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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +19% YoY · PAT +28% YoY · margin expansion · +7% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
FY26 Segmental Sale
Latest issuer-disclosed distribution across 5 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -4.3% / mo · MACD − · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
CHANDANdaily · 1Y · AUTO-19.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.4% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 41% off 52W high · 14% 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.
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 53.6%.
- Growth contributes 21/25 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 39th pctile, median 70 · SME: 66th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 19.70
- P/B
- 3.03
- EV/EBITDA
- 8.16
- Market Cap
- 517.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 23.10%
- ROA
- 8.62%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 79.00%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 6.33×
- Altman Z
- 5.17
- Book Value
- 69.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 16.00 Cr
- EPS TTM
- 10.12
Shareholding
- Promoter Hold
- 49.61%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Pharma, ranked by similarity
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.