Chandan Healthcare Limited, a Lucknow-based healthcare company, has submitted revised financial results for the quarter and half year ended September 30, 2026 to the National Stock Exchange of India. The revised results, filed on November 15, 2026, come with a clarification letter explaining two presentation errors found in the originally submitted figures. The company states that neither error changes total comprehensive income, net cash flow, or total Reserves and Surplus.
Alongside the corrections, the revised numbers tell a story of significant business expansion — with standalone revenue growing by approximately 41% and profit after tax climbing sharply compared to the same period last year.
What Was Corrected and Why
Chandan Healthcare identified two presentation errors in its original filing for the half year ended September 30, 2026, and has resubmitted the results with rectified figures.
The first correction relates to the cash flow statement. The gain on sale of investments was originally left inside cash flow from operating activities. It has now been reclassified to investing activities. As a result, standalone operating cash flow changes by ₹1,203.12 lakhs and investing cash flow changes by ₹1,203.11 lakhs — a difference of ₹0.01 lakh which is as per the company’s own clarification letter.
The second correction relates to tax on Other Comprehensive Income. The tax effect on remeasurement of defined benefit plans was incorrectly shown as a separate line item within OCI. It has now been moved and deducted from tax expense instead. As a result, OCI comes down, net profit after tax goes up by the same amount, and total comprehensive income remains unchanged. This is purely a presentation correction with no impact on Reserves and Surplus.
Revised Standalone Results: H1 FY27
On a standalone basis, Chandan Healthcare reported revenue from operations of ₹10,660.84 lakhs for the half year ended September 30, 2026 — an increase of approximately 41.16% compared to ₹7,552.53 lakhs in the same period last year. Total revenue including other income came in at ₹10,911.52 lakhs.
Total expenses for the half year stood at ₹8,624.55 lakhs. Among the major cost lines, employee benefits expense was ₹2,702.73 lakhs, other expenses were ₹2,545.37 lakhs, depreciation was ₹879.74 lakhs, and finance costs were ₹864.60 lakhs.
Profit before exceptional items and tax came in at ₹2,286.97 lakhs. The company also reported an exceptional item of ₹1,022.64 lakhs in this half year, taking profit before tax to ₹3,309.61 lakhs. After tax expense of ₹773.04 lakhs (rectified), standalone profit after tax for H1 FY27 stands at ₹2,536.57 lakhs, compared to ₹711.11 lakhs in H1 FY26 — a rise of approximately 256.73% year-on-year.
Standalone basic EPS for H1 FY27, after rectification, is ₹10.37, compared to ₹4.05 in H1 FY26.
Standalone EBITDA: Operating Leverage at Work
H1 FY26 vs H1 FY27 — Standalone Operating Comparison
Standalone EBITDA for H1 FY27, calculated on profit before exceptional items:
PBT (before exceptional): ₹2,286.97 lakhs + Finance Costs: ₹864.60 lakhs + Depreciation: ₹879.74 lakhs - Other Income: ₹250.68 lakhs = ~₹3780.63 lakhs (~₹37.80 crore)
EBITDA margin on revenue from operations: ₹3780.63 / ₹10,660.84 × 100 = approximately 35.47%
For H1 FY26, EBITDA stood at ₹2,210.39 lakhs (PBT ₹1,139.21 + Finance Costs ₹592.89 + Depreciation ₹688.79) - Other Income ₹210.50, with a margin of approximately 29.27% on revenue from operations of ₹7,552.53 lakhs.
| Metric | H1 FY27 (Rectified) | H1 FY26 | Change |
|---|---|---|---|
| Revenue from Operations | ₹10,660.84 L | ₹7,552.53 L | ~+41.15% |
| PBT (before exceptional) | ₹2,286.97 L | ₹1,139.21 L | ~+100.75% |
| Exceptional Items | ₹1,022.64 L | Nil | — |
| PBT (after exceptional) | ₹3,309.61 L | ₹1,139.21 L | ~+190.52% |
| PAT (Rectified) | ₹2,536.57 L | ₹711.11 L | ~+256.73% |
| EBITDA (calculated) | ₹3780.63 L | ₹2210.39 L | +71.04% |
| EBITDA Margin | 35.47% | 29.27% | +620 bps |
| Basic EPS (₹) — Rectified | ₹10.37 | ₹4.05 | ~+156.05% |
Standalone Balance Sheet: Rapid Asset Growth
Total standalone assets as of September 30, 2026 stand at ₹37,671.21 lakhs, a significant jump from ₹26,875.77 lakhs as of March 31, 2026. This expansion is reflected across both fixed assets and current assets.
Property, plant and equipment (tangible assets) grew to ₹17,377.52 lakhs from ₹13,232.44 lakhs, and capital work-in-progress stands at ₹1,824.13 lakhs — pointing to ongoing capacity expansion. Cash and bank balances surged to ₹3,184.18 lakhs from ₹313.56 lakhs at year-end March 2026, partly reflecting fresh capital raised during the period.
Share capital increased to ₹2,570.21 lakhs from ₹2,445.21 lakhs. Reserves and surplus expanded substantially to ₹17,036.33 lakhs from ₹11,228.23 lakhs. Money received against share warrants stands at ₹1,402.21 lakhs. The company also raised borrowings — long-term borrowings increased to ₹4,023.38 lakhs from ₹2,857.90 lakhs, and short-term borrowings rose to ₹2,855.62 lakhs from ₹1,004.89 lakhs.
Standalone Cash Flow: Revised Numbers
After the rectification of the gain on sale of investments, the standalone cash flow for H1 FY27 shows net cash flow from operating activities of ₹2,679.95 lakhs (revised from the originally reported ₹3,883.07 lakhs). Cash used in investing activities stands at ₹4,118.66 lakhs (revised from ₹5,321.77 lakhs). Net cash from financing activities is ₹4,309.33 lakhs, unchanged.
The net increase in cash during H1 FY27 is ₹2,870.62 lakhs (unchanged from original), with closing cash at ₹3,184.18 lakhs.
Financing cash flows include proceeds from issuance of share capital and share warrants of ₹2,151.95 lakhs and proceeds from long-term and short-term borrowings of ₹3,016.21 lakhs.
Consolidated Results: H1 FY27 (Rectified)
H1 FY26 vs H1 FY27 — Consolidated Profit After Tax
On a consolidated basis, revenue from operations for H1 FY27 is ₹10,660.84 lakhs, compared to ₹7,832.40 lakhs in H1 FY26 — growth of approximately 36.12% year-on-year. Total revenue including other income stands at ₹10,913.60 lakhs.
Consolidated PBT before exceptional items is ₹2,252.61 lakhs. After the exceptional item of ₹1,022.64 lakhs, consolidated PBT stands at ₹3,275.25 lakhs. Tax expense of ₹774.60 lakhs leaves profit from continuing operations at ₹2,500.65 lakhs. After minority interest of ₹0.12 lakhs, profit attributable to owners of the company (rectified) is ₹2,500.77 lakhs, compared to ₹990.43 lakhs in H1 FY26.
Consolidated basic EPS for H1 FY27 is ₹10.22 (rectified), against ₹4.05 in H1 FY26.
| Metric | H1 FY27 (Consol. Rectified) | H1 FY26 (Consol.) |
|---|---|---|
| Revenue from Operations | ₹10,660.84 L | ₹7,832.40 L |
| PBT (before exceptional) | ₹2,252.61 L | ₹1,418.51 L |
| Exceptional Items | ₹1,022.64 L | Nil |
| PAT attributable to owners (rectified) | ₹2,500.77 L | ₹990.43 L |
| Basic EPS (₹) — Rectified | ₹10.22 | ₹4.05 |
Total consolidated assets as of September 30, 2026 stand at ₹38,215.86 lakhs, up from ₹26,737.94 lakhs at March 31, 2026. Consolidated reserves and surplus stand at ₹16,810.58 lakhs at September 30, 2026.
Summary of Presentation Errors Corrected
| Error | Nature | Impact on P&L / Net Worth | Impact on Cash Flow |
|---|---|---|---|
| Gain on sale of investments misclassified in operating CF | Cash flow classification | None | Operating CF reduced by ₹1,203.12 L; Investing CF increased by ₹1,203.11 L |
| Tax on OCI shown separately within OCI instead of deducting from tax expense | Presentation within P&L / OCI | PAT rises; OCI falls; Total comprehensive income unchanged | No impact on net cash flow |
Chandan Healthcare states that the revised results have been attached with the clarification and requests NSE to take the clarification on record.