Largest player in Indian healthcare market: Over FY11-15, the healthcare service segment revenue has grown at a CAGR of~ 15% with support of rapid expansions and increasing the occupancy in existing hospitals have kept the overall revenue at 12-16% growth per annum. In our view, AHEL healthcare service segment revenue would grow by a CAGR of 13% over FY15 to FY18E. The strategy over the next two years is to strengthen the dominance in the existing clusters, while ramping up volumes and operations in the new hospitals.