India Hospitals
- ~20% EBITDA growth driven by better case-mix and payor-mix, not pricing.
- Govt share (18–20%) keeps ARPP flat.
- Strong robotic surgery growth; shift to shorter LOS.
- International patient business being wound down.
CGHS Tariff Hike
- Package rates +30%, non-package +12%.
- ~1% revenue uplift; 70–80% flows to EBITDA.
- Adds INR 2–2.5 crore per month.
Mumbai (SRCC)
- Slightly negative EBITDA; Q3 likely positive.
- Moving from pediatric-only to mixed adult + pediatric care.
Cayman
- Hospital margin 43–44%; a few quarters of growth left.
- Insurance growing fast but profitability volatile.
UK (Practice Plus)
- Consolidation from Q3.
- 90–93% revenue secured via NHS.
- Big upside from increasing private mix (now 7–8%).
Integrated Care (India)
- Retail + SME traction; losses narrowing.
Digital/AI
- Early software commercialization; internal usage priority.
CapEx
- Focus on productivity from existing beds; disciplined India capex rollout.
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