ALFA Finder
| Total Network | 568+Centres |
|---|---|
| Market Cap | ₹561.04 CrHealthcare Services |
| Revenue TTM | ₹289.35 CrOperating |
| P/E TTM | 19.65Sector 58.71 |
Key highlights
- Diagnostic franchise network expanded to 500+ operational centres as of September 15, 2026
- Total diagnostic network reaches 568+ units including labs and comprehensive centres
- Company targets doubling franchise footprint to 1,000 centres by the end of FY27
- Asset-light model adopted where franchisees cover local infrastructure and operating costs
- Currently 80% of the network is concentrated in Uttar Pradesh with national expansion planned
- Reported FY26 consolidated total income of ₹280.67 crore with PAT of ₹27.06 crore
Strategic Expansion Roadmap
Chandan Healthcare is transitioning from a regional diagnostic provider to a national player by aggressively scaling its franchise-led collection network. As of September 15, 2026, the company operates 568+ diagnostic units, which include 23 Comprehensive Diagnostic Centres, 18 Diagnostic Centres, 25 standalone laboratories, and 2 Central Reference Laboratories. While 80% of the current 500+ franchise centres are located in Uttar Pradesh, the management intends to replicate its high-density collection model across newer geographies.
The long-term goal is to reach 3,000 centres within the next 24 months, significantly widening its diagnostic footprint across urban and semi-urban India.
Asset-Light Business Model
- Franchisees undertake all local infrastructure and monthly operating expenses, reducing corporate capex
- Samples from franchise collection points are routed to nearest owned hubs for high-quality processing
- Company provides branding, quality protocols, and diagnostic capabilities to maintain service standards
- Model enables rapid scaling without additional franchise-level capital investment from the balance sheet
- Expansion supports margin profiles by increasing sample volumes for existing laboratory infrastructure
- Diversified revenue streams through B2C retail, B2B institutional, and B2G government PPP contracts
Management Perspective
The strategy is to build laboratories and diagnostic centres as hubs and create a wider network of franchise collection points around them. This allows us to reach patients in locations where establishing a full diagnostic centre may not be necessary, while the additional sample volumes can improve utilisation of our existing laboratory infrastructure.
Financial Context and Industry Outlook
Listed on the NSE Emerge platform in February 2025, Chandan Healthcare has maintained a steady growth trajectory in the competitive diagnostics sector. For the financial year 2026, the company reported a consolidated EBITDA of ₹56.84 crore on a total income of ₹280.67 crore. The diagnostic sector in India continues to see a shift from unorganised to organised players, driven by the demand for NABL and NABH accredited services.
Chandan's P/E of 19.65x remains lower than the industry average of 49.28x, as it focuses on enhancing its retail B2C presence through this network expansion to capture high-margin pathology and radiology volumes.
“Our franchise journey is still relatively new, but the response has enabled us to cross 500 centres in a short period. We are now working towards reaching 1,000 franchise centres by the end of FY27 and subsequently scaling the network to 3,000 centres over the next two years.”
| Share price | ₹223.95 |
|---|---|
| Market capitalisation | ₹561.04 Cr |
| Revenue (annual) | ₹276.39 Cr |
| Net profit (annual) | ₹28.55 Cr |
| Revenue (latest quarter) | ₹80.85 Cr+6.97% vs previous quarter |
| Net profit (latest quarter) | ₹7.50 Cr+6.86% vs previous quarter |
| P/E (TTM) | 19.65×Sector 58.71× |
| Promoter holding | 49.61%+0.06% QoQ |
| FII holding | 0.01%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Chandan Healthcare Limited announcing the expansion of its diagnostic franchise network to over 500 centres. Market figures from a third-party data provider.
