1. 15% rate increase at all big hospitals effective 1st April 2025 Delivered - At the Q4 FY25 call, management stated rates increased 15% at all big hospitals effective 1st April 2025. In Q1 FY26, hospital rates were increased by 15% on April 1.
2. \~30% year-on-year growth maintained Delivered - At the Q1 FY27 call, management reiterated \~30% year-on-year growth. Q1 FY27 revenue grew 29% YoY to ₹224 crores and PAT grew 28.52% YoY.
3. Minimum ₹300 crores PAT for FY27 On track - At the Q4 FY26 call, management guided minimum ₹300 crores PAT for FY27. Q1 FY27 PAT was ₹65.89 crores, annualizing to \~₹264 crores.
4. Products/services mix approximately 50-50 at ₹3,000 crores revenue On track - At the Q4 FY26 call, management guided that at ₹3,000 crores revenue the products/services mix will be approximately 50-50; Q1 FY27 reiterated the 50-50 split, specified as a 45-55% range. Q1 FY27 mix was services 47% / products 53%.
5. Large research backend in next 2 years On track - At the Q4 FY26 call, management committed to building a large research backend in the next 2 years. By Q4 FY26, \~550 papers were written last year, \~400 accepted and more than 180 published; the Q1 FY27 PPT shows 180+ papers published.
6. BP, sugar, kidney, liver, depression medicines launched in June and July (2026) Delivered - At the Q4 FY26 call, management guided medicines for BP, sugar, kidney, liver, and depression will be launched in June and July. The Q1 FY27 PPT lists Dr. BP/Kidney/Madhu/Liver/Sukoon Care DS range among products; Q1 FY27 saw six to seven new products launched.
7. Ayushman scheme implementation in 1-2 months (from Q4 FY26) Missed - At the Q4 FY26 call, management said the new Government of India Ayushman scheme draft will be implemented in one to two months; Q1 FY27 noted a government letter reprimanding insurers with rates being set at ministry level. As of Q1 FY27, Ayushman Yojana was still pending with government, with no implementation yet.
8. ₹3,000 crores sales in next 3-5 years On track - At the Q4 FY26 call, management guided ₹3,000 crores in sales in the next 3 to 5 years; Q1 FY27 reiterated ₹3,000 crores in about 3 years, maximum before 5 years. FY26 revenue was ₹801 crores; Q1 FY27 revenue was ₹224 crores, up 29% YoY.
9. PAT increase by 4x to 5x in next 3-5 years On track - At the Q4 FY26 call, management targeted to increase PAT by about 4x to 5x in the next 3 to 5 years; Q1 FY27 reframed this as working towards ₹1,000 crores PAT in about three years. FY26 PAT was ₹222 crores; Q1 FY27 PAT was ₹65.89 crores, against 4x-5x equal to ₹888-1,110 crores.
10. Super Specialty Clinic Day Care Centers in every state capital; first 5-10 self-operated Pending - At the Q3 FY26 call, management committed to open new Super Specialty Clinic Day Care Centers in approximately every state capital, with the first 5-10 opened by the company itself. In Q1 FY27, management planned to start the daycare chain "soon" with homework done and execution to begin, but no specific openings disclosed.
11. Entero exclusive distribution agreement at final stage Partial - At the Q2 FY26 call, management said the exclusive distribution agreement with Entero was at a final stage; Q3 FY26 guided goods to start being sent "in the next 15 days or so", and Q1 FY27 guided products across all distributors within 15 days / 2 weeks. The agreement was finalized at Q3 FY26, but by Q4 FY26 the business model had not started because Entero asked the company to bear expenses; by Q1 FY27 testing was complete after two months of software integration.
12. Chandan tie-up to apply to 100% of hospitals On track - At the Q2 FY26 call, management committed that the Chandan tie-up will apply to 100% of hospitals. 34 Chandan centers opened in Jeena Sikho centers on 1st November; by Q3 FY26, 34 were operational with a target of 64 in 6 months.
13. Card/referral points system launched in next quarter (from Q2 FY26) Delivered - At the Q2 FY26 call, management said a card/referral points system (cash-back scheme) will be launched in the next quarter. In Q4 FY26, the Swadeshi Health Card was launched this quarter and is in trial phase.
14. Remaining beds of 2,800 to open in 2-3 months (from Q2 FY26) Missed - At the Q2 FY26 call, management said the remaining beds of the 2,800 (beyond 2,220 operational) will open in two to three months; Q3 FY26 shifted \~500 beds to February 2026, and Q4 FY26 guided all non-operational beds in next 3-5 months. Operational beds were 2,290 at Q3 FY26, 2,300 at Q4 FY26 and 2,400 at Q1 FY27 - only 80 added by Q4 FY26 with \~560 still non-operational.
15. VIP premium center announcement within 2-4 months Partial - At the Q2 FY26 call, management committed to launching a VIP premium center "soon", with announcement within two to four months; Q3 FY26 planned a 28-room VVIP-ready upgrade at Meerut/Muradnagar, and Q4 FY26 announced two luxury wellness centers - Panchkula in June, Manali in July. In Q1 FY27, the Manali ultra-luxury wellness center, signed as a 108-room resort with 22 villas, is starting September-October.
16. 200-300 more beds in next six months (from Q2 FY26) Missed - At the Q2 FY26 call, management committed to add 200-300 more beds in the next six months. Q3 FY26 had \~2,850 beds ready with 2,290 operational and Q4 FY26 had 2,861 total with 2,300 operational - only 80 operational beds added from 2,220.
17. Occupancy from 57% to 80% (from Q2 FY26) Missed - At the Q2 FY26 call, management guided to increase bed occupancy from 57% to 80%, later 70-80% in next 6-8 months; Q3 FY26 kept a 70-80% plan and Q1 FY27 targets 75-80% over coming years. Occupancy went 57% (Q2 FY26), 58% (Q3 FY26), 56% (Q4 FY26) to 59% (Q1 FY27).
18. Maintain net profit of \~₹60 crores per quarter Partial - At the Q1 FY26 call, management promised to maintain net profit of \~₹60 crores per quarter. Quarterly PAT has ranged ₹45-67 crores: Q1 FY26 ₹51.27 cr, Q2 FY26 ₹58.75 cr, Q3 FY26 ₹66.60 cr, Q4 FY26 ₹45.08 cr, Q1 FY27 ₹65.89 cr.
19. Buy a large manufacturing unit next year (FY27) Pending - At the Q1 FY26 call, management planned to buy a large manufacturing unit next year to bring production in-house; Q3 FY26 restated "this year I will make manufacturing my own" via tie-up or own factory. As of Q4 FY26, manufacturing was still outsourced to third parties, with no acquisition disclosed.
20. Franchise network offer launched in 15-20 days (from Q1 FY26) Partial - At the Q1 FY26 call, management planned to launch the franchise network offer "in the next 15-20 days" under FOCO model; Q2 FY26 guided launch in two to four days / next month with at least 50 new hospitals; Q3 FY26 reset the plan to 5-10 self-operated, deferring franchising. The network had 35 franchisees at Q2 FY26 before the reset.
21. OTC platform launch on 22nd August in Lucknow; 3 states in 15-30 days; 5-6 states in 2 months Delivered - At the Q1 FY26 call, management committed to launching the OTC platform on 22nd August in Lucknow, three states within 15-30 days and five to six states within 2 months. Launch events went ahead as planned with the first super-distributor cheque received; by Q2 FY26 distributors spanned UP, Delhi, Bihar, Gujarat and Maharashtra, and by Q3 FY26 the product was in \~11 states at 2,000-2,500 medical stores.
22. 6-7 OTC products before 31st March 2026, 15-20 next year Partial - At the Q1 FY26 call, management planned six to seven OTC products before 31st March 2026 and 15 to 20 next year; this became 10 products by end of FY26, then 16 launches by 31 December 2026. By Q4 FY26, 9 products had been launched, all within the last three months, with nine OTC products as of Q1 FY27.
23. 15 new products in Q1 FY26 Missed - The Q4 FY25 PPT committed rollout of 15 new products in the upcoming quarter (Q1 FY26); Q1 FY26 reframed this as 6-7 OTC products before 31st March with 15-20 next year, then 10 by end of FY26. 8 food supplement products were launched at Q3 FY26 and 9 products total by Q4 FY26.
24. Reduce government business dependency - work only on advance payment Delivered - At the Q4 FY25 call, management stated intent to work with government only on advance payment, with March business of ₹11 crores reduced to ₹6-6.9 crores in April; Q2 FY26 committed no increase until the payment system was fixed, and Q1 FY26 guided \~8-9% level. Government business fell from 25% to 8% (Q1 FY26), to 3-4% (Q2 FY26p.8), from ₹118 crores FY25 to ₹36 crores FY26, and to ₹5 crores in Q1 FY27.
25. OTC economics: 5 lakh pieces/month of Pet/Liver Shuddhi kit, ₹10 crores net profit/month within 1-2 years On track - At the Q4 FY25 call, management calculated that selling 5 lakh pieces per month of the Pet/Liver Shuddhi kit would give net profit of ₹10 crores per month, within 1-2 years; Q1 FY26 added \~₹55 crores/month revenue at 10 lakh kits and Q3 FY26 guided OTC revenue of ₹500 crores in 2 years. The first OTC product crossed ₹10 crores in monthly sales at Q3 FY26; Q1 FY27 OTC sales were up ₹3 crores QoQ.
26. Government receivables recovery within 3-6 months Partial - At the Q4 FY25 call, management expected government receivables recovery within a maximum of 3-6 months. \~₹25 crores was received in the 3 months to Q1 FY26 but receivables stayed at \~₹70-75 crores; \~₹20-21 crores more was recovered by Q3 FY26 and old stuck payments were recovered by Q1 FY27.
27. CEO and COO appointments within 3 months Partial - At the Q4 FY25 call, management committed CEO and COO appointments - interviews finalized within a week, introductions "in the next 3 months"; Q1 FY26 saw the COO promoted internally with the CEO search ongoing. The COO was in place and 4-5 corporate professionals joined by Q3 FY26, while the CEO search was still ongoing as of Q1 FY26.
28. E&Y as statutory auditor once on main board Delivered - At the Q4 FY25 call, management committed that E&Y will become statutory auditor once on main board; Q1 FY26 finalized Grant Thornton as internal and statutory auditor instead. The auditor change to Grant Thornton was completed at Q2 FY26, and the Q4 FY26 balance sheet was audited by Grant Thornton for the first time.
29. Share split within a month (from Q4 FY25) Delivered - At the Q4 FY25 call, management committed the share split will happen within this month and the first week of the next month. On 12 June 2025, the company sub-divided equity shares from ₹10 face value to ₹2 face value.
30. Quarterly results going forward Delivered - At the Q4 FY25 call, management committed to quarterly results going forward due to main board migration. Quarterly reporting started from Q1 FY26, and Q1 FY27 results were released on 7th-8th August.
31. No significant capex in FY26 Delivered - At the Q4 FY25 call, management guided no significant capex this year due to the college-bed model. FY26 block addition was ₹42 crores (₹32 crores new assets, \~₹10 crores transferred from WIP), and CWIP declined from ₹11.23 cr in FY25 to ₹2.06 cr in FY26.
32. 8,000-10,000 beds in next 5 years via college model On track - At the Q4 FY25 call, management stated a plan to reach 8,000-10,000 beds in the next 5 years via the college model, restated from Q1 FY26 as 7,000-10,000 beds in 3-5 years and reiterated through Q1 FY27. Q1 FY27 shows 3,031 total beds with 2,400 operational, and management claims capacity to add 2,000 beds within a year.
33. FY26 PAT of around ₹130-140 crores Delivered - At the Q4 FY25 call, management guided FY26 PAT of around ₹130 crores to ₹140 crores; Q2 FY26 reiterated ₹125-130 crores and Q3 FY26 raised the target to approximately ₹225 crores plus. FY26 PAT was ₹222 crores.
34. \~300 beds via college-hospital tie-ups within 3-6 months Delivered - At the Q4 FY25 call, management planned \~300 beds via college-hospital tie-ups within 3 to 6 months, with 3 places finalized and no company capex. By Q1 FY26, three tie-ups were completed - Saraswati College, Mohali (100 beds), Sanskriti University, Vrindavan (150 beds) and Aurangabad (100 beds); by Q2 FY26 Mohali was operational at 90% occupancy with Vrindavan ready and Buldhana getting ready.
35. Panchkula hospital as India's first Ayurveda IVF hospital Partial - At the Q2 FY25 call, management planned to make Panchkula hospital India's first Ayurveda IVF hospital, named Garb Dharan. By Q4 FY25, the infertility vertical was active with 16 women conceiving in April-May after failed IVF; no later disclosure confirms the specific "first Ayurveda IVF hospital" designation.
36. International expansion across 7-8 countries within 6 months to 1 year Partial - At the Q2 FY25 call, management planned expansion across 7-8 countries - Dubai, Vietnam, Mauritius, London, America, Australia, New Zealand, starting Saudi Arabia and Dubai - "all these things will take 6 months to 1 year"; Q4 FY25 planned six Dubai centers, and Q2 FY26 shelved the US project and started Kazakhstan. Within the window, one Dubai center opened, 2 UAE clinics and a Nepal clinic were operational by Q1 FY26, and by Q3 FY26 two UAE day care centers were running with four being built in Dubai.
37. Average revenue per bed per day from ₹8,500 to ₹8,700, not above ₹9,000 Delivered - At the Q2 FY25 call, management expected average revenue per bed per day to go from ₹8,500 to ₹8,700 and not above ₹9,000; Q4 FY25 revised this to ARPOB remaining \~₹8,200 over 3-5 years. ARPOB moved from ₹8,100 in H1 FY25 to ₹8,280 (Q1 FY26), ₹8,324 (Q2 FY26), ₹8,337 (Q3 FY26), ₹8,300 (Q4 FY26) and ₹8,360 bundled Panchkarma at Q1 FY27.
38. PAT margin of 25% in FY25, 27-30% in FY26 Partial - At the Q2 FY25 call, management targeted PAT margin of 25% in FY25 and 27-30% in FY26; Q4 FY25 walked back FY25 - "No, I can't claim 25%" - expecting 23-25% next year, then guidance settled at 20-25% through Q2 FY26 before Q1 FY27 restated 27-30% intent. FY25 PAT margin was 19.4%; FY26 delivered 27.7% (₹222 cr / ₹801 cr), and Q1 FY27 was 28%.
39. FY26 revenue target of ₹650-700 crores; ₹1,000 crores by FY28 Delivered - At the Q2 FY25 call, management set an FY26 revenue target of ₹650-700 crores and ₹1,000 crores by FY28; this moved to ₹720 crores minimum, ₹700 crores, then \~₹650 crores with ₹125-130 crores profit, with Q3 FY26 declining to confirm ₹750 crores and Q4 FY26 keeping commitments unchanged. FY26 revenue was ₹801 crores, up 71% YoY.
40. 4 more NABH accreditations by next month (from Q2 FY25) Delivered - At the Q2 FY25 call, management expected 4 more NABH accreditations by next month, with 33 currently versus 24 a year earlier. By Q1 FY26, accredited hospitals were up from 41 to 45; the count reached 50 as on 31 March 2026 and 51 by Q1 FY27.
41. 2,100 beds by 31st March 2025, 3,000 by next year, 5,000 in 3-5 years On track - At the Q2 FY25 call, management targeted 2,100 beds by 31st March 2025, 3,000 by next year and 5,000 within 3-5 years; later revisions moved this to \~2,800 beds by 31 December 2025, 2,850-3,000 by 31 March 2026, 3,000 for FY26 and 3,000-3,500 before 31 March FY27. Actuals: 2,173 beds by 31 March 2025, 2,802 by Q2 FY26, 2,861 total / 2,300 operational at Q4 FY26 and 3,031 total / 2,400 operational at Q1 FY27.
42. 15 new hospitals in FY25 Missed - At the Q4 FY24 call, management committed to opening 15 new hospitals "in this year". Hospitals went from 50 to 55 in 2025, with the FY25 PPT showing 50 hospitals at FY25 end and 58 by Q2 FY26.
43. FY25 revenue of around ₹450 crores and PAT margin around 25% Partial - At the Q4 FY24 call, management guided FY25 revenue of "around INR450 crores" (conditional on 55% occupancy) and a PAT target "around 25%"; Q2 FY25 confirmed both. At Q4 FY25 the margin was walked back - "No, I can't claim 25%", with a 20% floor restated. FY25 revenue was ₹469 crores, up 45% YoY, and FY25 PAT was ₹91 crores, a 19.4% margin.
44. Main board migration in FY25 Delivered - At the Q4 FY24 call, management stated the company will move from SME to the main board "in the financial year 2025"; Q2 FY25 guided an application in March and listing by June, and Q4 FY25 guided migration around August-September after the AGM. The company migrated to the main boards of NSE and BSE on 11th August 2025.
45. 10 patent formulas launched in OTC segment within 4-6 months Partial - At the Q4 FY24 call, management guided launching 10 patent formulas in the open market OTC segment "within 4 to 6 months"; the timeline then slipped repeatedly - 3 months with \~12 products, "will start in 2-3 months" with 10-15 finalized, 6-7 products before March 2026, 10 by FY26 and 16 by 31 December 2026. The first OTC product launched in May 2025; 9 products were launched by Q4 FY26 with nine OTC products as of Q1 FY27.
46. Profit increase by up to 50% in next year at 55% occupancy Partial - At the Q4 FY24 call, management stated that with occupancy at 55% on old beds, profit will increase "by up to 50% in the next year", and 3 times at 80% occupancy. FY25 PAT was ₹91 crores versus FY24's ₹69 crores - a 32% increase; FY26 PAT then rose 177% YoY to ₹222 crores.
47. Occupancy of existing 1,300 beds from 37% to 55% within 3 months Partial - At the Q4 FY24 call, management committed to raising occupancy of the existing 1,300 beds from 37% to 55% "within 3 months"; the target was raised to 80%, moderated to 60-65% maintenance, then guided 70-80% and 75-80% over coming years at Q1 FY27. Occupancy was 51% at H1 FY25, 53% FY25 average, 57-59% from Q1 FY26 through Q1 FY27.
48. 500 beds addition by 31st March 2025 - total 1,800 beds Delivered - At the Q4 FY24 call, management committed to adding approximately 500 beds "by 31st March 2025", taking total beds from 1,270/1,300 to 1,800 by end of FY25, with 100 in 3 months and 300 in 6 months; Q2 FY25 raised this to 700-725 beds added and 2,100-2,200 total. FY25 saw 573 new beds added, taking total beds to 2,173 by 31st March 2025.