Healthcare Research, Analytics & Technology industry

11 companies · ₹44,864 cr · 3 with AI deep dives · Q1FY27 report

Volume recovery absorbs a capacity surge, but government-payer pricing cuts and new-bed drag compress margins.

Mid cyclemargin range-bound near 8.9%

Revenue YoY: +10.2%
EBITDA margin: 8.9%; -1100bps YoY
Price, 1 year: -4.7%; 50% of names up
P/E vs own 5y: -

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1,912 cr	2,151 cr	-11.1%	1,735 cr	+10.2%	2,151 cr	-11.1%
EBITDA margin	8.9%	21.2%	-1230bps	19.9%	-1100bps	25.7%	-1680bps

Revenue

Jun 26: 1,912 cr
Mar 26: 2,151 cr
QoQ: -11.1%
Jun 25: 1,735 cr
YoY: +10.2%
Peak: 2,151 cr
vs peak: -11.1%

EBITDA margin

Jun 26: 8.9%
Mar 26: 21.2%
QoQ: -1230bps
Jun 25: 19.9%
YoY: -1100bps
Peak: 25.7%
vs peak: -1680bps

Breadth: 75% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 0% expanded margin (was 25%).

Exhibit 3Structure

₹44,864 cr

Syngene International Ltd is 35.8% of this industry by market cap. The top 5 are 98.4% and the top 10 are 100%.

mid 3small 1micro 74 above ₹500 cr

Exhibit 5Coverage (11 of 11)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Syngene International Ltd	₹15,483 cr	69.9x	17.0x	8.3%	21.5%	-15.8%	Unlock
Indegene Ltd	₹14,058 cr	35.0x	-	15.5%	18.7%	+39.7%	Unlock
Vimta Labs Ltd	₹2,830 cr	24.0x	19.0x	16.4%	28.2%	+11.8%	Unlock
Suven Life Sciences Ltd	₹10,134 cr	-	-	-46.6%	-12.9%	+90.9%	Unlock
TAKE Limited	₹263 cr	20.4x	-	15.4%	7.8%	+75825.0%	Unlock
Novelix Pharmaceuticals Ltd	₹221 cr	-	64.1x	-49.5%	-36.0%	+65.1%	Unlock
Bilcare Ltd	₹220 cr	28.3x	11.9x	10.4%	11.3%	+21.2%	Unlock
Jeevan Scientific Technology Ltd	₹162 cr	39.9x	16.7x	10.1%	17.2%	+107.7%	Unlock
Globalspace Technologies Ltd	₹116 cr	35.4x	25.4x	8.8%	9.1%	+66.7%	Unlock
Adeshwar Meditex Ltd	₹24 cr	17.1x	10.3x	6.0%	5.1%	-30.4%	Unlock
Vanta Bioscience Ltd	₹15 cr	137.2x	44.7x	1.3%	59.7%	+62.4%	Unlock

Syngene International Ltd

Mcap: ₹15,483 cr
P/E: 69.9x
EV/EBITDA: 17.0x
ROCE: 8.3%
Margin: 21.5%
Rev YoY: -15.8%

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Indegene Ltd

Mcap: ₹14,058 cr
P/E: 35.0x
EV/EBITDA: -
ROCE: 15.5%
Margin: 18.7%
Rev YoY: +39.7%

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Vimta Labs Ltd

Mcap: ₹2,830 cr
P/E: 24.0x
EV/EBITDA: 19.0x
ROCE: 16.4%
Margin: 28.2%
Rev YoY: +11.8%

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Suven Life Sciences Ltd

Mcap: ₹10,134 cr
P/E: -
EV/EBITDA: -
ROCE: -46.6%
Margin: -12.9%
Rev YoY: +90.9%

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TAKE Limited

Mcap: ₹263 cr
P/E: 20.4x
EV/EBITDA: -
ROCE: 15.4%
Margin: 7.8%
Rev YoY: +75825.0%

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Novelix Pharmaceuticals Ltd

Mcap: ₹221 cr
P/E: -
EV/EBITDA: 64.1x
ROCE: -49.5%
Margin: -36.0%
Rev YoY: +65.1%

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Bilcare Ltd

Mcap: ₹220 cr
P/E: 28.3x
EV/EBITDA: 11.9x
ROCE: 10.4%
Margin: 11.3%
Rev YoY: +21.2%

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Jeevan Scientific Technology Ltd

Mcap: ₹162 cr
P/E: 39.9x
EV/EBITDA: 16.7x
ROCE: 10.1%
Margin: 17.2%
Rev YoY: +107.7%

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Globalspace Technologies Ltd

Mcap: ₹116 cr
P/E: 35.4x
EV/EBITDA: 25.4x
ROCE: 8.8%
Margin: 9.1%
Rev YoY: +66.7%

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Adeshwar Meditex Ltd

Mcap: ₹24 cr
P/E: 17.1x
EV/EBITDA: 10.3x
ROCE: 6.0%
Margin: 5.1%
Rev YoY: -30.4%

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Vanta Bioscience Ltd

Mcap: ₹15 cr
P/E: 137.2x
EV/EBITDA: 44.7x
ROCE: 1.3%
Margin: 59.7%
Rev YoY: +62.4%

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Exhibit 6What managements said

from Healthcare Services earnings calls · as of 2026-06-30

tailwindDouble-digit inpatient volume growth is the dominant demand driver, not price9 managements

Across Apollo, Max, Aster, Medanta, KIMS, Rainbow, Yatharth, Park, and NH, inpatient volumes grew 10 - 28% YoY in Q1FY27. The growth is volume-led rather than price-led: ARPOB…

APOLLOHOSP (Q1FY27): “Healthcare Services Revenue grew by 22% in Q1FY27. Overall Volume grew by 13%…”

headwind8 managements tailwind8 managements headwind3 managements tailwind5 managements headwind3 managements mixed4 managements

6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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