GPT Healthcare runs a chain of mid-sized, neighbourhood hospitals that bring advanced tertiary care - including robotic surgery and oncology - directly into the residential heart of underserved cities in Eastern and Central India. Founded in 2000 with an 8-bed facility in Kolkata, the company has grown under the clinical stewardship of a surgeon with over 40 years of experience into a listed, net-debt-free network of five hospitals. Its recurring approach is a disciplined, asset-light model: it builds right-sized hospitals on long-term leases in markets with low bed density, then drives returns by steadily improving the mix of complex surgeries and the utilisation of its existing beds. # Business segments A single engine - a network of five owned hospitals, each a full-service tertiary centre in a specific city, generating revenue from the same fee-for-service model and sharing a common clinical and operational backbone. ## 1. ILS Hospitals network: a chain of neighbourhood tertiary-care centres **The company earns a fee for every consultation, procedure and room night across five mid-sized hospitals, with nearly all payments coming from cash and insurance patients rather than government schemes.** - **Paid per service, not per patient** - revenue comes from inpatient and outpatient charges on a fee-for-service basis, covering accommodation, theatre use, professional fees, equipment, radiology, laboratory tests and pharmacy goods. - **Cash and insurance payers keep cash flows healthy** - roughly 90-95% of patient business comes from cash and insurance-paying individuals, with very low exposure to government schemes or corporate contracts, so the company avoids the delayed payments and margin pressure that come with public reimbursement. - **Complexity lifts the average bill** - the network’s average revenue per occupied bed rose from about INR 32,947 in FY24 to INR 39,243 in FY26, driven by a stronger clinical mix of robotic surgeries, transplants and oncology rather than by simply raising prices. - **Ten specialties spread the risk** - approximately 87% of revenue is contributed by ten specialties, with internal medicine, nephrology and general surgery as the largest, so no single department dominates the top line. - **Occupancy is managed, not maximised** - the company consciously keeps occupancy around 75-80% at mature hospitals to avoid stretching beds and clinical resources, with network occupancy at roughly 56% excluding the newly opened Raipur hospital. ### 1.1 ILS Salt Lake: the flagship for robotic surgery **An 85-bed surgical hospital that anchors the network’s reputation for complex, technology-driven procedures.** - **Robotics as the differentiator** - the hospital performed over 800 robotic surgeries in FY26, primarily in gastro and bariatric procedures, which reduced the average length of stay from 4 to 3.2 days and pushed ARPOB to INR 43,800 in the fourth quarter. - **A teaching centre for surgeons** - it houses an NBE-accredited Minimal Access Surgery department that trains post-graduate surgeons under a national fellowship programme, reinforcing its standing as a referral centre. - **The only comprehensive cancer centre in the state** - with a linear accelerator, PET scan and radiation oncology unit commissioned in mid-2025, it offers end-to-end oncology care that no other hospital in Tripura provides. - **Medical value travel from across the border** - the hospital attracts international patients, particularly from Bangladesh, a segment that historically contributed up to 10% of its revenue and is now recovering after political disruptions. - **First-of-its-kind procedures in the region** - it has performed Tripura’s first complex vascular stenting and dual-chamber leadless implantation, as well as infant cochlear implant and congenital heart surgeries. ### 1.3 ILS Dum Dum: the turnaround in critical care **A 155-bed facility that was restructured into a high-occupancy centre for renal transplants and cardiac care.** - **Renal transplants drive volumes** - the Dumdum hospital performed 190 renal transplants in FY24, which historically kept its average length of stay higher at around 5.2 days. - **Turnaround through tighter operations** - occupancy reached 71% in the fourth quarter of FY26 after restructuring initiatives, while length of stay was brought down from 4.59 to 4.47 days. - **Robot-assisted knees in a catchment with no rival** - the hospital launched robotic knee replacements and performed nearly 100 robotic surgeries in just over a year, drawing patients from a large, uncontested catchment area fed by the railway station. - **Broke even in eight months** - it achieved EBITDA breakeven within eight months of inauguration, which the company describes as one of the fastest timelines in India’s tertiary care hospital sector. - **Built for INR 47 lakh per bed on a fixed lease** - the INR 74 crore investment was made on a 27-year lease with the developer, so the company carries no land or building ownership on its books. - **High-end equipment from day one** - it opened with a 3 Tesla MRI, cardiac catheterisation lab and dual-source CT scanner, and has already completed six renal transplants and received a liver transplant licence. - **Breakeven expected at just 30% occupancy** - the company projects EBITDA breakeven within approximately 15 months, requiring an occupancy level of only around 30%, because the fixed-lease model keeps operating leverage high. # Technology and digital backbone **A shared digital and clinical-technology layer connects all five hospitals, making patient access self-service and enabling complex procedures across the network.** - **Self-service access for patients** - the “ILS-MyHealth” mobile app lets patients book appointments, view medical records and access hospital information without human intervention, while a central HMIS pushes reports directly via WhatsApp and email. - **Home care for the elderly** - the “SPARSH” programme offers senior citizens monthly doctor visits, routine checks, discounts on diagnostics and priority admission for an annual fee of INR 500, creating a feeder channel into the hospitals. - **Robotics and advanced imaging as a network standard** - robotic surgical systems are installed at Salt Lake and Howrah Hospital, 3D imaging supports interventional neurology at Dum Dum, and PET scans with linear accelerators run oncology at Agartala, so complex care is not confined to one flagship. # Group structure and partners **The company is a single legal entity with no subsidiaries, directly owning and operating all five hospitals under a promoter-led board.** - **Wholly owned, single-segment structure** - GPT Healthcare Limited operates all hospitals directly with no joint ventures or associate companies, so all cash flows and decision-making sit within one entity. - **Asset-light partners, not co-investors** - the Raipur and upcoming Jamshedpur hospitals are built under long-term leases with unrelated developers who fund the land and construction, while the cancer care department at Agartala is operated under a management agreement with International Oncology Services.