Transcript of conference call with investors held on 18.05.2026
KIMS · price
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KIMS Hospitals reported Q4 FY '26 total revenue of INR 1,084 crore (up 35.3% YoY) but EBITDA margin contracted to 19.9% from 25.3% a year ago, with PAT at INR 33 crore versus INR 106 crore in Q4 FY '25. Full year FY '26 revenue was INR 3,931 crore (28.2% YoY growth) but EBITDA margin fell to 21.1% from 26.6%, and PAT declined to INR 242 crore from INR 415 crore. The margin pressure is attributed to new hospital launches (Karnataka, Thane, Nashik, Kerala) which caused INR 128 crore EBITDA loss for the full year, while mature units maintained ~29% EBITDA margin. Management announced a planned INR 1,500 crore QIP to retire debt (currently ~INR 3,000 crore) and fund greenfield expansion over 3-5 years. New unit losses are expected to halve in FY '27 as insurance empanelments complete and hospitals ramp up. CEO flagged insurance empanelment delays due to new GIC regulations as the key challenge across new markets.
The stock faces headwinds from margin compression due to heavy expansion costs, though management expects losses from new units to halve next year. The QIP to retire debt is positive for the balance sheet but will be dilutive to existing shareholders.