Key Metrics
• Revenue: ₹2,692 Cr (+21% YoY / +5% QoQ)
• EBITDA: ₹694 Cr (+23% YoY / +13% QoQ); margin 26.9%
• PAT (adj): ₹406 Cr (+16% YoY)
• Occupancy: 77% (Existing units >79%)
• ARPOB: ₹77.3k (+1% YoY headline; core +6.8% ex-new units)
Drivers
• Growth led by volumes (OBDs +19% YoY).
• New units diluted margins/ARPOB but added ₹144 Cr revenue.
• International strong: ₹231 Cr (+25% YoY).
• Digital revenue ~30% of total.
Cashflow & Debt
• FCF ₹291 Cr (temporary WC drag; recovery guided in Q3).
• Net debt ↑ to ₹2,067 Cr (capex-heavy quarter).
Regulatory Tailwind
• CGHS tariff hike → >₹200 Cr revenue uplift, with 85% margin flow-through.
• Full benefit visible FY27.
Expansion
• Massive brownfield pipeline (Mohali, Nanavati, Max Smart).
• Brownfields = immediate EBITDA accretion.
Unit Trends
• Dwarka: 81% occupancy, margin ~15% → expected to normalise as oncology starts.
• Noida: Margin ~18% → improving.
• Lucknow: Strong ramp; 30%+ margin.
Outlook
• Core ARPOB growth steady (~7% LT).
• Margins to expand as brownfields ramp & Dwarka mix improves.
• WC normalization expected next quarter.
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