GPT Healthcare (ILS Hospitals) just posted its Q4 & FY26 numbers — and on the surface, it looks like a mixed bag. Revenue grew a healthy 24% YoY in Q4, but full-year PAT actually fell 15%.
The reason isn’t operational weakness — it’s a single new hospital in Raipur that’s still ramping up. Strip that out, and the mature network is running at a 23%+ EBITDA margin.
Here are my notes from the results, but before that:
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GPT Healthcare – How this hospital chain hit 800+ robotic surgeries and a 23% margin (ex-new hospital)
1. The headline numbers (FY26)
- Revenue: ₹478.5 Cr, up 15.1% YoY
- EBITDA: ₹90.1 Cr, margin 18.84% (down from 22.1% in FY25)
- PAT: ₹42.2 Cr, down 15.4% YoY
- ARPOB: ₹39,243 (up from ₹37,180)
2. The Raipur effect — this explains almost the entire margin story
- Raipur (commissioned May 2025) posted a negative EBITDA of ₹13.8 Cr in FY26
- Mature hospitals alone did ₹103.9 Cr EBITDA at a 23.06% margin — actually better than FY25’s 22.1%
- Depreciation and finance costs rose ₹12.8 Cr, entirely tied to Raipur capex
- Raipur occupancy: just 12.35% for the year, 14.26% in Q4
3. Hospital-wise occupancy (FY26)
- Salt Lake: 62% (flagship, robotic surgery hub, 800+ robotic surgeries)
- Dum Dum: 66% — recovering after a specialty-mix restructuring, hit 71% in Q4
- Howrah: 44% — fastest EBITDA breakeven in the network (8 months)
- Agartala: 52% — only NABH+NABL accredited private hospital in Tripura
- Raipur: 12% (new, ramping up)
- Network-wide ex-Raipur: 55.9%
4. Management’s guidance for FY27 (from the concall)
- Raipur expected to hit ~30% occupancy and reach monthly breakeven by Q3 FY27
- Overall revenue growth guidance: ~15%
- ARPOB growth guidance: ~7-8%
- EBITDA margin guided to expand ~100 bps to ~20.2%
- Jamshedpur (150-bed, ₹75 Cr investment) targeted for commissioning by end-FY27; land/building funded by developer, keeping it asset-light
5. Balance sheet stayed clean
- Net debt-to-equity remains negative (net cash) despite the Raipur and Jamshedpur capex
- ROCE moderated to 16.5% (from 23.5% in FY25) as new capacity gets absorbed
- ~90% of revenue continues to come from cash + insurance patients — minimal government scheme dependence
6. Things to watch
- Insurance empanelment delays at Raipur (typically ~15 months for a new hospital) have been holding back volumes — expected to clear next quarter
- Bangladesh patient contribution at Agartala has fallen to ~3% from a historical ~10%, but management flagged early signs of recovery
- Plans for further expansion (Tier-II cities, possible M&A) are being evaluated but nothing concrete yet
As always, this is not a stock recommendation — This note is for informational purposes only and not a buy/sell recommendation. Please do your own due diligence before investing.
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Ekansh Mittal
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