Hospital industry

38 companies · ₹5.6 L cr · 21 with AI deep dives · Q2FY27 report

Volume-led growth meets a bed wave: new-unit drag and slow CGHS collections cap the margin recovery

Turning upmargin troughed at 19.1% and has risen for 2 quarters to 19.3%, on positive revenue growth

Revenue YoY: +25.7%
EBITDA margin: 19.3%; -60bps YoY
Price, 1 year: -12.6%; 20% of names up
P/E vs own 5y: -1.9%; 42.1x now

Exhibit 1The quarter in numbers

constant panel of 18 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	22,218 cr	20,638 cr	+7.7%	17,676 cr	+25.7%	22,218 cr	0.0%
EBITDA margin	19.3%	19.9%	-60bps	19.9%	-60bps	20.7%	-140bps

Revenue

Jun 26: 22,218 cr

Exhibit 4Screen

P/E below the sub-industry median of 42.13x, 5y ROCE above its median of 13.23%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 38)

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
Apollo Hospitals Enterprise Ltd	₹1.1 L cr	53.8x	29.9x	18.0%	14.9%	+20.6%	Unlock
Manipal Health Enterprises Ltd	₹81,816 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

tailwindInpatient volumes, not tariff, drive growth9 managements

Nine managements put double-digit IP volume growth at the centre of their revenue: Manipal +38.8%, Medanta +27.7%, Rainbow +28%, KIMS +26.6%, KMC +25%, Park +16%, Yatharth +15%…

MANIPALHOS (Q1FY27): “Our inpatient volumes grew by about 39%, and OP volumes by 26% over Q1 of last year.”

tailwind10 managements headwind11 managements

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 13 companies

1-13

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Rays Of Belief Ltd	₹525 cr	-	-	-	-	-	Unlock