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> reported robust margin expansion in FY25 driven by operational efficiency and a favourable business mix. Retail footprint expanded significantly, quadrupling touchpoints in focus states.</li>
<li>Enhanced profitability highlights the effectiveness of cost control and operational leverage. Retail growth diversifies revenue beyond the core PPP model.</li>
<li>Reinforces management's commitment to profitable and disciplined growth over aggressive top-line targets alone. Acknowledges execution hurdles like site delays but underscores confidence in receivables and future growth.</li>
</ul>



Krsnaa Diagnostics (KRSNAA IN) reported robust margin expansion in FY25 driven by operational efficiency and a favourable business mix. Retail footprint expanded significantly, quadrupling touchpoints in focus states.
Enhanced profitability highlights the effectiveness of cost control and operational leverage. Retail growth diversifies revenue beyond the core PPP model.
Reinforces management's commitment to profitable and disciplined growth over aggressive top-line targets alone. Acknowledges execution hurdles like site delays but underscores confidence in receivables and future growth.


Krsnaa Diagnostics Q4 & FY25 Update: Strong Margin Expansion Despite Revenue Growth Shortfall

<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

Thematic (Sector/Industry)

<ul>
<li>The Indian diagnostic sector has exited the post-COVID "volume hangover." Leading players are pivoting from pandemic-era testing to sustainable drivers: wellness packages, specialized testing (oncology/genomics), and aggressive Tier-3/4 expansion.</li>
<li>Organized chains currently hold 20-24% market share. With pricing discipline returning and digital aggregators reducing discounts, listed players are poised to gain share from the unorganized fragment (80% of market).  </li>
<li>Valuations have corrected to attractive levels. We see a strong re-rating potential for pan-India players with robust balance sheets capable of funding M&amp;A and organic expansion.</li>
</ul>


The Indian diagnostic sector has exited the post-COVID "volume hangover." Leading players are pivoting from pandemic-era testing to sustainable drivers: wellness packages, specialized testing (oncology/genomics), and aggressive Tier-3/4 expansion.
Organized chains currently hold 20-24% market share. With pricing discipline returning and digital aggregators reducing discounts, listed players are poised to gain share from the unorganized fragment (80% of market).  
Valuations have corrected to attractive levels. We see a strong re-rating potential for pan-India players with robust balance sheets capable of funding M&amp;A and organic expansion.


Thematic Report on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.</li>
<li>HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.</li>
<li>Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.</li>
</ul>


Shionogi is acquiring Torii Pharmaceutical and pharmaceutical business of Japan Tobacco. Daiichi Sankyo’s Enhertu meets main goal in the neoadjuvant setting (before surgery) in early-stage breast cancer trial.
HK inno.N received approval for the domestic phase 3 clinical trial of obesity drug candidate. Neuren Pharmaceuticals’ Daybue recorded $84.6M revenue in the U.S. in 1Q25, up 11% YoY.
Biocon secured multiple market access agreements for Yesintek, its biosimilar to Stelara. Lupin received FDA approval for antiretroviral agent raltegravir tablets for the treatment of human immunodeficiency virus (HIV-1) infection.


APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

India

Krsnaa Diagnostics Limited provides diagnostic and medical treatment services. The Company offers radiology, MRI breast imaging, musculoskeletal, body and spine scan, pathology, hematology, microbiology, serology, and teleradiology services. Krsnaa Diagnostics serves patients in India.

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Krsnaa Diagnostics (KRSNAA IN)

Krsnaa Diagnostics Q4 & FY25 Update: Strong Margin Expansion Despite Revenue Growth Shortfall

Krsnaa Diagnostics sees strong margin growth in FY25, driven by operational efficiency and retail expansion, highlighting commitment to profitable...

Sudarshan Bhandari

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 on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...

Nimish Maheshwari

APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

Shionogi is acquiring Torii Pharma. Daiichi Sankyo’s Enhertu meets key goal in breast cancer trial. HK inno got domestic approval for P3 trial of...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krsnaa Diagnostics Q4 & FY25 Update: Strong Margin Expansion Despite Revenue Growth Shortfall

​Krsnaa Diagnostics sees strong margin growth in FY25, driven by operational efficiency and retail expansion, highlighting commitment to profitable...

Sudarshan Bhandari

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 on India Diagnostics: The Great Consolidation and the Rise of Organized Chains

​Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...

Nimish Maheshwari

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

APAC Healthcare Weekly (May 11)- Shionogi, Daiichi Sankyo, HK Inno, Neuren, Biocon, Aster DM, Lupin

Shionogi is acquiring Torii Pharma. Daiichi Sankyo’s Enhertu meets key goal in breast cancer trial. HK inno got domestic approval for P3 trial of...

Tina Banerjee

Krsnaa Diagnostics sees strong margin growth in FY25, driven by operational efficiency and retail expansion, highlighting commitment to profitable...

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

Indian diagnostic sector shifts focus from pandemic testing to sustainable growth drivers, with listed players poised to gain market share from...