KRSNAA - Krsnaa Diagnost.
📢 Recent Corporate Announcements
Krsnaa Diagnostics has announced a major leadership reshuffle, including the appointment of Mr. Chandra Prakash Singh as Interim CFO effective April 17, 2026. The board is adding significant expertise with new Independent Directors Raju Venkatraman (ex-Medall Healthcare) and Lilian Jessie Paul (PB Fintech board member) for two-year terms. These changes coincide with the departure of Whole-time Director Ms. Pallavi Bhatevara and two other directors as their tenures conclude in April 2026. The company has also reconstituted all major board committees, including Audit and Risk Management, to align with the new leadership structure.
- Mr. Chandra Prakash Singh appointed as Interim CFO effective April 17, 2026, bringing 28 years of finance and IPO experience.
- New Independent Directors Raju Venkatraman and Lilian Jessie Paul join for 2-year terms starting April 25, 2026.
- Whole-time Director Ms. Pallavi Bhatevara and two Independent Directors to exit upon tenure completion in April 2026.
- Mr. Chetan Desai re-appointed as Independent Director for a subsequent 5-year term until April 2031.
- Complete reconstitution of Audit, NRC, CSR, Stakeholders, and Risk Management committees effective April 25, 2026.
Krsnaa Diagnostics has announced a significant leadership transition, appointing two new Independent Directors, Mr. Raju Venkatraman and Ms. Lilian Jessie Paul, for two-year terms starting April 25, 2026. Simultaneously, Mr. Chandra Prakash Singh, a finance veteran with 28 years of experience, has been named Interim CFO effective April 17, 2026. The company also confirmed the re-appointment of Mr. Chetan Desai for a five-year term and the exit of three directors, including Whole-time Director Ms. Pallavi Bhatevara, upon completion of their tenures. These changes include a full reconstitution of key board committees to strengthen governance.
- Appointment of Mr. Raju Venkatraman and Ms. Lilian Jessie Paul as Independent Directors for 2-year terms.
- Mr. Chandra Prakash Singh appointed as Interim CFO, bringing 28 years of experience in finance and IPOs.
- Re-appointment of Mr. Chetan Desai as Independent Director for a 5-year term until April 2031.
- Cessation of three directors, including Whole-time Director Ms. Pallavi Bhatevara, effective April 2026.
- Reconstitution of Audit, Risk Management, and Nomination committees effective April 25, 2026.
Krsnaa Diagnostics has announced a significant restructuring of its leadership and governance framework effective April 2026. The company has appointed Mr. Raju Venkatraman (Founder of Medall Healthcare) and Ms. Lilian Jessie Paul as Independent Directors for two-year terms, while re-appointing Mr. Chetan Desai for five years. Concurrently, Mr. Chandra Prakash Singh, a finance veteran with 28 years of experience, has been named Interim CFO. These changes coincide with the completion of tenures for three existing directors, including Whole-time Director Ms. Pallavi Bhatevara.
- Appointment of Mr. Raju Venkatraman and Ms. Lilian Jessie Paul as Independent Directors for 2-year terms starting April 25, 2026.
- Re-appointment of Mr. Chetan Desai as Independent Director for a subsequent 5-year term until April 2031.
- Mr. Chandra Prakash Singh appointed as Interim CFO effective April 17, 2026, bringing 28 years of experience in finance and IPOs.
- Cessation of three directors, including Whole-time Director Ms. Pallavi Bhatevara, effective April 24-25, 2026, upon completion of their tenures.
- Full reconstitution of five board committees including Audit, Risk Management, and Nomination and Remuneration.
Krsnaa Diagnostics Limited has announced the successful passing of a postal ballot resolution for the re-appointment of Mr. Rajendra Khivraj Mutha as Executive Chairman. The resolution received overwhelming support, with 99.9951% of votes cast in favor of the 5-year term. This move ensures leadership continuity and stability for the diagnostic services provider. The voting process concluded on April 16, 2026, with negligible opposition from shareholders, indicating strong institutional and retail confidence in the current leadership.
- Mr. Rajendra Khivraj Mutha re-appointed as Executive Chairman for a five-year tenure
- Resolution passed with 19,451,298 votes in favor, representing 99.9951% of total valid votes
- Opposition was minimal, with only 952 votes (0.0049%) cast against the resolution
- The voting results were verified by Scrutinizer Dinesh Shivnarayan Birla and reported on April 16, 2026
Krsnaa Diagnostics Limited has successfully passed an ordinary resolution via postal ballot for the re-appointment of Mr. Rajendra Khivraj Mutha as Executive Chairman. The resolution received overwhelming support, with 99.99% of the votes cast in favor of the proposal. This appointment is set for a term of five consecutive years, ensuring leadership stability at the helm of the company. The voting process concluded on April 16, 2026, with the results verified by an independent scrutinizer.
- Mr. Rajendra Khivraj Mutha re-appointed as Executive Chairman for a 5-year term.
- Resolution passed with 19,451,298 votes in favor, representing 99.9951% of total votes.
- Only 952 votes (0.0049%) were cast against the re-appointment.
- The remote e-voting process concluded on April 16, 2026, with zero invalid votes recorded.
Krsnaa Diagnostics Limited has informed the exchanges that Mr. Vivek Jain, Head of Investor Relations and a Senior Management Personnel, has resigned from his position. His resignation is effective from the close of business hours on March 31, 2026. The departure is attributed to personal reasons, and the company has placed on record its appreciation for his contributions. This transition marks a change in the primary point of contact for institutional investors and analysts.
- Mr. Vivek Jain has resigned from the position of Head - Investor Relations (Senior Management Personnel).
- The resignation is effective as of the close of business hours on March 31, 2026.
- The reason cited for the departure is personal reasons, with no other material concerns mentioned.
- The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Krsnaa Diagnostics Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q4 and full-year audited financial results for the period ending March 31, 2026. The window will remain closed until 48 hours after the financial results are publicly declared. This is a standard regulatory procedure to ensure market integrity before major financial disclosures.
- Trading window closure effective from April 1, 2026.
- Closure pertains to the Audited Financial Results for the quarter and year ending March 31, 2026.
- Trading restriction applies to Directors, KMPs, Promoters, and Designated Employees.
- Window to reopen 48 hours after the official declaration of financial results.
- The specific date for the Board Meeting to approve results will be announced later.
Krsnaa Diagnostics has issued a postal ballot notice seeking shareholder approval for the re-appointment of Mr. Rajendra Khivraj Mutha as Executive Chairman and Whole-time Director. The proposed term is for five consecutive years, effective from April 26, 2026, until April 25, 2031. This move aims to ensure leadership continuity for the company's long-term strategic goals. Shareholders as of the cut-off date of March 13, 2026, are eligible to participate in the e-voting process.
- Proposed re-appointment of Mr. Rajendra Khivraj Mutha as Executive Chairman for a 5-year term.
- The new tenure is scheduled to run from April 26, 2026, to April 25, 2031.
- E-voting period for shareholders begins on March 18, 2026, and concludes on April 16, 2026.
- The resolution is being proposed as an Ordinary Resolution requiring a simple majority.
- Cut-off date for determining voting eligibility is fixed as Friday, March 13, 2026.
Krsnaa Diagnostics Limited has scheduled a one-on-one physical meeting with Omega Portfolio Advisors on February 27, 2026, in Pune. The meeting is set to commence at 10:00 AM IST as part of the company's regular investor relations activities. The company has clarified that discussions will be based strictly on publicly available information, ensuring no unpublished price sensitive information is shared. This disclosure is a routine compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
- One-on-one physical meeting with Omega Portfolio Advisors scheduled for February 27, 2026.
- The interaction is set to take place in Pune starting from 10:00 AM IST onwards.
- Company confirms that no unpublished price sensitive information (UPSI) will be discussed.
- The meeting follows standard compliance under SEBI Listing Obligations and Disclosure Requirements.
Krsnaa Diagnostics has successfully allotted 43,000 Non-Convertible Debentures (NCDs) worth INR 430 crore to the Asian Development Bank (ADB) on a private placement basis. These unlisted, secured NCDs carry a coupon rate of 7.790% per annum with a tenure of seven years. The repayment is structured in 13 equal half-yearly installments starting six months from the allotment date. This significant capital infusion from a prestigious multilateral institution like ADB provides the company with long-term growth capital at a competitive interest rate.
- Allotment of INR 430 crore worth of NCDs to Asian Development Bank (ADB)
- Fixed interest rate of 7.790% per annum payable half-yearly
- Long-term tenure of 7 years with final maturity on February 23, 2033
- Repayment via 13 equal installments commencing 6 months from allotment
- NCDs are secured against identified assets of the company
Krsnaa Diagnostics reported a modest 4% YoY revenue growth to ₹1,812 million in Q3 FY26, impacted by seasonal factors and strategic operational pauses to recover government receivables. The company successfully recovered over ₹130 crores during the quarter, significantly improving its cash position and working capital discipline. The B2C segment showed strong momentum with an 8x YoY increase in retail revenue, while the company also expanded into tertiary care with its first PPP-based hospital in Pune. Despite margin pressure from expansion costs like the Rajasthan pathology rollout, management remains confident in the long-term scalability of the PPP model.
- Revenue from operations stood at ₹1,812 million, representing a 4% year-on-year growth.
- Successfully recovered over ₹130 crores in long-pending government dues, strengthening the cash position.
- Retail (B2C) revenue grew 8x year-on-year, indicating successful diversification beyond PPP contracts.
- Network expanded to 190 CT/MRI centers and over 4,000 collection centers across 18 states and UTs.
- Launched India's first PPP-based cancer and cardiac care hospital in Pune under the Apulki brand.
Krsnaa Diagnostics Limited has informed the exchanges about a scheduled one-on-one physical meeting with Akash Ganga Limited. The meeting is set to take place in Mumbai on February 13, 2026, starting at 11:00 AM IST. The company clarified that the discussions will be based strictly on publicly available information, ensuring no unpublished price sensitive information (UPSI) is shared. This is a standard regulatory disclosure under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- One-on-one physical interaction scheduled with Akash Ganga Limited in Mumbai.
- Meeting date is set for February 13, 2026, starting at 11:00 AM IST.
- Company confirms no unpublished price sensitive information (UPSI) will be discussed.
- Disclosure made under Regulation 30 of SEBI LODR Regulations, 2015.
Krsnaa Diagnostics has released the audio recording of its earnings conference call held on February 06, 2026. The call discussed the company's financial and operational performance for the quarter and nine months ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording on the company's website to hear management's detailed commentary on growth and future outlook.
- Earnings call for Q3 and 9M FY2025-26 conducted on February 06, 2026, at 12:30 PM IST.
- Audio recording link made available on the company's official website for public access.
- Disclosure follows Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The recording covers management discussion on the financial period ending December 31, 2025.
Krsnaa Diagnostics reported a 9% YoY increase in 9M FY26 revenue to ₹5,802 million, while Q3 FY26 revenue grew 4% to ₹1,812 million. A standout performer was the retail segment, which saw an 8-fold revenue jump to ₹177 million, now contributing 10% to the total group revenue compared to just 1% a year ago. The company maintained steady EBITDA margins at 28% for the nine-month period despite ongoing investments in the Rajasthan pathology project. Expansion remains a key focus with the launch of the first Apulki Healthcare Hospital and a significant increase in diagnostic touchpoints to 3,101.
- 9M FY26 Revenue grew 9% YoY to ₹5,802 mn with EBITDA margins improving by 92 bps to 28%.
- Retail segment revenue surged ~8x YoY to ₹177 mn, increasing its contribution to total revenue from 1% to 10%.
- Network expanded to 190 CT/MRI centres and 4,034 collection centres, maintaining a 75%+ bid win ratio in PPP projects.
- Operationalized the first Apulki Healthcare Hospital, a 150-bed PPP facility for cancer and cardiac care in Pune.
- Maintains a significant price advantage, offering services at 50-70% lower than market rates while sustaining industry-standard margins.
Krsnaa Diagnostics Limited has updated its list of Key Managerial Personnel (KMPs) authorized to determine the materiality of events and information for stock exchange disclosures. This filing is a routine compliance requirement under Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The authorized personnel include Managing Director Mr. Yash Mutha and Group CEO Mr. Mitesh Dave. This update ensures the company maintains its corporate governance standards regarding transparent communication with investors.
- Compliance with Regulation 30(5) of SEBI Listing Regulations, 2015.
- Mr. Yash Mutha, Managing Director, designated as a KMP for materiality determination.
- Mr. Mitesh Dave, Group Chief Executive Officer, included in the authorized KMP list.
- Official contact details provided for the company's Pune headquarters for regulatory purposes.
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.