The call has ended.

Key takeaways

Consolidated revenue rose 9.8%, but EBITDA grew only 0.8% and margin fell 130 bps to 14.6%. PAT was flat at ₹7.9 Cr. Standalone hospitals carry profit while subsidiaries drag. Management deflected on Mumbai, MedTech expansion and POSO revenue.

Highlights
Revenue growth	Consolidated revenue +9.8% YoY to ₹318 Cr; one-offs not discussed.
Margins	Consolidated EBITDA margin 14.6% vs 15.9%; standalone 18.2% vs 19.5%.
Demand visibility	Occupancy up to 52% (+400 bps); insured and government patient mix rising.
Management confidence	Overly optimistic: 'healthy improvement across all KPIs' despite margin and profit decline.

Growth

Revenue ₹318 Cr, +9.8%; EBITDA +0.8%, PBT −14% to ₹16.5 Cr. Standalone revenue +9.1%; Gurgaon +50%.

Outlook

FY27: double-digit top-line growth, ETR ~45-50%, Gurgaon cash break-even near Q4 exit, lower net debt. No hard EBITDA or PAT numbers.

Risks

Subsidiary losses persist, pulling consolidated profit down. Mumbai approvals delayed; evasive on POSO revenue. NPPA price relief unconfirmed.

Last quarter's promises, checked

Delivered

Guided net debt stable/reducing → ₹463 Cr to ₹458 Cr (= BEAT)

Partly delivered

Guided Gurgaon PBT-positive by Q3–Q4 FY27 → cash break-even near Q4 exit; revenue +50% YoY (= PARTIAL)

Missed

Guided standalone EBITDA margin ~20% FY27 → Q2 18.2%, below Q1 18.4% (= MISS)
Guided MedTech India growth sustained (Q1 +130% YoY) → +40% YoY (= MISS)
Guided gross margin +100–200 bps/qtr → EBITDA margin 14.5% to 14.6%, +10 bps; gross margin not disclosed (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 6:08 PM IST. Open it on ALFA Filings ›