Annual reportSep 2026
Sep 2026 · Shareholders meeting 7 Sep - Submitted FY2025-26 annual report and AGM notice; 23rd AGM on 30 September 2026 at 4:00 PM via VC.
Source: Nse
Chandan Healthcare Ltd. (CHANDAN)
SME CapPharma stocks · SME cap · NSE
Chandan Healthcare Ltd. is an integrated diagnostics platform operating two central referral labs, 19 comprehensive diagnostic centers, 25 diagnostic centers, 26 standalone labs, and over 400 collection centers across 13 states. Listed on NSE Emerge, the company focuses on building a scalable, high-quality pan-India healthcare network.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 12:40 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
68BullishSMA20 +10.1% / mo · MACD − · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 47
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
CHANDAND candles · FIT view-10.0%Latest close ₹229.00 on 2026-10-21
Bar
+0.0%
RSI
49
MACD hist
-0.55
52W pos
25%
2026-10-21O ₹229.00H ₹229.55L ₹226.00C ₹229.00Vol 8,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CHANDANNifty PharmaNifty 500
- CHANDAN
- -5.7%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- +0.8 pp
Chart stats
21 Oct 2026- From 52W high
- -36.0%
- 52W range position
- 25%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.19x
- Avg traded value
- ₹0.9 Cr
- 20D price channel
- ₹216 - ₹255
₹358
₹185.4 - ₹358
₹10.2
Latest completed session
20-session average
49.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +19.1% · PAT +27.9% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model+49.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +19% YoY · PAT +28% YoY · margin expansion · +7% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹80.9 Cr | +19.1% | +7.0% |
| EBITDA | ₹19.6 Cr | +41.2% | +70.6% |
| Operating margin | 24.2% | +379 bps | +903 bps |
| PAT | ₹7.9 Cr | +27.9% | +60.3% |
| PAT margin | 9.8% | +68 bps | +326 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.20
- P/B
- 3.40
- EV/EBITDA
- 9.10
- Market Cap
- 583.00Cr
Profitability
- ROE
- 19.80%
- ROCE
- 23.30%
- ROA
- 8.62%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 55.00%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 6.33×
- Altman Z
- 5.51
- Book Value
- 69.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 16.00 Cr
- EPS TTM
- 10.12
Shareholding
- Promoter Hold
- 2.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 31%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 276+20.0% vs prev
Net Profit
₹ CrLatest: 29.0+20.8% vs prev
Return on Equity
%Latest: 17.0-13.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 49. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~9.2% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 36% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 4 Downtrend
1M return
+12.9%
3M return
-5.8%
6M return
-14.1%
1Y return
-29.9%
RS 1D
-8
RS 20D
-1
Sector rank
#1
Industry rank
#17
Stage evidence
- Price is 3.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 102.63+1.15%
RS vs Nifty 500103
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation14/30
Growth21/25
Quality12/20
Balance Sheet5/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 49.7%.
- Growth contributes 21/25 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
22.2
PB
3.4
EV/EBITDA
9.1
ROE
19.8%
ROCE
23.3%
FCF Yield
—
Debt/Equity
0.3
MoS
+49.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+49.7%
Previous: +49.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
59
59
59
59
59
58
57
57
57
57
58
58
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹126.16
-81.5% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹455.4
+49.7% MoS
PEG
0.63
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UNIHEALTH
SME
Unihealth Hospitals Ltd.
Healthcare Services
match 162
62
34.9
21.5%
+31%
UNDERVALUED
SANGANI
SME
Sangani Hospitals Ltd.
Healthcare Services
match 157
29
26.2
7.8%
-20%
OVERVALUED
MAITREYA
SME
Maitreya Medicare Ltd.
Healthcare Services
match 156
12
—
-9.3%
—
OVERVALUED
GPTHEALTH
Small
GPT Healthcare Limited
Healthcare Services
match 150
70
29.5
28.5%
+41%
UNDERVALUED
SHALBY
Small
Shalby Limited
Healthcare Services
match 145
28
36.7
2.5%
-856%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-26T07:27:43.615Z
Management commentary snapshot
Chandan Healthcare reports robust FY26 performance with 20.43% YoY revenue growth to INR280.67 Cr and 31.02% YoY EBITDA growth to INR56.84 Cr, expanding EBITDA margin by 164 bps to 20.25%. Q4 also saw double-digit YoY growth across key metrics.
The company demonstrates strong top-line and EBITDA growth, driven by aggressive pan-India expansion and new business segments like franchises and online sales. While consolidated EBITDA margins are impacted by the low-margin pharmacy business and new center ramp-up, the core diagnostic business maintains high profitability. Execution of PPP projects and franchise scaling are key for future growth.
Current business mix
FY26 Segmental Sale
Latest issuer-disclosed distribution across 5 reported categories.
Referral39.8%
Government31.8%
Corporate25.3%
Franchise1.6%
Online1.5%
Growth engines
Pan-India Expansion
Company is already in 13 states, with three more states to be added in Q1 FY27. Focus on 'one district, one lab' across UP and Uttarakhand in next two years.
Public-Private Partnership (PPP) Projects
Secured five PPP projects for 10 years, with an estimated project value of INR800 crores. Includes 12 districts in Punjab, Rohtak in Haryana, and Northeast Frontier Railway Central Hospital in Assam.
Franchise Network Scaling
Launched over 130 franchises in FY26 and targets scaling up to 1,000 operational franchises over the next 24 months, adding 25-35 franchises monthly.
Strategic Partnerships
Exclusive 5-year partnership with Jeena Sikho, an Ayurveda hospital and clinic chain, scaling across 17 states, covering over 50% of their facilities.
Capacity and execution
Central Referral Labs Upgradation
Three central referral labs (Delhi, Raipur, Bhopal) are under upgradation and will be operational as upgraded centers within two to three months.
New Diagnostic Centers & Labs (FY27 Target)
For FY27, the company targets opening five comprehensive centers (INR6-7 Cr each) and 20 standalone labs (INR1 Cr each).
Advanced Imaging Facilities
Two PET scans (Gorakhpur and Kanpur) will be started in Q1 FY27. A genetic genome lab (Lucknow) will be started within six months.
PPP Project Equipment Installation
PPP projects involve installing advanced 1.5 Tesla MRI, 32-slice CT scan systems, 800 MA X-ray, advanced ultrasound, 3 Tesla MRI, and 128-slice CT scan.
Tailwinds
Long-term PPP Revenue
Five PPP projects provide long-term revenue with an estimated project value of INR800 crores over 10 years, offering confirmed business with high EBITDA margins (>40%).
Confirmed Business from Jeena Sikho Partnership
Exclusive 5-year contract with Jeena Sikho provides confirmed diagnostic business, with daily revenue crossing INR4.5 lakhs.
Government Support for Franchise Expansion
UP Government is helping to develop startup businesses for phlebotomists by providing loans of INR5 lakhs for franchise establishment, accelerating franchise growth.
Headwinds
Pharmacy Business Drag on Margins
The pharmacy subsidiary business has a low EBITDA margin of around 5%, which drags down the consolidated EBITDA margin.
Extended Government Receivables
Government receivables can extend up to six months, impacting working capital, though bad debt risk is zero.
One-time Exceptional Item
A one-time non-recurring adjustment of INR2.92 crores was provisioned due to the implementation of a new Labor Code and change in the definition of wages.
Risk radar
Working Capital Management
Trade receivables growth is higher than revenue growth, primarily due to government business where payments can be delayed up to six months.
Profitability During Aggressive Expansion
New comprehensive centers require INR6-7 crores investment and take approximately two years to become EBITDA positive, potentially impacting overall profitability during rapid expansion.
Competition
Competitors with larger bases are growing faster; management aims for controlled growth to maintain profitability.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company's business involves significant capital expenditure on new centers and labs, which mature over time. Year-on-year comparison provides a clearer view of the impact of these expansions and overall growth trends, rather than short-term sequential fluctuations.
Sector KPIs management disclosed
EBITDA Margin (Consolidated)
FY26 EBITDA margin expanded by 164 basis points to 20.25%.
EBITDA Margin (Diagnostic Business)
Diagnostic business EBITDA is more than 40%.
Total Test Count Growth
Total test count increased significantly by 20.69% YoY, growing from 7.3 million tests to 8.8 million tests.
Total Patient Count Growth
Total patient count in diagnostics increased from 1.7 million to 2 million, a 12.81% increase over the previous year.
Management forward view
EBITDA Margin Target
Management aims to achieve and maintain consolidated EBITDA between 30% to 35% in the long term, balancing expansion and profitability.
Franchise Network Target
The company has set a clear target to scale up to 1,000 operational franchises over the next 24 months.
Quarterly Sales Disclosure
Management plans to publish sales figures within two to three days of the completion of each quarter.
Growth from New Centers
New centers typically start giving results from the second year onwards, contributing significantly to overall growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 20.25% (FY26) | Improvement towards the 30-35% target, indicating successful integration and maturation of new centers and reduced drag from pharmacy business. |
| Franchise Network Expansion | 130+ franchises (FY26) | Progress towards the target of 1,000 operational franchises within 24 months, supported by UP Government initiatives. |
| PPP Project Operationalization | Awarded, under construction | Timely commissioning and revenue contribution from the five PPP projects, expected to start from Q2 FY27. |
| Receivable Days | 114 days | Stabilization or reduction in receivable days, particularly from the government segment, to improve working capital efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 39th percentile within Pharma. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Pharma: 39th pctile, median 70 · SME: 66th pctile, median 64
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸ROCE is 23.1%.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -6.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Chandan Healthcare Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Nse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Concall transcriptFeb 2026
Feb 2026 · Transcript
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.