Multi-specialty hospital chain offering tertiary & quaternary care across 5 South & West Indian states
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 484 | +29.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 24.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 66.0 | +11.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.49 | −6.5 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -23.10 | −10.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 30.95 | +7.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 8 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Thane Unit Breakeven | Achieve breakeven in the next 2 months (i.e., by end of Q3 FY26). | Q2 FY26 | Achievement confirmed and strengthened. After a seasonally weak Q1, the Thane unit reported ₹21 crore revenue with a 10% EBITDA margin in July, demonstrating a solid ramp-up. | Achieved |
| Peak Net Debt | Peak net debt anticipated to reach about ₹2,100 crores by the end of FY26. | Q4 FY25 | This promise for FY26 was definitively missed, with debt peaking at ₹3,250 cr before the QIP. | Missed |
| Debt to EBITDA Ratio | Maintain ratio below 2.0x over the next 2 years. | Q3 FY25 | Following a ₹1,100 cr debt repayment from QIP proceeds, gross debt is down to ₹2,400 cr. With LTM EBITDA at ₹876 cr and cash of ₹505 cr, the net debt/EBITDA ratio is now ~2.16x, a significant improvement from ~3.6x and on track to meet the 2.0x target. | On Track |
4 of Krishna Institute of Medical Sciences Limited's 20 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 17 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹719.9 on 24 Oct 2025 → ₹669.6. High ₹850.65 (3 Jul 2026), low ₹582.1 (23 Jan 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Krishna Institute of Medical Sciences (KIMS) operates a chain of tertiary and quaternary care multi-specialty hospitals, treating patients across specialties including cardiology, neurosciences, oncology, orthopedics, nephrology/urology and organ transplantation (heart, lung, liver, kidney). It earns revenue from inpatient and outpatient hospital services — surgeries, treatments, diagnostics and critical care — billed to patients, insurers and government health schemes such as Aarogyasri. The company grows its hospital network through owned/greenfield facilities, asset-light Operations & Management (O&M) contracts, and acquisitions of existing hospitals. It began with a single hospital in Nellore in 2000 and has since expanded into Telangana, Andhra Pradesh, Maharashtra, Karnataka and Kerala.
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
4 of 8 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Thane Unit Breakeven | Achieve breakeven in the next 2 months (i.e., by end of Q3 FY26). | Q2 FY26 | Achievement confirmed and strengthened. After a seasonally weak Q1, the Thane unit reported ₹21 crore revenue with a 10% EBITDA margin in July, demonstrating a solid ramp-up. | Achieved |
| Peak Net Debt | Peak net debt anticipated to reach about ₹2,100 crores by the end of FY26. | Q4 FY25 | This promise for FY26 was definitively missed, with debt peaking at ₹3,250 cr before the QIP. | Missed |
| Debt to EBITDA Ratio | Maintain ratio below 2.0x over the next 2 years. | Q3 FY25 | Following a ₹1,100 cr debt repayment from QIP proceeds, gross debt is down to ₹2,400 cr. With LTM EBITDA at ₹876 cr and cash of ₹505 cr, the net debt/EBITDA ratio is now ~2.16x, a significant improvement from ~3.6x and on track to meet the 2.0x target. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Krishna Institute of Medical Sciences Limited Q1 FY27
KIMS Hospitals reported strong top-line and EBITDA growth in Q1 FY27, driven by robust patient volumes and the ramp-up of new units. Significant debt reduction was achieved through a QIP, improving the balance sheet. While new units like Mahadevapura are performing well, PAT saw a decline, and some units are still in the ramp-up phase, with an old facility continuing to incur costs.
Read the full callKrishna Institu. Q4 FY26
KIMS Hospitals reported robust revenue growth in Q4 and FY26, driven by new unit expansions. However, initial operational drag from these new facilities led to significant EBITDA margin compression and a sharp decline in PAT and EPS. Management highlighted challenges with insurance empanelment for new hospitals but expressed confidence in ramp-up and profitability improvement, supported by a planned QIP to reduce debt and fund future greenfield projects.
Read the full callKrishna Institu. Q3 FY26
KIMS delivered a milestone quarter in terms of top-line growth, crossing ₹1,000 crores in revenue, but profitability was heavily weighed down by the aggressive expansion phase. The company launched 7 new units in 2025, leading to expected EBITDA erosion and a sharp drop in PAT. Management remains bullish, citing strong ARPOB trends and clear breakeven timelines for new assets, while signaling that the heavy capex cycle is nearing completion.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +12% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 363 | 348 | 346 | 373 | 430 | 442 | 456 | 484 |
| Expenses | 252 | 245 | 237 | 276 | 318 | 314 | 326 | 365 |
| Operating profit | 111 | 103 | 109 | 98 | 112 | 128 | 130 | 118 |
| Operating margin | 31.0% | 30.0% | 31.0% | 26.0% | 26.0% | 29.0% | 29.0% | 24.0% |
| Other income | 7 | 21 | 35 | 12 | 12 | 14 | 11 | 31 |
| Interest | 5 | 7 | 8 | 12 | 18 | 22 | 27 | 33 |
| Depreciation | 14 | 15 | 15 | 18 | 20 | 23 | 26 | 27 |
| Profit before tax | 99 | 102 | 120 | 80 | 86 | 98 | 89 | 89 |
| Tax rate | 27.0% | 25.0% | 22.0% | 26.0% | 26.0% | 26.0% | 26.0% | 25.0% |
| Net profit | 72 | 76 | 94 | 59 | 64 | 72 | 66 | 66 |
| EPS (₹ per share) | 1.80 | 1.91 | 2.34 | 1.47 | 1.59 | 1.81 | 1.65 | 1.58 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,915 | 1,222 | 1,384 | 1,701 |
| Expenses | 1,370 | 858 | 968 | 1,234 |
| Operating profit | 544 | 363 | 417 | 468 |
| Other income | 39 | 16 | 68 | 49 |
| Interest | 26 | 3 | 24 | 79 |
| Depreciation | 104 | 58 | 58 | 87 |
| Profit before tax | 454 | 319 | 403 | 353 |
| Net profit | 341 | 235 | 303 | 261 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 80 | 80 | 80 | 80 | 80 | 80 |
| Reserves | 1,298 | 1,551 | 1,786 | 2,088 | 2,190 | 2,349 |
| Borrowings | 18 | 4 | 326 | 708 | 3,187 | 1,526 |
| Other liabilities | 173 | 177 | 204 | 313 | 1,168 | 330 |
| Total liabilities | 1,569 | 1,812 | 2,397 | 3,189 | 6,625 | 4,285 |
| Fixed assets | 592 | 612 | 674 | 773 | 4,642 | 1,534 |
| Capital work in progress | 13 | 16 | 292 | 530 | 573 | 116 |
| Investments | 542 | 826 | 1,062 | 1,226 | 98 | 1,523 |
| Other assets | 422 | 358 | 368 | 660 | 1,312 | 1,113 |
| Total assets | 1,569 | 1,812 | 2,397 | 3,189 | 6,625 | 4,285 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 291 | 284 | 271 | 262 | 294 | 292 |
| Cash from investing | -317 | -375 | -238 | -569 | -627 | -956 |
| Cash from financing | 25 | 76 | -15 | 289 | 339 | 662 |
| Net cash flow | 0 | -15 | 18 | -18 | 6 | -1 |
| Free cash flow | 219 | 215 | 150 | -58 | -12 | -63 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 29 | 28 | 39 | 44 | 49 | 60 |
| Inventory days | 30 | 38 | — | — | — | — |
| Days payable | 155 | 118 | — | — | — | — |
| Cash conversion cycle | -96 | -52 | 39 | 44 | 49 | 60 |
| Working capital days | -29 | 6 | 12 | 3 | -23 | -35 |
| Return on capital employed | 30.0% | 31.0% | 23.0% | 17.0% | 16.0% | 13.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
To justify its price of ₹670, this stock must grow earnings at 49% every year for 7 years. Our analysis caps realistic growth at ~-5%. At that growth it is worth ₹45 — downside of 93%.
Ownership
Domestic institutions hold 33.22% as of Sept 2026; institutions cut 0.94 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 4 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Krishna Institute of Medical Sciences Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 25.02% | unchanged | |
| 5.76% | unchanged | |
| Mutual fund | 4.85% | −0.32 pp |
| Mutual fund | 4.76% | +0.26 pp |
| Mutual fund | 4.42% | +0.81 pp |
| Mutual fund | 3.99% | unchanged |
| 3.93% | unchanged | |
| Mutual fund | 3.57% | unchanged |
| FPI fund | 2.15% | −0.09 pp |
| 1.87% | unchanged | |
| Mutual fund | 1.79% | −0.16 pp |
| Insurer | 1.71% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 2 added, 4 trimmed, 1 sold out — net −6.77 L shares (−1.5%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹831 Cr | held | Jul '23 |
| SBI Smallcap Fund SBI Mutual Fund | ₹821 Cr | held | Jun '23 |
| SBI MultiCap Fund SBI Mutual Fund | ₹485 Cr | held | Jun '23 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹457 Cr | held | May '23 |
| HDFC Aggressive Hybrid Fund HDFC Mutual Fund | ₹313 Cr | held | Nov '23 |
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹99 Cr | held | Nov '22 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹99 Cr | held | Jun '26 |
| HDFC Pharma and Healthcare Fund HDFC Mutual Fund | ₹73 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
2 added, 4 trimmed — net −6.77 L shares (−1.5%)
Shares held by these funds +29%
Oct '23 4.41 cr shares Sep '26
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