Rainbow Children’s Hospitals First Take: 4QFY26 – Beat across the board; occupancy improves in mature units

研报英文原文证据摘录

Rainbow Children’s Hospitals First Take: 4QFY26 – Beat across the board; occupancy improves in mature units

J P M O R G A N Asia Pacific Equity Research

24 May 2026

Rainbow Children’s Hospitals Overweight

RAIB.NS, RAINBOW IN

First Take: 4QFY26 – Beat across the board; Price (22 May 26):Rs1,355.00

occupancy improves in mature units Price Target (Mar-27):Rs1,760.00

Our First Take: 4Q revenues grew 24% YoY to Rs4.6bn, and EBITDA was Rs1.4bn

(+26% YoY, -2% QoQ) – both came in 6% ahead of Bloomberg consensus/JPM

estimates. The beat was driven by a softer-than-expected decline in occupancy (45%

vs. 43% JPMe), as the decline was largely due to new beds getting commissioned –

mature units' occupancy improved 100bps YoY to 52%, while new units at 36% were

down just 40bps YoY. Revenue growth was supported by a 19% YoY increase in

operational beds and a healthy 8% YoY rise in ARPOB (in line with JPMe), Pharmaceuticals & Healthcare

underpinned by lower ALOS and strong ARPOB growth across both mature (10%) Services

and new (9%) units. IP/OP volume growth was robust at 18%/19% YoY. EBITDA Bansi Desai, CFA AC

margin of 31.5% (+50bps YoY, -150bps QoQ) was 70bps ahead of JPMe, aided by (91 22) 6157 3581

lower-than-expected employee expenses. bansi.desai@jpmorgan.com

Amlan Jyoti Das

Key Positives (91 22) 6157 3574

1) Increased focus on execution and operating leverage driving EBITDA margin amlan.das@jpmchase.com

expansion, despite the impact of newly commissioned units. 2) Healthy ARPOB J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

growth in both mature and new units, with an increase in occupancy YoY in mature Registration: INH000001873, (91-22) 6157-3000.

units, partially offset by a slight decline in new units. 3) Lower ALOS YoY across