Chandan Healthcare = Vaibhav Suryaavanshi of Indian Diagnostics? 🏏

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Some companies defend.
Some attack.

Chandan Healthcare is clearly playing in the powerplay.

Author: Priyanshu Jain, Date: 22-02-2026

📊 Q3 FY26 Snapshot

Metric	Value	Growth
Revenue	₹65.77 Cr	+20% YoY
EBITDA	₹12.61 Cr	+39% YoY
EBITDA Margin	19.17%	+263 bps
PAT	₹4.54 Cr	—

Note: ₹2.2 Cr one-time gratuity impact due to new labour code.

Short-term provisioning aside, operating trajectory reflects improving leverage.

🏥 Business Model: Not Asset-Light. Infrastructure-Led.

Unlike traditional franchise-heavy chains, Chandan builds 8,000–9,000 sq ft comprehensive centres offering:

Pathology
Radiology (MRI, CT)
Corporate health check-ups
Government PPP projects
Direct B2C services
Franchise network

Integrated delivery enhances cross-selling, pricing control, and margin potential.

💰 Segment EBITDA Potential

Segment	EBITDA Potential
B2C (Mature Centres)	40–45%
B2G	30–40%
B2B / Franchise	~35%

As centres mature:

Fixed cost absorption improves
Radiology utilisation increases
Incremental revenue drops faster to EBITDA

This is operating leverage in action.

🚀 Expansion Strategy: Scale With Intent

Recent additions:

6 comprehensive centres
18 labs
Presence in 13 states

Pipeline:

9 new labs
Genome Lab (Lucknow)
PET Scan facility (Gorakhpur)

Capex Plan

₹100 Cr over 3 years
~₹1 Cr per lab

The model is capital-intensive but margin-accretive at maturity.

🤝 Jeena Sikho Partnership: Utilisation Upside

₹2.5–3 lakh/day revenue currently
~30% coverage
Target: 100% coverage within 12 months

Same infrastructure.
Higher throughput.
Improving return ratios.

🔥 Government Project Trigger: Punjab + Guwahati

₹55 Cr annual visibility
10-year contract
Direct patient cash collection

No receivable drag.

If executed efficiently, FY27 growth profile may materially shift upward.

🎯 Strategic Positioning

Against large chains:

Higher radiology penetration
Comprehensive centre format
Corporate affiliations

Against regional players:

Brand scale
Wider test menu
Pricing efficiency

Positioned between premium nationals and fragmented locals.

🧠 Final Take

Chandan Healthcare is in expansion mode.

The thesis depends on:

Utilisation ramp-up
Capex discipline
Execution efficiency
Segment mix optimisation

If operating leverage materialises as projected, margin expansion could follow.

Execution remains the decisive variable.

flowchart TD
    A[Integrated Diagnostic Centres]
    A --> B[B2C + B2G + B2B Revenue Mix]
    B --> C[Higher Utilisation]
    C --> D[Operating Leverage]
    D --> E[Margin Expansion]
    E --> F[Stronger Cash Flow]
    F --> G[Reinvestment Into Expansion]
    G --> A