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Krishna Institute of Medical Sciences (KIMS)’s Q2FY26 revenue was in line with our expectation. That said, EBITDA loss at Maharashtra of INR 96mn (-100bps) and Karnataka of INR 255mn (-265bps) coupled with lower margin at Kerala cluster dragged EBITDA margins to a low of 21.2%.

In Q1FY26, Narayana Hrudayalaya delivered stable topline performance, though EBITDA margins were impacted by losses in the Integrated Care segment. The segment remains dilutive, with elevated costs weighing on consolidated profitability. With a pipeline of...

Narayana continues to deliver stable performance, driven by improved throughput rather than bed expansion. While the Indian business remained steady in FY25, the Cayman segment outperformed with 50% YoY sales growth and margin gains in Q4FY25. In our...

Global Health (Medanta)’s Q4FY25 print was in line with street/our estimates. The Developing portfolio continued its healthy trajectory, as OBD grew 36% YoY (favorable base) while ARPOBs fell 7% on higher contribution of schemebased patients in both—Lucknow and Patna units.

During Q1FY22, standalone revenue continued onto its growth trajectory rising 24.1% QoQ owing to higher sales achieved via its digital platform and partly aided by rising participation by the public in...

Ascribe 9x EV/EBIDTA to FY22 EBIDTA and 1x EV/sales eachtopharmacyandAHLLbusinesses;significantlybelow consensusonvaluationgiventhesubparoperatingmetrics...