India healthcare: 1QFY27F results preview

Research evidence excerpt

India healthcare: 1QFY27F results preview

Global Markets Research

17 July 2026India healthcare

EQUITY: HEALTH CARE & PHARMACEUTICALS

1QFY27F results preview Research Analysts

India Pharmaceuticals

Healthcare services: Steady growth Saionsaion.mukherjee@nomura.comMukherjee - NFASL

+91 22 403 74184

Healthcare services: mid-to-high teen revenue growth Kushal Chovatia - NFASL

On aggregate, in 1QFY27F, we estimate our coverage universe earnings growth at 19% y-y. The kushal.chovatia@nomura.com

growth would be largely volume-led, supported by network expansion and a trend favoring market +91 22 403 74013

share gains by organised players. In Hospitals, we estimate revenue growth to be driven by new

bed additions and acquisitions. In most cases, ARPOB (average revenues per operating bed)

growth has slowed down as the improvement in case mix and payor mix plateaued. We expect

Apollo (APHS IN, Neutral) to report a stronger revenue growth vs peers on the back of the

contribution from newly-commissioned facilities and a sustained improvement in the case mix. On

an elevated base (the seasonal impact was less pronounced in 1QFY26), we expect Fortis (FORH

IN, Neutral) to report a moderation in growth rate, and profitability will be impacted by higher

employee expenses (ESOP charges). For Dr. Lal (DLPL IN, Buy), we estimate growth to be largely

volume-led with some acceleration vs last year as the impact of network expansion plays out and

the high growth in the wellness segment sustains. For Nephroplus (NEPHROPL IN, Buy), we

expect growth to remain healthy, driven by an increase in the number of centres and patient

volumes. Medplus (MEDPLUS IN, Buy) is expected to report strong revenue growth driven by new

store additions and favorable base.