Apollo Hospitals’ (Apollo) hospital biz grew slower at ~9% YoY in Q2FY26, though in line with our expectations. On a high base, occupancy declined to 69% in Q2 while lower international patients and few medical admissions also had an impact.

The company's impressive Q1FY26 performance, which saw robust revenue growth, was fuelled by higher occupancy rates and ARPOB. This in turn led to an expansion in margins and profitability. The company's ambitious expansion plan to double its capacity over the next 4-5 years remain on track, with plans to add approximately 1,000 brownfield and 500 greenfield beds. The healthy growth and occupancy trends observed in the existing and recently acquired units further reinforce the positive outlook. The stock is trading at elevated valuations therefore we downgrade...

*over or under performance to benchmark index In Q1FY25, inpatient volume was up 15.3% YoY and 6.22% QoQ, while outpatient KIMS ramped up its capacity to 5,499 beds in Q1FY26. However, occupancy...

HCG is poised to deliver strong top-line growth over the next 23 years, supported by improvements in ARPOB and ongoing bed additions. However, profitability recovery may be gradual given the debt-funded nature of recent capex. Management has indicated plans for a capital infusion, which could help ease the interest burden. With KKR as the new promoter, the business is expected to undergo transformation, enhancing growth and operational efficiencies. Considering the elevated debt levels, we retain our Hold...

HealthCare Global Enterprises’ (HCG) Q1FY26 result was in line with our expectations. Revenue grew 16.7% YoY driven by new centres in Mumbai (+28% YoY), Kolkata (+17% YoY) and Ahmedabad (+22% YoY) while key cluster of Karnataka and East India grew at a moderate pace.

KIMS demonstrated strong financial performance, with key parameters such as average revenue per occupied bed (ARPOB) and average revenue per patient (ARPP) growing on a YoY basis. A spate of initiatives, expansions and new equipment were launched during the year. The company is confident about its future prospects and expects to benefit from its commitment to quality services and expertise. With new units poised to contribute to the company's performance, KIMS...

Under HealthCo, offline pharmacy revenue grew 16.6% YoY to Rs. 2,084cr as store count rose to 6,626 (vs 6,360 in Q3FY25) and strong private-label sales. Online pharmacy sales grew 22.3% YoY to Rs. 292cr. Apollo got a boost as daily active...

Krishna Institute of Medical Sciences’ (KIMS) delivered robust performance in Q4FY25 with revenue/EBITDA/PAT surging 26%/29%/49%, respectively. Existing clusters of AP/ Telangana grew 19%/23% while EBITDA growth was much faster at 37%/34% YoY, respectively.

HealthCare Global Enterprises’ (HCG) current promoter CVC Capital (Aseco PTE) is likely to sell up to 54% of its stake in the company to another private equity (PE) firm, KKR, at an agreed price of INR 445/share (cumulative value between INR 320bn–339bn).

? Krishna Institute of Medical Sciences (KIMS) reported a robust 29.7% y-o-y increase in total income to Rs 790.2 crore in 3Q FY25.
? Calculated blended occupancy rate (basis total bed capacity) was 50.7% in 3Q FY25, compared to 56.8% in 2Q FY25.

Jupiter Life Line Hospital’s (Jupiter) Q3FY25 result undershot our expectation. Revenue growth of 17.6% was driven by its Pune/Indore hospitals while price hike fuelled modest growth at the Thane hospital. Dombivli (200–220 beds) hospital is likely to commence operations in Q1FY27.

Krishna Institute of Medical Sciences’ (KIMS) Q3FY25 revenue was in-line while EBITDA and PAT were dragged by seasonality and its new Nashik hospitals. KIMS’ hospitals in Telangana/Andhra Pradesh grew a robust 26.1%/27.8% YoY. In Q3FY25, it commenced operations at its 325-bed hospital in Nashik (EBITDA loss of INR 50mn in Q3FY25), which is likely to break even by Q3FY26.

Krishna Institute of Medical Sciences (KIMS) reported healthy y-o-y growth in 1Q FY25 with consolidated operating revenues increasing by 13.8% to Rs 693 crore.
Calculated blended occupancy rate (basis total bed capacity) was 49.8% in 1Q FY25, compared to 51.4% in 4Q FY24.

Apollo Hospitals’ (Apollo) Q1FY25 revenue and EBITDA were in-line with our estimates. Apollo is aiming for a 100bps improvement in its hospital margins driven by a 7% YoY increase.