Beat YoY growth, but sequential PAT decline signals momentum loss

Delivered YoY revenue growth 17.8%; minor overstatement by 40 bps

Delivered PAT growth 65.7%; claim essentially accurate

Blended ARPOB of ₹42,350 confirmed across network

No tariff increases yet (October), change in case mix evident; claim credible

Q1 loss still ₹-3 Cr; no acceleration evidence; contradicts Q3 breakeven target

Prior guidance ~20.2%, Q1 delivered 20.4%; new 21% is upgrade of 80 bps

Confirmed; healthy occupancy on resilient patient volumes

Prior FY27 guidance ~20.2%; new guidance 21% (+80 bps). Q1 delivered 20.4%, supporting higher target. Driven by mature hospital occupancy gains and reduced Raipur drag.

Q1 loss ₹-3 Cr (same as Q4); prior guidance suggested monthly breakeven by Q3 FY27. No evidence of acceleration; mgmt now says 'taper down throughout year' only.

Still targeted Q4 FY27, but explicitly noted 'late Q4' with risk: 'in case of any delay in approvals, it might be pushed to first −the beginning of next year.' Risk increased.

Q1 ARPOB improvement across hospitals (Agartala +70%, Salt Lake +2.6%, Dumdum, Howrah) driven by quaternary-care focus, not tariffs. 50-60% of growth from case mix, confirming strategy efficacy.

Ex-Raipur occupancy 58.07% (healthy); Dumdum 65% (up from 60% YoY but down from Q4's 71% due to seasonal variation). Resilient but not accelerating.

Tribal elections caused month-long movement restrictions; LOS reduction (3.38 → 3 days) deliberate; July occupancy recovered to 51%. In line with original target.

No tariff increase yet (October). 50-60% from specialty mix (cardiology, oncology, neurosciences); strategy to continue.

Q1 also ₹-3 Cr. Expect taper down throughout year.

Expect to close year at ~30% occupancy.

Same as last year. Jamshedpur incoming debt ~₹25 Cr in this FY.

No. Hospitals don't require govt patients; come with payment delays and lower ARPOB. Not changing strategy.

Will request MUFG to get back to you on that.

Raipur and Jamshedpur on long-term rent (developer builds, we operate). Reduces RE investment; focus on medical assets. Not fixated; depends on location.

Mid-30s (market-based) for both; market standard.

Minor decline (₹44.5k → ₹42.3k) due to Ayushman Bharat patients (lower ARPOB) with spare capacity. Expect stabilization as insurance empanelment complete.

Initially ₹38k-₹40k, gradually reach Calcutta level ₹42k-₹43k.

Expect ~24 months. Historically broke even 12-20 months in Calcutta; Raipur ~20 months. Hopeful for historical benchmarks.

Expect 21% EBITDA margin FY27 vs 19% last year (200 bps). Should translate ₹110-115 Cr EBITDA.

Annual tariff October (inflation-linked), small contributor. 50-60% of ARPOB increase from specialty mix and case mix.

Change is continuous process. Focus on cardiac, neurosciences, urology giving results. Expect optimum occupancy by Q3 FY27 (touched 70% before).

Definitely hope and setup intention. Contingent on multiple factors. Hopeful it should be one of highest in network.

Upside over recent quarters, but not pre-disruption yet. Policy changes (targeted visas) helping. Expect pre-disruption levels in next 6 months.

First corporate hospital in micro market. Building awareness on quality healthcare. Adding departments and doctors. Shift to hospital branding vs doctor branding.

YoY beat of 280 bps vs guidance; mature hospital resilience and Raipur ramp-up supporting trajectory

Q1 delivered 20.4%, already above prior ~20.2% guide. 21% assumes continued mature hospital gains, Raipur loss taper. New guidance only 80 bps above Q1.

7th hospital capex TBD (location and model under evaluation). Jamshedpur late Q4 risk of slip to FY28.

Raipur loss unchanged at ₹-3 Cr in Q1 (same as Q4). Prior guidance suggested monthly breakeven by Q3 FY27; now management says 'taper down throughout year.' Occupancy at 17% vs 30% target year-end, requiring 13pp improvement.

Expected Q4 FY27 commissioning, but explicitly noted 'late Q4' with risk of slip to Q1 FY28 if approvals delayed. Jamshedpur debt ~₹25 Cr incoming; capex cycle ongoing.

Q1 PAT declined 12.6% QoQ, revenue essentially flat (-0.1%). Mgmt cites Q1 as seasonally weaker for healthcare, but if H2 weakness persists, FY27 revenue growth may undershoot 15% guidance and sequential trend could trigger analyst downgrades.

Agartala occupancy declined despite management confidence. Mgmt blames tribal elections (May) and deliberate LOS reduction strategy (3.38 → 3 days). ARPOB up 70% but occupancy trade-off may not sustain if elections or policy disruptions recur.

Doctor attrition ~10% in Agartala and Raipur vs 6-7% in Calcutta. New markets face geographic/infrastructure challenges. High attrition could delay specialty build-out and ARPOB improvement in Agartala, Raipur, and future 7th hospital.