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Revenue
₹460 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹444 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Park Medi World delivered its strongest year ever in FY26, with revenue of ₹1,679 Cr (+21% YoY), EBITDA of ₹444 Cr (+20% YoY), and PAT of ₹274 Cr (+27% YoY). Q4 revenue grew 30% YoY to ₹460 Cr, with EBITDA margin expanding 268 bps to 28%. The stellar performance was driven by record patient volumes (IPD +18% YoY to 95,525, OPD +22% YoY to 7.78 lakh), occupancy improvement to 64.1% (+244 bps), and a deliberate shift toward high-end specialties (56.9% of revenue, +316 bps). The company added 610 beds during the year, taking total capacity to 3,610 beds, and plans to reach 5,460 beds by March 2028 with a capex of ~₹500 Cr over two years. Management guided for a CGHS rate hike benefit of 5-6% to revenue in FY27 and expects margins to remain range-bound. Key risk: receivable days at 129 remain elevated due to government payment cycles, though improving.
Colored figures show movement against the previous available record.
Guidance to track
- Company plans to add ~1,500 beds over next two years with a total capex of ~₹500 Cr, funded through internal accruals and existing cash.
- The recent CGHS rate revision of 12-15% is expected to benefit Park Medi World as the largest beneficiary, contributing 5-6% to total revenue on a conservative basis.
- Capex for FY27 includes ~₹25 Cr for the Delhi (Narela) unit and ~₹30 Cr for Kanpur, with total FY27-28 capex of ~₹250 Cr.
- The Agra unit, commissioned in February 2026, is expected to contribute ~₹90 Cr to top line in FY27 and achieve EBITDA breakeven during the year.
Risks flagged
- 92% of debtors are from central government schemes; receivable days improved to 129 but remain high. Further reduction depends on government process changes.
- New greenfield units (e.g., Panchkula, Mohali) may take 12-15 months to breakeven and 3-4 years for full recovery, potentially dragging near-term margins.
- While the rate revision is positive, full impact may only be visible from Q1 FY27 onwards, and actual flow-through depends on adoption by various central agencies.
- Management noted few competitors have replicated Park's model at scale, but any new entrant with similar low-capex strategy could intensify competition.
Key quotes
- We are not cherry-picking patients. Patient flow continues to be very democratic and organic.
- Our capex is the lowest in the industry. We are looking at a capex of about 34 lakhs per bed, while our nearest competitor would be more than double.
- We are not curbing our growth at all. The statement we are giving in future projections are largely deals which are more or less cast in stone.
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