Krsnaa Diagnostics Limited Company Overview
Business profile
Krsnaa Diagnostics Limited (NSE: KRSNAA, BSE: 543328, ISIN INE08LI01020) is a Pune-based diagnostics company. It runs radiology and pathology services mostly through public-private partnerships with state governments, and is now building a retail diagnostics arm. As of Q3 FY26 it operated 190 CT/MRI centres, 140 pathology labs and 1,501 tele-radiology centres across 18 states and UTs.
Why this dividend matters
The board recommended a final dividend of ₹2 per share for FY26. That is the smallest per-share payout since the 2021 listing, and it comes in a year when reported profit rose 30.7%. The gap between those two numbers is what this article examines.
Network data: company Q3 FY26 presentation via Screener.in. Market cap ₹1,779 Cr at ₹548 (25 Sep 2026 close, Screener.in).
Krsnaa Diagnostics Limited Financial Analysis at a Glance
Revenue FY26
₹772.8 Cr
+7.8% YoY
EBITDA FY26
₹211.9 Cr
+11.4% YoY
Reported PAT
₹101.4 Cr
+30.7% YoY
Adjusted PAT
₹79.2 Cr
+2.0% YoY
Operating cash flow
₹143.1 Cr
1.41x PAT
Free cash flow
−₹76.2 Cr
after ₹219.3 Cr capex
Gross borrowings
₹490.5 Cr
3x FY25
ROE
10.9%
8.5% adjusted
The number that changes the story
FY26 profit includes a one-time ₹22.24 Cr post-tax gain from fair-valuing the retained stake in Apulki Healthcare after it stopped being an associate (Note 6 of the results). Remove it and Krsnaa Diagnostics Limited grew earnings by only 2.0%.
All figures consolidated, audited FY26 results filed 25 May 2026. EBITDA = revenue minus operating expenses; adjusted figures computed by ShareBazaar Online.
Krsnaa Diagnostics Limited Dividend History Table
| Financial year | Dividend per share | % of face value | EPS (₹) | Payout ratio |
|---|---|---|---|---|
| FY2025-26 (recommended) | ₹2.00 | 40% | 31.30 | 6.4% |
| FY2024-25 | ₹2.75 | 55% | 24.04 | 11.4% |
| FY2023-24 | ₹2.50 | 50% | 17.60 | 14.2% |
| FY2022-23 | ₹2.75 | 55% | 19.78 | 13.9% |
| FY2021-22 | ₹2.50 | 50% | 21.78 | 11.5% |
Face value ₹5. EPS consolidated basic, from Screener.in and the FY26 filing; payout computed as DPS ÷ EPS. Pre-listing dividends: Not Disclosed by Company. No bonus or split since listing, so no per-share restatement is needed.
Expert Commentary on the Krsnaa Diagnostics Limited Dividend
A cut that fits the balance sheet
Cutting the dividend by 27.3% in a record-profit year looks odd until you read the cash flow. Free cash flow was negative, borrowings tripled and capital work-in-progress jumped to ₹208.1 Cr. The board appears to be conserving cash for expansion, including a reported FY27 capex plan of about ₹530 Cr.
Management's framing
Group CEO Mitesh Dave called FY26 a "pivotal inflection point", pointing to the retail vertical's roughly 8x revenue jump and expansion to 3,500 locations. That growth is capital-hungry, which again points towards retaining cash rather than raising payouts.
Capex plan: multibagg.ai report, 14 Aug 2026. CEO quote: company press release via Tickertape. ShareBazaar Online desk analysis; not investment advice.
Krsnaa Diagnostics Limited Future Outlook
What Q1 FY27 already shows
Revenue rose about 22% to ₹236 Cr in the June 2026 quarter, but net profit fell about {b('19%')} to ₹17 Cr as interest cost rose to ₹15 Cr from ₹6 Cr. Growth is arriving; margins are absorbing the funding bill.
Catalysts ahead
- Rajasthan rollout, expected to be fully installed by Q2 FY27
- 15-year PET-CT concession at four Punjab hospitals (16 Sep 2026)
- Promoter warrants: 16.21 lakh at about ₹566, roughly ₹91.8 Cr if fully converted
- Any dividend increase will likely need free cash flow to turn positive first
Quarterly figures: Screener.in consolidated. Rajasthan timeline: multibagg.ai. Warrants: Groww / TipRanks summaries of company filings.
Dividend Snapshot – Krsnaa Diagnostics Limited
Dividend type
Final
Dividend per share
₹2.00
Face value ₹5
Headline %
40%
of face value
Dividend yield
0.36%
at ₹548
Total outflow
₹6.49 Cr
3.24 Cr shares
Payout ratio
6.4%
8.2% on adjusted PAT
Record date
18 Sep 2026
Financial year
2025-26
For Krsnaa Diagnostics Limited shareholders, the dividend is small in absolute terms: ₹200 for every 100 shares held.
Outflow = ₹2 × 3.2438 Cr shares (paid-up capital ₹16.22 Cr ÷ ₹5); Not Disclosed by Company. Share count cross-checked via PAT ÷ EPS (3.24 Cr) and market cap ÷ price (3.25 Cr).
Krsnaa Diagnostics Limited Dividend Announcement Summary
What the board decided on 25 May 2026
- Final dividend of ₹2 per equity share (40% of ₹5 face value) for FY2025-26
- Payable only after shareholder approval at the AGM
- Audited FY26 results approved; auditors gave an unmodified opinion
- M/s Kirtane & Pandit LLP proposed as statutory auditors for FY27–FY31
Correcting a common error
Some aggregator summaries labelled this ₹2 dividend as relating to FY2024-25. The company's own filing states FY2025-26. The FY2024-25 dividend was ₹2.75, paid in October 2025. Total cash outflow is Not Disclosed by Company; ShareBazaar Online computes it at ₹6.49 Cr.
Source: Krsnaa Diagnostics outcome of board meeting, Ref. KDL/SE/010/2026-27, 25 May 2026.
Krsnaa Diagnostics Limited Dividend Record Date, Ex-Date and Key Dates
| Event | Date | Basis |
|---|---|---|
| Board recommendation | 25 May 2026 | Company filing |
| Record date | 18 Sep 2026 | AGM notice, as reported by TipRanks |
| Ex-dividend date | 18 Sep 2026 | Inferred: under T+1 settlement, ex-date equals record date; confirm with NSE/BSE circular |
| Book closure | 19–28 Sep 2026 | AGM notice |
| AGM (16th) | 28 Sep 2026, 11:00 IST | Company intimation |
| Payment date | Not Disclosed by Company | Companies Act requires payment within 30 days of declaration, so by 28 Oct 2026 if approved |
For reference, the FY25 dividend was paid on 25 Oct 2025, roughly one month after that year's record date (TipRanks).
Krsnaa Diagnostics Limited Dividend Yield Analysis
The face-value illusion
"40% dividend" sounds generous. It is 40% of the ₹5 face value, not of the ₹548 share price. The real market yield is 0.36%, about one-hundredth of the headline figure. The announcement-date closing price could not be independently verified, so all yields use the 25 Sep 2026 close.
Yield at different prices
| Price point | Price | Yield |
|---|---|---|
| Current (25 Sep 2026) | ₹548 | 0.36% |
| 52-week high | ₹894.40 | 0.22% |
| 52-week low | ₹515 | 0.39% |
Yield reality check
The yield has held near 0.36% despite a 27% lower dividend because the stock fell about 31% over the past year. A falling price, not a stronger payout, is supporting the yield. Four listed diagnostics peers average 0.73%.
Prices: Screener.in, INDmoney. Peer average: simple mean of Dr Lal PathLabs, Metropolis, Vijaya and Thyrocare yields on Screener.in, 28 Sep 2026.
Krsnaa Diagnostics Limited Dividend History Analysis
Classification: Consistent Payer, not a grower
Krsnaa Diagnostics Limited has paid a final dividend in every one of its 5 years as a listed company, with no special dividends or suspensions. Cumulative payouts total ₹12.50 per share. But the amount has only alternated between ₹2.50 and ₹2.75, and has now dropped to ₹2.00.
Profits up, dividend down
Basic EPS rose 43.7% from ₹21.78 in FY22 to ₹31.30 in FY26. Over the same period the dividend per share fell 20%. The payout ratio has never exceeded about 14% and has now halved to 6.4%, the lowest since listing.
Computed from the dividend history table above.
Krsnaa Diagnostics Limited Financial Performance Analysis
| Metric (consolidated) | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | ₹772.8 Cr | ₹717.2 Cr | +7.8% |
| EBITDA (margin) | ₹211.9 Cr (27.4%) | ₹190.1 Cr (26.5%) | +11.4% |
| Other income | ₹43.4 Cr | ₹25.5 Cr | +69.9% |
| Finance costs | ₹34.4 Cr | ₹24.7 Cr | +39.4% |
| Reported PAT | ₹101.4 Cr | ₹77.6 Cr | +30.7% |
| Adjusted PAT | ₹79.2 Cr | ₹77.6 Cr | +2.0% |
Operating leverage, then a one-off
Modest cost growth lifted EBITDA faster than revenue: employee costs rose 2.7% and hospital fees 1.7%, though other expenses grew 12.1%. Excluding the ₹25.95 Cr pre-tax Apulki gain, other income actually fell 31.7%. In Q4, reported PAT doubled (+101.7%) but adjusted PAT fell 5.8%.
Krsnaa Diagnostics Limited Cash Flow Analysis
Cash earnings are real
Operating cash flow rose 63.9% to ₹143.1 Cr, or 1.41 times reported profit. Receivables grew 6.4%, slower than revenue at 7.8%, but still stand at about 140 days of sales.
Free cash flow is negative
Capex of ₹219.3 Cr pushed free cash flow to −₹76.2 Cr, deeper than −₹39.3 Cr in FY25. Trade payables also fell ₹43.8 Cr, consuming cash.
How the dividend is funded
Not from free cash flow. The ₹6.49 Cr outflow effectively comes from cash reserves, which were rebuilt by ₹417.4 Cr of debenture proceeds. Integrity check: FY26 cash dividend paid of ₹8.92 Cr matches ₹2.75 on about 3.23 Cr shares (₹8.88 Cr), confirming the prior-year payout.
Consolidated cash flow statement, FY26 audited results.
Krsnaa Diagnostics Limited Balance Sheet Strength
| Item | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Gross borrowings | ₹490.5 Cr | ₹165.5 Cr |
| Cash and bank balances | ₹360.7 Cr | ₹68.4 Cr |
| Net debt | ₹129.8 Cr | ₹97.1 Cr |
| Debt-to-equity | 0.50x | 0.19x |
| Interest cover | 4.8x | 5.2x |
| Capital work-in-progress | ₹208.1 Cr | ₹3.0 Cr |
Reading the numbers
Borrowings nearly tripled, mainly through a ₹430 Cr debenture issue to the Asian Development Bank. Much of the money sits in bank deposits and unfinished assets, so net debt rose less sharply. Lease liabilities add another ₹43.8 Cr. Separately, disputed income-tax demands total ₹62.69 Cr, about 9.7x the dividend outflow; management says they are not tenable.
Debentures: ScanX, 23 Feb 2026. Tax demand: company disclosure, 9 Sep 2026.
Krsnaa Diagnostics Limited Dividend Sustainability Analysis
| Test | Result | Verdict |
|---|---|---|
| Earnings coverage (EPS ÷ DPS) | 15.7x (12.2x adjusted) | Pass |
| Operating cash flow coverage | 22.1x | Pass |
| Free cash flow coverage | Negative | Fail |
| Cash coverage | 55.6x | Pass |
| Debt rising while paying? | Yes, 3x | Caution |
| Earnings trend ex one-offs | Flat (+2.0%) | Caution |
Verdict: Moderately Sustainable
A ₹6.49 Cr dividend is easily affordable for Krsnaa Diagnostics Limited; it equals just 4.5% of operating cash flow. What is not supported is growth in the dividend. Until capex slows or new centres lift free cash flow above zero, the payout is more likely to stay near ₹2 than return to ₹2.75.
Krsnaa Diagnostics Limited Peer Comparison
| Company | Yield | FY26 payout | ROE | ROCE | Borrowings | Debtor days |
|---|---|---|---|---|---|---|
| Krsnaa Diagnostics | 0.36% | 6% | 10.9% | 12.7% | ₹534 Cr | 140 |
| Dr Lal PathLabs | 0.72% | 68% | 22.3% | 28.0% | ₹199 Cr | 15 |
| Metropolis Healthcare | 0.35% | 55% | 13.6% | 17.8% | ₹232 Cr | 38 |
| Vijaya Diagnostic | 0.13% | 12% | 18.3% | 20.5% | ₹423 Cr | 9 |
| Thyrocare | 1.70% | 137% | 28.4% | 35.4% | ₹51 Cr | 33 |
Where Krsnaa stands
Krsnaa Diagnostics Limited has the lowest payout ratio, the lowest returns on capital and the highest borrowings in this group. Its 140 debtor days stand out: B2C peers collect in 9 to 38 days, while Krsnaa waits on state-government PPP payments. Its yield only matches peers because its share price is lower.
Screener.in consolidated data, 28 Sep 2026 (Krsnaa: 25 Sep close). Borrowings include lease liabilities on the Screener basis.
Krsnaa Diagnostics Limited Promoter Impact Analysis
| Shareholder group | Holding (Jun 2026) | Share of ₹6.49 Cr |
|---|---|---|
| Promoters | 27.11% | ₹1.76 Cr |
| Public / retail | 54.08% | ₹3.51 Cr |
| DIIs | 14.51% | ₹0.94 Cr |
| FIIs | 4.28% | ₹0.28 Cr |
Who benefits
With promoter holding at just 27.11%, about 73% of the dividend (₹4.73 Cr) goes to non-promoter shareholders, and retail investors receive more than any other group. The dividend is not a promoter cash-extraction tool here. Promoters are putting money in instead, through warrants that would lift their fully diluted stake to 29.70%.
Shareholding: Screener.in, June 2026 quarter; holdings on the record date may differ. Diluted stake: postal ballot corrigendum as reported by Choice.
Krsnaa Diagnostics Limited Dividend Taxation Analysis
Rules from 1 April 2026
- Dividends are taxed at your slab rate under the Income-tax Act, 2025
- 10% TDS (20% without a valid PAN) if dividends from one company exceed ₹10,000 in the year; the old Section 194 now sits in Section 393
- Form 121 replaces Forms 15G/15H
- Non-residents: 20% TDS, subject to tax-treaty relief
Worked example: 30% slab
| Item | Amount |
|---|---|
| 1,000 shares × ₹10 | ₹10,000 |
| TDS (not above ₹10,000) | Nil |
| Tax at 30% + 4% cess | ₹3,120 |
| Net dividend | ₹6,880 |
| Yield at ₹548: pre / post tax | 1.82% / 1.26% |
At Krsnaa Diagnostics Limited's actual ₹2, the same 1,000 shares earn ₹2,000, or ₹1,376 after tax, a 0.25% post-tax yield.
Tax rules: calcguru.in (27 Aug 2026), myitreturn.com (12 Jul 2026). Confirm with a tax adviser.
Key Risks for Krsnaa Diagnostics Limited Shareholders
- Tax litigation: disputed demands of ₹62.69 Cr for AY 2017-18 to 2023-24 are headed to the ITAT.
- Receivables: about 140 debtor days, with one customer contributing at least 10% of revenue (Note 3).
- Rising interest burden: finance costs rose 39.4% in FY26; Q1 FY27 interest was roughly 2.5x a year earlier.
- Execution: ₹208.1 Cr of capital work-in-progress must be commissioned and start earning.
- Earnings quality: FY26 profit growth relies on a one-time fair-value gain.
- Dilution: 16.21 lakh promoter warrants equal about 5% of current shares.
- PPP dependence: state tenders can be delayed, cancelled or re-bid.
What To Monitor at Krsnaa Diagnostics Limited
- Free cash flow: whether it turns positive once the Rajasthan rollout is complete
- Debtor days: any sustained move below 140 days
- ITAT outcome on the ₹62.69 Cr tax dispute, and any provisioning
- Transfer of the ₹208.1 Cr capital work-in-progress into revenue-earning assets
- Interest cost as a share of EBITDA, now around 16%
- Q2 FY27 results and management commentary on the FY27 capex plan
- Payment date confirmation and dividend credit for the ₹2 final dividend
- Conversion of promoter warrants within 18 months of allotment
Interest-to-EBITDA: ₹34.4 Cr ÷ ₹211.9 Cr for FY26.
Krsnaa Diagnostics Limited Dividend Outlook: Conclusion
Positives
- Consistent payer every year since listing
- Operating cash flow of ₹143.1 Cr covers the dividend 22 times
- Cash and bank balances of ₹360.7 Cr
- Q1 FY27 revenue growth of about 22%
Negatives
- Dividend cut 27.3% to ₹2.00
- Real yield of 0.36% against a 40% headline
- Negative free cash flow and debt 3x higher
- Adjusted profit growth of just 2.0%
The Krsnaa Diagnostics Limited FY26 dividend is affordable but deliberately small. The board is prioritising expansion over payouts, and whether that pays off depends on free cash flow, receivables and the tax dispute. Readers should weigh these factors against their own goals.
Frequently Asked Questions About the Krsnaa Diagnostics Limited Dividend
What dividend has Krsnaa Diagnostics Limited announced for FY26?
What is the Krsnaa Diagnostics dividend yield?
What is the Krsnaa Diagnostics dividend record date?
What is the ex-dividend date for Krsnaa Diagnostics?
When will the Krsnaa Diagnostics dividend be paid?
Who is eligible for the Krsnaa Diagnostics FY26 dividend?
How is the Krsnaa Diagnostics dividend taxed?
Is the Krsnaa Diagnostics dividend sustainable?
What is the Krsnaa Diagnostics dividend history?
Why did Krsnaa Diagnostics cut its dividend when profit rose 30.7%?
How does Krsnaa Diagnostics compare with diagnostics peers on dividends?
How much dividend do Krsnaa Diagnostics promoters receive?
What should Krsnaa Diagnostics investors monitor?
Krsnaa Diagnostics Limited Dividend Article Disclaimer
This article on Krsnaa Diagnostics Limited is for information and education only. ShareBazaar Online is not registered with SEBI as an investment adviser or research analyst, and nothing here is a recommendation to buy, sell or hold any security. Figures come from company filings and cited third-party sources as of 28 September 2026 and may change. Dates marked as inferred or not disclosed should be verified with the company, NSE or BSE. Tax examples are illustrative; consult a qualified tax professional. Readers should do their own research before making any investment decision.