India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/krsnaa-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:33795:1" rel="noopener">Krsnaa Diagnostics (KRSNAA IN)</a> Q3 FY25 Revenue increased by 10% YoY, with PAT up by 50%, driven by strong performance in radiology and pathology, and expansion in retail and collection centers.</li>
<li>Robust financial and operational improvements, despite some project delays, highlight the company’s effective cost management and strategic expansion, positioning it well for future market growth.</li>
<li>The company aims to expand its retail network to 500 touchpoints and target to expand partnerships with hospitals, nursing homes, and laboratories to 1,000 by FY26.</li>
</ul>



Krsnaa Diagnostics (KRSNAA IN) Q3 FY25 Revenue increased by 10% YoY, with PAT up by 50%, driven by strong performance in radiology and pathology, and expansion in retail and collection centers.
Robust financial and operational improvements, despite some project delays, highlight the company’s effective cost management and strategic expansion, positioning it well for future market growth.
The company aims to expand its retail network to 500 touchpoints and target to expand partnerships with hospitals, nursing homes, and laboratories to 1,000 by FY26.


Krsnaa Diagnostics Limited Q3FY25 Update: Radiology, Pathology, and Expansion in Retail

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>In the overheated Indian markets where selling spree by promoters is going at record pace.</li>
<li>We identified certain interesting companies where promoters are buying giving confidence in their business</li>
<li>We further delve into the thesis and key triggers for these companies</li>
</ul>


In the overheated Indian markets where selling spree by promoters is going at record pace.
We identified certain interesting companies where promoters are buying giving confidence in their business
We further delve into the thesis and key triggers for these companies


Thematic Report : Investment Opportunities in Indian Markets Led by Promoter Buying

<ul>
<li>
<a href="https://www.smartkarma.com/entities/krsnaa-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:33795:1" rel="noopener">Krsnaa Diagnostics (KRSNAA IN)</a> expands into B2C, adds new pathology labs, and secures major government contracts for further growth.</li>
<li>Growth in PPP and retail sectors, improved margins, and expanding service offerings solidify market leadership.</li>
<li>Krsnaa's aggressive expansion strategy and diversification indicate strong long-term growth potential with new B2C trajectory and Asset Light Model Expansion.</li>
</ul>



Krsnaa Diagnostics (KRSNAA IN) expands into B2C, adds new pathology labs, and secures major government contracts for further growth.
Growth in PPP and retail sectors, improved margins, and expanding service offerings solidify market leadership.
Krsnaa's aggressive expansion strategy and diversification indicate strong long-term growth potential with new B2C trajectory and Asset Light Model Expansion.


The Beat Ideas- Krsnaa Diagnostics: B2C & Asset Light Flavor

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> reported 2% and 8% revenue and net profit decline in Q3FY23, respectively. Q3 results were dragged by an 80% YoY decline in COVID-19 revenue.</li>
<li>While non-COVID revenue increased 9% YoY to INR4.78 billion, it declined 7% QoQ. In fact, Q3FY23 non-COVID revenue was the lowest over the last three quarters.</li>
<li>Although diagnostics is a big and attractive market opportunity in India, the sector is overcrowded, leading to heated price competition and declining realization per test.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported 2% and 8% revenue and net profit decline in Q3FY23, respectively. Q3 results were dragged by an 80% YoY decline in COVID-19 revenue.
While non-COVID revenue increased 9% YoY to INR4.78 billion, it declined 7% QoQ. In fact, Q3FY23 non-COVID revenue was the lowest over the last three quarters.
Although diagnostics is a big and attractive market opportunity in India, the sector is overcrowded, leading to heated price competition and declining realization per test.


Dr Lal PathLabs (DLPL IN): Losing Path Amid Competition; Non-COVID Growth Underwhelming

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> reported revenue growth of 7% y/y in Q2FY23, driven by 15% y/y growth in non-COVID business, which clocked highest ever quarterly revenue.  </li>
<li>Although business growth was mainly driven by a double-digit patient volume growth, average realization per patient also increased 3% y/y to INR746.</li>
<li>Amid rising competition, the company reported sequential improvement in bottom-line. Normalized EBITDA increased 20% compared to Q1FY23. Normalized EBITDA margin improved 310 basis points sequentially.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported revenue growth of 7% y/y in Q2FY23, driven by 15% y/y growth in non-COVID business, which clocked highest ever quarterly revenue.  
Although business growth was mainly driven by a double-digit patient volume growth, average realization per patient also increased 3% y/y to INR746.
Amid rising competition, the company reported sequential improvement in bottom-line. Normalized EBITDA increased 20% compared to Q1FY23. Normalized EBITDA margin improved 310 basis points sequentially.


Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

India

Krsnaa Diagnostics is a leading provider of comprehensive diagnostic services, specializing in radiology, pathology, and tele-radiology. The company operates through a Public-Private Partnership (PPP) model, establishing diagnostic centers within government hospitals and medical colleges, and offers a wide range of imaging services (MRI, CT Scan, X-ray) and pathology tests. Krsnaa Diagnostics was founded in 2010 and is headquartered in Pune, Maharashtra, India.

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Krsnaa Diagnostics (KRSNAA IN)

Krsnaa Diagnostics Limited Q3FY25 Update: Radiology, Pathology, and Expansion in Retail

Krsnaa Diagnostics reports strong Q3 performance with revenue up 10% YoY and PAT up 50%, driven by radiology and pathology growth, retail...

Sudarshan Bhandari

Thematic Report : Investment Opportunities in Indian Markets Led by Promoter Buying

Indian markets see record promoter selling, but some companies show confidence with promoter buying. Article explores thesis and key triggers for...

Nimish Maheshwari

The Beat Ideas- Krsnaa Diagnostics: B2C & Asset Light Flavor

Krsnaa Diagnostics expands into B2C, adds labs, secures govt contracts for growth. Aggressive strategy and diversification show strong long-term...

Sudarshan Bhandari

Dr Lal PathLabs (DLPL IN): Losing Path Amid Competition; Non-COVID Growth Underwhelming

India diagnostic sector is overcrowded, leading to price competition and declining realization per test. Currently, DLPL’s three-year patient...

Tina Banerjee

Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

DLPL reported highest ever quarterly revenue from non-COVID business. The company reported sequential improvement in bottom-line. Price competition...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krsnaa Diagnostics Limited Q3FY25 Update: Radiology, Pathology, and Expansion in Retail

​Krsnaa Diagnostics reports strong Q3 performance with revenue up 10% YoY and PAT up 50%, driven by radiology and pathology growth, retail...

Sudarshan Bhandari

Thematic Report : Investment Opportunities in Indian Markets Led by Promoter Buying

​Indian markets see record promoter selling, but some companies show confidence with promoter buying. Article explores thesis and key triggers for...

Nimish Maheshwari

The Beat Ideas- Krsnaa Diagnostics: B2C & Asset Light Flavor

​Krsnaa Diagnostics expands into B2C, adds labs, secures govt contracts for growth. Aggressive strategy and diversification show strong long-term...

Sudarshan Bhandari

Dr Lal PathLabs (DLPL IN): Losing Path Amid Competition; Non-COVID Growth Underwhelming

India diagnostic sector is overcrowded, leading to price competition and declining realization per test. Currently, DLPL’s three-year patient...

Tina Banerjee

Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

DLPL reported highest ever quarterly revenue from non-COVID business. The company reported sequential improvement in bottom-line. Price competition...

Tina Banerjee

Krsnaa Diagnostics reports strong Q3 performance with revenue up 10% YoY and PAT up 50%, driven by radiology and pathology growth, retail...

Indian markets see record promoter selling, but some companies show confidence with promoter buying. Article explores thesis and key triggers for...

Krsnaa Diagnostics expands into B2C, adds labs, secures govt contracts for growth. Aggressive strategy and diversification show strong long-term...