Krsnaa Diagnostics Ltd

Warrant issuance details

• Private placement of up to 16,21,000 warrants for approx ₹91.75 crore.
• Allottees: Mr. Rajendra Mutha and Krsnaa Diagnostics (Mumbai) Private Limited.
• Issue price fixed at ₹566 per warrant (as of Aug 18, 2026).
• Each warrant converts into one equity share of ₹5; conversion in 18 months.
• Post-allotment ownership (assuming full subscription): Rajendra Mutha ~23.79%; Krsnaa Diagnostics Mumbai ~6.78%.
• Private preferential issue under Sec 62(1)(c) and Sec 42 of Companies Act 2013.

Financial Performance

• Q1 FY27 revenue from operations: INR 2,355 million; up 22% YoY.
• Q1 FY27 EBITDA: INR 588 million; EBITDA margin 25% (27% in Q1 FY26).
• PAT for the quarter: INR 166 million; margin 7%.
• Retail revenue Q1 FY27: INR 193 million; +64% YoY; ~9% of group revenue.
• Front-ended project costs drag margins; like-for-like margins broadly in line.

Operational Progress

• Rajasthan: Mother labs 31, hub labs 62, collection centers 1,228; go-live underway.
• MRI: 17 centers in pipeline; 8 inaugurated in Maharashtra; go-live by end of Q3.
• NABH/NABL/CAP/ACR accreditations: 12 new in Q1; total 124.
• Retail network: 4,000+ touchpoints across 7 states; asset-light models.
• Apulki Hospital, Pune: exclusive diagnostic rights for radiology & pathology; 30+ year platform.

Growth Drivers & Initiatives

• Specialized test portfolio expanding: oncology, cardiology, obesity, metabolic health.
• 30+ year partnerships and long-duration contracts to anchor revenue visibility.
• Use of AI/tech across consumer engagement, X-ray reporting, and analytics.

Projects & Capex

• Himachal Pradesh CT project: 34 centers; cash-paying with 10-year revenue visibility.
• Rajasthan PPP expansion to drive future capacity and utilization.
• Retail expansion via KBAs, referrals, and alliances continues to scale.

Outlook & Guidance

• FY27 Rajasthan PPP revenue target: INR 200-250 crores (aspirational; conservative stance).
• Rajasthan revenue expected to double in Q2; full-year trajectory remains favorable.
• RPL & Rajasthan ramp-up to drive sequential margin improvement; EBITDA positive in coming quarters.
• Receivables recovery: Himachal funds already allocated; Karnataka funds expected in Q2.
• Retail mix to improve from ~8% of revenue; CGHS uplift not immediate; future tenders may benchmark to new rates.

Q&A Highlights

• Rajasthan Q1 revenue ~INR 26 crores; full-year guidance INR 100-150 crores.
• Rajasthan revenue expected to double in Q2; ramp-up ongoing.
• Promoter warrants raised to fund capex and acquisitions.
• Radiology vs pathology mix around 41%/59% in Q1.
• RPL margins: breakeven by Q2; margins to improve sequentially.
• Himachal recoveries: funds allocated; Karnataka funds expected in Q2.

Resolution overview

• Special resolution to issue up to 16,21,000 warrants convertible into equity on a preferential basis to Promoter Group.
• Warrants issued at Rs 566 each; exercise price Rs 566; aggregate up to Rs 91.74 crore.
• Post-issue promoter group holding up to 30.58% on fully diluted basis.
• Proceeds intended for capex (Rs 68.81 crore) and acquisitions (Rs 22.93 crore).
• Total issue size up to Rs 91.74 crore.
• Payment terms: 25% at subscription; 75% on exercise.
• Warrants exercisable within 18 months from allotment; lapse if not exercised.
• Promoter group lock-in: 18 months up to 20% post-issue, then 6 months beyond.
• Allotment to be completed within 15 days of passing; subject to regulatory approvals.
• Relates to related party transactions: exempt under ICDR; creeping acquisition limits satisfied.
• Allotment to Promoter Group; no change in board; no open offer trigger.
• Outcome: results to be announced; status pending.
• Postal ballot period: Aug 19 to Sep 17, 2026; cut-off Aug 14, 2026.
• Deemed date of passing if approved: Sep 17, 2026.

Meeting Details

• Date and time: August 14, 2026 at 13:00 IST.
• Type/Mode: earnings conference call conducted digitally (virtual).
• Organizer: Krsnaa Diagnostics Limited (earnings call).
• Purpose: discuss quarterly results for quarter ended June 30, 2026.
• Recording: available on the company website.

Participants

• Key company participant: Company Secretary and Compliance Officer.

Business Overview

• One of India's largest integrated diagnostic providers (radiology, pathology, teleradiology).
• PPP-based model with extensive pan-India network.
• Retail expansion via asset-light franchises in hub-and-spoke network.
• Q1 FY27 revenue growth demonstrated by 22% YoY.

Operational Highlights

• Radiology footprint expanded to CT 149, MRI 42, tele-radiology 1,516.
• Pathology network strengthened with Rajasthan focus and strategic alliances.
• Accreditations: NABL and NABH across labs and centers.
• Retail-led growth strategy via PPP infrastructure leverage and asset-light expansion.

Financial Performance

• Q1 FY27 revenue ₹2,355 mn; up 22% YoY.
• Q1 FY27 EBITDA ₹588 mn; margin 25%.
• Q1 FY27 PAT ₹166 mn; margin 7%.
• Finance costs ₹148 mn.

Capital Structure & Liquidity

• No material debt/equity actions disclosed.
• Finance costs shown in Q1 FY27: ₹148 mn.

Strategic Priorities & Outlook

• Retail-led growth with RPL and AI-enabled diagnostics.
• Hub-and-spoke network to improve throughput and cost efficiency.
• Home collection expansion and consumer awareness via platforms.

Risks & Mitigation

• Risks include macro-economic, regulatory, currency, and competition.
• Mitigation through diversified PPP-retail mix and scale.

Governance & Leadership

• Company Secretary and Compliance Officer: Sujoy Sudipta Bose.
• Investor contact: investors@krsnaa.in.

Financial highlights

• Revenue from operations rose 22% YoY to ₹2,355 million in Q1 FY2027.
• EBITDA ₹588 million; margin 25% in Q1 FY2027.
• PAT ₹166 million; PAT margin 7%.
• EBITDA margin 25%, down from 27%.

Operational progress

• Rajasthan went live; 31 mother labs, 62 hub labs, 1,228 collection centres operational.
• Rajasthan revenue ₹257 million in Q1.
• Retail revenue ₹193 million; 4,250+ touchpoints.
• 8 of 17 planned MRI centres inaugurated.
• 12 NABH accreditations added.
• Apulki-Pune hospital commenced operations.
• New CT project award in Himachal Pradesh for 34 CT scanners.
• Retail footprint crossed 4,000 touchpoints.

Governance & capital actions

• Board approved issue of share warrants to Promoter Group.
• Promoter warrants issuance subject to applicable approvals and regulatory requirements.

Book closure & AGM details

• Book Closure: Sep 19, 2026 to Sep 28, 2026 (inclusive).
• Purpose: 16th AGM to transact business per Notice.
• Record date for final dividend: Sep 18, 2026.
• Final dividend of INR 2.00 for FY2024-25 proposed.
• AGM date/time: Sep 28, 2026 at 11:00 IST (Physical).
• Security: Equity shares; e-voting period not specified.
• Warrants: up to 16,21,000 issued to promoters; price to be set.

Post-earnings call

• Date and time: August 14, 2026 at 13:00 IST.
• Type and mode: post-earnings conference call, virtual group call.
• Organizer: Krsnaa Diagnostics Limited.
• Purpose: discuss quarterly results for quarter ended June 30, 2026.
• Availability: transcript and audio recording will be available on the company website.

Q1 FY27 earnings call (Equirus invitation)

• Date and time: August 14, 2026 at 13:00 IST.
• Organizer: Equirus Securities Private Limited.
• Event: Krsnaa Diagnostics Q1 FY27 earnings conference call.
• Company participants: Chairman & Whole-time Director; MD; Group CEO; Interim CFO.
• Mode: virtual conference call.
• Note: transcript/recording not stated in the invite.