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KMC Speciality Hospitals (India) Ltd

KMCSHIL

NSE

₹156.98-2.91%19 Oct 2026 at 3:54 PM

Reports

Hospitals

KMC Speciality Hospitals (India) Ltd

KMCSHIL

NSE

₹156.98

-2.91%

19 Oct 2026 at 3:54 PM

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Hospitals

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

KMC Speciality Hospitals is a single-campus tertiary-care hospital in Trichy, Tamil Nadu, operating under the “Kauvery Hospital” brand - a name built over 25 years by its clinician-founders. The company was incorporated in 1982, acquired by its current parent in 2008 when it had 250 beds, and transformed in early 2024 when it opened a dedicated 200-bed mother-and-child block called “Maa Kauvery” on the same campus, doubling its capacity to 450 beds in one stroke. Everything the company does flows from a single idea: put a full-spectrum hospital - from routine deliveries to organ transplants - in a regional city, staff it with senior clinicians, and make advanced care accessible to patients who would otherwise travel to a metro.

Business segments

One business, one campus - a 450-bed multi-speciality hospital in Trichy that earns from in-patient stays, out-patient consultations and pharmacy sales, with a mother-and-child block as its newest growth engine.

1. Multi-speciality hospital: a full-service tertiary centre in a regional city

The Trichy campus runs two connected hospitals on one site - a 250-bed legacy block and a 200-bed mother-and-child block - that together cover everything from neurosurgery to bone-marrow transplants for a catchment stretching 200 kilometres around the city.

Two blocks, one campus - the legacy block (250 beds) handles the full specialty mix, while Maa Kauvery (200 beds, opened January 2024) focuses on obstetrics, gynaecology, neonatology and paediatrics, so the hospital can grow its highest-volume service line without displacing other specialties.
Centres of Excellence anchor the clinical work - the hospital organises itself around designated centres for Mother & Child Care, Neurosciences, Gastro Sciences, Orthopaedics, Plastic Surgery, Organ Transplants (liver and bone marrow) and Critical Care, which together brought in 90% of FY26 revenue.
Patients come from a wide rural and small-town radius - roughly 89% of in-patients travel from eight districts around Tiruchirapalli, with the top three being Tiruchirapalli itself (45%), Pudukkottai (10%) and Thanjavur (9%), meaning the hospital acts as the regional referral hub for cases that cannot be handled locally.
Revenue is split three ways by payor - in Q4 FY26, 70% of revenue came from cash-paying patients, 23% from insured or corporate patients, and 7% from the Tamil Nadu government’s health insurance scheme, giving the hospital a predominantly self-pay base with a small but stable public-scheme component.
The campus is adding land for another 300 beds - in May 2026 the board approved the purchase of an adjacent one-acre plot on Alexandria Road, to be funded by internal accruals and debt, signalling that the company intends to expand on the same Trichy site rather than build elsewhere.

2. Mother-and-child care: the campus growth engine

Maa Kauvery, the 200-bed block opened in 2024, is the single largest revenue contributor among all specialties and the reason the hospital could nearly double its capacity without leaving its existing campus.

The biggest specialty by revenue - Mother & Child Care Services accounted for 27% of FY26 revenue, more than Neurosciences (19%) and Gastro Sciences (12%) combined, making it the hospital’s dominant clinical franchise.
Built on the same land, not a new location - the new block was constructed on the existing Trichy campus, so it shares the legacy hospital’s diagnostic equipment, ICUs, labs and administrative backbone, avoiding the cost and complexity of a standalone site.
Designed for a complete mother-and-child journey - the block houses labour operating theatres, a paediatric ICU, a neonatal ICU and dedicated obstetric and paediatric teams, meaning a high-risk pregnancy can be managed from delivery through newborn intensive care under one roof.
Academic seats lock in clinical talent - the hospital has over 38 DNB and Diploma seats as of December 2024, which helps it attract and retain junior doctors who staff the mother-and-child and other services while building a pipeline of specialists.

Group structure and partners

The company is a 75%-owned listed subsidiary of Sri Kauvery Medical Care, a larger hospital group founded by two anaesthesiologist-entrepreneurs, and it leans on the parent for cardiac care, corporate guarantees and a captive solar arrangement.

Parent runs 10 other hospitals - Sri Kauvery Medical Care operates 12 multi-speciality hospitals with over 2,500 beds across six Tamil Nadu and Karnataka cities; KMC Speciality Hospitals is its Trichy listed entity, holding the two-block campus while the parent runs the rest.
Cardiac patients are outsourced to the parent - under the state health insurance scheme, heart patients needing angioplasty or surgery are treated at Kauvery Heart City Hospital, a division of the holding company located on the same premises; KMC receives the scheme payment and reimburses the parent monthly, so it offers cardiac care without running the service itself.
Cross-guarantees support group borrowing - the company has provided corporate guarantees to State Bank of India for parent-company loans (up to Rs 98.57 crores as of February 2026), and the parent has reciprocally guaranteed the company’s own borrowings, creating a mutual credit-support structure.
A 26% stake secures captive solar power - in September 2025 the company bought a minority stake in Gardenia Energy Private Limited for Rs 26,000, purely to qualify as a captive consumer for solar power supply to the Maa Kauvery unit, not as a financial investment.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹2,544Cr

Close Price

₹156.00

Industry

Hospitals

Price To Earnings

45.61

Price To Sales

7.69

Revenue

₹331Cr

Rev Gr TTM

Revenue Growth TTM

35.06%

PAT Gr TTM

PAT Growth TTM

137.83%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	42	49	45	53	56	61	61	67	75	82	82	92
Growth YoY Revenue Growth YoY%	6.9	22.7	9.3	29.9	32.9	24.9	35.7	25.4	33.2	33.7	35.0	37.9
Expenses ExpensesCr	31	35	33	40	44	45	46	50	54	57	56	63
Operating Profit Operating ProfitCr	11	14	12	13	13	16	15	16	21	25	26	28
OPM OPM%	26.3	29.3	26.3	24.4	22.3	26.1	25.3	24.7	27.8	30.2	31.5	31.0
Other Income Other IncomeCr	1	1	1	1	0	1	1	1	1	1	2	2
Interest Expense Interest ExpenseCr	0	0	1	2	3	2	2	2	2	2	2	2
Depreciation DepreciationCr	2	2	3	4	5	5	5	5	5	5	6	6
PBT PBTCr	9	12	9	7	5	10	9	10	15	18	20	22
Tax TaxCr	2	3	2	2	1	3	4	2	4	5	5	6
PAT PATCr	7	9	7	6	4	8	5	8	11	14	15	17
Growth YoY PAT Growth YoY%	-2.0	50.4	-2.3	-20.6	-43.5	-20.9	-36.3	36.8	179.4	82.8	223.7	119.8
NPM NPM%	16.2	19.3	15.8	10.4	6.9	12.2	7.4	11.3	14.5	16.7	17.8	18.1
EPS EPS₹	0.4	0.6	0.4	0.3	0.2	0.5	0.3	0.5	0.7	0.8	0.9	1.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	42	49	45	53	56	61	61	67	75	82	82	92
Growth YoY Revenue Growth YoY%	6.9	22.7	9.3	29.9	32.9	24.9	35.7	25.4	33.2	33.7	35.0	37.9
Expenses ExpensesCr	31	35	33	40	44	45	46	50	54	57	56	63
Operating Profit Operating ProfitCr	11	14	12	13	13	16	15	16	21	25	26	28
OPM OPM%	26.3	29.3	26.3	24.4	22.3	26.1	25.3	24.7	27.8	30.2	31.5	31.0
Other Income Other IncomeCr	1	1	1	1	0	1	1	1	1	1	2	2
Interest Expense Interest ExpenseCr	0	0	1	2	3	2	2	2	2	2	2	2
Depreciation DepreciationCr	2	2	3	4	5	5	5	5	5	5	6	6
PBT PBTCr	9	12	9	7	5	10	9	10	15	18	20	22
Tax TaxCr	2	3	2	2	1	3	4	2	4	5	5	6
PAT PATCr	7	9	7	6	4	8	5	8	11	14	15	17
Growth YoY PAT Growth YoY%	-2.0	50.4	-2.3	-20.6	-43.5	-20.9	-36.3	36.8	179.4	82.8	223.7	119.8
NPM NPM%	16.2	19.3	15.8	10.4	6.9	12.2	7.4	11.3	14.5	16.7	17.8	18.1
EPS EPS₹	0.4	0.6	0.4	0.3	0.2	0.5	0.3	0.5	0.7	0.8	0.9	1.0

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	43	55	71	82	96	103	136	156	177	232	306	331
Growth Revenue Growth%	17.3	28.8	28.9	16.4	16.9	6.7	32.6	14.5	13.8	30.7	32.0	35.1
Expenses ExpensesCr	35	43	57	66	75	79	99	114	130	175	218	231
Operating Profit Operating ProfitCr	8	12	14	16	21	23	37	41	47	57	88	100
OPM OPM%	18.6	22.4	20.0	19.4	21.9	22.6	27.3	26.5	26.8	24.6	28.8	30.2
Other Income Other IncomeCr	1	0	0	2	1	2	2	3	4	3	5	6
Interest Expense Interest ExpenseCr	2	1	1	1	1	1	1	1	1	9	8	8
Depreciation DepreciationCr	3	3	4	4	5	6	7	8	9	19	22	22
PBT PBTCr	4	8	10	12	17	18	32	36	41	32	63	75
Tax TaxCr	1	3	3	4	5	5	8	9	10	10	16	20
PAT PATCr	3	5	7	9	12	13	24	27	30	21	47	56
Growth PAT Growth%	2,493.8	66.6	24.2	29.4	36.4	8.8	85.7	12.5	13.8	-29.5	118.1	137.8
NPM NPM%	7.5	9.8	9.4	10.5	12.2	12.4	17.4	17.1	17.1	9.3	15.3	16.9
EPS EPS₹	0.2	0.3	0.4	0.5	0.7	0.8	1.4	1.6	1.9	1.3	2.9	3.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	43	55	71	82	96	103	136	156	177	232	306	331
Growth Revenue Growth%	17.3	28.8	28.9	16.4	16.9	6.7	32.6	14.5	13.8	30.7	32.0	35.1
Expenses ExpensesCr	35	43	57	66	75	79	99	114	130	175	218	231
Operating Profit Operating ProfitCr	8	12	14	16	21	23	37	41	47	57	88	100
OPM OPM%	18.6	22.4	20.0	19.4	21.9	22.6	27.3	26.5	26.8	24.6	28.8	30.2
Other Income Other IncomeCr	1	0	0	2	1	2	2	3	4	3	5	6
Interest Expense Interest ExpenseCr	2	1	1	1	1	1	1	1	1	9	8	8
Depreciation DepreciationCr	3	3	4	4	5	6	7	8	9	19	22	22
PBT PBTCr	4	8	10	12	17	18	32	36	41	32	63	75
Tax TaxCr	1	3	3	4	5	5	8	9	10	10	16	20
PAT PATCr	3	5	7	9	12	13	24	27	30	21	47	56
Growth PAT Growth%	2,493.8	66.6	24.2	29.4	36.4	8.8	85.7	12.5	13.8	-29.5	118.1	137.8
NPM NPM%	7.5	9.8	9.4	10.5	12.2	12.4	17.4	17.1	17.1	9.3	15.3	16.9
EPS EPS₹	0.2	0.3	0.4	0.5	0.7	0.8	1.4	1.6	1.9	1.3	2.9	3.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	16	16	16	16	16	16	16	16
Reserves ReservesCr	-3	8	14	23	34	47	70	97	127	148	194
Current Liabilities Current LiabilitiesCr	10	10	12	12	12	13	20	23	46	38	43
Non Current Liabilities Non Current LiabilitiesCr	6	4	11	8	7	29	22	46	74	84	79
Total Liabilities Total LiabilitiesCr	29	38	53	60	70	105	129	182	264	286	332
Current Assets Current AssetsCr	3	4	8	13	18	26	42	52	34	33	81
Non Current Assets Non Current AssetsCr	27	34	45	47	52	79	86	130	230	253	251
Total Assets Total AssetsCr	29	38	53	60	70	105	129	182	264	286	332

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	16	16	16	16	16	16	16	16
Reserves ReservesCr	-3	8	14	23	34	47	70	97	127	148	194
Current Liabilities Current LiabilitiesCr	10	10	12	12	12	13	20	23	46	38	43
Non Current Liabilities Non Current LiabilitiesCr	6	4	11	8	7	29	22	46	74	84	79
Total Liabilities Total LiabilitiesCr	29	38	53	60	70	105	129	182	264	286	332
Current Assets Current AssetsCr	3	4	8	13	18	26	42	52	34	33	81
Non Current Assets Non Current AssetsCr	27	34	45	47	52	79	86	130	230	253	251
Total Assets Total AssetsCr	29	38	53	60	70	105	129	182	264	286	332

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	6	10	12	16	11	26	29	32	38	58	79
Investing Cash Flow Investing Cash FlowCr	-1	-4	-19	-9	-8	-43	-29	-48	-56	-51	-17
Financing Cash Flow Financing Cash FlowCr	-5	-5	6	-5	-4	18	-1	16	21	-2	-21
Net Cash Flow Net Cash FlowCr	0	1	-1	1	-1	1	0	0	3	4	41
Free Cash Flow Free Cash FlowCr	5	6	-3	13	7	-15	16	-12	-37	-6
CFO To PAT CFO To PAT%	178.4	187.8	186.5	183.9	91.1	200.3	122.7	121.1	126.5	268.7	169.3
CFO To EBITDA CFO To EBITDA%	72.5	81.7	87.8	99.0	50.7	110.2	78.3	78.2	81.1	101.2	90.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	6	10	12	16	11	26	29	32	38	58	79
Investing Cash Flow Investing Cash FlowCr	-1	-4	-19	-9	-8	-43	-29	-48	-56	-51	-17
Financing Cash Flow Financing Cash FlowCr	-5	-5	6	-5	-4	18	-1	16	21	-2	-21
Net Cash Flow Net Cash FlowCr	0	1	-1	1	-1	1	0	0	3	4	41
Free Cash Flow Free Cash FlowCr	5	6	-3	13	7	-15	16	-12	-37	-6
CFO To PAT CFO To PAT%	178.4	187.8	186.5	183.9	91.1	200.3	122.7	121.1	126.5	268.7	169.3
CFO To EBITDA CFO To EBITDA%	72.5	81.7	87.8	99.0	50.7	110.2	78.3	78.2	81.1	101.2	90.0

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	129	212	293	252	204	356	908	938	1,324	1,001	1,284	2,544
Price To Earnings Price To Earnings	39.4	39.4	43.8	29.1	17.4	27.9	38.4	35.1	43.6	46.9	27.4	45.6
Price To Sales Price To Sales	3.0	3.9	4.1	3.1	2.1	3.5	6.7	6.0	7.5	4.3	4.2	7.7
Price To Book Price To Book	9.6	8.8	9.7	6.4	4.0	5.6	10.5	8.3	9.2	6.1	6.1	12.1
EV To EBITDA EV To EBITDA	17.1	17.5	21.3	15.8	9.5	15.8	24.3	23.0	29.2	19.0	14.9	26.7
Profitability Ratios Profitability Ratios
GPM GPM%	71.8	73.6	73.2	74.8	75.4	50.6	53.1	52.6	53.9	54.3	56.7	56.7
OPM OPM%	18.6	22.4	20.0	19.4	21.9	22.6	27.3	26.5	26.8	24.6	28.8	30.2
NPM NPM%	7.5	9.8	9.4	10.5	12.2	12.4	17.4	17.1	17.1	9.3	15.3	16.9
ROCE ROCE%	27.1	33.6	25.4	28.8	30.6	20.6	28.4	22.5	18.5	16.2	24.3	24.3
ROE ROE%	24.0	22.3	21.9	22.0	23.2	20.2	27.3	23.5	21.2	13.0	22.2	22.2
ROA ROA%	10.9	14.1	12.6	14.5	16.8	12.2	18.4	14.7	11.5	7.5	14.1	14.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	129	212	293	252	204	356	908	938	1,324	1,001	1,284	2,544
Price To Earnings Price To Earnings	39.4	39.4	43.8	29.1	17.4	27.9	38.4	35.1	43.6	46.9	27.4	45.6
Price To Sales Price To Sales	3.0	3.9	4.1	3.1	2.1	3.5	6.7	6.0	7.5	4.3	4.2	7.7
Price To Book Price To Book	9.6	8.8	9.7	6.4	4.0	5.6	10.5	8.3	9.2	6.1	6.1	12.1
EV To EBITDA EV To EBITDA	17.1	17.5	21.3	15.8	9.5	15.8	24.3	23.0	29.2	19.0	14.9	26.7
Profitability Ratios Profitability Ratios
GPM GPM%	71.8	73.6	73.2	74.8	75.4	50.6	53.1	52.6	53.9	54.3	56.7	56.7
OPM OPM%	18.6	22.4	20.0	19.4	21.9	22.6	27.3	26.5	26.8	24.6	28.8	30.2
NPM NPM%	7.5	9.8	9.4	10.5	12.2	12.4	17.4	17.1	17.1	9.3	15.3	16.9
ROCE ROCE%	27.1	33.6	25.4	28.8	30.6	20.6	28.4	22.5	18.5	16.2	24.3	24.3
ROE ROE%	24.0	22.3	21.9	22.0	23.2	20.2	27.3	23.5	21.2	13.0	22.2	22.2
ROA ROA%	10.9	14.1	12.6	14.5	16.8	12.2	18.4	14.7	11.5	7.5	14.1	14.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KOVAI	ARTEMISMED	INDRAMEDCO	KMCSHIL	DRAGARWQ	SHALBY	GPTHEALTH
Market CapitalizationMkt CapCr	6,427	4,777	2,888	2,544	2,457	1,361	1,145
Close PriceClose₹	5,874.00	301.75	315.05	156.00	5,083.50	126.00	139.50
IndustryIndustry	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals
Price To EarningsPE	25.08	41.97	15.36	45.61	32.02	36.00	24.22
Price To SalesPS	3.91	4.29	1.90	7.69	4.94	1.16	2.33
RevenueRevenueCr	1,644	1,114	1,524	331	497	1,176	492
Revenue Growth TTMRev Gr TTM%	15.0%	15.0%	10.9%	35.1%	20.0%	6.5%	18.1%
PAT Growth TTMPAT Gr TTM%	16.3%	31.2%	12.1%	137.8%	31.9%	829.8%	-0.8%

	KOVAI	ARTEMISMED	INDRAMEDCO	KMCSHIL	DRAGARWQ	SHALBY	GPTHEALTH
Market CapitalizationMkt CapCr	6,427	4,777	2,888	2,544	2,457	1,361	1,145
Close PriceClose₹	5,874.00	301.75	315.05	156.00	5,083.50	126.00	139.50
IndustryIndustry	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals
Price To EarningsPE	25.08	41.97	15.36	45.61	32.02	36.00	24.22
Price To SalesPS	3.91	4.29	1.90	7.69	4.94	1.16	2.33
RevenueRevenueCr	1,644	1,114	1,524	331	497	1,176	492
Revenue Growth TTMRev Gr TTM%	15.0%	15.0%	10.9%	35.1%	20.0%	6.5%	18.1%
PAT Growth TTMPAT Gr TTM%	16.3%	31.2%	12.1%	137.8%	31.9%	829.8%	-0.8%