Financial Performance Highlights (Consolidated Q2 FY27)

  • Total Revenue: ₹1,363 crores, representing 41.3% YoY growth and 14% QoQ growth
  • EBITDA: ₹279 crores, with 34% YoY growth and 16.3% QoQ growth
  • EBITDA Margin: 20.5% (vs 20.1% in Q1 FY27 and 21.7% in Q2 FY26)
  • PAT: ₹76 crores (vs ₹37 crores in Q1 FY27 and ₹72 crores in Q2 FY26)
  • EPS: ₹1.8 for period ended 30th September 2026, showing 8.5% YoY growth
  • Cash & Equivalents: ₹420 crores as on 30th September 2026

Operational Metrics (Consolidated Q2 FY27)

  • Average Revenue per Operating Bed: Grew 14.9% YoY and 2.3% QoQ
  • Average Revenue per Patient: Grew 9.9% YoY and 1.2% QoQ
  • IP Volumes: 81,668 patients, grew 27% YoY and 12.7% QoQ
  • OP Volumes: 731,010 patients, grew 23.3% YoY and 11% QoQ

Acquisition and Expansion Activities

  • KIMS Trust Hospital, Kakinada: Acquired 51% equity stake in Sarvottam Health Care Private Limited for ₹80 crores (183 beds)
  • Ushahkal Abhinav Specialty Hospital, Sangli: Acquired 6% stake for ₹15 crores (316 beds)
  • KIMS Kompally, Secunderabad: 225 beds (acquisition to be completed over time)
  • KIMS Sikhara, Guntur: 150 beds (acquisition to be completed over time)
  • O&M Agreement - Arete Hospitals, Hyderabad: 300-bed capacity
  • O&M Agreement - Westfort Hospital, Thrissur: 300-bed capacity

Capacity Expansion

  • KIMS Saveera Hospital, Anantapur: Capacity doubled from 250 to 500 beds with new oncology block and mother & child block inaugurated on 1st November 2026

International Collaboration

  • Agreement with NHS University Hospitals of Liverpool for cooperation in research, clinical collaboration, education, and training

Key Management Discussions

Margin Pressures and Provisions:

  • ₹8 crores provision for doubtful debts related to government business in Andhra Pradesh cluster, expected to reverse in Q3/Q4 once payments received
  • Margin compression due to new oncology program launches in Vizag and Anantapur
  • Fixed cost drag of ₹1.5 crores monthly from old Kondapur hospital expected to continue for 4-5 months

Unit-wise Performance:

  • Kondapur Unit: 70-75% occupancy on 500 operational beds, revenue grown 70% since new hospital opening
  • Secunderabad Unit: 700 beds operational out of 1,000 capacity, new sports medicine program launched
  • Thane Unit: 75 beds not operational yet, insurance empanelment ongoing with 2-3 major companies
  • Nashik Unit: 150 beds not operational, recently obtained GIPSA empanelment covering 40-50% of insurance volume
  • Electronic City Unit: Expected to achieve quarterly break-even in Q4 FY27

Insurance Empanelment Status:

  • Ongoing negotiations with major insurance companies for better pricing
  • Thane and Mahadevapura missing empanelment with 2-3 major insurers
  • GIPSA empanelment recently obtained for Nashik unit

Capex and Financial Structure:

  • H1 FY27 Capex: ₹650 crores, with ₹300 crores allocated to Kondapur project
  • Future Capex: ₹1,100 crores planned over next 18 months for Secunderabad, Rajahmundry, and Kondapur projects
  • Net Debt: ₹2,150 crores with net debt to EBITDA ratio of 1.9x
  • Rental Costs: Kondapur hospital rental at ₹5.5 crores monthly (₹60-65 crores annually) including 18% GST

Valuation Metrics for Acquisitions:

  • O&M assets call option valuation at 10-12x trailing EBITDA
  • Kakinada acquisition: ₹80 crores for 51% stake, based on previous year EBITDA of ₹15 crores

Transplant Services:

  • Kidney transplants offered in almost all units
  • Liver transplants in 5 hospitals
  • Lung transplants in 3 hospitals
  • Bone marrow transplants in 8 hospitals

Management Participants

  • Dr. Bhaskar Rao Bollineni - Founder and Managing Director
  • Dr. Abhinay Bollineni - Executive Director and Chief Executive Officer
  • Mr. Sachin Salvi - Chief Financial Officer
  • Dr. Nitish Kumar - Chief Executive Officer, Bangalore Cluster
  • Mr. Sreenath Reddy - Head of Business Development