Krsnaa Diagnost. Q1 FY27 Results (NSE: KRSNAA)
Signal: Growth reaccelerated
The read
The trajectory remains revenue-positive but earnings are in an investment phase: consolidated revenue rose 22.0% YoY to ₹235.53 Cr and retail revenue rose 64% to ₹19.3 Cr, while EBITDA grew only 17.8% and PAT fell 19.3% to ₹16.55 Cr as Rajasthan's ₹25.7 Cr contribution arrived with upfront fixed costs; the thesis now depends on utilisation converting this capacity into margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹235.53 Cr | 22.0% | N/A |
| EBIT | ₹37.27 Cr | 10.6% | |
| Net profit | ₹16.55 Cr | -19.3% | |
| EPS | ₹5.1 | -19.7% | |
| EBIT margin | 27.7% |
P&L walk
Revenue increased 22.0% YoY to ₹235.53 Cr, EBITDA grew 17.8% to ₹65.22 Cr, EBIT rose 10.6% to ₹37.27 Cr, but PAT declined 19.3% to ₹16.55 Cr because Rajasthan's upfront equipment, manpower and logistics costs preceded full utilisation and other income represented 32.3% of PBT.
Segments
No formal segment table is disclosed, but Rajasthan contributed ₹25.7 Cr of revenue while retail revenue grew 64% YoY to ₹19.3 Cr; Rajasthan is currently the margin drag and retail the clearest growth accelerator.
Key positives
- Consolidated revenue grew 22.0% YoY to ₹235.53 Cr, with like-for-like projects still growing approximately 12% despite the addition of new-project costs.
- Retail revenue increased 64% YoY and 22% sequentially to ₹19.3 Cr, supported by expansion beyond 4,250 touchpoints across five states.
- Rajasthan transitioned from implementation to operations with 31 mother labs, 62 hub labs and 1,228 collection centres live by quarter-end, creating a visible utilisation-led recovery opportunity.
- The company operationalised 8 of 17 planned Maharashtra MRI centres, added 12 NABH accreditations and secured a Himachal Pradesh CT project award for 34 scanners.
Key concerns
- Reported EBITDA margin declined to 25% from 27% in the press-release table while PAT fell 19.3% YoY to ₹16.55 Cr, showing that current growth is not yet translating into earnings growth.
- EBITDA growth of 17.8% lagged revenue growth of 22.0%, and EBIT growth of 10.6% lagged EBITDA growth as upfront Rajasthan equipment, manpower and logistics costs preceded full utilisation.
- Other income of ₹7.24 Cr represented 32.3% of consolidated PBT, making the quarter's earnings quality more dependent on non-operating income.
Earnings quality: includes non-operating other income
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