India Hospitals: 1QFY27 preview: A steady quarter

Research evidence excerpt

India Hospitals: 1QFY27 preview: A steady quarter

9 July 2026

India Hospitals EquitiesHealth Care Providers &

Srvcs

1QFY27 preview: A steady quarter India

◆ We expect 1QFY27 to be a steady quarter for our covered

names with a minor impact from low seasonality DamayantiAnalyst, IndiaKerai*Healthcare

HSBC Securities and Capital Markets (India) Private Limited

◆ Focus remains on capex projects and the impact of new unit damayantikerai@hsbc.co.in

+91 88 7933 5196

drag on margins; we expect Apollo to sustain healthy trends Bhavya Gandhi*

Associate, Equity Research

◆ We prefer Buy-rated Fortis and Apollo Hospitals; TP changes HSBC Securities and Capital Markets (India) Private Limited

bhavya.gandhi@hsbc.co.in

for all as we update estimates and roll forward valuations +91 22 40891593

Saikat Majumder*

Steady quarter in sight: 1Q (June ending period) is usually a seasonal low quarter Analyst, Emerging EMEA Healthcare & Saudi Consumer

for hospitals on fewer elective procedures given annual leave/summer vacations for saikat1majumder@hsbc.co.in

doctors after an elective procedure-heavy March ending quarter. We expect June +91 80 6737 2751

2026 to follow similar trends. International patient flow from the Middle East and

neighbouring countries is improving though has yet to recover to pre-disruption * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

levels. Overall, we expect a steady 1QFY27 for covered hospitals with domestic

patient flows offset for shortfall in international patient flows. We estimate increases

of 23.5% in revenue, 23.3% in EBITDA, and 20% in PAT y-o-y for covered names

(includes contribution from new units). On a q-o-q basis, we assume 5.2% growth for