Krsnaa Diagnostics receivables rise 61% as borrowings jump

Krsnaa Diagnostics Ltd. reported trade receivables of Rs 474.56 crore on September 30, 2026, up 61% from Rs 295.51 crore on March 31, 2026, while current borrowings nearly tripled to Rs 156.55 crore from Rs 53.36 crore, alongside a Rs 207.04 crore increase in current liabilities.

How much did Krsnaa Diagnostics’ receivables and current assets change?

Krsnaa Diagnostics’ trade receivables increased by Rs 179.05 crore in the six months to September 30, 2026, reaching Rs 474.56 crore from Rs 295.51 crore at March 31, 2026. The 61% increase was the largest movement among the reported current-asset lines and exceeded the Rs 47.18 crore increase in cash and cash equivalents.

The presentation does not provide an ageing schedule for the Rs 474.56 crore receivables balance, identify customers, or state expected collection timing. It does show that total current assets rose by only Rs 26.87 crore to Rs 765.21 crore because bank balances other than cash and cash equivalents fell by Rs 216.28 crore to Rs 114.22 crore.

Cash and cash equivalents rose to Rs 77.40 crore from Rs 30.22 crore, while inventories increased to Rs 33.30 crore from Rs 26.66 crore. Other current assets also rose to Rs 43.34 crore from Rs 24.14 crore, whereas other current financial assets declined to Rs 22.39 crore from Rs 31.32 crore.

How did Krsnaa Diagnostics’ asset base change in six months?

Krsnaa Diagnostics’ total assets increased by Rs 239.87 crore to Rs 2,063.58 crore at September 30, 2026, from Rs 1,823.72 crore at March 31, 2026. Non-current assets accounted for Rs 213.00 crore of the increase, rising to Rs 1,298.38 crore, while current assets contributed Rs 26.87 crore.

Property, plant and equipment rose by Rs 197.20 crore to Rs 848.83 crore, the largest movement within non-current assets. In contrast, capital work-in-progress declined to Rs 5.20 crore from Rs 208.07 crore during the same period, changing the composition of the reported fixed and project-related asset base.

Intangible assets increased to Rs 21.51 crore from Rs 4.84 crore, and other non-current assets rose to Rs 243.60 crore from Rs 122.49 crore. Other non-current financial assets increased to Rs 115.75 crore from Rs 35.87 crore, while investments remained unchanged at Rs 57.43 crore.

The presentation does not specify the projects, equipment or intangible assets underlying these changes. It reports total non-current assets of Rs 1,298.38 crore at September 30, 2026, compared with Rs 1,085.38 crore at March 31, 2026.

Why did Krsnaa Diagnostics’ current liabilities increase?

Krsnaa Diagnostics’ current liabilities increased by Rs 207.04 crore to Rs 482.24 crore at September 30, 2026, principally reflecting higher trade payables and current borrowings. Trade payables rose by Rs 168.54 crore to Rs 231.74 crore, while current borrowings rose by Rs 103.19 crore to Rs 156.55 crore.

The increase in current borrowings took the September 30 balance to about 2.9 times the Rs 53.36 crore reported on March 31, 2026. Other financial liabilities moved in the opposite direction, declining by Rs 74.48 crore to Rs 50.64 crore from Rs 125.12 crore, partly offsetting the increase in payables and borrowings.

Current tax liabilities increased to Rs 14.22 crore from Rs 3.15 crore, provisions rose to Rs 10.14 crore from Rs 8.61 crore, and current lease liabilities were broadly unchanged at Rs 12.51 crore compared with Rs 12.68 crore. The presentation does not state the purpose or terms of the additional current borrowings.

Krsnaa Diagnostics’ non-current borrowings declined by Rs 34.35 crore to Rs 402.80 crore at September 30, 2026. Combining current and non-current borrowings, reported borrowings increased by Rs 68.84 crore to Rs 559.34 crore from Rs 490.51 crore, excluding lease liabilities.

How did these balance-sheet movements compare with H1 FY27 earnings?

Krsnaa Diagnostics reported revenue from operations of Rs 506.50 crore in H1 FY27, up from Rs 399.00 crore in H1 FY26, while profit after tax declined to Rs 41.10 crore from Rs 44.50 crore. The Rs 179.05 crore increase in receivables was therefore larger than the Rs 107.50 crore increase in half-year revenue.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 129.10 crore in H1 FY27 from Rs 110.60 crore in H1 FY26. EBITDA margin declined to 25% from 28%, while profit before tax fell to Rs 55.20 crore from Rs 59.10 crore.

Finance costs increased to Rs 30.30 crore in H1 FY27 from Rs 14.50 crore in H1 FY26, and depreciation increased to Rs 57.00 crore from Rs 45.20 crore. Those movements occurred alongside the increase in total reported borrowings to Rs 559.34 crore at September 30, 2026, although the presentation does not directly connect the finance-cost change to specific borrowings.

The expense mix also changed in H1 FY27. Fees to channel partners and collection centres rose to Rs 91.30 crore, or 18% of revenue, from Rs 32.40 crore, or 8% of revenue, while total expenses increased to Rs 375.80 crore from Rs 286.40 crore. The presentation does not state whether these expense changes affected receivable collections or the current-borrowing balance.

Conclusion

Krsnaa Diagnostics ended September 30, 2026 with Rs 474.56 crore of trade receivables, Rs 156.55 crore of current borrowings and Rs 231.74 crore of trade payables. The higher receivables, lower bank balances other than cash equivalents and Rs 207.04 crore rise in current liabilities show that the six-month balance-sheet movement extended beyond H1 FY27 revenue growth of Rs 506.50 crore.

The next balance-sheet disclosure will be relevant for whether Krsnaa Diagnostics reduces its Rs 474.56 crore receivables balance and whether current borrowings remain near Rs 156.55 crore. Management identifies tier-2 and tier-3 expansion, advanced and specialised testing, digital access, home sample collection, artificial intelligence and operational automation as growth drivers, but the presentation gives no receivables-collection or borrowing-reduction target.