Chandan Healthcare: share price, financial results, shareholding and management
Chandan Healthcare runs diagnostic centres and laboratories that do blood tests and medical scans for patients, hospitals, companies and state governments. It began in Lucknow, now works across many states of India, and its shares trade on NSE Emerge.
What this page is built from. Read for this page: 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 2 credit rating notes, 2 press releases, 1 offer document, 1 result filing. Also 168 exchange announcements, 7 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.
- Market cap
- ₹530 cr at ₹212
- Share price
- ₹212 close on 4 Sept 2026
- 52-week high / low
- ₹358 / ₹185 to the same date
- P/E
- 19.6× on FY26 profit
- Book value
- ₹68 P/B 3.1×
- ROCE
- 22% FY26, average capital
- ROE
- 19% FY26, average equity
- Debt to equity
- 0.32 borrowings ₹54 cr
- Promoter holding
- 48.43% 14 Sept 2026
- Dividend
- None in the past year
- Face value
- ₹10 lot of 800
- IPO price
- ₹159 listed 17 Feb 2025
Our arithmetic on reported figures; prices run 30 days behind the market, as SEBI's rules for education sites require.
Chandan Healthcare key points: what to know in 30 seconds
Own centres, laboratories and franchise centres together at the August 2026 call, in 15 states.
Earnings call, August 2026, p.3 and p.5Collection franchises opened in about four months; the company says it aims for 1,000 this financial year.
Earnings call, August 2026, p.4 and p.5Share of consolidated revenue from the retail pharmacy business, which earned a much thinner margin than diagnostics.
Annual report FY26, p.69 and p.70Price for the 53.56% stake in Chandan Pharmacy, sold to group company Chandan Hospital; its revenue leaves the books from 1 September 2026.
Earnings call, August 2026, p.4, p.13 and p.15Ten year radiology contracts won in FY26 in Punjab, Haryana and Assam; the company puts their combined value at about ₹800 cr over ten years.
Annual report FY26, p.68; earnings call, June 2026, p.5Monthly business from the exclusive five year diagnostics deal with Jeena Sikho hospitals and clinics, with about 80% of their centres covered.
Earnings call, August 2026, p.21; press release, February 2026, p.2Up to this amount from 44,50,000 warrants at ₹234 each, allotted in February 2026 to the promoter group and investors including Jeena Sikho Lifecare; a quarter had been paid in by June 2026.
Annual report FY26, p.34; press release, February 2026, p.3; earnings call, June 2026, p.10Laboratories with NABL accreditation, at the IPO and at 31 March 2026; six radiology centres also hold NABH accreditation.
Offer document, p.168; annual report FY26, p.68Each point is read from the company's documents or worked out from its reported figures, with the source under it.
What does Chandan Healthcare do? Business, products and customers
Chandan Healthcare does pathology (blood and other laboratory tests) and radiology (X-ray, ultrasound, CT and MRI scans) through its own centres, standalone laboratories and collection points. Samples go to central reference laboratories at Lucknow in Uttar Pradesh and Haldwani in Uttarakhand, and the first centre opened in Lucknow in 1991, before the company was formed in 2003. At 31 March 2026 Uttar Pradesh held 173 of its 313 centres and laboratories, and the company did over 88 lakh tests in FY26.
The company serves three groups: patients who walk in or book a home collection, hospitals, insurers and companies, and state governments that hire it to run scans and tests inside public hospitals. In the June 2026 quarter, standalone sales came 38% from patients, 32% from institutions and 30% from governments. The company said on its August 2026 call that government bills take about four months on average to be paid.
During FY26 the company opened its first centres in cities such as Mumbai, Kolkata, Bengaluru, Chandigarh, Raipur and Vadodara, and has started franchise collection centres run by local sample collectors who pay for their own set up. It is also the exclusive diagnostics partner of Jeena Sikho Lifecare hospitals and clinics for five years. In August 2026 it divested its 53.56% stake in Chandan Pharmacy, its retail pharmacy arm, to group company Chandan Hospital, so that pharmacy revenue stops counting from 1 September 2026.
From the offer document, the FY26 annual report, the February 2026 press release and the June and August 2026 earnings calls.
Who runs Chandan Healthcare? Management and board background
Holds a Bachelor of Medicine and Bachelor of Surgery degree and has over two decades of experience in healthcare. Associated with the company since its start and re-designated Managing Director on 30 March 2024; oversees operations and strategy. On the August 2026 call Amar Singh described being the founder of the Chandan Group and said the Chandan name comes from Chandan Singh, the father of Amar Singh.
Offer document, p.205; earnings call, August 2026, p.22Holds a Bachelor of Business Administration and a Master of Business degree, with over two decades of experience in marketing. Associated with the company since its start, re-designated Managing Director on 30 March 2024, and oversees operations and marketing. The offer document states that Amar Singh is the father of Asmita Singh.
Offer document, p.205 and p.206Trained at the Marine Engineering and Research Institute, Calcutta, and holds a certificate of competency as Marine Engineer Officer Class I. Operations head at Indra Diagnostic Centre and Blood Bank Limited from 1999 to 2003; works on equipment calibration standards and procurement at the company. A director since 2003, re-designated Non-Executive Director on 1 July 2024.
Offer document, p.204 and p.206Holds a Bachelor of Arts and a Post Graduate Diploma in Computer Engineering. Head of Information Technology at the company since 2003, responsible for the software the company runs on, with more than twenty years of experience in information technology.
Offer document, p.218 and p.221Holds a Bachelor of Science degree from Kumaun University and a Post Graduate Diploma in Business Management from the Institute of Productivity and Management.
Offer document, p.221Holds a Bachelor of Technology (Information Technology) from Amity University and a Master of Business Administration from the Indian Institute of Technology, Madras. Project Engineer at Wipro Technologies from 2016 to 2018, and associated with Chandan Hospitals Limited since 2018.
Offer document, p.221An investment company incorporated on 14 May 2008 in Lucknow. At the offer document, Amar Singh held 73.66% of it and Asmita Singh 9.64%, with the rest held by Anita Singh, Anant Singh and Aasti Singh.
Offer document, p.222Cleared the final examination of the Institute of Chartered Accountants of India, is an associate member of the Institute of Company Secretaries of India, and completed a Private Equity and Capital Market Financing programme at the Indian Institute of Management, Bangalore. In the role since 28 July 2014.
Offer document, p.217Holds a Master of Surgery (General Surgery) and fellowships from the American College of Surgeons and the International College of Surgeons. Professor at King George Medical University, Lucknow, from 1998 until retiring in October 2022; on the board since 13 August 2024.
Offer document, p.206Holds a Bachelor of Science degree, is a fellow member of the Institute of Company Secretaries of India and holds a Diploma in Business Finance; over two decades of experience in compliance and secretarial work. On the board since 13 August 2024 and chairs the audit committee.
Offer document, p.206; annual report FY26, p.30Chandan Healthcare order book, guidance and what the company says is coming
On its August 2026 call the company said it aims for 1,000 franchise centres this financial year and 3,000 within two years, and plans to open eight comprehensive diagnostic centres in the next three to four months, two PET scan machines at Kanpur and Gorakhpur in two to three months and a genome laboratory at Lucknow in about six months. Amar Singh, Chairman and Managing Director, said on that call that diagnostics revenue is expected to grow by more than half each year for three years; these are the company's own statements, not newboard's.
| What management said | When | What happened |
|---|---|---|
| 1,000 franchise centres in three years | Dec 2025 presentation, p.25 | 375 open by August 2026; the aim moved to this financial year (August 2026 call, p.4) |
| Two PET scan machines to start in the first quarter of FY27 | Jun 2026 call, p.6 | Not yet running at the August 2026 call; now due in two to three months (August 2026 call, p.5) |
| Genome laboratory at Lucknow planned in the first half of FY27 | Feb 2026 call, p.4 | Slated to open in about six months, the company said in August 2026 (August 2026 call, p.5) |
The company's own statements, attributed; not newboard's estimates.
Chandan Healthcare strengths and things to watch, from the numbers
- Sales have grown fast.
- It earns a high return on the money it uses.
- Customers take longer to pay than before.
- The promoters' share has come down.
- It paid no dividend in the past year.
Worked out from the reported figures by fixed rules, the same for every company. Facts, not a view on the shares.
Chandan Healthcare peers and competitors: listed SME companies in healthcare services
Other SME companies in the same industry are listed on NSE Emerge and BSE SME. By sales, Chandan Healthcare is the biggest of the 23 listed SMEs in its industry; the ones closest to it in size are below.
| Company | Market cap ₹ cr | P/E | Revenue ₹ cr | Profit ₹ cr | EBITDA margin | D/E |
|---|---|---|---|---|---|---|
| Chandan Healthcare | 530 | 19.6 | 276 | 27 | 19% | 0.32 |
| Asarfi Hospital | 387 | 22.8 | 159 | 17 | 22% | 0.59 |
| Unihealth Hospitals | 1,242 | 48.1 | 132 | 26 | 41% | 0.15 |
| Sangani Hospitals | 75 | 25.2 | 107 | 3 | 8% | 0.04 |
| Hannah Joseph Hospital | 260 | 23.6 | 92 | 11 | 27% | 0.28 |
| Star Imaging And Path Lab | 152 | 8.0 | 89 | 19 | 37% | 0.18 |
| Nephro Care India | 154 | 45.8 | 89 | 3 | 9% | 0.00 |
| Modern Diagnostic & Research Centre | 75 | 14.4 | 83 | 5 | 15% | 0.63 |
| Pramodini Medicare | 253 | 14.9 | 62 | 17 | 50% | 0.34 |
| Adeshwar Meditex | - | - | 56 | 1 | 5% | 0.16 |
| ABH Healthcare | 92 | 16.4 | 52 | 6 | 29% | 3.17 |
Each company's latest full year and its price 30 days back; a list of companies in the same line of business, not a comparison of their shares.
Chandan Healthcare half-yearly results
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Revenue | 120 | 136 | 141 |
| Expenses | 104 | 115 | 124 |
| EBITDA | 21.5 | 28.3 | 24.3 |
| EBITDA margin | 18% | 21% | 17% |
| Profit before tax | 16.7 | 22.3 | 16 |
| Profit after tax | 11.5 | 15.6 | 11.5 |
Chandan Healthcare profit and loss: revenue, profit and margins (FY20 to FY26)
Sales have grown fast. Last year profit grew roughly in step with sales.
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 67 | 56 | 120 | 137 | 177 | 230 | 276 |
| Expenses | 60 | 51 | 117 | 128 | 150 | 200 | 239 |
| Operating profit | 6 | 5 | 2 | 9 | 26 | 41.3 | 52.6 |
| OPM | 9% | 9% | 2% | 7% | 15% | 18% | 19% |
| Other income | 0 | 0 | 0 | 0 | 1 | 2.1 | 4.3 |
| Interest | 2 | 2 | 2 | 2 | 3 | 4.6 | 5.9 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 6.7 | 9.8 |
| Profit before tax | 2 | 1 | -1 | 5 | 21 | 32.1 | 38.3 |
| Tax rate | 39% | 45% | 3% | 28% | 24% | 27% | 25% |
| Net profit | 1 | 1 | -1 | 3 | 16 | 22.2 | 27.1 |
| EPS ₹ | 0.71 | 0.41 | -0.56 | 1.68 | 8.14 | 10.78 | 11.07 |
₹ crore, consolidated where the company reports it. Growth is compounded a year (our arithmetic).
Chandan Healthcare balance sheet: assets, borrowings and net worth
The company's own money, its net worth, has grown fast. Its loans are smaller than its own money.
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 20 | 20 | 20 | 20 | 20 | 24.5 | 24.5 |
| Reserves | 4 | 5 | 4 | 7 | 21 | 98.2 | 145 |
| Borrowings | 15 | 14 | 17 | 21 | 36 | 48.2 | 53.8 |
| Other liabilities | 20 | 18 | 41 | 49 | 41 | 39.9 | 65.9 |
| Total liabilities | 59 | 56 | 82 | 98 | 118 | 211 | 290 |
| Fixed assets | 20 | 20 | 29 | 33 | 48 | 76.4 | 101 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | - | - |
| Investments | 20 | 11 | 6 | 7 | 3 | 1.2 | 20 |
| Other assets | 19 | 25 | 46 | 58 | 66 | 133 | 168 |
| Total assets | 59 | 56 | 82 | 98 | 118 | 211 | 290 |
Chandan Healthcare cash flow: operations, investing and financing
Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares.
Bars below the line are cash going out.
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | - | -7 | 6 | 4 | 1 | -29.1 | 16.2 |
| Cash from investing | - | 7 | -11 | -6 | -15 | -35.8 | -39.9 |
| Cash from financing | - | 0 | 3 | 2 | 16 | 67.1 | 21.1 |
| Net cash flow | - | 0 | -2 | 0 | 2 | 2.3 | -2.6 |
Chandan Healthcare ratios: working capital days and returns
Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 54 | 76 | 88 | 63 | 59 | 74 | 114 |
| Inventory days | 88 | 78 | 46 | 71 | 96 | - | - |
| Days payable | 126 | 224 | 185 | 251 | 102 | - | - |
| Cash conversion cycle | 15 | -69 | -51 | -117 | 53 | - | - |
| Working capital days | -66 | -10 | -11 | -21 | -1 | - | - |
| ROCE | - | 8% | 3% | 16% | 38% | 30% | 22% |
| ROE | - | 4% | -4% | 12% | 47% | 27% | 19% |
Chandan Healthcare promoters and major shareholders
Everyone holding one per cent or more at 14 Sept 2026, and how that changed since 30 June 2026:
| Holder | Type | Holding | Change |
|---|---|---|---|
| Amaranita Holdings (India) Private Limited | Promoter | 16.60% | -0.40 pts |
| Amar Singh | Promoter | 9.38% | -0.23 pts |
| Vinay Lamba | Promoter | 6.33% | -0.15 pts |
| Shaleen Solanki | Promoter | 3.59% | -0.09 pts |
| Vijay Singh | Promoter | 3.59% | -0.09 pts |
| Negen Undiscovered Value Fund | AIF | 3.09% | -0.07 pts |
| Jeena Sikho Lifecare Limited | Body Corporate | 1.80% | new |
| Vikas Lamba | Promoter | 1.80% | -0.04 pts |
| Shweta Lamba | Individual HNI | 1.67% | -0.05 pts |
| Anant Wealth Consultants | Body Corporate | 1.58% | -0.05 pts |
| Hari Shanker Dixit | Individual HNI | 1.40% | -0.03 pts |
| Shalu Aggarwal | Individual HNI | 1.39% | -0.03 pts |
| Amit Srivastava | Individual HNI | 1.37% | -0.03 pts |
| Amita Singh | Individual HNI | 1.36% | -0.03 pts |
| Sandeep Kumar Saraswat | Individual HNI | 1.26% | -0.03 pts |
| Alok Singh | Promoter | 1.20% | -0.03 pts |
| Bimla Singh | Promoter | 1.20% | -0.03 pts |
| Rajeev Lochan | Individual HNI | 1.15% | -0.04 pts |
| Vikalp Dixit | Individual HNI | 1.11% | -0.03 pts |
| Keya Vimal Salot | Individual HNI | 1.09% | -0.03 pts |
From the shareholding pattern the company files with the exchange.
Chandan Healthcare latest news, orders and filings
The company files often, and a good part of its announcements are about orders won.
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting results
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026
- Disclosure of material issueChandan Healthcare Limited has informed regarding Disclosure of material issue
- General UpdatesGeneral Updates
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
- General UpdatesGeneral Updates
- Analysts/Institutional Investor Meet/Con. Call UpdatesCancellation
- General UpdatesGeneral Updates
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meet
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Chandan Healthcare Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Oblig
- Disclosure of material issueChandan Healthcare Limited has informed regarding allotment of 5,99,998 equity shares upon conversion of fully convertible warrants issued on a preferential bas
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome
Chandan Healthcare share split, bonus and dividends
No share split, bonus issue or dividend is on record since listing.
From the corporate actions the company announces on the exchange.
Chandan Healthcare annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from.
Checks we ran on Chandan Healthcare's data
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,50,52,062 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to 4 Sept 2026, 30 days behind the market, from the exchange's daily figures.
Chandan Healthcare study: what the filings say about the business
Read from 14 of the company's own documents
1Is it a good business?
Chandan Healthcare earns money from blood tests and scans done for patients, hospitals, companies and state governments, and diagnostics earns far more on each rupee than the pharmacy it has now let go.
Its weak spots are money owed by government hospitals, which comes in slowly, and the cash it needs to open many new centres at once.
Routine blood tests are a crowded market where prices keep getting pushed down, the company says. Scans bring in much more for each test.
The evidence
The annual report lists intense price competition in routine pathology as a threat; FY26 revenue per test was ₹142 in pathology and ₹909 in radiology.
Annual report FY26, p.67 and p.69It is well rooted in Uttar Pradesh and Uttarakhand with accredited labs, but in the new cities it meets national chains, hospital labs and online rivals.
The evidence
Uttar Pradesh holds 173 of its 313 centres and labs; it has 16 NABL accredited labs; the company names regional labs, hospital departments and digital aggregators as competitors.
Annual report FY26, p.67 to p.69A few large accounts have mattered a lot, and government hospitals bring close to a third of standalone sales. The company says it keeps government work below a set share because of slow payments.
The evidence
The two largest customers gave 50.5% of revenue in the nine months to December 2024; in the June 2026 quarter standalone sales were 38% patients, 32% institutions and 30% government, and the company does not want government above 40%.
Offer document, p.171; earnings call, August 2026, p.6 and p.17Yes. Each full centre with MRI and CT costs several crore, and the company is opening many at once while waiting months for government payments.
The evidence
A comprehensive centre costs about ₹6 cr to ₹7 cr and a lab about ₹1 cr; planned FY27 spending was ₹45 cr to ₹50 cr; up to ₹104.1 cr was raised through warrants.
Earnings call, June 2026, p.7 and p.20; annual report FY26, p.34New work has come from several directions in the past year: government hospitals, a hospital chain partner and franchise collection centres.
The evidence
Ten government radiology contracts won in FY26, an exclusive five year deal with Jeena Sikho Lifecare, and 375 franchise centres by August 2026.
Annual report FY26, p.68; earnings call, August 2026, p.4People need tests in every year, but the company says some months are slower, and its margins were very thin only a few years ago.
The evidence
EBITDA margin was 1.80% in FY22, 6.77% in FY23 and 14.78% in FY24; on the August 2026 call the company called it a seasonal business.
Offer document, p.169; earnings call, August 2026, p.18Each answer is about that one question, read from the documents; it is not a view on the shares.
2What do the numbers say?
Sales have grown every year since the pandemic years, and a small loss has turned into a steady profit.
In the latest half, sales kept growing but margins slipped from the half before, as new centres and a one time staff cost under the new labour codes weighed on profit.
Cash is going into new centres and machines, and money owed by government hospitals takes months to come in.
- Eight comprehensive diagnostic centres the company said would open within three to four months of its August 2026 call (Earnings call, August 2026, p.5).
- PET scan machines at Kanpur and Gorakhpur, first put in the June 2026 quarter and now due two to three months after August 2026 (Earnings call, June 2026, p.6; August 2026, p.5).
- Government radiology centres: eight in Punjab and the Guwahati centre due within about three months of August 2026 (Earnings call, August 2026, p.7).
- Pharmacy revenue leaving the accounts from 1 September 2026 after the Chandan Pharmacy stake went to Chandan Hospital (Earnings call, August 2026, p.13 and p.15).
Frequently asked questions about Chandan Healthcare
- What does Chandan Healthcare do?
- Chandan Healthcare runs diagnostic centres and laboratories that do blood tests and medical scans for patients, hospitals, companies and state governments. It began in Lucknow, now works across many states of India, and its shares trade on NSE Emerge.
- What is the share price of Chandan Healthcare?
- ₹212 at the close on 4 Sept 2026; prices on newboard run 30 days behind the market.
- What is the market cap of Chandan Healthcare?
- ₹530 cr at the close on 4 Sept 2026, on 2,50,52,062 shares.
- What is the P/E of Chandan Healthcare?
- 19.6 times FY26 profit at the close on 4 Sept 2026 (our arithmetic).
- What are Chandan Healthcare's revenue and profit?
- Revenue ₹276 cr and profit after tax ₹27 cr in FY26.
- Who are the promoters of Chandan Healthcare?
- Amar Singh, Asmita Singh, Vinay Lamba, Vijay Singh, Shaleen Solanki, Alok Singh, Amaranita Holdings (India) Private Limited; promoters held 48.43% at 14 Sept 2026.
- What was the IPO price of Chandan Healthcare?
- ₹159 a share; it listed on 17 Feb 2025.
- What is Chandan Healthcare's website?
- www.chandandiagnostic.com