allotted exclusively to Promoter and Promoter Group entities
Krsnaa Diagnostics has received in-principle approval from NSE and BSE for the preferential issue of 16,21,000 convertible warrants to promoters at ₹566 per share, aggregating to approximately ₹91.75 crore. The issue price of ₹566 represents a ~6.4% premium over the current market price of ₹532.0. The total potential capital infusion of ₹91.75 crore represents roughly 5.3% of the company's current market cap of ₹1,730 crore and 9.2% of its net worth (₹992 crore). The approval is subject to customary listing conditions and compliance with SEBI insider trading and ICDR regulations.
- In-principle approval received from NSE and BSE for 16,21,000 convertible warrants
- Warrants convertible into equity shares of face value ₹5 each at an issue price of ₹566 per share
- Total capital to be raised amounts to approximately ₹91.75 crore, entirely from the Promoter and Promoter Group
- Issue price of ₹566 is at a premium to the current market price of ₹532
- Company noted BSE approval letter contains factual errors requiring rectification, to be resubmitted separately
Krsnaa Diagnostics has obtained in-principle approval from BSE and NSE for issuing 16,21,000 convertible warrants to its Promoter and Promoter Group on a preferential basis. The warrants are convertible into equity shares of face value ₹5 each at an issue price of ₹566 per warrant, representing a total fundraise of approximately ₹91.75 crore. The issue price of ₹566 reflects a premium of ~6.4% over the current market price of ₹532. The potential capital infusion equates to roughly 5.3% of Krsnaa's current market cap of ₹1,730 crore, which will bolster promoter commitment and support balance sheet liquidity.
- Received in-principle exchange approval for 16,21,000 convertible warrants
- Issue price fixed at ₹566 per share/warrant, a premium to current price of ₹532
- Total capital to be raised amounts to approximately ₹91.75 crore (~5.3% of market cap)
- Convertible into 16,21,000 equity shares of face value ₹5 each
- Allotted on a preferential basis exclusively to Promoter and Promoter Group
Krsnaa Diagnostics submitted a revised intimation of voting results for its 16th Annual General Meeting held on September 28, 2026. The revision rectifies a typographical error where the field indicating whether promoters were interested in the resolutions was inadvertently marked 'Yes' instead of 'No'. All five ordinary resolutions—including the adoption of FY26 financials and declaration of a final dividend of Rs 2.00 per share (40% face value)—were passed with over 99.5% majority. The correction has zero impact on the voting outcomes or scrutinizer findings.
- Clerical error corrected: Promoter interest field changed from 'Yes' to 'No' across AGM resolutions
- Approval of FY26 final dividend of Rs 2.00 per share (40% on Rs 5 face value) with 99.9997% votes in favour
- Re-appointment of Director Yash Mutha approved with 99.9506% affirmative votes
- Appointment of M/s Kirtane & Pandit LLP as Statutory Auditors approved with 99.5632% favour
- Total voter turnout represented 13,916,474 shares (42.9009% of 32,438,672 outstanding shares)
Krsnaa Diagnostics' Board has approved the sale of identified diagnostic equipment for an aggregate consideration of up to ₹120 crore. This asset monetization represents approximately 14.7% of its TTM revenue (₹816 crore) and 12.1% of its net worth (₹992 crore). The initiative aims to shift the company toward an asset-light, capital-efficient model and recycle capital toward core diagnostics and growth opportunities. The assets involved are unencumbered freehold items, and the company stated there will be no material adverse impact on operations or P&L.
- Approved equipment sale for aggregate consideration of up to ₹120 crore
- Asset monetization represents ~14.7% of TTM revenue and ~6.9% of market cap (₹1,736 crore)
- Assets sold are freehold and not subject to any security interest or lender encumbrances
- Company targeting an asset-light model to enhance ROCE (currently 13.0%) without impacting operations
Krsnaa Diagnostics has announced the closure of its trading window for dealing in company securities starting September 22, 2026. This closure is pursuant to SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial results for the quarter and half year ending September 30, 2026. The window will remain shut until 48 hours after the declaration of the financial results. The specific date for the Board Meeting to approve the results will be notified separately.
- Trading window closes effective September 22, 2026
- Applies to financial results for quarter and half year ending September 30, 2026
- Reopens 48 hours after the declaration of the unaudited financial results
- Board meeting date to approve results will be announced separately
Krsnaa Diagnostics shareholders have approved a Special Resolution via Postal Ballot for the issuance of up to 16,21,000 warrants convertible into equity shares on a preferential basis to the Promoter and Promoter Group. The remote e-voting concluded on September 17, 2026, with 92.69% of votes cast in favor and 7.31% against. The infusion will increase promoter stake from the current 27.11% level upon conversion, signaling promoter commitment. Key issue terms such as warrant pricing and total fundraise amount were not specified in this filing.
- Shareholders approved issuance of up to 16,21,000 convertible warrants to Promoters on a preferential basis
- Special Resolution passed with 92.6895% votes in favor (1,73,06,571 votes)
- Dissenting votes accounted for 7.3105% (13,64,985 votes) across 50 members
- E-voting period ran from August 19, 2026, to September 17, 2026
Krsnaa Diagnostics has signed a Concession Agreement with the Department of Health & Family Welfare, Government of Punjab, following its August 14, 2026 Letter of Award. The project entails developing, operating, and maintaining PET-CT diagnostic facilities at 4 selected Government Hospitals under a DBFOT (Design, Build, Finance, Operate, Maintain and Transfer) model. This marks Krsnaa's entry into the high-end PET-CT oncology diagnostics segment, structured on a cash-based user-fee model across a 15-year tenure. While total contract value was not disclosed upfront due to scan volume dependencies, it expands Krsnaa's diagnostic offerings beyond its existing 186 CT/MRI centers and 120 pathology labs.
- Executed Concession Agreement for PET-CT Diagnostic Facilities at 4 Government Hospitals in Punjab
- Project awarded for a Concession Period of 15 years on a DBFOT Public-Private Partnership (PPP) basis
- Follows initial Letter of Award received on August 14, 2026
- Order size not disclosed upfront as revenues are based on actual scan volumes and user charges under a cash model
Krsnaa Diagnostics Limited has intimated the exchange regarding the dispatch of physical letters under Regulation 36(1)(b) of SEBI LODR. These letters provide weblinks to the FY 2025-26 Annual Report and notice for the 16th Annual General Meeting to shareholders without registered email addresses. The company's 16th AGM is scheduled for Monday, September 28, 2026, at 11:00 am IST at its Pune registered office. The dispatch cut-off date was September 5, 2026.
- 16th Annual General Meeting scheduled for Monday, September 28, 2026, at 11:00 am IST
- Shareholder database cut-off date for dispatch was September 05, 2026
- Dispatched compliance letters providing FY 2025-26 Annual Report weblinks under Regulation 36(1)(b)
- Annual report link hosted at https://krsnaadiagnostics.com/2026-annual-report/
Krsnaa Diagnostics has received appellate orders from CIT(Appeals), Pune under Section 250 of the Income-tax Act, 1961 for Assessment Years 2017-18 through 2023-24. The orders reflect an aggregate disputed demand of ₹62.69 Cr, with appeals dismissed for four years (AY18 to AY21) and partly allowed for three years (AY22 to AY24). The disputed demand represents approximately 64% of the company's TTM PAT of ₹98 Cr and 6.3% of its net worth (₹992 Cr). The company intends to appeal against these orders before the Income Tax Appellate Tribunal (ITAT).
- CIT(Appeals) issued orders across 7 assessment years: AY 2017-18 through AY 2023-24
- Total aggregate disputed tax demand stands at ₹62,69,17,435 (~₹62.69 Cr)
- Four appeals dismissed (AY18-AY21 totaling ~₹22.08 Cr) and three partly allowed (AY22-AY24 totaling ~₹40.61 Cr)
- For AY 2022-23, order dated Aug 28, 2026 reflected ₹19.63 Cr, while subsequent rectification reflected ₹31.73 Cr payable
- Company plans to file further appeals before the ITAT based on legal and factual grounds
Krsnaa Diagnostics Limited has released the Notice for its 16th Annual General Meeting (AGM) alongside its Annual Report for FY2025-26. The AGM is scheduled to be held on Monday, September 28, 2026, at 11:00 AM IST at its Pune registered office. The company has fixed September 21, 2026, as the cut-off date to determine shareholder voting entitlement. The remote e-voting window will be open from September 25 to September 27, 2026.
- 16th Annual General Meeting scheduled for September 28, 2026 at 11:00 AM IST in Pune
- Record/Cut-off date for electronic voting entitlement fixed as September 21, 2026
- Remote e-voting window scheduled from September 25, 2026 (09:00 IST) to September 27, 2026 (17:00 IST)
- Share transfer books and register of members closed from September 22 to September 28, 2026
- Annual Report and BRSR for FY2025-26 dispatched electronically to registered shareholders
Krsnaa Diagnostics issued a corrigendum to its Postal Ballot Notice following directives from the NSE regarding its proposed preferential issue of share warrants. Under the proposal, 16,21,000 warrants will be allotted to promoter entities, including Mr. Rajendra Khivraj Mutha (75,000) and Krsna Diagnostics (Mumbai) Pvt Ltd (15,46,000). Upon full warrant exercise and ESOP dilution, the promoter and promoter group holding will increase from 27.11% to 29.70% across an expanded base of 3,50,65,279 shares. The e-voting process for shareholder approval is open until September 17, 2026.
- Proposed preferential issue of 16,21,000 share warrants to promoter group entities.
- Promoter holding set to increase from 27.11% (87,95,605 shares) to 29.70% (1,04,16,605 shares) on a fully diluted basis.
- Allotment split: 75,000 warrants to Mr. Rajendra Khivraj Mutha and 15,46,000 warrants to Krsna Diagnostics (Mumbai) Private Limited.
- Remote e-voting window closes at 5:00 PM IST on September 17, 2026.
Krsnaa Diagnostics received a rectification order under Section 154 read with Section 143(3) of the Income Tax Act, 1961 for AY 2022-23 from the ACIT, Pune. The order recomputes tax under Section 115BBE, raising the total balance payable from ₹19.63 Cr to ₹31.73 Cr, creating an additional demand of ₹12.10 Cr (~12.3% of TTM PAT). Total assessed income remains unchanged at ₹98.27 Cr. The company plans to file an appeal and rectification against the additional demand, having already contested the original assessment.
- Additional tax demand of ₹12,09,98,110/- raised for Assessment Year 2022-23
- Revised balance tax payable stands at ₹31,73,28,734/- vs ₹19,63,30,624/- earlier
- Total assessed income remains unchanged at ₹98,27,29,935/-
- Tax rate rectified to 60% plus 25% surcharge under Section 115BBE on additions under Sections 69A and 69C
- Company is in the process of filing an appeal/rectification against the order
Financial Performance
Revenue Growth by Segment
Overall revenue grew 11% YoY to INR 206 Cr in Q2 FY26. The retail/D2C segment showed a significant 60% QoQ growth, contributing 8% to total revenue in H1 FY26. B2G (Business-to-Government) growth was relatively flat at approximately 2% due to seasonal factors and temporary service suspensions.
Geographic Revenue Split
While specific regional percentages are not disclosed, the company is expanding in Rajasthan, Maharashtra, Assam, Uttar Pradesh, Odisha, and Delhi. Stretched receivables are noted specifically from Himachal Pradesh and Karnataka, impacting working capital.
Profitability Margins
Operating Profit Margins (OPM) were 25.1% in FY2023 and 22.2% in 9M FY2024. However, margins improved significantly to 29% in Q2 FY26 due to operational efficiencies and manpower optimization.
EBITDA Margin
EBITDA margin stood at 29% in Q2 FY26 (INR 60.2 Cr), representing an 18% YoY growth in absolute EBITDA. This improvement is driven by structural efficiencies and better operational leverage as new centers ramp up.
Capital Expenditure
The company planned and executed capex of over INR 150 Cr each in FY2024 and FY2025 to set up new diagnostic centers. Expansion is partially funded through asset-light models like pay-per-use or deferred credit from OEMs.
Credit Rating & Borrowing
ICRA reaffirmed [ICRA]A (Stable) for long-term and [ICRA]A1 for short-term ratings. The company maintains a net debt negative position with cash and liquid investments of ~INR 225 Cr as of September 2023. Borrowing limits are capped at INR 350 Cr.
Operational Drivers
Raw Materials
Diagnostic reagents, chemicals, and medical consumables represent the primary variable costs, typically accounting for 15-20% of revenue in pathology-heavy segments.
Import Sources
Medical equipment and specialized reagents are sourced globally from countries including Germany, USA, and Japan through multinational OEMs.
Key Suppliers
Major suppliers include global medical technology OEMs such as GE Healthcare, Siemens Healthineers, and Philips for radiology equipment, and various diagnostic reagent providers.
Capacity Expansion
Current capacity includes 186 CT/MRI centers and 120 pathology labs. Expansion is underway in Rajasthan and Maharashtra, with new centers expected to be operational by Q4 FY26.
Raw Material Costs
Raw material and consumable costs are managed through bulk procurement for the nationwide network. Costs fluctuate based on test volumes and the mix between radiology (lower consumable cost) and pathology (higher consumable cost).
Manufacturing Efficiency
Efficiency is measured by 'scans per machine' and 'tests per lab'. The company is leveraging existing 'kitchen' labs to process retail samples, improving unit economics.
Logistics & Distribution
Sample collection logistics for the retail segment involve a network of touchpoints and phlebotomists, which currently impacts the retail bottom line during the scale-up phase.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by increasing retail revenue contribution from 8% to 20% by FY27, operationalizing the large Rajasthan contract, and expanding the footprint in unpenetrated markets through the PPP model. The company aims for a retail exit run rate of INR 100 Cr by Q4 FY26.
Products & Services
Radiology services (CT scans, MRI, X-ray), Pathology tests (blood tests, biopsies), and Tele-radiology reporting services.
Brand Portfolio
Krsnaa Diagnostics
New Products/Services
Expansion of D2C/Retail health packages and home sample collection services, expected to contribute 15-20% of total revenue by FY27.
Market Expansion
Targeting deep penetration in Rajasthan and Maharashtra by the end of FY26, moving beyond existing clusters into new states like Odisha and Assam.
Market Share & Ranking
India's leading quality-driven diagnostics company in the PPP segment with a high bid-win ratio for government tenders.
Strategic Alliances
Strategic partnerships with state governments under the PPP (Public-Private Partnership) model for 3-12 year tenures.
External Factors
Industry Trends
The diagnostic industry is shifting toward integrated models (Radiology + Pathology) and increased D2C digital access. The PPP model is becoming a benchmark for public healthcare delivery in India.
Competitive Landscape
Faces competition from established national chains (Lal PathLabs, Metropolis) in the retail segment and regional players in the PPP segment.
Competitive Moat
Moat consists of a high bid-win ratio, long-term contracts (3-12 years), and captive patient footfalls in government hospitals. These are sustainable due to the high capital intensity and operational complexity of radiology.
Macro Economic Sensitivity
Healthcare spending is relatively resilient to GDP fluctuations, but high inflation can increase manpower and consumable costs, squeezing the fixed-price PPP margins.
Consumer Behavior
Increasing preference for branded, quality-accredited diagnostic services and the convenience of home collection in the retail segment.
Geopolitical Risks
Supply chain disruptions for medical components and reagents sourced from international markets.
Regulatory & Governance
Industry Regulations
Operations are governed by the Clinical Establishments Act and NABL/NABH accreditation standards for quality and safety in diagnostics.
Environmental Compliance
Complies with bio-medical waste management and radiation safety norms (AERB) for radiology equipment.
Taxation Policy Impact
The company is subject to standard corporate tax rates. It received assessment and demand orders for FY2022 following an Income Tax search in July 2022.
Legal Contingencies
Income Tax Department demand orders for FY2022 are pending. The company has issued statements to stock exchanges regarding these material events.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timely collection of dues from government partners, with a potential 10-15% impact on liquidity if debtor days continue to stretch beyond 125 days.
Geographic Concentration Risk
Significant revenue and operational dependency on states like Himachal Pradesh, which are prone to natural calamities (floods).
Third Party Dependencies
High dependency on medical equipment OEMs for maintenance (Uptime) of CT/MRI machines.
Technology Obsolescence Risk
Rapid advancement in imaging technology requires periodic heavy capex (INR 150 Cr+) to remain competitive.
Credit & Counterparty Risk
Counterparty risk is concentrated in state government health departments; while default risk is low, payment delays significantly increase working capital intensity.
