Key Financial Figures (Consolidated, excluding fertility business divested effective June 30, 2026)

Q2 FY27 Performance (YoY Comparison):

  • Total Revenue from Operations: ₹7,318.0 Mn, up 15.8% from ₹6,320.6 Mn in Q2 FY26
  • Adjusted EBITDA: ₹1,424.8 Mn, up 17.2% from ₹1,215.2 Mn in Q2 FY26
  • Adjusted EBITDA Margin: 19.7%, improved by 51 bps from 19.2% in Q2 FY26
  • Operating EBITDA: ₹1,363.7 Mn, up 12.2% from ₹1,215.2 Mn in Q2 FY26
  • Operating EBITDA Margin: 18.6%, declined by 59 bps from 19.2% in Q2 FY26
  • Profit Before Tax: ₹184.9 Mn, down 9.0% from ₹203.1 Mn in Q2 FY26
  • Profit After Tax: ₹92.5 Mn, down 56.3% from ₹211.5 Mn in Q2 FY26
  • Adjusted PAT: ₹191.8 Mn, down 9.3% from ₹211.5 Mn in Q2 FY26
  • Adjusted PAT Margin: 2.6%, declined by 73 bps from 3.3% in Q2 FY26
  • EPS (on reported PAT): ₹0.3

H1 FY27 Performance (YoY Comparison):

  • Total Revenue from Operations: ₹14,100.1 Mn, up 14.6% from ₹12,303.0 Mn in H1 FY26
  • Adjusted EBITDA: ₹2,740.2 Mn, up 18.3% from ₹2,316.2 Mn in H1 FY26
  • Adjusted EBITDA Margin: 19.7%, improved by 84 bps from 18.8% in H1 FY26
  • Operating EBITDA: ₹2,563.0 Mn, up 11.9% from ₹2,290.6 Mn in H1 FY26
  • Operating EBITDA Margin: 18.2%, declined by 44 bps from 18.6% in H1 FY26
  • Profit Before Tax: ₹437.2 Mn, up 33.1% from ₹328.4 Mn in H1 FY26
  • Profit After Tax: ₹259.1 Mn, down 6.6% from ₹277.4 Mn in H1 FY26
  • Adjusted PAT: ₹358.3 Mn, up 29.2% from ₹277.4 Mn in H1 FY26
  • Adjusted PAT Margin: 2.5%, improved by 29 bps from 2.3% in H1 FY26
  • EPS (on reported PAT): ₹1.2

Operational Performance Metrics (Q2 FY27):

  • Revenue Growth Drivers: Volume growth of 9% YoY, ARPP growth of 7% YoY
  • Regional Performance:
  • South: Revenue ₹2,941 Mn (40% of total), 18% YoY growth (14% ARPP growth, 4% volume growth)
  • West: Revenue ₹3,147 Mn (43% of total), 10% YoY growth (3% ARPP growth, 7% volume growth)
  • East: Revenue ₹928 Mn (13% of total), 23% YoY growth (5% ARPP growth, 18% volume growth)
  • International: Revenue ₹302 Mn, 54% YoY growth
  • Advanced Therapies: Robotic surgeries up 37% YoY
  • Bed Capacity: Total 3,322 beds with 2,880 operational beds as of Q2 FY27
  • Patient Volume: 82,405 in-patients in Q2 FY27
  • ARPP: ₹88,805 in Q2 FY27

Strategic and Operational Developments:

  • Capacity Expansion: Added 25 operational beds in Q2 FY27 (13 in Kenya, 7 in Kolkata, 5 in Nagpur), totaling 146 beds added in H1 FY27
  • Technology Deployment: Operationalized MR-LINAC at North Bengaluru, LINAC in Africa, and cardiac robotic surgery system at HMS Ahmedabad
  • Clinical Program Additions:
  • First CAR-T cell therapy at HCC Ahmedabad
  • Robotic breast surgery at KR, robotic spine surgery at Rajkot, and Transoral Robotic Surgery (TORS) at Baroda
  • Launched 1,212-gene liquid biopsy panel and two new nuclear medicine tracers at KR
  • Divestment: Completed strategic exit from fertility business (Milann) effective June 30, 2026
  • Rights Issue: Successfully completed, proceeds utilized for:
  • ₹1,543 Mn toward deferred consideration for MG-Vizag acquisition
  • ₹1,700 Mn toward prepayment of debt
  • ₹1,006 Mn toward general corporate purposes

Capital Structure and Debt Position:

  • Net Debt (as of Sept 30, 2026): ₹5,751 Mn (compared to ₹3,387 Mn as of Mar 31, 2026)
  • Adjusted Net Debt: ₹5,751 Mn (compared to ₹4,930 Mn as of Mar 31, 2026)
  • Capital Leases (Ind AS116): ₹8,669 Mn
  • Adjusted Net Debt (Incl. Leases): ₹14,420 Mn
  • Cash & Cash Equivalents: ₹1,296 Mn (includes investment in mutual funds of ~₹22 Mn)
  • Borrowings: ₹7,047 Mn (net of bank balance held as margin money of ~₹377 Mn)
  • Capex: Incurred ₹1,279 Mn in H1 FY27 primarily for North Bengaluru, advanced medical equipment, and facility upgrades

Balance Sheet Highlights (Consolidated as of Sept 30, 2026 vs Mar 31, 2026):

  • Total Assets: ₹37,298.4 Mn (vs ₹39,225.3 Mn)
  • Property, Plant and Equipment: ₹14,739.4 Mn (vs ₹13,927.9 Mn)
  • Right-of-use Assets: ₹6,916.7 Mn (vs ₹6,483.6 Mn)
  • Goodwill: ₹3,876.1 Mn (vs ₹3,875.9 Mn)
  • Cash and Cash Equivalents: ₹1,201.8 Mn (vs ₹5,360.5 Mn)
  • Total Equity: ₹14,342.2 Mn (vs ₹14,102.1 Mn)
  • Borrowings (Non-current + Current): ₹7,423.7 Mn (vs ₹9,104.1 Mn)
  • Lease Liabilities (Non-current + Current): ₹8,669.1 Mn (vs ₹8,249.5 Mn)

Future Growth Plans:

  • Bed Expansion Pipeline: ~520 beds addition in FY28 & FY29, ~230 beds addition in FY30
  • Capex Plan: ~₹1,500 Mn in FY27, ~₹3,000 Mn in FY28 & FY29, ~₹1,000 Mn in FY30
  • Greenfield Projects: Two greenfield projects in pipeline, one upcoming greenfield project
  • Brownfield Expansion: ~130 brownfield beds across ~7 existing facilities to be ramped up
  • Technology Addition: 2 LINACs at North Bangalore and Kenya, 2 LINACs at greenfield projects, 1 LINAC at greenfield project

Management and Governance:

  • Board of Directors includes Dr. BS Ajai Kumar (Founder and Non-Executive Chairman), Dr. Manish Mattoo (Executive Director and CEO), and several non-executive directors from KKR and independent backgrounds
  • Leadership team fully onboarded with enhanced institutional governance

Awards and Recognitions (H1 FY2027):

  • #1 Best Single Specialty Hospital in Odisha - Times Health July 2026
  • Best Cancer Institute in Central India, HCG Nagpur - Navbharat August 2026
  • Excellence in Oncology Care and Treatment - Radio Mirchi August 2026
  • Single Speciality Hospital of the Year - 6th ASSOCHAM The HealthMeet & Excellence
  • Leader in Cancer Care - Times Business Awards Andhra Pradesh 2026 September 2026