India Hospitals 4QFY26 review: Global Health and KIMS

Research evidence excerpt

India Hospitals 4QFY26 review: Global Health and KIMS

19 May 2026

India Hospitals EquitiesHealth Care Providers &

Services

4QFY26 review: Global Health and KIMS India

◆ KIMS reported operationally in-line 4Q results; focus remains Damayanti Kerai*

on its planned QIP to raise funds to reduce debt Analyst, India Healthcare

HSBC Securities and Capital Markets (India) Private

Limited

◆ Global Health (Medanta) reported operationally in-line 4Q damayantikerai@hsbc.co.in

results; tapering losses at Noida unit helped margins q-o-q +91 88 7933 5196

Bhavya Gandhi*

◆ Lift KIMS TP to INR825 (from INR780), retain Buy; Associate, Equity Research HSBC Securities and Capital Markets (India) Private

lift Medanta TP to INR1,265 (from INR1,120), retain Hold Limited

bhavya.gandhi@hsbc.co.in

+91 22 40891593

KIMS 4QFY26 review: KIMS reported in-line operational results. Revenue at

INR10.8bn grew by 34.8% y-o-y driven by new hospitals at Thane and Bengaluru.

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

EBITDA margin of 19.2% was down by 645bp y-o-y and 72bp q-o-q due to losses in not registered/ qualified pursuant to FINRA regulations

new hospitals. Thane and Nashik units are nearing cost breakeven (minor loss of

INR60m in 4Q) while the two hospitals in Bengaluru recorded loss of INR395m (vs

loss of INR260m in 3Q). KIMS expects to achieve cost breakeven for new hospitals

within 12-15 months. As per KIMS, completion of onboarding of health insurers will be

key to expedite cost breakeven at new hospitals. We think investor focus will remain

on its announced plans to raise INR15bn fund via QIP. It intends to utilize funds to

reduce debt (net debt/EBITDA of 3.95x as of FY26).

Medanta 4QFY26 review: 4Q revenue at INR11.6bn grew by 24.5% y-o-y (in line with