IGI Logo

In-line EBITDA; PAT better than estimates

• In 1QFY26, sales grew 20% YoY to INR10.3b (vs our est: INR9.6b).
• EBITDA margin was largely stable at 22% YoY (our est: 23%).
• Medanta’s EBITDA grew 18.7% YoY to INR2.3b (in line).
• Medanta had a one-time gain of INR196m related to the reversal of interest liability on Export Promotion Capital Goods (EPCG).
• Adjusting for the same, PAT grew 36% YoY to INR1.4b. (vs our est: INR1.3b).
• In 1QFY26, revenue/PAT outperformed the Bloomberg estimate by 6% each. EBITDA was in line with estimates.

Other highlights

• Mature hospitals revenue (66% of total revenue) grew 10.7% YoY to INR7b. EBITDA stood at INR1.6b for the quarter, and margins contracted 90bp YoY to 23.7%.
• Developing hospitals’ revenue (34% of total revenue) grew 36% YoY to INR3.2b. EBITDA stood at INR940m for the quarter, with margins expanding 440bp YoY to 29.3%.
• In 1QFY26, ARPOB grew 4% YoY to INR66.5K.
• Both IPD/OPD volumes increased 14%/13% YoY for the quarter.
• Occupancy levels stood at 63% (vs. 59% in 1QFY25) and 61% in 4QFY25.
• ALOS stood at 3.03 days (vs. 3.05/3.1 days in 1QFY25/4QFY25).
• OPD Pharmacy revenue increased 21.6% YoY to INR404m.
• During the period, International Patients Revenue increased 33.8% YoY to INR636m, driven by increased international patient volumes

For More Research Reports : Click Here 

For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412