Krsnaa Diagnostics Ltd

- Maharashtra MRI project: Ongoing capex incurred, but revenue delayed due to site and compliance clearance delays; 10 MRI sites nearing inauguration expected in Q4 FY26. - Rajasthan project: Around 20 labs installed, 300 collection centers in progress; majority expected by Q4 FY26 with some spillover into Q1 FY27; involves capital investment with front-loaded expenses. - Selective tender participation: Management is cautious and selective about new PPP tenders, focusing on projects with clearances and feasibility to ensure capital discipline. - Strategic alignment with Apulki Hospital (specialized cancer and cardiac care): Long-term investment aligning with oncology specialty business, expecting 60 years of revenue visibility. - Finance leases for two machines: Minor capital investment through lease financing with minimal impact on financing costs. Overall, capital allocation remains disciplined, with investments focused on long-term, high-quality growth projects.

- Krsnaa Diagnostics is focusing on organic growth and expects year-on-year expansion in volumes and revenues. - Retail segment showing strong momentum, with retail revenue growing nearly 8x YoY in Q3 FY '26, contributing 8% of total revenue; network expanded to over 3,000 touch points. - Expectation of 15-25% growth in retail touch points in coming quarters as part of strategic, long-term network building. - Rajasthan PPP project anticipated to contribute approximately INR 200 crores in revenue in FY '27, with full potential revenue expected by end of FY '27 rather than spilling into FY '28. - Core base business (ex-B2C and ex-Rajasthan) targeted to grow in the higher teens percentage-wise annually. - Both pathology and radiology segments in base business expected to grow in tandem, with potential slightly better growth in radiology next year due to new projects. - Maharashtra project implementation delays impacting near-term growth but expected to contribute positively in upcoming financial year(s). - Selective approach to new PPP tender wins, focusing on projects aligned with capabilities and avoiding overly aggressive capex ahead of clearances.

- Krsnaa Diagnostics expects growth to return in subsequent quarters after interim setbacks (Page 17). - Retail segment showed strong potential with 8x YoY growth in Q3 FY '26 and expanding network of 3,000+ touch points, expected to scale steadily (Page 7). - The business model remains intact, with selective tender participation and cautious capital allocation ensuring disciplined growth (Page 17). - Return to breakeven for retail business is anticipated by Q4 (Page 7). - Revenue growth in base business (excluding Rajasthan and retail) is aspirationally targeted in the higher teens percentage annually (Page 10). - Expansion projects like Rajasthan and Maharashtra contribute to future revenue; pathology share expected to increase possibly to 65-70% of revenue (Page 16). - Margins aimed to remain stable or improve, with cost levers in place to counter any margin pressure from shift in pathology-radiology mix (Page 16). - Interest expense expected to reduce going forward due to better working capital collections (Page 13).

- Krsnaa Diagnostics is selective about the PPP projects it undertakes, focusing on tenders that can be successfully delivered. - The largest rollout currently underway is the Rajasthan project. - Apart from Rajasthan and Maharashtra radiology tender under implementation, there are a couple of other projects in the pipeline. - No major new order wins have occurred in the past 12 months except Rajasthan tender. - The company aims to see results from these pipeline projects in the coming quarters. - Krsnaa focuses on operational maturity and experience while choosing new tenders to ensure successful delivery.

- There is a mention of debt raising specifically for the Rajasthan project, with a facility from ADB in the final stages of completion (Page 15). - The management will inform about any debt raised, emphasizing that the debt is project-specific and not on the overall company debt (Page 15). - Interest expense is expected to go down due to collections and working capital management, with no significant increase anticipated from finance leases (Page 14). - No explicit mention of future equity fundraising is found in the provided transcript. - The company is maintaining capital discipline and selective in tender participation (Pages 17 and 15), indicating cautious financial management without aggressive fundraising plans disclosed.