1. IPO size ₹525.1 cr including fresh issue of ₹40 cr Delivered - At the Q3 FY24 call, management noted IPO size Rs 525.1 cr including a fresh issue of Rs 40 cr. The IPO completed with a total of Rs 525.14 cr - an Offer for Sale of Rs 485.14 cr and a Rs 40 cr fresh issue.
2. Board declared final dividend of ₹1.5 per share - total FY24 dividend ₹3.5 Delivered - At the Q4 FY24 call, management declared a final dividend of Rs 1.5 per share, taking total dividend for FY24 to Rs 3.5 per share. FY24 total dividend was Rs 3.5 per share.
3. Inorganic expansion in Jamshedpur - commissioning by end Q3 FY27 Pending - At the Q3 FY24 call, management said it was evaluating inorganic opportunities in Jamshedpur and Guwahati, hopeful of clicking and commissioning by FY26. A Jamshedpur MoU (\~150 beds, \~₹65 cr investment) was signed with commissioning expected by end of Q3 FY27; no Guwahati acquisition was reported, and nothing had been commissioned by FY26.
4. No equity dilution planned - stated Q3 FY25 Delivered - At the Q3 FY25 call, management said no equity dilution is planned. No equity dilution occurred through Q1 FY27 and shareholding remained stable.
5. Profitability to grow at \~25% CAGR for next two years - stated Q3 FY24 Missed - At the Q3 FY24 call, management expected profitability to grow at almost 25% CAGR over the next two years, FY25-26. FY25 PAT was Rs 50 Cr, +5% YoY, and FY26 PAT was Rs 42.2 Cr, -15.43% YoY.
6. Net-debt free - investment proposition Delivered - In the Q4 FY25 and Q1 FY27 PPTs, management committed to remaining net-debt free. The company was net debt free as of Q4 FY25, with Net Debt to Equity at -0.12 in FY26.
7. Capex per bed at ₹0.7-0.8 crore - investment proposition Delivered - In the Q4 FY25 and Q1 FY27 PPTs, management committed to capex per bed at ₹0.7-0.8 crore, below industry norms. Howrah capex per bed was \~Rs 0.7 crore, Raipur/Ranchi asset-light \~Rs 0.35 crore, and Jamshedpur was guided at \~Rs 70 lakhs per bed.
8. Industry-fastest break-even of 8-10 months - investment proposition Delivered - In the Q4 FY25 and Q1 FY27 PPTs, management committed to an industry-fastest break-even of 8-10 months. Howrah achieved EBITDA breakeven in 8 months and Dum Dum in 10 months; Raipur was still loss-making after 13 months.
9. Over 90% revenue from cash and insured patients - investment proposition Delivered - In the Q4 FY25 and Q1 FY27 PPTs, management committed to securing over 90% of revenue from cash and insured patients. FY26 drew \~90% of revenues from cash and insurance patients, as did Q1 FY27.
10. Howrah robotic knee replacement surgeries to increase ARPOB and reduce ALOS Delivered - In the Q4 FY25 and Q4 FY26 PPTs, management expected Howrah robotic knee replacement surgeries to increase ARPOB and reduce ALOS. Howrah ARPOB rose from Rs 32,974 in FY25 to Rs 35,767 in FY26 with ALOS at 3.31 days in Q2 FY26; the program completed nearly 100 procedures in its first year.
11. Dum Dum respiratory ICU and cardiac surgery services - launched shortly Delivered - In the Q1 FY27 PPT, management stated Dum Dum respiratory ICU and cardiac surgery services were to be launched shortly. The Dum Dum CTVS unit was commissioned in FY26, and respiratory ICU and cardiac surgery services launched in the last quarter of FY26.
12. Bangladesh patient volumes to return to pre-disruption levels - next 6 months Pending - At the Q1 FY27 call, management expected Bangladesh medical value travel to return to pre-disruption levels in the next 6 months. As of Q1 FY27, Bangladesh patient inflows were improving but not yet at pre-disruption levels.
13. Raipur liver transplant program - 10 transplants in first year On track - At the Q1 FY27 call, management expected Raipur to do around 10 liver transplants a year in the first year of the program. Raipur received its liver transplant license and the first liver transplant was conducted in Q1 FY27; no transplant count has been disclosed yet.
14. Howrah occupancy to move towards 60% by Q1 FY27 Missed - At the Q4 FY26 call, management expected Howrah occupancy to move towards 60% by Q1 of next year. Q1 FY27 Howrah occupancy was 45.2%, up from 39% in Q1 FY26.
15. Agartala occupancy to reach 60% by early FY27 Missed - At the Q4 FY26 call, management was "hopeful" Agartala should hit the 60% occupancy mark by early next year; at Q1 FY27 the year-end target was reiterated. Q1 FY27 Agartala occupancy was 45.3%, down from 52% in Q1 FY26.
16. FY27 EBITDA margin of \~21% (200 bps increase) - FY27 On track - At the Q1 FY27 call, management guided FY27 EBITDA margin to close the year at around 21% versus 19% last year. Q1 FY27 EBITDA margin was 20.4%; no full-year FY27 outcome yet.
17. FY27 ARPOB growth of \~8% - FY27 On track - At the Q4 FY26 call, management guided ARPOB growth of around 8% in FY27. Q1 FY27 ARPOB was Rs 42,350 versus Rs 38,913 in Q1 FY26, growth of \~8.8%; no full-year outcome yet.
18. FY27 revenue growth of 15% - FY27 On track - At the Q4 FY26 call, management guided a 15% increase in overall revenue for FY27 and FY28. Q1 FY27 revenue from operations was Rs 126.2 Cr, +17.8% YoY; no full-year outcome yet.
19. Raipur FY27 EBITDA margin of 8-10% at \~35% occupancy - FY27 On track - At the Q2 FY26 call, management expected Raipur to deliver FY27 EBITDA margins of around 8-10% at around 35% occupancy; this was later restated to closing FY27 at around 30% occupancy, "very, very close to breakeven". As of Q1 FY27, Raipur occupancy was 17.4% with a Q1 loss of Rs 3 cr.
20. Raipur occupancy to reach \~25% by end of FY26 Missed - At the Q2 FY26 call, management expected Raipur occupancy to rise to around 25% by end of FY26. Raipur occupancy was 12.35% for FY26 and 14.26% for Q4 FY26.
21. Jamshedpur hospital - 150 beds, commissioned by Q4 FY27 On track - At the Q3 FY25 call, management said the Jamshedpur hospital (150 beds, \~Rs 65 cr outlay) should be operational by FY26, later restated as October 2026; the timeline was pushed across FY25-FY26 calls to Q4 FY27, "likely by late of fourth quarter". As of Q1 FY27 the project was progressing as per schedule, with commissioning expected Q4 FY27.
22. ARPOB growth of 5-6% - FY26 Delivered - At the Q2 FY26 call, management guided ARPOB growth of 5-6% for the year. FY26 ARPOB was Rs 39,243, up 5.5% from Rs 37,180 in FY25.
23. FY26 consolidated EBITDA margin of 20-21% - FY26 Missed - At the Q2 FY26 call, management guided a FY26 consolidated EBITDA margin of around 20-21% including Raipur losses. FY26 EBITDA margin was 18.84%.
24. Raipur FY26 EBITDA loss of \~₹8 cr - FY26 Missed - At the Q1 FY26 call, management anticipated a Raipur full-year FY26 loss of around Rs 8 cr, revised at Q2 FY26 to around Rs 10 cr. The Raipur FY26 EBITDA loss was Rs 13.8 cr.
25. FY26 occupancy targets - Agartala 60%, Howrah 50%, Salt Lake \~65%, Dum Dum \~65% Partial - At the Q1 FY26 call, management set FY26 year-end exit occupancy targets: Agartala 60%, Howrah 50%, Salt Lake \~65%, Dum Dum \~65%. FY26 occupancy was Agartala 52%, Howrah 44%, Salt Lake 62%, Dum Dum 66%.
26. Ex-Raipur existing hospitals \~10% revenue growth - FY26 Partial - At the Q1 FY26 call, management guided the ex-Raipur existing four hospitals to \~10% revenue growth, reaffirmed at Q2 FY26. Mature hospitals posted FY26 revenue of Rs 450.5 Cr versus FY25 total revenue of Rs 415.6 Cr, implying growth of \~8.4%, with Q2 FY26 base growth of 6-6.5%.
27. FY26 revenue of ₹460 cr+ (15% growth) - FY26 Delivered - At the Q1 FY26 call, management said "we are on track to do a 15% plus kind of growth for the full year" and to achieve Rs 460-crore-plus revenue for FY26, reaffirmed at Q2 FY26. FY26 revenue from operations was Rs 478.5 Cr, +15.14% YoY.
28. Inorganic acquisition - within 12-15 months Missed - At the Q1 FY25 call, management said "hopefully, we should be able to crack somewhere in the next 12 months, 12 to 15 months" on an inorganic acquisition; at Q2 FY25 no timeline was offered and at Q4 FY26 management was "hopeful of concluding something soon". As of Q1 FY27, no acquisition had been closed.
29. Cash flow from operations to EBITDA at 80% - FY25 Delivered - At the Q4 FY24 call, management expected to maintain cash flow from operations to EBITDA at a healthy 80% for FY25. The FY25 CFO-to-EBITDA ratio was around 80%, and FY26 net operating cash of Rs 81.1 Cr against EBITDA of Rs 90.1 Cr ran at \~90%.
30. 1,000-bed hospital chain - within 2-3 years On track - At the Q4 FY24 call, management set a goal of becoming a 1,000-bed hospital chain in the next two to three years, repeatedly reaffirmed through FY27 planning. As of Q1 FY27, network capacity was 719 beds, with Jamshedpur taking it to \~874 beds by Q4 FY27 and a seventh hospital being finalized to take capacity over 1,000 beds.
31. Dum Dum ALOS reduction to \~4 days - FY25 Missed - At the Q4 FY24 call, management expected Dum Dum ALOS to come down to around 4 from above 5, later revised to holding around 4.5 days and then "ideally stable at around 4". Dum Dum ALOS was 4.59 in FY25, 4.47 in FY26, and 4.3 in Q3 FY26.
32. Network ARPOB to hit \~₹35,000 - FY25 Delivered - At the Q4 FY24 call, management expected network ARPOB to hit close to 35,000 for FY25, from 33,000. FY25 ARPOB was Rs 37,180.
33. Salt Lake occupancy to return to \~70% - FY25 Missed - At the Q4 FY24 call, management expected Salt Lake to get back to normal occupancy of close to 70% in FY25; later targets were \~65% by FY26 year-end and 70-73% in FY27. Salt Lake occupancy was 58% in FY25, 62% in FY26, and 62.4% in Q1 FY27.
34. Howrah occupancy to reach 70% - next two years Missed - At the Q3 FY24 call, management expected Howrah occupancy to reach around 70% in the next two years, softened at Q4 FY24 to close to 70% over 2-3 years and stepped down to FY26 exit targets of 50% and 60% by Q1 FY27. Howrah occupancy was 41% in FY25, 44% in FY26, and 45.2% in Q1 FY27.
35. Agartala occupancy to reach 70% - next two years Missed - At the Q3 FY24 call, management expected Agartala occupancy to go up to the 70% mark in the next two years, with subsequent targets of 55% in FY26, 60% by FY26 year-end, and 58% in FY27. Agartala occupancy was 46% in FY25, 52% in FY26, and 45.3% in Q1 FY27.
36. Agartala revenue upside of \~15% from radiation oncology - first year Partial - At the Q3 FY24 call, management expected an Agartala revenue upside of almost 15% with radiation oncology kicking in, revised at Q4 FY24 to around 5% first-year contribution and at Q1 FY26 to Rs 10-15 cr of oncology revenue at 20-plus EBITDA. Agartala FY26 revenue was Rs 138.9 Cr, up from Rs 117 Cr in FY24, but no oncology-specific contribution was disclosed for FY26.
37. Agartala radiation oncology - commissioned by CY2024 Partial - At the Q3 FY24 call, management was hopeful of starting radiation oncology at Agartala in the next three months, and at Q4 FY24 guided commissioning during calendar year 2024, with the date moved through FY25 to Q4. PET CT was commissioned in November 2024 while radiation oncology remained under installation, slated for Q4 FY25; radiation oncology actually started in May 2025.
38. Ranchi hospital - commissioning in FY27 Pending - At the Q3 FY24 call, management was looking at commissioning a new hospital in Ranchi in FY27; through FY25 and FY26 the project remained stalled awaiting developer and government clearances. As of Q1 FY27, Ranchi was still stuck on clearances with the FY27 deadline not yet lapsed.
39. Raipur EBITDA breakeven - 12-15 months post-commissioning On track - At the Q3 FY24 call, management expected Raipur breakeven around the 12-to-15-month mark at 35-40% occupancy, later stretched to 15-18 months, 24 months, and finally around the 20-month mark. Raipur posted an FY26 EBITDA loss of Rs 13.8 cr, a Q4 FY26 loss of \~Rs 3 cr, and a Q1 FY27 loss of Rs 3 cr at 17.4% occupancy, with breakeven reaffirmed by Q3 FY27.
40. Raipur hospital - 152-bed asset-light facility commissioned Q4 FY25 Delivered - At the Q3 FY24 call, management announced a 152-bed Raipur hospital on an asset-light basis with Rs 55 cr investment, to be commissioned in Q4 FY25, with the date refined to February 2025 and then early April. A 158-bed facility at Pachpedi Naka, Raipur was commissioned on May 2, 2025 under the asset-light rental model with \~Rs 55 cr investment.
41. Long-term ROCE and ROE in excess of 25% - long-term Partial - At the Q3 FY24 call, management aimed for long-term ROCE and ROE in excess of 25%, restated as \~25% at Q1 FY27 and in the FY26 annual report. FY24 delivered ROCE 30.2% and ROE 25.7%; FY25 was ROCE 23.5% and ROE 20.1%, and FY26 ROCE 16.5% and ROE 15.7%.
42. Network bed occupancy to reach 65-70% - coming quarters from existing hospitals Missed - At the Q3 FY24 call, management expected network bed occupancy to inch up to around 65-70% in the coming quarters from existing hospitals, with later targets of almost 65% for FY25 and per-hospital exit targets of 50-65% for FY26. Network occupancy ex-Raipur was 55.9% in FY26 and 58.07% in Q1 FY27.
43. EBITDA margin maintained at 23-24% - FY24-FY25 Partial - At the Q3 FY24 call, management was confident of maintaining EBITDA margins in the 23-24% range, later guided to 22-23% over 2-3 years, 22.5-23% for FY26, and 20-21% including Raipur losses. FY24 EBITDA margin was 23.0%, FY25 22.1%, FY26 18.84% overall but 23.06% ex-Raipur, and Q1 FY27 20.4%.
44. FY25 revenue growth of 12-14% - FY25 Missed - At the Q3 FY24 call, management guided FY25 revenue growth of 15-18% including Raipur, corrected at Q1 FY25 to 12-14% with "we stand by that guidance". FY25 revenue was Rs 407 Cr, "slightly up Y-o-Y", with total income of Rs 415.6 Cr, +2.5% YoY and growth of \~1.7%.
45. FY24 revenue in excess of ₹400 cr - FY24 Delivered - At the Q3 FY24 call, management expected FY24 revenue in excess of Rs 400 crores. FY24 revenue from operations was Rs 400.2 Cr, +10.8% YoY, and management confirmed "FY24 revenue exceeded Rs.400 crores".