NSE: INDRAMEDCO · BSE: 532150
INDRAPRASTHA MEDICAL CORP
Operates a multi-specialty hospital in New Delhi under the Indraprastha Apollo Hospital brand, part of the Apollo Hospitals group. The business runs a single hospital services line, which generated Rs. 1,482.51 crore in revenue in FY26, up 9.3% from Rs. 1,356.36 crore the prior year. The cost structure is dominated by other operating expenses at 45.3% of revenue, followed by employee costs at 19.4% and materials at 17.3%; depreciation is 2.9% of revenue and capex runs at 4.0%, reflecting an asset-heavy facility. Net profit for FY26 was Rs. 183.62 crore, EPS of Rs. 20.03, and operating cash flow of Rs. 167.44 crore. The company is promoted by Apollo Hospitals Enterprise, which holds 22,917,500 equity shares, and had total assets of Rs. 991.36 crore at year-end. ICRA has reaffirmed the long-term credit rating at [ICRA]AA(Stable) on Rs. 162.50 crore of rated bank facilities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospital services. Asset-heavy hospital services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 888 | 1,099 | 1,245 | 1,356 | 1,483 |
| EBITDA (ex other income) | 114 | 151 | 193 | 244 | 267 |
| margin % | 12.9 | 13.7 | 15.5 | 18.0 | 18.0 |
| Owners' profit | 59 | 86 | 124 | 161 | 184 |
| EPS, as reported (₹) | 6.39 | 9.40 | 13.52 | 17.56 | 20.03 |
| ROE % · ROCE % | 18.0 · 22.4 | 22.7 · 28.5 | 25.9 · 30.5 | 27.0 · 33.1 | 24.8 · 30.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 71 | 144 | 200 | 157 | 167 |
| Capex | (29) | (45) | (69) | (36) | (60) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 350 | 325 | 334 | 365 | 381 | 372 | 365 | 406 |
| Profit before tax | 57 | 45 | 55 | 68 | 66 | 56 | 55 | 75 |
| Net profit | 42 | 33 | 41 | 51 | 49 | 41 | 42 | 56 |
| EPS (₹) | 4.63 | 3.58 | 4.47 | 5.61 | 5.40 | 4.47 | 4.55 | 6.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.3 | 42.0 | 7 of 30 | 79% |
| P/B | 3.9 | 5.5 | 7 of 24 | 74% |
| ROCE | 29.9 | 10.9 | 1 of 30 | 100% |
| ROE | 24.8 | 11.8 | 1 of 24 | 100% |
| Debt / Equity | 0.0 | 0.2 | 1 of 24 | 91% |
| EBITDA margin | 21.7 | 22.0 | 14 of 24 | 44% |
| Revenue growth | 11.3 | 20.2 | 20 of 23 | 14% |
| Profit growth | 8.5 | 8.1 | 10 of 21 | 55% |
| Market cap | 2880 | 2462 | 14 of 30 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Board meeting on Oct 29 to consider Q2 FY27 results | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Quarterly share dematerialisation compliance certificate submitted to exchanges | compliance | minimal | — | — |
| 25 Sept 2026 · AGM results: all 5 resolutions passed, Rs 4 per share dividend declared | board shareholder meetings | low | — | — |
| 24 Sept 2026 · AGM held; Rs 4 per share dividend declared, voting results pending | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Trading window closed till Q2 FY27 results are declared | compliance | minimal | — | — |
| 15 Sept 2026 · Notice for transfer of shares to IEPF - newspaper publication | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper publication of 38th AGM public notice submitted to exchanges | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report FY26 and 38th AGM notice filed with exchanges | investor communications | medium | — | — |
| 1 Sept 2026 · Annual Report FY26 and 38th AGM notice filed; Rs 4 dividend proposed | results | high | — | — |
| 29 Aug 2026 · AGM on Sept 24, 2026; Dividend Rs. 4/share; Record date Sept 18 | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.