1Q27 Preview: Mixed performance expected across hospitals and diagnostics; remain bullish on select hospitals, cautious on diagnostics

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1Q27 Preview: Mixed performance expected across hospitals and diagnostics; remain bullish on select hospitals, cautious on diagnostics

Equity Research

9 July 2026 | 5:18PM IST

INDIA HEALTHCARE

1Q27 Preview: Mixed performance expected across hospitals and

diagnostics; remain bullish on select hospitals, cautious on diagnostics

Heading into Q1FY27 results, we revise our FY27-29E estimates, to factor in the Shyam Srinivasan, CFA

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following: shyam.srinivasan@gs.com

Goldman Sachs India SPL

Hospitals: (1) Utilisation trends are expected to be mixed on a yoy basis, but Karan Vora, CFA

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weaker sequentially given the effects of seasonality in the quarter, besides the Goldman Sachs India SPL

known impact from medical tourism/ CGHS-related one-time hits; (2) base ARPOB

growth to sustain, driven by inflation as well as higher surgical mix; (3) Bed

expansion plans are also at the forefront with FY27 being the second year of a

multi-year addition spend for the top corporate chains.

Diagnostics: (1) Improved patient volume trends in the base business where we

expect Metropolis to continue to be stronger than Dr. Lal, although test volume

growth has been faster given wellness up-selling; (2) Cautious pricing environment

given weaker volume trends relative to history.

We continue to note that M&A activity remains robust in the space with more than

US$1bn in announced transactions in H2FY26, both by financial as well as strategic

investors, at valuations close to listed peers.

Related Research: See our deep-dive on India Hospitals, reiterating our structurally

bullish stance on the space, and initiation on KIMS (Buy) and Max Health (Buy).

Exhibit 1: We are constructive on Hospitals and cautious on Diagnostics

India HC comp sheet