Krsnaa Diagnostics Limited (KRSNAA) AI Stock Analysis

• Market Cap: ₹19.42B
• Dividend Yield: 0.38%
• Average Volume (3M): 12.28K
• Price to Earnings (P/E): 38.4
• Beta (1Y): 1.01
• Revenue Growth: 11.51%
• EPS Growth: 21.56%
• Country: IN
• Employees: 3,700
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 4.90
• Shares Outstanding: 32,438,670
• 10 Day Avg. Volume: 19,408
• 30 Day Avg. Volume: 12,281
• PEG Ratio: 0.98
• Price to Book (P/B): 2.95
• Price to Sales (P/S): 3.63
• P/FCF Ratio: -66.26
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 37.05
• Revenue Forecast (FY): ₹8.35B

• Rating: 62 Neutral
• Price Target: ₹635.00 ▼(-13.62% Downside)
• Action: Reiterated Date: 11/11/25
• Date: Action: Reiterated 11/11/25

Krsnaa Diagnostics Limited shows strong financial performance with solid revenue growth and a robust balance sheet. However, technical analysis indicates potential bearish momentum, and the valuation suggests moderate pricing with a low dividend yield. The lack of earnings call data and corporate events limits additional insights.

Positive Factors

Balance Sheet Strength

A strong equity base and very low leverage increase financial resilience and reduce refinancing risk. This durability supports capital allocation to open or equip diagnostic centers, helps absorb payment timing from institutional clients, and strengthens bid competitiveness for PPP contracts over months.

Revenue Growth and Margins

Sustained revenue expansion coupled with very high gross margins indicates scalable lab economics and efficient variable-cost management. These structural margins provide durable per-test profitability, enabling reinvestment in network capacity and consistent service delivery across the medium term.

PPP-based Business Model

Long-term PPP and service contracts create predictable volume streams, referral capture and high entry barriers. Structural contract relationships support capacity utilization and revenue visibility, making underlying cash flows and operational planning more stable over a 2–6 month horizon.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow driven by capital expenditures constrains internal funding for expansion and equipment refresh. Even with solid operating cash conversion, ongoing negative FCF raises reliance on external financing or equity, limiting flexibility for strategic investments over the medium term.

Moderate Return Metrics

An ROE under 9% and stated need to improve operating margins suggest returns on invested capital are modest. Without margin expansion or higher asset turnover, growth may not translate into proportionate shareholder returns, constraining long-term capital efficiency and investor upside.

Concentration on Government Tariffs

Heavy dependence on government-linked contracts exposes revenue to negotiated tariffs, renewal cycles and policy changes. Structural limits on pricing flexibility and the risk of delayed or non-renewed contracts can cap upside and introduce multi-quarter variability in volumes and margins.

Krsnaa Diagnostics Limited Business Overview & Revenue Model

Company Description

Krsnaa Diagnostics Limited provides diagnostic services. The company offers a range of technology-enabled diagnostic services, such as radiology, pathology/clinical laboratory, and tele-radiology services to public and private hospitals, medical colleges, and community health centers. As of December 31, 2020, it operated 1,801 diagnostic centers in 13 states across India. The company was incorporated in 2010 and is based in Pune, India.

How the Company Makes Money

Krsnaa Diagnostics primarily earns revenue by delivering diagnostic tests and imaging services and getting paid per service rendered. A major part of its business is executed through public-private partnership (PPP) and similar service contracts with government/public healthcare institutions, under which Krsnaa sets up and operates diagnostic facilities (including equipment, staff, and processes) within or for public hospitals/health systems and receives payments based on agreed tariffs/volumes for tests and scans performed. In addition to institutional/government-linked volumes, the company also generates revenue from patient-facing diagnostics through its own centers and network (e.g., walk-in or referred patients), where it charges for pathology tests and radiology/imaging procedures. Its earnings are influenced by contract wins and renewals, test/imaging volumes, pricing/tariffs defined in contracts (particularly for government engagements), utilization of installed diagnostic capacity, and the breadth of its center/collection network that feeds volumes into its laboratories and imaging sites. Specific revenue mix by segment, named partnership terms, or contract-by-contract financial details: null.

Krsnaa Diagnostics Limited Financial Statement Overview

Summary

Krsnaa Diagnostics Limited demonstrates strong financial performance with robust revenue growth and profitability. The balance sheet is solid with a strong equity position and low leverage, enhancing financial stability. However, challenges in free cash flow generation present a potential risk, despite stable operating cash flows.

Income Statement

Krsnaa Diagnostics Limited shows strong revenue growth with a notable increase of 15.74% from 2024 to 2025. The company maintains a substantial gross profit margin of 76.38% for 2025, reflecting efficient cost management. However, while the net profit margin improved to 10.82%, there is room for enhancement in profitability metrics such as EBIT and EBITDA margins, which stand at 14.19% and 26.51% respectively. Overall, the income statement indicates a solid performance with positive growth trends.

Balance Sheet

The balance sheet of Krsnaa Diagnostics Limited is quite robust, with a healthy equity ratio of 68.87%, indicating a strong equity position relative to total assets. The debt-to-equity ratio at 0.23 suggests low financial leverage, which is a positive sign for financial stability. Additionally, the return on equity (ROE) is 8.79%, showing decent returns for shareholders. The balance sheet reflects sound financial management with a strong equity base and controlled leverage.

Cash Flow

The cash flow statement reveals challenges in free cash flow generation, with a negative free cash flow of -393 million in 2025, albeit an improvement from the previous year. The operating cash flow to net income ratio of 1.13 is solid, indicating good cash conversion efficiency. However, the company has faced difficulties in managing capital expenditures, which impacts free cash flow. Overall, while operating cash flows are stable, the negative free cash flow presents a potential risk area to address.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.60B	7.17B	6.20B	4.87B	4.55B	3.96B
Gross Profit	5.37B	5.48B	2.05B	4.13B	3.95B	3.13B
EBITDA	2.26B	2.16B	1.61B	1.42B	1.46B	3.59B
Net Income	845.58M	776.08M	568.37M	621.11M	683.88M	1.85B
Balance Sheet
Total Assets	15.07B	12.82B	11.72B	9.10B	8.76B	6.05B
Cash, Cash Equivalents and Short-Term Investments	1.60B	684.36M	535.45M	1.09B	2.42B	1.53B
Total Debt	2.86B	2.04B	1.60B	324.81M	409.92M	2.32B
Total Liabilities	5.84B	3.99B	3.62B	1.71B	2.07B	3.73B
Stockholders Equity	9.23B	8.83B	8.10B	7.39B	6.84B	2.32B
Cash Flow
Free Cash Flow	-516.97M	-393.00M	-1.70B	-650.59M	-37.95M	357.18M
Operating Cash Flow	518.74M	873.27M	243.45M	763.01M	1.28B	1.03B
Investing Cash Flow	-1.04B	-996.09M	-1.29B	-1.09B	-2.41B	-611.39M
Financing Cash Flow	592.91M	137.53M	841.87M	-331.45M	1.76B	308.40M

Krsnaa Diagnostics Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 735.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KRSNAA, the sentiment is Negative. The current price of 735.1 is above the 20-day moving average (MA) of 627.47, above the 50-day MA of 679.88, and below the 200-day MA of 753.22, indicating a bearish trend. The MACD of -22.81 indicates Negative momentum. The RSI at 33.49 is Neutral, neither overbought nor oversold. The STOCH value of 42.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KRSNAA.

Krsnaa Diagnostics Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIJAYA	75 Outperform	₹96.23B	63.11	―	0.20%	16.71%	13.92%
HCG	67 Neutral	₹82.17B	-247.47	―	―	17.58%	-38.20%
LALPATHLAB	66 Neutral	₹224.60B	68.44	―	0.89%	10.80%	32.79%
KRSNAA	62 Neutral	₹19.42B	38.37	―	0.38%	11.51%	21.56%
METROPOLIS	61 Neutral	₹95.39B	60.35	―	0.21%	15.41%	5.93%
MEDICAMEQ	55 Neutral	₹3.70B	56.53	―	0.26%	-9.16%	49.09%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Krsnaa Diagnostics Limited Corporate Events

Krsnaa Diagnostics Publishes Postal Ballot Notice for Shareholder E-Voting

Krsnaa Diagnostics Limited has notified stock exchanges that it has published newspaper advertisements regarding a postal ballot notice to its shareholders. The notice informs members about a proposed resolution to be approved through an e-voting-only postal ballot process, with the advertisements appearing in the Financial Express and Marathi daily Loksatta and being made available on the company’s website, underscoring its compliance with regulatory disclosure and shareholder communication norms.

The move reflects the company’s adherence to SEBI listing obligations and Companies Act requirements for seeking shareholder approval outside a physical general meeting. By using e-voting and multi-language newspaper publications, Krsnaa Diagnostics aims to ensure wider shareholder participation and transparency, which may be relevant for investors tracking its governance practices and upcoming corporate decisions tied to the postal ballot.

Krsnaa Diagnostics Extends Tenure of Executive Chairman Rajendra Mutha

Krsnaa Diagnostics Limited’s board has approved the re-appointment of Chairman and Whole-time Director Rajendra Khivraj Mutha as Executive Chairman for a further five-year term, effective from April 26, 2026, to April 25, 2031, subject to shareholder approval via postal ballot. The decision reinforces continuity in leadership, leveraging Mutha’s two decades of experience in pharmacy and diagnostics and his role in driving strategy, operations, and CSR efforts, which is expected to support the company’s long-term stability and its positioning as a trusted healthcare partner.

The company has confirmed that Mutha is not related to any other board members and is not debarred by SEBI or any other authority from holding the office of director. This compliance with regulatory norms and governance standards is likely to reassure investors and stakeholders about the robustness of the company’s board oversight and leadership credentials.

Krsnaa Diagnostics Reappoints Executive Chairman Rajendra Mutha for Five-Year Term

Krsnaa Diagnostics Limited has approved the re-appointment of Mr. Rajendra Khivraj Mutha as Whole-time Director and Chairman, designated as Executive Chairman, for a further five-year term starting April 26, 2026 and ending April 25, 2031. The decision, based on the Nomination and Remuneration Committee’s recommendation and compliant with Indian corporate and securities regulations, underscores continuity in strategic leadership and governance for the diagnostics provider.

Mr. Mutha brings over two decades of experience in pharmacy and diagnostics and is credited with driving the company’s strategic vision, operational excellence and community-focused health initiatives. His renewed tenure is expected to reinforce Krsnaa Diagnostics’ CSR-driven growth, maintain regulatory confidence—supported by confirmation that he is not debarred by SEBI or other authorities—and provide stability for stakeholders as the company pursues its healthcare expansion goals.

Krsnaa Diagnostics Publishes Q3 FY26 Earnings Call Transcript

Krsnaa Diagnostics Limited has released the transcript of its earnings conference call discussing unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The call, held on February 6, 2026 with senior management and investor relations, was conducted for analysts and investors, and the transcript has been filed with stock exchanges and made available on the company’s website, enhancing transparency and regulatory compliance.

Krsnaa Diagnostics Plans Mumbai Investor Meeting Under SEBI Norms

Krsnaa Diagnostics has scheduled a one-on-one physical meeting with investors and analysts hosted by Akash Ganga Limited in Mumbai on February 13, 2026, starting at 11:00 a.m. IST. The company emphasized that the interaction will be confined to publicly available information, with no unpublished price-sensitive information to be shared, and noted that the schedule may change due to exigencies for either party.

This planned engagement underscores Krsnaa Diagnostics’ ongoing efforts to maintain transparency and regular dialogue with the investor community, which can support informed market perceptions of the company’s performance and strategic direction. By clearly stating that only public information will be discussed, the company signals adherence to regulatory norms and seeks to mitigate any concerns about selective disclosure among stakeholders.

Krsnaa Diagnostics Publishes Unaudited Q3 and Nine-Month FY26 Results in Newspapers

Krsnaa Diagnostics Limited has published newspaper advertisements of its unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 in the English daily Financial Express and Marathi daily Loksatta. The move reflects the company’s compliance with securities listing regulations requiring public dissemination of financial information, ensuring greater transparency and access for investors and other stakeholders through both print media and its corporate website.

Krsnaa Diagnostics Schedules One-on-One Investor Meet in Mumbai

Krsnaa Diagnostics Limited has informed the stock exchanges that its officials will meet investors and analysts from First Water Capital in Mumbai on January 8, 2026, for a one-on-one, in-person interaction starting at 11:30 a.m. IST. The company clarified that the discussions will be limited to publicly available information, with no unpublished price-sensitive information to be shared, and noted that the schedule may change due to exigencies on the part of either the investors or the company.