FY26 EBITDA margin: 22-25% range
Margins expected in the 22-25% band for FY26, factoring in continued losses from new units (Bangalore, Maharashtra, Kerala) that will normalize over the next 12-18 months.
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Krishna Institute of Medical Sciences · forward-looking guidance across the available source record.
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New unit break-even within 12 months of September commissioning
Bangalore's 800-bed facilities (starting August-September) expected to become EBITDA neutral within 12 months of full operations, targeting 30-40% occupancy for break-even.
Nasik empanelment completion: 3-6 months
Insurance and CGHS empanelments for Nasik hospital expected to be completed within 3-6 months, which should significantly accelerate revenue ramp from current ₹7 crore monthly cash business.
FY26 new unit losses: ₹20-30 crore full year
Total EBITDA drag from new hospitals (Nasik, Tane, Kolar, Bangalore) estimated at ₹20-30 crore for FY26, with losses normalizing by Q2 FY27 for Maharashtra/Kerala and Q2 FY27 for Bangalore.
Thane breakeven within 2 months
Thane hospital currently generating INR 12.5-13 crore monthly revenue on 130 operational beds; fixed costs of INR 12 crore monthly with break-even expected at ~INR 15 crore revenue, and October revenues already at INR 12.5-13 crore.
All commissioned hospitals to break-even within 12 months
Management reaffirmed commitment that all hospitals commissioned so far will become EBITDA neutral within first 12 months of start, except one Bangalore facility (PES) which may slip by one quarter due to delayed licensing.
AP cluster sustainable margins of 25-28%
Andhra Pradesh cluster, including Srikakulum ramp-up, is expected to sustain EBITDA margins in the 25-28% range on the back of strong revenue growth in high teens-mid teens.
Full CGHS price hike benefit in Q4
CGHS rate increase of ~20% on affected business (10% of AP/Telangana/Nagpur cluster revenues) will have full impact from Q4, contributing estimated INR 1.5 crore monthly revenue growth with 60% EBITDA conversion (~90 lakhs monthly incremental EBITDA).
Thane and Mahadevapura break-even by Q1 FY27
Management expects both Thane and Mahadevapura hospitals to break-even on a quarterly basis by end of Q1 FY27, approximately 15-18 months post-commissioning.
Electronic City break-even by Q3 FY27
Electronic City hospital (commissioned December 2025) is expected to break-even on a quarterly basis by Q3 FY27, with revenue ramp-up being the key driver as doctor onboarding is complete.
FY27 incremental capex of ₹500-600 crore
Full closure on capex for ongoing expansion will require another ₹500-600 crore in FY27. FY28 will see only maintenance capex with no new hospital commissioning planned.
Chennai hospital commissioning within 2 years
KIMS has entered a 26-year agreement with Andhra Pradesh Sabha to construct and operate a hospital in Chennai, with construction expected to complete within 2 years.
Debt Reduction Target of INR 1,000 cr via QIP
Company plans to retire approximately INR 1,000 cr of debt from the INR 1,500 cr QIP proceeds, bringing debt-to-equity closer to the target 1:2 ratio from current 1:3.
Karnataka Break-even by October 2026
Mahadev hospital (commissioned October 2025) should achieve EBITDA breakeven before October 2026, while Electronic City should turn EBITDA positive by March 2027.
Telangana Cluster Growth of 10-12%
Despite new facility commissioning (Kundapur, Pali), the Telangana cluster should deliver 10-12% revenue growth in FY27 as mature business continues expansion.
Kundapur Transition in June 2026
Shift to new 800-bed Kundapur facility begins first week of June 2026; 400-500 beds commissioned in Phase 1 with remaining 300 beds to follow as occupancy increases. Capex of INR 50-75 cr remains for FI28-29.