Krishna Institute of Medical Sciences (KIMS) reported EBITDA growth of 7.4% YoY, below our estimates impacted by higher losses from new units. Our FY26E EBITDA stands reduced by 5%, however FY27E EBITDA broadly remains unchanged as new units are likely to ramp up. The company is on track to commercialize greenfield expansions at Bengaluru markets by Q2FY26. New leadership team hiring across Karnataka and Kerala provides comfort for faster ramp-up in these clusters. Given its lean cost structure and partnership...