Krsnaa Diagnostics Limited has announced a strategic collaboration with AZmed, a global medical imaging company, to evaluate artificial intelligence solutions for radiology. The partnership focuses on deploying AZmed’s Rayvolve suite to improve fracture detection and triage efficiency within Krsnaa’s high-volume diagnostic network.

The collaboration aims to leverage advanced AI technologies to strengthen radiology operations and build capacity for future growth. By integrating globally developed AI capabilities into its extensive network, the company seeks to create opportunities for improved operational productivity and greater utilisation of radiologist capacity. These efficiencies are intended to support business expansion and unlock operating leverage, subject to successful evaluation and regulatory approvals.

Scale and technological integration

Krsnaa Diagnostics operates one of India’s largest X-ray reporting operations, processing more than 5 million X-rays annually. This scale positions the company to effectively evaluate the potential of AI-assisted radiology. The network spans 19 states and union territories, comprising 190+ CT and MRI centres, 2,000+ X-ray centres, 212 pathology laboratories, and over 4,700 patient collection centres.

AZmed brings significant experience in medical imaging AI. Founded in Paris in 2018, the company’s Rayvolve solution was the first AI software to receive CE marking for fracture detection on X-rays in 2019. AZmed has since secured multiple 510(k) clearances from the US Food and Drug Administration (FDA), and its technology has analysed more than 15 million medical images globally.

Operational impact and leadership views

The integration of AI tools is expected to enhance reporting efficiency and scalability as diagnostic volumes grow. Yash Mutha, Managing Director of Krsnaa Diagnostics, stated that the collaboration aims to unlock operating leverage and expand reporting capacity. The initiative maintains the central role of radiologists in clinical decision-making while exploring how AI can contribute to more efficient workflows.

Julien Vidal, CEO of AZmed, noted that India represents a significant opportunity for advancing AI-enabled radiology. He highlighted Krsnaa’s extensive reach and reporting capabilities as valuable for integrating leading AI solutions into high-volume diagnostic workflows.

What the numbers show

A key analytical observation from the disclosed data is the relationship between Krsnaa’s volume and AZmed’s global validation. Krsnaa processes 5 million X-rays annually, representing a substantial dataset for local evaluation. Meanwhile, AZmed’s technology has already been validated on 15 million medical images globally. This suggests that while the technology is mature in international markets, the primary value proposition for Krsnaa lies in applying this pre-validated algorithm to a high-volume Indian context to potentially reduce per-unit reporting costs and time without requiring initial R&D investment.

Krsnaa Diagnostics Limited promoter group holding has risen to 29.70% on a diluted basis following the allotment of 16,21,000 fully convertible warrants.

The disclosure under Regulation 29(2) of SEBI (SAST) Regulations confirms that Krsna Diagnostics (Mumbai) Private Limited and Mr. Rajendra Mutha acquired these warrants on October 13, 2026. The total diluted share capital now stands at 3,50,65,279 equity shares, including the shares issuable upon conversion.

Allotment details

The warrants were allotted to two promoter group entities: Mr. Rajendra Mutha (Promoter) and Krsna Diagnostics (Mumbai) Private Limited (Promoter Group entity). The table below outlines the distribution of warrants and the subscription amount received:

Conversion terms

Each warrant is fully convertible into one equity share of face value ₹5 each. The conversion can be exercised in one or more tranches within a maximum period of 18 months from the date of allotment. Upon conversion, holders must pay the remaining 75% of the warrant issue price, with the initial 25% paid adjusted against the final share price.

If the warrants are not exercised within the 18-month window, they will lapse, and the subscription amount paid will be forfeited.

Impact on shareholding

The allotment does not change the paid-up share capital immediately. However, assuming full conversion of these and other outstanding warrants, the promoter group’s holding is projected to increase. The post-allotment shareholding structure, based on full conversion assumptions, is as follows:

The new data confirms that the total holding of the acquirer along with Persons Acting in Concert (PACs) rises from 27.11% to 29.70% on a diluted basis. The pre-acquisition holding was 87,95,605 shares, representing 26.30% of the total diluted capital. Post-acquisition, the combined holding including warrants reaches 1,04,16,605 equivalent shares.

Regulatory conditions

The issuance was approved under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The exchanges have stipulated that the company must strengthen internal controls to monitor trades by allottees, ensuring compliance with SEBI (ICDR) Regulations, 2018. Specifically, allottees are prohibited from intra-day trading or selling shares until the allotment date.