Investor Presentation on Q4FY26.
KIMS · price
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KIMS Hospitals released its Q4 & FY26 investor presentation covering the financial year ended March 2026. Total revenue grew 28.2% YoY to ₹39,308 million, but profitability declined sharply — EBITDA rose only 1.6% to ₹8,282 million (EBITDA margin compressed from 26.6% to 21.1%), while PAT fell 41.7% to ₹2,420 million. The margin pressure is attributed to new facility ramp-up costs, particularly in Karnataka (operations started Aug 2025) and Maharashtra (Thane launched in FY26), which are still in early stages with negative EBITDA contribution. Operational metrics remained strong: IP volume grew 15.4% to 2.46 lakh and OP volume surged 25.4% to 23 lakh. ARPOB improved 14% to ₹44,644. The group now operates 6,464 beds across Telangana, Andhra Pradesh, Maharashtra, Kerala, and Karnataka, with an additional 1,300+ beds planned through greenfield, acquisitions, and O&M. The presentation highlights consistent 25%+ CAGR in revenue over the past 3 years and successful turnaround of a recent acquisition.
Sharp PAT decline of 41.7% despite 28% revenue growth raises concerns about near-term profitability from expansion costs; Karnataka and Maharashtra new facilities will likely continue dragging margins in the near term before reaching scale.