Any current/future new fundraising through debt or equity?

No plans for additional equity fundraising as per Amar Singh’s statement. The company has already issued warrants worth INR 104 crores for fundraising. 25% of the warrant amount has been received; remaining 75% expected within the next year. Funds from warrants along with internal accruals will be used for expansion. No mention of new debt fundraising; expansion capital largely covered by warrants and internal accruals.

Any current/future capex/capital investment/strategic investment?

For FY27, Chandan Healthcare plans capital investment of INR 45-50 crores. This includes setting up 20 standalone labs (each costing ~INR 1 crore) and 5 comprehensive centers (each costing INR 6-7 crores). Comprehensive centers include pathology and full radiology services; standalone labs focus mainly on lab services. Funding for this capex will come from internal accruals and proceeds from warrants floated for INR 104 crores (25% already received). Expansion is focused on covering Uttar Pradesh and Uttarakhand districts in the next two years, with plans to proceed to other states afterward.

Future growth expectations in sales/revenue/volumes?

The company is undergoing rapid expansion with many new diagnostic centers and labs opened in FY26 and plans for continued growth in FY27. They target opening 5 comprehensive centers and 20 standalone labs in FY27, covering all districts in Uttar Pradesh and Uttarakhand within two years before moving to other states. Franchise network plans to scale aggressively from 130+ to 1,000 operational franchises over the next 24 months. New initiatives like digital direct-to-consumer platforms, home sample collection, PET scans, and a genome lab are expected to drive growth. Growth from government PPP

Future growth expectations in earnings/operating earnings/profits/EPS?

For FY27, growth is expected to improve significantly due to expansion efforts, particularly new diagnostic centers and labs started last financial year now contributing (Page 23). Top-line growth is projected at around 20% in the current quarter, with better growth expected moving forward (Page 23). EBITDA margin expected to be higher than FY26's 20.25%, with guidance after Q1 results (Page 23). Expansion in 13+ states and focus on comprehensive diagnostic centers will drive revenue growth over next 3-4 years (Page 10). EBITDA margins targeted at 32%-35% currently, aiming to maintain above 30

Current/ Expected Orderbook/ Pending Orders?

The company has secured projects under the PPP model in Punjab, Haryana, and Assam with a combined estimated project value of INR 800 crores over 10 years. These projects were awarded in the last quarter and are currently under construction with machines being installed. The projects are expected to start gradually from Q2 of the financial year 2026-27, with all machines expected to be operational within the year. The management indicated that the revenue from these projects and other expansions will significantly boost the company's performance going forward.

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Chandan Healthcare LtdQ1 FY26Healthcare Services

Chandan Healthcare Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹240P/E: 20.8Market Cap: ₹604 CrSector: Healthcare Services

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company is undergoing rapid expansion with many new diagnostic centers and labs opened in FY26 and plans for continued growth in FY27.
→They target opening 5 comprehensive centers and 20 standalone labs in FY27, covering all districts in Uttar Pradesh and Uttarakhand within two years before moving to other states.
→Franchise network plans to scale aggressively from 130+ to 1,000 operational franchises over the next 24 months.
→New initiatives like digital direct-to-consumer platforms, home sample collection, PET scans, and a genome lab are expected to drive growth.
→Growth from government PPP projects in Punjab, Haryana, and Assam (worth INR 800 crores over 10 years) will begin contributing from Q2 FY27.
→Overall revenue growth is expected to accelerate post expansion, with a top-line growth guidance and detailed forecasts to be provided after the first quarter results.
→The company expects a balanced growth model, optimizing between expansion and profitability for sustained momentum.

Margin guidance

Category 1

→For FY27, growth is expected to improve significantly due to expansion efforts, particularly new diagnostic centers and labs started last financial year now contributing (Page 23).
→Top-line growth is projected at around 20% in the current quarter, with better growth expected moving forward (Page 23).
→EBITDA margin expected to be higher than FY26's 20.25%, with guidance after Q1 results (Page 23).
→Expansion in 13+ states and focus on comprehensive diagnostic centers will drive revenue growth over next 3-4 years (Page 10).
→EBITDA margins targeted at 32%-35% currently, aiming to maintain above 30% despite expansion costs (Page 7).
→Longer-term EBITDA margins may reach around 40% after 2-3 years when expansion stabilizes (Page 10).
→Revenue growth expected to be robust over 3-4 years, supported by PPP projects and franchisee growth (Page 10).
→Profit after tax growing steadily, with FY26 PAT up 22.04% to INR 27.06 crores (Page 4).

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Fundraise plans

Yes

→No plans for additional equity fundraising as per Amar Singh’s statement.
→The company has already issued warrants worth INR 104 crores for fundraising.
→25% of the warrant amount has been received; remaining 75% expected within the next year.
→Funds from warrants along with internal accruals will be used for expansion.
→No mention of new debt fundraising; expansion capital largely covered by warrants and internal accruals.

Order book

→The company has secured projects under the PPP model in Punjab, Haryana, and Assam with a combined estimated project value of INR 800 crores over 10 years.
→These projects were awarded in the last quarter and are currently under construction with machines being installed.
→The projects are expected to start gradually from Q2 of the financial year 2026-27, with all machines expected to be operational within the year.
→The management indicated that the revenue from these projects and other expansions will significantly boost the company's performance going forward.

Capex plans

Yes

→For FY27, Chandan Healthcare plans capital investment of INR 45-50 crores.
→This includes setting up 20 standalone labs (each costing ~INR 1 crore) and 5 comprehensive centers (each costing INR 6-7 crores).
→Comprehensive centers include pathology and full radiology services; standalone labs focus mainly on lab services.
→Funding for this capex will come from internal accruals and proceeds from warrants floated for INR 104 crores (25% already received).
→Expansion is focused on covering Uttar Pradesh and Uttarakhand districts in the next two years, with plans to proceed to other states afterward.
→Company is also entering government PPP projects in Punjab, Haryana, and Assam, with capital expenditure in machines and infrastructure underway.
→Expansion aims for balanced growth maintaining profitability and building a comprehensive nationwide diagnostic network.

How does Chandan Healthcare Ltd rank vs peers in Healthcare Services?

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1Chandan Healthcare Ltd

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