Growth on track, but one-time gains mask QoQ flatness

Delivered: 224.4 Cr revenue, 28.8% YoY growth, 41% OPM, 27.6% NPM

Volume gains not translating to proportional revenue; ticket size reduced for Ayushman prep, government business cut from 15 to 5 Cr

No independent audit shown, but consistent with ecosystem narrative; e-commerce customers grew from 228k to 264k

Stated but growth path to 3,000 beds in FY27 not detailed; capex plan unclear

Other income jumped to 14 Cr with 7 Cr one-time items (warrant valuation 5 Cr, capital gains 2.5 Cr); normalized PAT ~57-61 Cr

Management now actively lowering per-patient revenue in affordability segment (₹4-6k beds for Ayushman prep) vs prior push for premium pricing. Trade: occupancy vs ARPU. Prior guidance held premium as 50-50 mix.

Government Panchakarma ₹15 Cr (Q1 FY26) → ₹5 Cr (Q1 FY27). Strategic but ₹10 Cr headwind masked by product growth +47% and price discipline elsewhere.

Manali premium wellness center (108 rooms, 22 villas) targeting ₹32-37k ADR, 35-40% EBITDA margin. Strategic deal: minimal opex (wage/marketing only), high-margin play. Prior calls did not detail luxury segment.

OTC product distribution through Entero (testing complete, live within 2 weeks). Adds retail channel to e-commerce and direct sales. Prior guidance mentioned product expansion; now concrete vendor.

3,000-3,500 beds FY27 (currently 2,400, +100 Q1). 7,000-10,000 in 3-5 years. Same as prior calls; no acceleration or deceleration stated.

Don't judge QoQ; quarterly fluctuation normal. Business model shift underway: reducing low-margin government business, investing in brand, expanding daycare. Per-day daycare volume up 16k→19k; overall occupancy up 10% YoY.

Complex: daycare now 31% YoY growth (separate line); OPD/COD/consulting +143% YoY (lead indicators). Incremental OPD still converting to Panchakarma; natural lag. Margins hold 41% EBITDA because of mix shift.

Yes, deliberately. Reduced ticket size for poor/BPL patients to prep for Ayushman Yojana (₹4-6k beds). Government business down ₹10 Cr. When Ayushman launches, will be ready operationally; occupancy will drive margin recovery.

₹7 Cr one-time (warrant revaluation ₹5 Cr, capital gains ₹2.5 Cr). Recurring base ₹4-5 Cr from mutual funds, FDs. No structural change.

Ad expense +₹4 Cr (6-month Colors TV deal; benefits Q2+), software ₹2 Cr, audit ₹0.5 Cr. Will continue as brand-building; not one-time in magnitude.

Our product 4x manufacturing cost of competitors; includes four-shot formulation targeting root cause (Mand Agni, liver, spleen, metabolism) vs stomach-only cleanse. Different positioning, not just repackaging.

FY27: minimal (launches Sep-Oct, cold season Nov-Feb). FY28: 35-room guarantee, 50% occupancy, ₹32-35k ADR, 35-40% EBITDA. Year two: 60% occupancy, 35-37k ADR, 60% gross margin, 9-10% opex only. Strategic deal (no cost for utilities, only wage/marketing).

Panvel: 49 beds now (OC/fire approval ongoing). Meerut standalone ₹15 Cr revenue on out-of-city model. As Panvel scales to 250 beds, revenue will 4-5x. Manali launch full post-approvals. Process is slow but planned.

Will maintain 27-30% NPM and 40%+ EBITDA margin in future. Focus on occupancy + premium wellness to drive leverage. No margin compression expected.

Reaffirmed from prior calls. At 30% CAGR from ~₹900 Cr annualized base: ₹900 × (1.3)² = ₹1,521 Cr in 2 years, ₹1,976 Cr in 3 years. Path requires 7,000-10,000 beds + luxury wellness expansion on track.

Q1 delivered 27.6% NPM (core ~25-26% ex-one-time gains), 41% EBITDA. Ticket size compression may pressure near-term, but premium wellness (35-40% EBITDA target) offsets. No formal FY27 target stated.

Currently 2,400 operational (+100 Q1). Panvel (49 beds, approval pending), Manali (108 rooms). Capex required but not quantified. Execution risk on approvals and occupancy ramp.

Management banking on Ayushman for 500+ discounted bed occupancy. Scheme approved by PMO but ministry-level rates still being set (4 days ago). 2-6 month window uncertain. Payment cycles historically 3-4 months post-discharge.

Currently 2,400 beds, +100 Q1. Target 600+ beds in 9 months. Panvel stuck at 49 beds (OC/fire approval pending); Manali launching Sep-Oct but limited capacity (108 rooms + villas). No detailed capex roadmap or funding plan disclosed.

Management deliberately lowering per-patient revenue in discounted segment (₹4-6k Ayushman beds vs. ₹8-10k prior private). Boosts occupancy but compresses ARPU. If premium patient flow slows, margin recovery may lag.

₹14 Cr other income includes ₹7 Cr one-time (warrant revaluation ₹5 Cr, capital gains ₹2.5 Cr). Reported PAT 65.9 Cr; normalized ~57-61 Cr. If warrant expires or investment gains don't recur, PAT will compress 8-10%.

Management claims Pet Shuddhi 4x manufacturing cost of Pet Saffa competitor due to root-cause formulation. Price gap ₹800+ maintained. If consumer education fails, premium positioning may not sustain; competitor discounting could force margin pressure.