1. Internal net debt/EBITDA ceiling of 2.5x - medium to long term Delivered - At the Q4 FY26 call, management stated an internal net debt/EBITDA ceiling of 2.5x, to be maintained "in the medium to long term". Net debt/EBITDA came down from 2.2x-2.3x earlier to 1.4x as of Q4 FY26, and the Q4 FY26 PPT shows \~1.43x FY26 vs 2.27x FY25.
2. FY26 capex closure of ₹275-280 crore, FY27 capex 10-12% higher Delivered - At the Q3 FY26 call, management guided FY26 capex closure of about ₹275-280 crore, with FY27 capex about 10%-12% higher. FY26 capex closed at ₹288.5 crore (South 1,804, West 794, East 140, International & Milann 147 ₹ Mn), slightly above the range, and Q1 FY27 capex was approximately ₹75 crore.
3. Day-care centers doubled - 8-10 added over 24 months Pending - At the Q4 FY26 call, management stated day-care centers would be doubled, "adding about 8 to 10 Day-Care centers over the next 24 months across multiple markets" from a current base of 5. No new day-care center additions appear in our record as of Q1 FY27; the 24-month window from March 2026 extends to March 2028.
4. 10 additional LINACs - by FY30 On track - At the Q2 FY26 call, management anticipated adding 10 additional LINACs in the future; the Q1 FY27 PPT set a path from 38 LINACs to \~43 by FY30, with 2 in FY27 (North Bangalore, Kenya). A LINAC was commissioned in Rajkot and an MR-LINAC at North Bangalore in July 2026, consistent with the FY27 plan.
5. North Bangalore monthly break-even - FY27 On track - At the Q1 FY27 call, the CFO said "we certainly expect to have a monthly breakeven in this year" for North Bangalore, with peak EBITDA loss reached in that quarter. North Bangalore recorded start-up losses of ₹7 crore in Q1 FY27, and management expects losses to come down over the next few quarters.
6. Rights issue - ₹425 crore Delivered - At the Q3 FY26 call, management said Rights Issue specifics would be shared "very shortly" after the Board meets, to strengthen the balance sheet. The rights issue was completed in Q4 FY26, raising ₹425 crore oversubscribed 1.3x; by Q1 FY27, ₹170 crore went to debt repayment and ₹150 crore to raising Vizag shareholding from 51% to 85%.
7. Milann divestment - FY26 Delivered - At the Q4 FY25 call, Dr. Ajaikumar said "we are definitely putting a proposal to divest. And hopefully, this will happen definitely this fiscal year". The sale of 100% of BACC Healthcare (Milann) to Inviga Healthcare Fund I was signed May 19, 2026 at an enterprise valuation of ₹63.2 crore and completed on 29th June 2026.
8. Medical tourism share from 3.5% to 7% in four years On track - At the Q3 FY26 call, management aimed to take medical tourism share of revenues from about 3.5% to about 7% in the next four years. Q4 FY26 growth was moderated by softer medical value travel, and Q1 FY27 international revenue was ₹20.8 crore, \~9% YoY; the window extends to December 2029.
9. 20%+ ROCE over next five years On track - At the Q2 FY26 call, management expected a trend of at least 20%+ ROCE over the next five years, later expecting a progressive move from \~13.5% toward 20%. Pre-tax ROCE improved from 13.3% for 9M FY26 to 14% for FY26; the window extends to September 2030.
10. 1,000 beds by FY30 - 400 greenfield, 600 brownfield On track - At the Q2 FY26 call, management anticipated adding about 1,000 beds, later maintained at Q4 FY26 as 400 greenfield and about 600 brownfield by FY30. 121 operational beds were added in Q1 FY27, taking operational beds from 2,734 (31st Mar'26) to 2,855, with a year-wise plan to \~3,670 by FY30.
11. EBITDA margins of 21-22% in 2-3 years, 24-25% in 4-5 years On track - At the Q2 FY26 call, management expected corporate-level EBITDA margins "upwards of 21%, 22%" in roughly three years, with a four-to-five-year journey toward mature-centre margins. Adjusted EBITDA margin improved from 17.5% in Q3 FY26 to 19.4% in Q1 FY27, and management reiterated being "on track to hit those numbers".
12. 15%+ revenue growth - sustained annually On track - At the Q2 FY26 call, management aimed to sustain, if not exceed, revenue growth of over 15% per annum, reiterated through Q1 FY27. FY26 revenue grew 15% YoY to ₹2,545 crore, while Q1 FY27 grew \~13% YoY to ₹695.1 crore on 11% volume growth, with management acknowledging "we could have done better on both fronts".
13. Cuttack brownfield expansion - 60 beds, operations by early FY27 On track - At the Q2 FY25 call, management stated Cuttack would add 60 beds with operations expected by early FY '27. The timeline was later revised to about 60 beds operationalized by end of FY27, then 75 beds in the FY28 & FY29 plan; no operationalization is recorded as of Q1 FY27.
14. Digital channel revenue to reach 25% of total revenue in 3 years On track - At the Q2 FY25 call, management said "in the next 3 years, we can take it to 25%", from 14% of revenue in Q2 FY25. Digital revenue doubled in FY25 and grew 26% YoY in Q3 FY26 despite reduced paid media spend; the window extends to September 2027.
15. Capex of ₹250-300 crore in FY25 Missed - At the Q2 FY25 call, management guided capex of around ₹250-300 crores in FY '25, later refined to about ₹275-280 crores per annum for FY25 and FY26. FY25 capex totaled ₹205.6 crore (Q4 FY25 PPT: Rs. 2,056 mn), a little over ₹200 crores including close to ₹100 crores of maintenance capex - well short of the guided range.
16. MG Hospital (Vizag) acquisition - 85% stake, EBITDA accretion of ₹3 per share Delivered - At the Q1 FY25 call, management announced the acquisition of 85% stake in MG Hospital (Vizag) at an enterprise value of Rs. 414 crores, with 51% upfront and 34% in 18 months. Vizag was consolidated in Q3 FY25, and ₹150 crore of rights issue proceeds raised the shareholding from 51% to 85% by Q1 FY27.
17. South Mumbai (Colaba) break-even - Q4 FY24, then FY25, then FY26 Partial - At the Q1 FY24 call, Dr. Ajaikumar said South Mumbai break-even was expected "in our fourth quarter of this year" (Q4 FY24), later pushed to FY25 and then FY26. Bombay Hospital posted a profit of ₹1 crore in Q2 FY25 though South Bombay's H1 loss was about ₹4.3 crores, and no full break-even is confirmed in our record.
18. North Bangalore 100-bed hospital - operational in 15-18 months, ₹90 cr capex Partial - At the Q3 FY24 call, management announced a 100-bedded North Bangalore hospital operational in 15 to 18 months with capital outlay of about ₹90 crores. Operations commenced by May 2026 - beyond the guided window - with 110 installed beds, \~₹7 crore first-quarter revenue, peak EBITDA loss reached, and total planned capex of ₹1,290 crore.
19. 20% EBITDA margin - by Q4 FY24 / Q1 FY25 Partial - At the Q2 FY24 call, management reiterated "we will be close to 20% margin" towards the end of Q4 FY24 / beginning of Q1 next year. Q4 FY24 EBITDA margin was 19% and Q4 FY26 was 19.2%, but FY25 full-year margin was 17.8% and FY26 18.5% - 20% was approached but not sustained by the deadline.
20. Six additional LINAC machines - over next 18 months Delivered - At the Q2 FY24 call, management planned to install six additional LINAC machines over the next 18 months to bridge the radiation therapy demand-supply gap. Three were operationalized in Q2 FY24, 4 radiation machines in 9M FY24, and 7 new LINACs were added in the 12 months to Q3 FY25, with 5 more added in FY25 under pay-per-use.
21. Indore - add 50 beds, ₹40-50 cr capex, 2-3 years Pending - At the Q2 FY24 call, management planned to add 50 beds at Indore for about ₹40-50 crores, completing within two to three years. By Q3 FY24 the addition was reframed as a Phase II plan with no timeline shared; no subsequent disclosure of the 50-bed addition appears in our record, so the outcome is unknown.
22. Tax rate reduction to 25% - next year onwards Delivered - At the Q2 FY23 call, management stated the company would move to a 25% tax regime next year onwards, from the current 35%. The effective tax rate fell to 28.2% in Q1 FY25 and 25% in Q2 FY25, though Q4 FY25 was 50.3% for the quarter and 14.3% for the year.
23. New centers bucket to reach mature-center EBITDA margins - 18 months Partial - At the Q4 FY23 call, management guided that emerging centers as a bucket would reach mature-level EBITDA margins "in another 18 months". By Q1 FY25 only three centers remained classified as emerging, and in FY25 established centers delivered over 20% margin against a little over 10% for emerging - convergence came via reclassification rather than organic catch-up.
24. Kolkata center turnaround - break-even early next year, 15% margin subsequently Delivered - At the Q2 FY23 call, management expected Kolkata to start breaking even early next year, with 15% margin probably in the subsequent year. Kolkata turned positive in Q1 FY25 with EBITDA of Rs. 2.7 crore versus a Rs. 2.5 crore loss a year earlier, a 14% EBITDA margin, and grew 66% in Q2 FY25.
25. Whitefield extension of Bangalore COE - 25-bed facility, ₹25 cr capex, operational Q4 FY24 Missed - At the Q1 FY23 call, management guided the Whitefield extension with total planned capex of ₹25 crores and expected operations in Q4 FY24. The deadline has passed by over two years with no operational facility: capex of ₹137 crore was incurred till 31st March 2026, the project was relocated pending Occupancy Certificate, and operations are now expected at the end of FY28.
26. Ahmedabad Phase 2 expansion - 200-bed facility, ₹85 cr capex, operational Q1 FY25 Delivered - At the Q1 FY23 call, management guided the Ahmedabad Phase 2 expansion with total planned capex of ₹85 crores and expected operations in Q1 FY25. The new 200-bedded center was operationalized in Q2 FY25 with about 118 beds live, and was formally inaugurated in FY26 as a 189-bedded facility.
27. EBITDA margin improvement - 100-200 bps over 12-18 months Delivered - At the Q1 FY23 call, management guided EBITDA margin improvement of 100 to 200 bps over the next 12 to 18 months from cost-saving initiatives, later specified as about 100-150 bps. FY23 adjusted EBITDA margin was 18.9% versus 17.6% in FY22, an expansion of \~130 bps within the window, though FY24 reverted to 17.8%.