• Hospital expansion pipeline: The Dombivli hospital was commissioned in late February, while the Pune South project remains on schedule for launch in CY28, followed by subsequent developments in Mira Road and BKC.
• Current occupancy levels: Operational occupancy stands in the mid-70% range at Thane, high 60s in Pune, and approximately 50% in Indore, with hospital capacities structurally designed to peak at around 75%.
• Capex funding strategy: Growth plans will be funded primarily via roughly ₹500 crore in existing cash and 4–5 years of internal accruals based on an annual EBITDA base of around ₹350 crore, with leverage capped at 3x EBITDA.
• Medical tourism outlook: Inbound medical travel is driven primarily by healthcare access rather than cost, requiring Indian providers to focus on specialized quaternary care as source markets in Africa and the Middle East develop local infrastructure.