# Hospitals — company-by-company sector analysis

> Hospitals: Apollo Hospitals Enterprise Ltd owns the largest revenue base; Narayana Hrudayalaya Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 16 of 19 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Apollo Hospitals Enterprise Ltd leads with revenue of ₹25,229 crore, based on 19 of 19 comparable companies through Mar 2026. Narayana Hrudayalaya Ltd has the fastest current revenue growth at 44%, across 19 of 19 comparable companies.

### Is the Hospitals sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 16 of 19 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Hospitals company is largest by revenue?

Apollo Hospitals Enterprise Ltd leads with revenue of ₹25,229 crore, based on 19 of 19 comparable companies through Mar 2026.

### Which Hospitals company is growing fastest?

Narayana Hrudayalaya Ltd has the fastest current revenue growth at 44%, across 19 of 19 comparable companies.

### Which Hospitals company has the strongest 4-Factor Sector Score?

KMC Speciality Hospitals (India) Ltd ranks first at 80.2/100 with 79% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Hospitals company reports the most CAPEX?

Global Health Ltd reports the largest latest CAPEX at ₹67 crore, with 5 of 19 companies comparable.

### Which Hospitals company has the least gross debt?

Indraprastha Medical Corporation Ltd has the lowest comparable gross debt at ₹37 crore. Apollo Hospitals Enterprise Ltd has the highest at ₹8,493 crore.

### Which Hospitals company has the lowest comparable PEG?

Indraprastha Medical Corporation Ltd has the lowest comparable Guarded PEG at 0.92, among 11 of 19 companies that pass the metric’s comparability rules.

### How much history does this Hospitals comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Hospitals against NIFTY 500 is not available from the current market series. 16 of 19 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sakar Healthcare Ltd is the strongest against the sector itself at +58.1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 16/19
Stocks leading sector: 7/19

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 19
Combined market value: ₹5.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. KMC Speciality Hospitals (India) Ltd (524520): 80/100 — Sector-leading setup; evidence 79%
   - Growth & earnings 30.8/35 | Capital efficiency 18.9/25 | Valuation 11.0/20 | Relative strength 19.5/20
   - Exact sum: 30.8 + 18.9 + 11 + 19.5 = 80.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Sakar Healthcare Ltd (SAKAR): 69/100 — Favorable setup; evidence 87%
   - Growth & earnings 32.2/35 | Capital efficiency 13.2/25 | Valuation 6.8/20 | Relative strength 16.8/20
   - Exact sum: 32.2 + 13.2 + 6.8 + 16.8 = 69
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Artemis Medicare Services Ltd (ARTEMISMED): 64/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 24.4/35 | Capital efficiency 14.8/25 | Valuation 14.6/20 | Relative strength 10.2/20
   - Exact sum: 24.4 + 14.8 + 14.6 + 10.2 = 64
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): 64/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 23.6/35 | Capital efficiency 13.8/25 | Valuation 12.6/20 | Relative strength 13.6/20
   - Exact sum: 23.6 + 13.8 + 12.6 + 13.6 = 63.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Max Healthcare Institute Ltd (MAXHEALTH): 58/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 25.1/35 | Capital efficiency 15.8/25 | Valuation 11.0/20 | Relative strength 6.0/20
   - Exact sum: 25.1 + 15.8 + 11 + 6 = 57.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.9% and the one-year return is -10.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
6. Global Health Ltd (MEDANTA): 55/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 14.5/35 | Capital efficiency 18.2/25 | Valuation 11.8/20 | Relative strength 10.6/20
   - Exact sum: 14.5 + 18.2 + 11.8 + 10.6 = 55.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Dr Agarwals Eye Hospital Ltd (DRAGARWQ): 54/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 19.5/35 | Capital efficiency 16.3/25 | Valuation 10.4/20 | Relative strength 8.0/20
   - Exact sum: 19.5 + 16.3 + 10.4 + 8 = 54.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Kovai Medical Center & Hospital Ltd (KOVAI): 53/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 17.7/35 | Capital efficiency 21.1/25 | Valuation 10.9/20 | Relative strength 3.4/20
   - Exact sum: 17.7 + 21.1 + 10.9 + 3.4 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Indraprastha Medical Corporation Ltd (INDRAMEDCO): 52/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 11.7/35 | Capital efficiency 18.9/25 | Valuation 17.2/20 | Relative strength 4.3/20
   - Exact sum: 11.7 + 18.9 + 17.2 + 4.3 = 52.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): 52/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 20.2/35 | Capital efficiency 13.7/25 | Valuation 6.7/20 | Relative strength 11.4/20
   - Exact sum: 20.2 + 13.7 + 6.7 + 11.4 = 52
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Rainbow Childrens Medicare Ltd (RAINBOW): 51/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 16.0/35 | Capital efficiency 15.6/25 | Valuation 5.6/20 | Relative strength 14.0/20
   - Exact sum: 16 + 15.6 + 5.6 + 14 = 51.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. Fortis Healthcare Ltd (FORTIS): 49/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 23.8/35 | Capital efficiency 13.5/25 | Valuation 9.0/20 | Relative strength 3.1/20
   - Exact sum: 23.8 + 13.5 + 9 + 3.1 = 49.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.4% and the one-year return is 19.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
13. Jupiter Life Line Hospitals Ltd (JLHL): 47/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 11.7/35 | Capital efficiency 12.9/25 | Valuation 7.0/20 | Relative strength 15.1/20
   - Exact sum: 11.7 + 12.9 + 7 + 15.1 = 46.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. GPT Healthcare Ltd (GPTHEALTH): 45/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 10.4/35 | Capital efficiency 17.4/25 | Valuation 11.2/20 | Relative strength 6.3/20
   - Exact sum: 10.4 + 17.4 + 11.2 + 6.3 = 45.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Narayana Hrudayalaya Ltd (NH): 41/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 12.8/35 | Capital efficiency 12.7/25 | Valuation 6.5/20 | Relative strength 9.0/20
   - Exact sum: 12.8 + 12.7 + 6.5 + 9 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Aster DM Healthcare Ltd (ASTERDM): 39/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 12.6/35 | Capital efficiency 9.8/25 | Valuation 1.9/20 | Relative strength 14.4/20
   - Exact sum: 12.6 + 9.8 + 1.9 + 14.4 = 38.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 21.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
17. Krishna Institute of Medical Sciences Ltd (KIMS): 38/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 10.4/35 | Capital efficiency 7.2/25 | Valuation 5.6/20 | Relative strength 15.2/20
   - Exact sum: 10.4 + 7.2 + 5.6 + 15.2 = 38.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
18. Healthcare Global Enterprises Ltd (HCG): 35/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 13.1/35 | Capital efficiency 6.5/25 | Valuation 8.5/20 | Relative strength 6.9/20
   - Exact sum: 13.1 + 6.5 + 8.5 + 6.9 = 35
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Shalby Ltd (SHALBY): 32/100 — Adverse evidence; evidence 69%
   - Growth & earnings 15.6/35 | Capital efficiency 4.2/25 | Valuation 9.0/20 | Relative strength 3.2/20
   - Exact sum: 15.6 + 4.2 + 9 + 3.2 = 32
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Apollo Hospitals Enterprise Ltd is the scale leader at ₹25,229 crore, 176.4% ahead of Fortis Healthcare Ltd. Narayana Hrudayalaya Ltd's growth is 44% from a ₹7,896 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Apollo Hospitals Enterprise Ltd is the scale benchmark; Narayana Hrudayalaya Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Apollo Hospitals Enterprise Ltd's growth falls below Narayana Hrudayalaya Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Apollo Hospitals Enterprise Ltd · ₹25,229 crore | 176.4% versus #2 · Fortis Healthcare Ltd | 8/8 recent comparable periods | 19/19 companies · 319 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): ₹25.2K Cr
2. Fortis Healthcare Ltd (FORTIS): ₹9.1K Cr
3. Max Healthcare Institute Ltd (MAXHEALTH): ₹8.4K Cr
4. Narayana Hrudayalaya Ltd (NH): ₹7.9K Cr
5. Aster DM Healthcare Ltd (ASTERDM): ₹4.6K Cr

### Revenue growth — fastest growers
1. Narayana Hrudayalaya Ltd (NH): 44%
2. Sakar Healthcare Ltd (SAKAR): 44%
3. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): 36%
4. KMC Speciality Hospitals (India) Ltd (524520): 33%
5. Krishna Institute of Medical Sciences Ltd (KIMS): 29%

### 20-quarter Revenue history
- 524520: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹40 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- APOLLOHOSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 —
- MAXHEALTH: Sep 2021 ₹1.0K Cr | Dec 2021 ₹974 Cr | Mar 2022 ₹944 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- FORTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- ASTERDM: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹807 Cr | Jun 2023 ₹841 Cr | Sep 2023 ₹929 Cr | Dec 2023 ₹955 Cr | Mar 2024 ₹974 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- NH: Sep 2021 ₹940 Cr | Dec 2021 ₹960 Cr | Mar 2022 ₹942 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 ₹583 Cr | Mar 2022 ₹526 Cr | Jun 2022 ₹619 Cr | Sep 2022 ₹679 Cr | Dec 2022 ₹694 Cr | Mar 2023 ₹707 Cr | Jun 2023 ₹780 Cr | Sep 2023 ₹844 Cr | Dec 2023 ₹836 Cr | Mar 2024 ₹809 Cr | Jun 2024 ₹861 Cr | Sep 2024 ₹957 Cr | Dec 2024 ₹943 Cr | Mar 2025 ₹931 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- KIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹562 Cr | Mar 2023 ₹576 Cr | Jun 2023 ₹606 Cr | Sep 2023 ₹652 Cr | Dec 2023 ₹606 Cr | Mar 2024 ₹634 Cr | Jun 2024 ₹688 Cr | Sep 2024 ₹777 Cr | Dec 2024 ₹772 Cr | Mar 2025 ₹797 Cr | Jun 2025 ₹872 Cr | Sep 2025 ₹961 Cr | Dec 2025 ₹998 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- RAINBOW: Sep 2021 ₹266 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹237 Cr | Sep 2022 ₹313 Cr | Dec 2022 ₹306 Cr | Mar 2023 ₹317 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹333 Cr | Dec 2023 ₹336 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹330 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹398 Cr | Mar 2025 ₹370 Cr | Jun 2025 ₹353 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹460 Cr | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹203 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹243 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹291 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹335 Cr | Dec 2024 ₹333 Cr | Mar 2025 ₹337 Cr | Jun 2025 ₹353 Cr | Sep 2025 ₹394 Cr | Dec 2025 ₹365 Cr | Mar 2026 ₹388 Cr | Jun 2026 —
- HCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹425 Cr | Mar 2023 ₹442 Cr | Jun 2023 ₹461 Cr | Sep 2023 ₹487 Cr | Dec 2023 ₹470 Cr | Mar 2024 ₹495 Cr | Jun 2024 ₹526 Cr | Sep 2024 ₹554 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹585 Cr | Jun 2025 ₹613 Cr | Sep 2025 ₹647 Cr | Dec 2025 ₹633 Cr | Mar 2026 ₹652 Cr | Jun 2026 —
- YATHARTH: Sep 2021 ₹105 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹258 Cr | Sep 2025 ₹279 Cr | Dec 2025 ₹320 Cr | Mar 2026 ₹342 Cr | Jun 2026 —
- KOVAI: Sep 2021 ₹218 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹236 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹267 Cr | Jun 2023 ₹275 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹321 Cr | Jun 2024 ₹315 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹357 Cr | Jun 2025 ₹374 Cr | Sep 2025 ₹392 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹414 Cr | Jun 2026 —
- ARTEMISMED: Sep 2021 ₹139 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹149 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹195 Cr | Jun 2023 ₹210 Cr | Sep 2023 ₹225 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹225 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹241 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹275 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹279 Cr | Jun 2026 —
- INDRAMEDCO: Sep 2021 ₹233 Cr | Dec 2021 ₹237 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹263 Cr | Sep 2022 ₹284 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹307 Cr | Sep 2023 ₹317 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹315 Cr | Jun 2024 ₹348 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹334 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹365 Cr | Jun 2026 —
- DRAGARWQ: Sep 2021 ₹58 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹120 Cr | Jun 2026 —
- SAKAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹33 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹71 Cr | Jun 2026 ₹73 Cr
- SHALBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹202 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹235 Cr | Sep 2023 ₹238 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹244 Cr | Jun 2024 ₹279 Cr | Sep 2024 ₹268 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹265 Cr | Jun 2025 ₹296 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹287 Cr | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹93 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹126 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 524520: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.0% | Dec 2023 23% | Mar 2024 9.8% | Jun 2024 29% | Sep 2024 33% | Dec 2024 24% | Mar 2025 36% | Jun 2025 26% | Sep 2025 34% | Dec 2025 34% | Mar 2026 34% | Jun 2026 —
- APOLLOHOSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 15% | Jun 2024 15% | Sep 2024 15% | Dec 2024 14% | Mar 2025 13% | Jun 2025 15% | Sep 2025 13% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- MAXHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.6% | Sep 2022 12% | Dec 2022 17% | Mar 2023 29% | Jun 2023 21% | Sep 2023 20% | Dec 2023 17% | Mar 2024 17% | Jun 2024 20% | Sep 2024 25% | Dec 2024 40% | Mar 2025 34% | Jun 2025 31% | Sep 2025 25% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- FORTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.7% | Mar 2024 8.7% | Jun 2024 12% | Sep 2024 12% | Dec 2024 15% | Mar 2025 12% | Jun 2025 17% | Sep 2025 17% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- ASTERDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 12% | Dec 2022 20% | Mar 2023 -70% | Jun 2023 -68% | Sep 2023 -67% | Dec 2023 -70% | Mar 2024 21% | Jun 2024 19% | Sep 2024 17% | Dec 2024 10.0% | Mar 2025 2.7% | Jun 2025 7.6% | Sep 2025 10% | Dec 2025 13% | Mar 2026 18% | Jun 2026 —
- NH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 21% | Dec 2022 18% | Mar 2023 30% | Jun 2023 19% | Sep 2023 14% | Dec 2023 6.7% | Mar 2024 2.0% | Jun 2024 5.9% | Sep 2024 4.8% | Dec 2024 11% | Mar 2025 18% | Jun 2025 15% | Sep 2025 20% | Dec 2025 61% | Mar 2026 76% | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 — | Dec 2022 19% | Mar 2023 34% | Jun 2023 26% | Sep 2023 24% | Dec 2023 20% | Mar 2024 14% | Jun 2024 10% | Sep 2024 13% | Dec 2024 13% | Mar 2025 15% | Jun 2025 20% | Sep 2025 15% | Dec 2025 19% | Mar 2026 24% | Jun 2026 —
- KIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.8% | Mar 2024 10% | Jun 2024 14% | Sep 2024 19% | Dec 2024 27% | Mar 2025 26% | Jun 2025 27% | Sep 2025 24% | Dec 2025 29% | Mar 2026 35% | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 18% | Dec 2022 23% | Mar 2023 50% | Jun 2023 21% | Sep 2023 6.4% | Dec 2023 9.8% | Mar 2024 7.6% | Jun 2024 15% | Sep 2024 25% | Dec 2024 18% | Mar 2025 8.5% | Jun 2025 7.0% | Sep 2025 6.7% | Dec 2025 12% | Mar 2026 24% | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 20% | Sep 2023 17% | Dec 2023 20% | Mar 2024 20% | Jun 2024 19% | Sep 2024 27% | Dec 2024 22% | Mar 2025 16% | Jun 2025 22% | Sep 2025 18% | Dec 2025 9.6% | Mar 2026 15% | Jun 2026 —
- HCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 12% | Jun 2024 14% | Sep 2024 14% | Dec 2024 19% | Mar 2025 18% | Jun 2025 17% | Sep 2025 17% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.7% | Sep 2022 23% | Dec 2022 45% | Mar 2023 52% | Jun 2023 38% | Sep 2023 33% | Dec 2023 21% | Mar 2024 24% | Jun 2024 37% | Sep 2024 27% | Dec 2024 31% | Mar 2025 30% | Jun 2025 22% | Sep 2025 28% | Dec 2025 46% | Mar 2026 47% | Jun 2026 —
- KOVAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 16% | Dec 2022 15% | Mar 2023 21% | Jun 2023 17% | Sep 2023 20% | Dec 2023 22% | Mar 2024 20% | Jun 2024 15% | Sep 2024 14% | Dec 2024 11% | Mar 2025 11% | Jun 2025 19% | Sep 2025 14% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- ARTEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 35% | Dec 2022 30% | Mar 2023 31% | Jun 2023 26% | Sep 2023 20% | Dec 2023 17% | Mar 2024 15% | Jun 2024 6.2% | Sep 2024 7.1% | Dec 2024 5.9% | Mar 2025 6.7% | Jun 2025 14% | Sep 2025 14% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- INDRAMEDCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 22% | Dec 2022 17% | Mar 2023 27% | Jun 2023 17% | Sep 2023 12% | Dec 2023 10% | Mar 2024 15% | Jun 2024 13% | Sep 2024 10% | Dec 2024 6.2% | Mar 2025 6.0% | Jun 2025 4.9% | Sep 2025 8.9% | Dec 2025 14% | Mar 2026 9.3% | Jun 2026 —
- DRAGARWQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 113% | Sep 2022 19% | Dec 2022 14% | Mar 2023 23% | Jun 2023 20% | Sep 2023 22% | Dec 2023 19% | Mar 2024 17% | Jun 2024 27% | Sep 2024 21% | Dec 2024 25% | Mar 2025 23% | Jun 2025 17% | Sep 2025 16% | Dec 2025 22% | Mar 2026 20% | Jun 2026 —
- SAKAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 4.9% | Jun 2024 5.1% | Sep 2024 26% | Dec 2024 16% | Mar 2025 16% | Jun 2025 29% | Sep 2025 35% | Dec 2025 63% | Mar 2026 42% | Jun 2026 38%
- SHALBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.7% | Mar 2024 23% | Jun 2024 19% | Sep 2024 13% | Dec 2024 28% | Mar 2025 8.6% | Jun 2025 6.1% | Sep 2025 6.3% | Dec 2025 -1.5% | Mar 2026 8.3% | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.3% | Mar 2024 3.1% | Jun 2024 2.1% | Sep 2024 -1.9% | Dec 2024 5.2% | Mar 2025 2.0% | Jun 2025 9.2% | Sep 2025 12% | Dec 2025 18% | Mar 2026 25% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: KMC Speciality Hospitals (India) Ltd leads both opm at 31% and margin change at +6 percentage points.

Investor read: KMC Speciality Hospitals (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: KMC Speciality Hospitals (India) Ltd · 31% | 0% versus #2 · Rainbow Childrens Medicare Ltd | 4/8 recent comparable periods | 19/19 companies · 355 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. KMC Speciality Hospitals (India) Ltd (524520): 31%
2. Rainbow Childrens Medicare Ltd (RAINBOW): 31%
3. Sakar Healthcare Ltd (SAKAR): 29%
4. Dr Agarwals Eye Hospital Ltd (DRAGARWQ): 28%
5. Max Healthcare Institute Ltd (MAXHEALTH): 28%

### Margin change — fastest expanders
1. KMC Speciality Hospitals (India) Ltd (524520): +6.0 pp
2. Sakar Healthcare Ltd (SAKAR): +5.0 pp
3. Artemis Medicare Services Ltd (ARTEMISMED): +3.0 pp
4. Shalby Ltd (SHALBY): +2.0 pp
5. Healthcare Global Enterprises Ltd (HCG): +1.1 pp

### 20-quarter OPM history
- 524520: Sep 2021 27% | Dec 2021 32% | Mar 2022 23% | Jun 2022 27% | Sep 2022 27% | Dec 2022 25% | Mar 2023 27% | Jun 2023 25% | Sep 2023 26% | Dec 2023 29% | Mar 2024 26% | Jun 2024 24% | Sep 2024 22% | Dec 2024 26% | Mar 2025 25% | Jun 2025 25% | Sep 2025 28% | Dec 2025 30% | Mar 2026 31% | Jun 2026 —
- APOLLOHOSP: Sep 2021 17% | Dec 2021 16% | Mar 2022 13% | Jun 2022 13% | Sep 2022 13% | Dec 2022 11% | Mar 2023 11% | Jun 2023 12% | Sep 2023 13% | Dec 2023 13% | Mar 2024 13% | Jun 2024 13% | Sep 2024 15% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- MAXHEALTH: Sep 2021 23% | Dec 2021 25% | Mar 2022 22% | Jun 2022 25% | Sep 2022 28% | Dec 2022 28% | Mar 2023 28% | Jun 2023 26% | Sep 2023 28% | Dec 2023 29% | Mar 2024 27% | Jun 2024 25% | Sep 2024 26% | Dec 2024 27% | Mar 2025 27% | Jun 2025 26% | Sep 2025 27% | Dec 2025 26% | Mar 2026 28% | Jun 2026 —
- FORTIS: Sep 2021 19% | Dec 2021 20% | Mar 2022 16% | Jun 2022 17% | Sep 2022 19% | Dec 2022 18% | Mar 2023 16% | Jun 2023 16% | Sep 2023 19% | Dec 2023 17% | Mar 2024 21% | Jun 2024 18% | Sep 2024 22% | Dec 2024 19% | Mar 2025 22% | Jun 2025 23% | Sep 2025 24% | Dec 2025 22% | Mar 2026 23% | Jun 2026 —
- ASTERDM: Sep 2021 14% | Dec 2021 15% | Mar 2022 17% | Jun 2022 11% | Sep 2022 11% | Dec 2022 14% | Mar 2023 15% | Jun 2023 14% | Sep 2023 15% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 20% | Dec 2024 18% | Mar 2025 18% | Jun 2025 19% | Sep 2025 20% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- NH: Sep 2021 18% | Dec 2021 18% | Mar 2022 18% | Jun 2022 19% | Sep 2022 21% | Dec 2022 23% | Mar 2023 23% | Jun 2023 22% | Sep 2023 24% | Dec 2023 23% | Mar 2024 23% | Jun 2024 23% | Sep 2024 23% | Dec 2024 23% | Mar 2025 24% | Jun 2025 22% | Sep 2025 24% | Dec 2025 17% | Mar 2026 20% | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 23% | Mar 2022 15% | Jun 2022 21% | Sep 2022 23% | Dec 2022 23% | Mar 2023 24% | Jun 2023 24% | Sep 2023 25% | Dec 2023 26% | Mar 2024 22% | Jun 2024 22% | Sep 2024 24% | Dec 2024 25% | Mar 2025 24% | Jun 2025 24% | Sep 2025 21% | Dec 2025 19% | Mar 2026 21% | Jun 2026 —
- KIMS: Sep 2021 31% | Dec 2021 33% | Mar 2022 31% | Jun 2022 28% | Sep 2022 27% | Dec 2022 27% | Mar 2023 28% | Jun 2023 26% | Sep 2023 27% | Dec 2023 24% | Mar 2024 25% | Jun 2024 26% | Sep 2024 28% | Dec 2024 24% | Mar 2025 25% | Jun 2025 22% | Sep 2025 21% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- RAINBOW: Sep 2021 34% | Dec 2021 36% | Mar 2022 23% | Jun 2022 35% | Sep 2022 35% | Dec 2022 35% | Mar 2023 31% | Jun 2023 31% | Sep 2023 35% | Dec 2023 35% | Mar 2024 31% | Jun 2024 28% | Sep 2024 35% | Dec 2024 34% | Mar 2025 31% | Jun 2025 29% | Sep 2025 33% | Dec 2025 33% | Mar 2026 31% | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 25% | Dec 2022 20% | Mar 2023 21% | Jun 2023 22% | Sep 2023 23% | Dec 2023 23% | Mar 2024 22% | Jun 2024 23% | Sep 2024 23% | Dec 2024 23% | Mar 2025 24% | Jun 2025 22% | Sep 2025 23% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —
- HCG: Sep 2021 17% | Dec 2021 17% | Mar 2022 17% | Jun 2022 18% | Sep 2022 18% | Dec 2022 18% | Mar 2023 17% | Jun 2023 16% | Sep 2023 17% | Dec 2023 17% | Mar 2024 19% | Jun 2024 17% | Sep 2024 18% | Dec 2024 16% | Mar 2025 18% | Jun 2025 18% | Sep 2025 19% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- YATHARTH: Sep 2021 30% | Dec 2021 17% | Mar 2022 17% | Jun 2022 23% | Sep 2022 26% | Dec 2022 26% | Mar 2023 27% | Jun 2023 27% | Sep 2023 27% | Dec 2023 28% | Mar 2024 26% | Jun 2024 25% | Sep 2024 25% | Dec 2024 25% | Mar 2025 25% | Jun 2025 25% | Sep 2025 23% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —
- KOVAI: Sep 2021 29% | Dec 2021 28% | Mar 2022 25% | Jun 2022 26% | Sep 2022 27% | Dec 2022 27% | Mar 2023 25% | Jun 2023 25% | Sep 2023 28% | Dec 2023 30% | Mar 2024 29% | Jun 2024 27% | Sep 2024 28% | Dec 2024 29% | Mar 2025 28% | Jun 2025 28% | Sep 2025 27% | Dec 2025 28% | Mar 2026 27% | Jun 2026 —
- ARTEMISMED: Sep 2021 14% | Dec 2021 12% | Mar 2022 11% | Jun 2022 11% | Sep 2022 13% | Dec 2022 14% | Mar 2023 13% | Jun 2023 13% | Sep 2023 15% | Dec 2023 15% | Mar 2024 17% | Jun 2024 16% | Sep 2024 18% | Dec 2024 16% | Mar 2025 15% | Jun 2025 16% | Sep 2025 18% | Dec 2025 16% | Mar 2026 18% | Jun 2026 —
- INDRAMEDCO: Sep 2021 11% | Dec 2021 13% | Mar 2022 13% | Jun 2022 14% | Sep 2022 15% | Dec 2022 13% | Mar 2023 12% | Jun 2023 15% | Sep 2023 16% | Dec 2023 15% | Mar 2024 15% | Jun 2024 19% | Sep 2024 18% | Dec 2024 16% | Mar 2025 18% | Jun 2025 20% | Sep 2025 19% | Dec 2025 17% | Mar 2026 17% | Jun 2026 —
- DRAGARWQ: Sep 2021 33% | Dec 2021 30% | Mar 2022 29% | Jun 2022 30% | Sep 2022 27% | Dec 2022 24% | Mar 2023 30% | Jun 2023 29% | Sep 2023 28% | Dec 2023 27% | Mar 2024 30% | Jun 2024 31% | Sep 2024 29% | Dec 2024 27% | Mar 2025 32% | Jun 2025 32% | Sep 2025 34% | Dec 2025 30% | Mar 2026 28% | Jun 2026 —
- SAKAR: Sep 2021 22% | Dec 2021 22% | Mar 2022 25% | Jun 2022 28% | Sep 2022 28% | Dec 2022 26% | Mar 2023 19% | Jun 2023 23% | Sep 2023 27% | Dec 2023 24% | Mar 2024 25% | Jun 2024 26% | Sep 2024 27% | Dec 2024 27% | Mar 2025 31% | Jun 2025 24% | Sep 2025 20% | Dec 2025 26% | Mar 2026 37% | Jun 2026 29%
- SHALBY: Sep 2021 16% | Dec 2021 17% | Mar 2022 15% | Jun 2022 20% | Sep 2022 18% | Dec 2022 17% | Mar 2023 13% | Jun 2023 18% | Sep 2023 22% | Dec 2023 20% | Mar 2024 16% | Jun 2024 16% | Sep 2024 12% | Dec 2024 12% | Mar 2025 8.0% | Jun 2025 14% | Sep 2025 15% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 18% | Dec 2022 22% | Mar 2023 25% | Jun 2023 20% | Sep 2023 23% | Dec 2023 22% | Mar 2024 23% | Jun 2024 18% | Sep 2024 22% | Dec 2024 21% | Mar 2025 20% | Jun 2025 16% | Sep 2025 19% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —

### 20-quarter Margin change history
- 524520: Sep 2021 +7.2 pp | Dec 2021 +6.0 pp | Mar 2022 −6.3 pp | Jun 2022 −0.4 pp | Sep 2022 −0.0 pp | Dec 2022 −6.8 pp | Mar 2023 +4.4 pp | Jun 2023 −1.7 pp | Sep 2023 −1.0 pp | Dec 2023 +4.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +6.0 pp | Dec 2025 +4.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- APOLLOHOSP: Sep 2021 +6.0 pp | Dec 2021 +2.0 pp | Mar 2022 −1.3 pp | Jun 2022 −1.1 pp | Sep 2022 −3.6 pp | Dec 2022 −5.1 pp | Mar 2023 −2.1 pp | Jun 2023 −0.6 pp | Sep 2023 +0.0 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MAXHEALTH: Sep 2021 +10.1 pp | Dec 2021 +5.2 pp | Mar 2022 +1.3 pp | Jun 2022 +0.4 pp | Sep 2022 +4.6 pp | Dec 2022 +2.7 pp | Mar 2023 +5.7 pp | Jun 2023 +1.2 pp | Sep 2023 −0.1 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- FORTIS: Sep 2021 +7.4 pp | Dec 2021 +3.4 pp | Mar 2022 +0.3 pp | Jun 2022 −2.6 pp | Sep 2022 −0.6 pp | Dec 2022 −1.6 pp | Mar 2023 −0.1 pp | Jun 2023 −0.9 pp | Sep 2023 +0.2 pp | Dec 2023 −1.0 pp | Mar 2024 +5.0 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ASTERDM: Sep 2021 +1.6 pp | Dec 2021 +0.3 pp | Mar 2022 +3.5 pp | Jun 2022 −0.9 pp | Sep 2022 −2.4 pp | Dec 2022 −1.0 pp | Mar 2023 −1.9 pp | Jun 2023 +3.0 pp | Sep 2023 +3.7 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +5.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +3.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- NH: Sep 2021 +13.5 pp | Dec 2021 +4.4 pp | Mar 2022 +1.7 pp | Jun 2022 +3.2 pp | Sep 2022 +3.6 pp | Dec 2022 +5.0 pp | Mar 2023 +4.7 pp | Jun 2023 +3.4 pp | Sep 2023 +2.7 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −6.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 +8.6 pp | Jun 2023 +2.5 pp | Sep 2023 +1.9 pp | Dec 2023 +3.0 pp | Mar 2024 −2.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 −3.0 pp | Dec 2025 −6.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- KIMS: Sep 2021 −3.2 pp | Dec 2021 +7.2 pp | Mar 2022 +2.4 pp | Jun 2022 −2.7 pp | Sep 2022 −4.3 pp | Dec 2022 −6.0 pp | Mar 2023 −2.5 pp | Jun 2023 −1.7 pp | Sep 2023 −0.0 pp | Dec 2023 −3.0 pp | Mar 2024 −3.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −4.0 pp | Sep 2025 −7.0 pp | Dec 2025 −4.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 +3.0 pp | Jun 2022 +2.9 pp | Sep 2022 +1.5 pp | Dec 2022 −0.9 pp | Mar 2023 +8.4 pp | Jun 2023 −3.6 pp | Sep 2023 +0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 −3.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −2.6 pp | Sep 2023 −2.0 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- HCG: Sep 2021 +4.9 pp | Dec 2021 +3.5 pp | Mar 2022 +4.1 pp | Jun 2022 +1.8 pp | Sep 2022 +0.8 pp | Dec 2022 +0.5 pp | Mar 2023 −0.0 pp | Jun 2023 −1.6 pp | Sep 2023 −0.4 pp | Dec 2023 −1.1 pp | Mar 2024 +1.3 pp | Jun 2024 +1.2 pp | Sep 2024 +1.1 pp | Dec 2024 −0.9 pp | Mar 2025 −0.6 pp | Jun 2025 +0.3 pp | Sep 2025 +0.6 pp | Dec 2025 +1.5 pp | Mar 2026 +1.1 pp | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.2 pp | Sep 2022 −4.0 pp | Dec 2022 +8.8 pp | Mar 2023 +9.8 pp | Jun 2023 +3.9 pp | Sep 2023 +0.8 pp | Dec 2023 +2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- KOVAI: Sep 2021 −3.8 pp | Dec 2021 −1.2 pp | Mar 2022 −4.4 pp | Jun 2022 −5.3 pp | Sep 2022 −2.2 pp | Dec 2022 −0.9 pp | Mar 2023 +0.3 pp | Jun 2023 −1.2 pp | Sep 2023 +0.9 pp | Dec 2023 +3.0 pp | Mar 2024 +4.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- ARTEMISMED: Sep 2021 +5.6 pp | Dec 2021 −0.6 pp | Mar 2022 −4.3 pp | Jun 2022 +0.9 pp | Sep 2022 −1.6 pp | Dec 2022 +1.7 pp | Mar 2023 +1.6 pp | Jun 2023 +1.5 pp | Sep 2023 +2.5 pp | Dec 2023 +1.0 pp | Mar 2024 +4.0 pp | Jun 2024 +3.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- INDRAMEDCO: Sep 2021 +4.2 pp | Dec 2021 −1.2 pp | Mar 2022 −2.4 pp | Jun 2022 −0.8 pp | Sep 2022 +4.4 pp | Dec 2022 −0.2 pp | Mar 2023 −0.8 pp | Jun 2023 +1.0 pp | Sep 2023 +0.7 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- DRAGARWQ: Sep 2021 +13.1 pp | Dec 2021 +0.2 pp | Mar 2022 −1.3 pp | Jun 2022 +13.0 pp | Sep 2022 −6.1 pp | Dec 2022 −5.8 pp | Mar 2023 +0.6 pp | Jun 2023 −0.8 pp | Sep 2023 +0.9 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +5.0 pp | Dec 2025 +3.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- SAKAR: Sep 2021 −4.4 pp | Dec 2021 +8.0 pp | Mar 2022 −7.7 pp | Jun 2022 +6.5 pp | Sep 2022 +5.6 pp | Dec 2022 +3.6 pp | Mar 2023 −5.9 pp | Jun 2023 −4.9 pp | Sep 2023 −1.0 pp | Dec 2023 −2.0 pp | Mar 2024 +6.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 +6.0 pp | Jun 2025 −2.0 pp | Sep 2025 −7.0 pp | Dec 2025 −1.0 pp | Mar 2026 +6.0 pp | Jun 2026 +5.0 pp
- SHALBY: Sep 2021 −9.3 pp | Dec 2021 −6.0 pp | Mar 2022 −6.6 pp | Jun 2022 −0.0 pp | Sep 2022 +2.2 pp | Dec 2022 −0.7 pp | Mar 2023 −1.8 pp | Jun 2023 −1.9 pp | Sep 2023 +3.6 pp | Dec 2023 +3.3 pp | Mar 2024 +3.0 pp | Jun 2024 −2.0 pp | Sep 2024 −10.0 pp | Dec 2024 −8.0 pp | Mar 2025 −8.0 pp | Jun 2025 −2.0 pp | Sep 2025 +3.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.8 pp | Sep 2023 +5.3 pp | Dec 2023 +0.1 pp | Mar 2024 −2.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −3.0 pp | Dec 2025 −4.0 pp | Mar 2026 −2.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Apollo Hospitals Enterprise Ltd leads with ₹2,002 crore of TTM profit, 38.8% above Max Healthcare Institute Ltd. KMC Speciality Hospitals (India) Ltd shows ≥100% on the scoring scale (108.7% uncapped) growth from a ₹48 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Apollo Hospitals Enterprise Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Apollo Hospitals Enterprise Ltd · ₹2,002 crore | 38.8% versus #2 · Max Healthcare Institute Ltd | 8/8 recent comparable periods | 19/19 companies · 319 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): ₹2.0K Cr
2. Max Healthcare Institute Ltd (MAXHEALTH): ₹1.4K Cr
3. Fortis Healthcare Ltd (FORTIS): ₹1.1K Cr
4. Narayana Hrudayalaya Ltd (NH): ₹806 Cr
5. Global Health Ltd (MEDANTA): ₹554 Cr

### Profit growth — fastest growers
1. KMC Speciality Hospitals (India) Ltd (524520): 100%
2. Sakar Healthcare Ltd (SAKAR): 71%
3. Max Healthcare Institute Ltd (MAXHEALTH): 34%
4. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): 33%
5. Fortis Healthcare Ltd (FORTIS): 32%

### 20-quarter Net profit history
- 524520: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- APOLLOHOSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹162 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹258 Cr | Jun 2024 ₹316 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹379 Cr | Mar 2025 ₹414 Cr | Jun 2025 ₹441 Cr | Sep 2025 ₹494 Cr | Dec 2025 ₹516 Cr | Mar 2026 ₹551 Cr | Jun 2026 —
- MAXHEALTH: Sep 2021 ₹145 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹124 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹222 Cr | Mar 2023 ₹251 Cr | Jun 2023 ₹240 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹289 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹236 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹319 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹491 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹342 Cr | Jun 2026 —
- FORTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹142 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹254 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹329 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹271 Cr | Jun 2026 —
- ASTERDM: Sep 2021 ₹128 Cr | Dec 2021 ₹168 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹154 Cr | Jun 2026 —
- NH: Sep 2021 ₹99 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹154 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹184 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹202 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹224 Cr | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 ₹70 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- KIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹82 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- RAINBOW: Sep 2021 ₹45 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹30 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- HCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- YATHARTH: Sep 2021 ₹13 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- KOVAI: Sep 2021 ₹24 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- ARTEMISMED: Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- INDRAMEDCO: Sep 2021 ₹12 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- DRAGARWQ: Sep 2021 ₹10 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- SAKAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹10 Cr
- SHALBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹15 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 524520: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 50% | Mar 2024 0.0% | Jun 2024 -14% | Sep 2024 -43% | Dec 2024 -11% | Mar 2025 -29% | Jun 2025 33% | Sep 2025 175% | Dec 2025 75% | Mar 2026 200% | Jun 2026 —
- APOLLOHOSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 57% | Mar 2024 77% | Jun 2024 83% | Sep 2024 59% | Dec 2024 49% | Mar 2025 60% | Jun 2025 40% | Sep 2025 25% | Dec 2025 36% | Mar 2026 33% | Jun 2026 —
- MAXHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 215% | Dec 2022 17% | Mar 2023 102% | Jun 2023 39% | Sep 2023 -39% | Dec 2023 30% | Mar 2024 0.4% | Jun 2024 -1.7% | Sep 2024 1.8% | Dec 2024 -17% | Mar 2025 27% | Jun 2025 31% | Sep 2025 74% | Dec 2025 26% | Mar 2026 7.2% | Jun 2026 —
- FORTIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -5.6% | Mar 2024 47% | Jun 2024 40% | Sep 2024 4.9% | Dec 2024 90% | Mar 2025 -7.4% | Jun 2025 53% | Sep 2025 70% | Dec 2025 -22% | Mar 2026 44% | Jun 2026 —
- ASTERDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 -58% | Dec 2022 -5.4% | Mar 2023 -26% | Jun 2023 -75% | Sep 2023 -128% | Dec 2023 31% | Mar 2024 -101% | Jun 2024 — | Sep 2024 — | Dec 2024 -69% | Mar 2025 — | Jun 2025 -98% | Sep 2025 14% | Dec 2025 -7.8% | Mar 2026 79% | Jun 2026 —
- NH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 71% | Dec 2022 57% | Mar 2023 151% | Jun 2023 66% | Sep 2023 34% | Dec 2023 22% | Mar 2024 10% | Jun 2024 9.8% | Sep 2024 -12% | Dec 2024 2.7% | Mar 2025 3.1% | Jun 2025 -2.5% | Sep 2025 30% | Dec 2025 -34% | Mar 2026 14% | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 — | Dec 2022 16% | Mar 2023 461% | Jun 2023 73% | Sep 2023 45% | Dec 2023 53% | Mar 2024 26% | Jun 2024 3.9% | Sep 2024 4.8% | Dec 2024 15% | Mar 2025 -20% | Jun 2025 50% | Sep 2025 21% | Dec 2025 -34% | Mar 2026 41% | Jun 2026 —
- KIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.1% | Mar 2024 -27% | Jun 2024 9.2% | Sep 2024 20% | Dec 2024 19% | Mar 2025 47% | Jun 2025 -11% | Sep 2025 -41% | Dec 2025 -43% | Mar 2026 -69% | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.6% | Sep 2022 36% | Dec 2022 29% | Mar 2023 350% | Jun 2023 11% | Sep 2023 3.3% | Dec 2023 8.6% | Mar 2024 -5.6% | Jun 2024 -4.8% | Sep 2024 25% | Dec 2024 9.5% | Mar 2025 12% | Jun 2025 35% | Sep 2025 -3.8% | Dec 2025 7.3% | Mar 2026 37% | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 80% | Sep 2023 26% | Dec 2023 — | Mar 2024 181% | Jun 2024 -17% | Sep 2024 53% | Dec 2024 18% | Mar 2025 0.0% | Jun 2025 -2.2% | Sep 2025 9.6% | Dec 2025 -19% | Mar 2026 11% | Jun 2026 —
- HCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -18% | Mar 2024 315% | Jun 2024 273% | Sep 2024 92% | Dec 2024 126% | Mar 2025 -71% | Jun 2025 -56% | Sep 2025 -0.1% | Dec 2025 -202% | Mar 2026 -40% | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 23% | Dec 2022 133% | Mar 2023 89% | Jun 2023 73% | Sep 2023 75% | Dec 2023 38% | Mar 2024 124% | Jun 2024 58% | Sep 2024 11% | Dec 2024 3.5% | Mar 2025 2.6% | Jun 2025 40% | Sep 2025 32% | Dec 2025 43% | Mar 2026 15% | Jun 2026 —
- KOVAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 25% | Dec 2022 19% | Mar 2023 63% | Jun 2023 29% | Sep 2023 43% | Dec 2023 71% | Mar 2024 68% | Jun 2024 48% | Sep 2024 19% | Dec 2024 9.4% | Mar 2025 5.8% | Jun 2025 24% | Sep 2025 16% | Dec 2025 12% | Mar 2026 15% | Jun 2026 —
- ARTEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 13% | Dec 2022 67% | Mar 2023 -15% | Jun 2023 25% | Sep 2023 56% | Dec 2023 20% | Mar 2024 27% | Jun 2024 70% | Sep 2024 57% | Dec 2024 75% | Mar 2025 64% | Jun 2025 24% | Sep 2025 36% | Dec 2025 4.8% | Mar 2026 30% | Jun 2026 —
- INDRAMEDCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 108% | Dec 2022 31% | Mar 2023 33% | Jun 2023 50% | Sep 2023 32% | Dec 2023 38% | Mar 2024 55% | Jun 2024 50% | Sep 2024 27% | Dec 2024 14% | Mar 2025 32% | Jun 2025 13% | Sep 2025 17% | Dec 2025 24% | Mar 2026 2.4% | Jun 2026 —
- DRAGARWQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -10% | Dec 2022 -38% | Mar 2023 100% | Jun 2023 33% | Sep 2023 44% | Dec 2023 80% | Mar 2024 -7.1% | Jun 2024 17% | Sep 2024 7.7% | Dec 2024 11% | Mar 2025 23% | Jun 2025 21% | Sep 2025 36% | Dec 2025 70% | Mar 2026 0.0% | Jun 2026 —
- SAKAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -50% | Mar 2024 -25% | Jun 2024 -33% | Sep 2024 25% | Dec 2024 150% | Mar 2025 100% | Jun 2025 150% | Sep 2025 0.0% | Dec 2025 100% | Mar 2026 83% | Jun 2026 100%
- SHALBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 14% | Jun 2024 -29% | Sep 2024 -93% | Dec 2024 -116% | Mar 2025 -175% | Jun 2025 -47% | Sep 2025 250% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 32% | Mar 2024 30% | Jun 2024 0.0% | Sep 2024 7.1% | Dec 2024 9.1% | Mar 2025 0.0% | Jun 2025 -20% | Sep 2025 -27% | Dec 2025 -25% | Mar 2026 15% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Global Health Ltd reports ₹67 crore of CAPEX; Rainbow Childrens Medicare Ltd has the highest covered intensity at 11.8%. Coverage is only 5 of 19 companies and 12 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Global Health Ltd · ₹67 crore | 148.1% versus #2 · Jupiter Life Line Hospitals Ltd | 2/2 recent comparable periods | 5/19 companies · 12 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Global Health Ltd (MEDANTA): ₹67 Cr
2. Jupiter Life Line Hospitals Ltd (JLHL): ₹27 Cr
3. Rainbow Childrens Medicare Ltd (RAINBOW): ₹25 Cr
4. GPT Healthcare Ltd (GPTHEALTH): ₹6 Cr
5. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): ₹3 Cr

### CAPEX intensity — highest reinvestment intensity
1. Rainbow Childrens Medicare Ltd (RAINBOW): 12%
2. Jupiter Life Line Hospitals Ltd (JLHL): 11%
3. Global Health Ltd (MEDANTA): 9.9%
4. GPT Healthcare Ltd (GPTHEALTH): 5.6%
5. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): 3.2%

### 20-quarter CAPEX history
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹37 Cr | Sep 2022 ₹67 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 ₹11 Cr | Mar 2022 ₹25 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹27 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YATHARTH: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 9.9% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 4.4% | Mar 2022 12% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YATHARTH: Sep 2021 2.9% | Dec 2021 3.2% | Mar 2022 3.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.2% | Sep 2023 5.6% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Indraprastha Medical Corporation Ltd has the clearest covered balance-sheet capacity with ₹226 crore net cash and gross debt of ₹37 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Indraprastha Medical Corporation Ltd · ₹37 crore | 32.7% versus #2 · Sakar Healthcare Ltd | 8/8 recent comparable periods | 19/19 companies · 278 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Indraprastha Medical Corporation Ltd (INDRAMEDCO): ₹37 Cr
2. Sakar Healthcare Ltd (SAKAR): ₹55 Cr
3. KMC Speciality Hospitals (India) Ltd (524520): ₹84 Cr
4. GPT Healthcare Ltd (GPTHEALTH): ₹91 Cr
5. Artemis Medicare Services Ltd (ARTEMISMED): ₹262 Cr

### Net debt — lowest net debt
1. Indraprastha Medical Corporation Ltd (INDRAMEDCO): ₹-226 Cr
2. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): ₹1 Cr
3. GPT Healthcare Ltd (GPTHEALTH): ₹44 Cr
4. Jupiter Life Line Hospitals Ltd (JLHL): ₹44 Cr
5. Kovai Medical Center & Hospital Ltd (KOVAI): ₹56 Cr

### 20-quarter Gross debt history
- 524520: Sep 2021 — | Dec 2021 — | Mar 2022 ₹29 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹50 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹82 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹89 Cr | Jun 2025 — | Sep 2025 ₹86 Cr | Dec 2025 — | Mar 2026 ₹84 Cr | Jun 2026 —
- APOLLOHOSP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7.9K Cr | Jun 2025 — | Sep 2025 ₹8.0K Cr | Dec 2025 — | Mar 2026 ₹8.5K Cr | Jun 2026 —
- MAXHEALTH: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹913 Cr | Jun 2022 ₹913 Cr | Sep 2022 ₹769 Cr | Dec 2022 ₹769 Cr | Mar 2023 ₹689 Cr | Jun 2023 ₹689 Cr | Sep 2023 ₹660 Cr | Dec 2023 ₹660 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- FORTIS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.3K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹926 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.5K Cr | Jun 2025 — | Sep 2025 ₹3.2K Cr | Dec 2025 — | Mar 2026 ₹3.5K Cr | Jun 2026 —
- ASTERDM: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- NH: Sep 2021 ₹757 Cr | Dec 2021 ₹757 Cr | Mar 2022 ₹723 Cr | Jun 2022 ₹726 Cr | Sep 2022 ₹858 Cr | Dec 2022 ₹858 Cr | Mar 2023 ₹884 Cr | Jun 2023 ₹884 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹795 Cr | Dec 2023 ₹795 Cr | Mar 2024 ₹802 Cr | Jun 2024 ₹802 Cr | Sep 2024 ₹688 Cr | Dec 2024 ₹688 Cr | Mar 2025 ₹718 Cr | Jun 2025 ₹718 Cr | Sep 2025 ₹945 Cr | Dec 2025 ₹945 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- KIMS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹257 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹678 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.6K Cr | Jun 2025 — | Sep 2025 ₹3.2K Cr | Dec 2025 — | Mar 2026 ₹4.3K Cr | Jun 2026 —
- RAINBOW: Sep 2021 ₹532 Cr | Dec 2021 ₹534 Cr | Mar 2022 ₹592 Cr | Jun 2022 ₹581 Cr | Sep 2022 ₹558 Cr | Dec 2022 ₹558 Cr | Mar 2023 ₹570 Cr | Jun 2023 ₹570 Cr | Sep 2023 ₹631 Cr | Dec 2023 ₹631 Cr | Mar 2024 ₹765 Cr | Jun 2024 ₹765 Cr | Sep 2024 ₹760 Cr | Dec 2024 ₹760 Cr | Mar 2025 ₹764 Cr | Jun 2025 ₹764 Cr | Sep 2025 ₹816 Cr | Dec 2025 ₹816 Cr | Mar 2026 ₹891 Cr | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹495 Cr | Jun 2022 ₹495 Cr | Sep 2022 — | Dec 2022 ₹470 Cr | Mar 2023 ₹469 Cr | Jun 2023 ₹469 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹393 Cr | Jun 2025 ₹393 Cr | Sep 2025 ₹403 Cr | Dec 2025 ₹403 Cr | Mar 2026 ₹584 Cr | Jun 2026 —
- HCG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹915 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹901 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.8K Cr | Jun 2025 — | Sep 2025 ₹1.8K Cr | Dec 2025 — | Mar 2026 ₹1.7K Cr | Jun 2026 —
- YATHARTH: Sep 2021 ₹179 Cr | Dec 2021 ₹264 Cr | Mar 2022 ₹264 Cr | Jun 2022 ₹264 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹267 Cr | Jun 2023 ₹267 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹264 Cr | Jun 2026 —
- KOVAI: Sep 2021 ₹576 Cr | Dec 2021 ₹576 Cr | Mar 2022 ₹550 Cr | Jun 2022 ₹550 Cr | Sep 2022 ₹534 Cr | Dec 2022 ₹534 Cr | Mar 2023 ₹511 Cr | Jun 2023 ₹511 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹392 Cr | Mar 2024 ₹310 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹420 Cr | Dec 2024 ₹420 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹415 Cr | Sep 2025 ₹399 Cr | Dec 2025 ₹399 Cr | Mar 2026 ₹403 Cr | Jun 2026 —
- ARTEMISMED: Sep 2021 ₹173 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹201 Cr | Sep 2022 ₹231 Cr | Dec 2022 ₹231 Cr | Mar 2023 ₹286 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹323 Cr | Dec 2023 ₹323 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹320 Cr | Dec 2024 ₹320 Cr | Mar 2025 ₹290 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹279 Cr | Dec 2025 ₹279 Cr | Mar 2026 ₹262 Cr | Jun 2026 —
- INDRAMEDCO: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- DRAGARWQ: Sep 2021 ₹63 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹193 Cr | Jun 2022 ₹193 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹232 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹234 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹305 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹335 Cr | Dec 2025 ₹335 Cr | Mar 2026 ₹326 Cr | Jun 2026 —
- SAKAR: Sep 2021 ₹66 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- SHALBY: Sep 2021 ₹173 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹161 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹378 Cr | Jun 2024 ₹378 Cr | Sep 2024 ₹463 Cr | Dec 2024 ₹463 Cr | Mar 2025 ₹476 Cr | Jun 2025 ₹476 Cr | Sep 2025 ₹535 Cr | Dec 2025 ₹535 Cr | Mar 2026 ₹595 Cr | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹102 Cr | Jun 2022 ₹102 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹82 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹91 Cr | Jun 2026 —

### 20-quarter Net debt history
- MAXHEALTH: Sep 2021 ₹274 Cr | Dec 2021 ₹274 Cr | Mar 2022 ₹432 Cr | Jun 2022 ₹414 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-685 Cr | Jun 2023 ₹-779 Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹482 Cr | Dec 2024 ₹482 Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- ASTERDM: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹362 Cr | Dec 2024 ₹362 Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹637 Cr | Sep 2025 ₹813 Cr | Dec 2025 ₹813 Cr | Mar 2026 ₹893 Cr | Jun 2026 —
- NH: Sep 2021 ₹438 Cr | Dec 2021 ₹438 Cr | Mar 2022 ₹437 Cr | Jun 2022 ₹437 Cr | Sep 2022 ₹401 Cr | Dec 2022 ₹401 Cr | Mar 2023 ₹478 Cr | Jun 2023 ₹478 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹200 Cr | Mar 2024 ₹390 Cr | Jun 2024 ₹371 Cr | Sep 2024 ₹517 Cr | Dec 2024 ₹517 Cr | Mar 2025 ₹820 Cr | Jun 2025 ₹801 Cr | Sep 2025 ₹516 Cr | Dec 2025 ₹516 Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹621 Cr | Jun 2022 ₹543 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-138 Cr | Jun 2023 ₹-156 Cr | Sep 2023 ₹-179 Cr | Dec 2023 ₹-179 Cr | Mar 2024 ₹-354 Cr | Jun 2024 ₹-373 Cr | Sep 2024 ₹-295 Cr | Dec 2024 ₹-295 Cr | Mar 2025 ₹-333 Cr | Jun 2025 ₹-404 Cr | Sep 2025 ₹-275 Cr | Dec 2025 ₹-275 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- RAINBOW: Sep 2021 ₹362 Cr | Dec 2021 ₹312 Cr | Mar 2022 ₹378 Cr | Jun 2022 ₹374 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹189 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹263 Cr | Sep 2024 ₹310 Cr | Dec 2024 ₹310 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹262 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹453 Cr | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹389 Cr | Sep 2022 — | Dec 2022 ₹305 Cr | Mar 2023 ₹333 Cr | Jun 2023 ₹333 Cr | Sep 2023 ₹-320 Cr | Dec 2023 ₹-320 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-207 Cr | Jun 2025 ₹-210 Cr | Sep 2025 ₹-153 Cr | Dec 2025 ₹-153 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- YATHARTH: Sep 2021 ₹177 Cr | Dec 2021 ₹252 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹252 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹229 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹-311 Cr | Dec 2023 ₹-311 Cr | Mar 2024 ₹-104 Cr | Jun 2024 ₹-154 Cr | Sep 2024 ₹-154 Cr | Dec 2024 ₹-154 Cr | Mar 2025 ₹-472 Cr | Jun 2025 ₹-503 Cr | Sep 2025 ₹-250 Cr | Dec 2025 ₹-250 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- KOVAI: Sep 2021 ₹387 Cr | Dec 2021 ₹387 Cr | Mar 2022 ₹354 Cr | Jun 2022 ₹352 Cr | Sep 2022 ₹299 Cr | Dec 2022 ₹299 Cr | Mar 2023 ₹264 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹211 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- ARTEMISMED: Sep 2021 ₹135 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹173 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹186 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹235 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹267 Cr | Mar 2024 ₹305 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹-55 Cr | Dec 2024 ₹-55 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹-69 Cr | Dec 2025 ₹-69 Cr | Mar 2026 ₹229 Cr | Jun 2026 —
- INDRAMEDCO: Sep 2021 ₹-84 Cr | Dec 2021 ₹-84 Cr | Mar 2022 ₹-61 Cr | Jun 2022 ₹-63 Cr | Sep 2022 ₹-201 Cr | Dec 2022 ₹-201 Cr | Mar 2023 ₹-124 Cr | Jun 2023 ₹-127 Cr | Sep 2023 ₹-202 Cr | Dec 2023 ₹-202 Cr | Mar 2024 ₹-188 Cr | Jun 2024 ₹-190 Cr | Sep 2024 ₹-276 Cr | Dec 2024 ₹-276 Cr | Mar 2025 ₹-286 Cr | Jun 2025 ₹-289 Cr | Sep 2025 ₹-430 Cr | Dec 2025 ₹-430 Cr | Mar 2026 ₹-226 Cr | Jun 2026 —
- DRAGARWQ: Sep 2021 ₹35 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹164 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹205 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹234 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹309 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹242 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹230 Cr | Jun 2026 —
- SAKAR: Sep 2021 ₹49 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- SHALBY: Sep 2021 ₹42 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹-28 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹-34 Cr | Dec 2022 ₹-34 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹-37 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹314 Cr | Mar 2025 ₹340 Cr | Jun 2025 ₹347 Cr | Sep 2025 ₹429 Cr | Dec 2025 ₹429 Cr | Mar 2026 ₹511 Cr | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹88 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹66 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹44 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Indraprastha Medical Corporation Ltd leads ROCE at 35.8%, 9.8 percentage points above KMC Speciality Hospitals (India) Ltd. KMC Speciality Hospitals (India) Ltd has the strongest latest improvement at +9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Indraprastha Medical Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Indraprastha Medical Corporation Ltd · 35.8% | 37.7% versus #2 · KMC Speciality Hospitals (India) Ltd | 4/8 recent comparable periods | 19/19 companies · 204 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Indraprastha Medical Corporation Ltd (INDRAMEDCO): 36%
2. KMC Speciality Hospitals (India) Ltd (524520): 26%
3. Kovai Medical Center & Hospital Ltd (KOVAI): 22%
4. GPT Healthcare Ltd (GPTHEALTH): 20%
5. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): 18%

### ROCE change — fastest improvers
1. KMC Speciality Hospitals (India) Ltd (524520): +9.0 pp
2. Sakar Healthcare Ltd (SAKAR): +3.8 pp
3. Artemis Medicare Services Ltd (ARTEMISMED): +2.2 pp
4. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): +1.0 pp
5. Fortis Healthcare Ltd (FORTIS): +1.0 pp

### 20-quarter ROCE history
- MAXHEALTH: Sep 2021 7.7% | Dec 2021 — | Mar 2022 9.0% | Jun 2022 — | Sep 2022 9.7% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 15% | Mar 2024 12% | Jun 2024 15% | Sep 2024 12% | Dec 2024 14% | Mar 2025 11% | Jun 2025 14% | Sep 2025 12% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- ASTERDM: Sep 2021 7.6% | Dec 2021 — | Mar 2022 9.4% | Jun 2022 — | Sep 2022 8.2% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.1% | Dec 2023 5.4% | Mar 2024 4.5% | Jun 2024 66% | Sep 2024 11% | Dec 2024 70% | Mar 2025 9.0% | Jun 2025 9.9% | Sep 2025 8.4% | Dec 2025 9.9% | Mar 2026 8.9% | Jun 2026 —
- NH: Sep 2021 17% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 24% | Dec 2023 30% | Mar 2024 26% | Jun 2024 27% | Sep 2024 14% | Dec 2024 24% | Mar 2025 16% | Jun 2025 21% | Sep 2025 17% | Dec 2025 20% | Mar 2026 11% | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 8.5% | Jun 2022 12% | Sep 2022 — | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 17% | Dec 2023 23% | Mar 2024 17% | Jun 2024 20% | Sep 2024 17% | Dec 2024 20% | Mar 2025 17% | Jun 2025 20% | Sep 2025 16% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- RAINBOW: Sep 2021 17% | Dec 2021 19% | Mar 2022 19% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 18% | Dec 2023 22% | Mar 2024 16% | Jun 2024 19% | Sep 2024 16% | Dec 2024 20% | Mar 2025 16% | Jun 2025 20% | Sep 2025 15% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 14% | Mar 2023 20% | Jun 2023 — | Sep 2023 17% | Dec 2023 21% | Mar 2024 18% | Jun 2024 23% | Sep 2024 18% | Dec 2024 23% | Mar 2025 14% | Jun 2025 19% | Sep 2025 14% | Dec 2025 18% | Mar 2026 12% | Jun 2026 —
- YATHARTH: Sep 2021 20% | Dec 2021 21% | Mar 2022 26% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 17% | Dec 2023 27% | Mar 2024 16% | Jun 2024 27% | Sep 2024 15% | Dec 2024 19% | Mar 2025 10% | Jun 2025 15% | Sep 2025 10% | Dec 2025 16% | Mar 2026 9.3% | Jun 2026 —
- KOVAI: Sep 2021 15% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 17% | Dec 2023 21% | Mar 2024 20% | Jun 2024 23% | Sep 2024 20% | Dec 2024 24% | Mar 2025 19% | Jun 2025 24% | Sep 2025 20% | Dec 2025 24% | Mar 2026 19% | Jun 2026 —
- ARTEMISMED: Sep 2021 9.4% | Dec 2021 — | Mar 2022 8.1% | Jun 2022 — | Sep 2022 8.6% | Dec 2022 — | Mar 2023 9.1% | Jun 2023 — | Sep 2023 10% | Dec 2023 13% | Mar 2024 12% | Jun 2024 15% | Sep 2024 9.6% | Dec 2024 14% | Mar 2025 9.5% | Jun 2025 15% | Sep 2025 10% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- INDRAMEDCO: Sep 2021 23% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 28% | Dec 2023 37% | Mar 2024 28% | Jun 2024 39% | Sep 2024 31% | Dec 2024 40% | Mar 2025 30% | Jun 2025 38% | Sep 2025 29% | Dec 2025 38% | Mar 2026 27% | Jun 2026 —
- DRAGARWQ: Sep 2021 30% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 17% | Dec 2023 23% | Mar 2024 16% | Jun 2024 20% | Sep 2024 16% | Dec 2024 19% | Mar 2025 15% | Jun 2025 19% | Sep 2025 15% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- SAKAR: Sep 2021 8.5% | Dec 2021 — | Mar 2022 9.3% | Jun 2022 — | Sep 2022 8.0% | Dec 2022 — | Mar 2023 6.8% | Jun 2023 — | Sep 2023 6.3% | Dec 2023 8.2% | Mar 2024 6.5% | Jun 2024 7.8% | Sep 2024 7.1% | Dec 2024 8.1% | Mar 2025 8.4% | Jun 2025 8.8% | Sep 2025 8.4% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- SHALBY: Sep 2021 9.1% | Dec 2021 — | Mar 2022 7.7% | Jun 2022 — | Sep 2022 8.1% | Dec 2022 — | Mar 2023 8.5% | Jun 2023 — | Sep 2023 9.9% | Dec 2023 13% | Mar 2024 11% | Jun 2024 12% | Sep 2024 8.7% | Dec 2024 9.4% | Mar 2025 6.5% | Jun 2025 6.9% | Sep 2025 6.8% | Dec 2025 7.2% | Mar 2026 5.8% | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 24% | Jun 2023 26% | Sep 2023 29% | Dec 2023 30% | Mar 2024 26% | Jun 2024 29% | Sep 2024 24% | Dec 2024 29% | Mar 2025 21% | Jun 2025 25% | Sep 2025 16% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —

### 20-quarter ROCE change history
- MAXHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 — | Mar 2023 +2.3 pp | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +0.6 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −1.3 pp | Mar 2025 −0.5 pp | Jun 2025 −0.7 pp | Sep 2025 +0.7 pp | Dec 2025 +0.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ASTERDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −2.1 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.5 pp | Dec 2024 +64.9 pp | Mar 2025 +4.5 pp | Jun 2025 −55.6 pp | Sep 2025 −2.2 pp | Dec 2025 −60.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- NH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 — | Mar 2023 +3.7 pp | Jun 2023 — | Sep 2023 +2.2 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 −9.8 pp | Dec 2024 −5.7 pp | Mar 2025 −9.2 pp | Jun 2025 −5.9 pp | Sep 2025 +2.5 pp | Dec 2025 −4.3 pp | Mar 2026 −5.4 pp | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +5.2 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +3.3 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 −2.6 pp | Mar 2025 −0.5 pp | Jun 2025 +0.2 pp | Sep 2025 −1.1 pp | Dec 2025 −2.8 pp | Mar 2026 −3.3 pp | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +1.8 pp | Dec 2023 — | Mar 2024 −3.1 pp | Jun 2024 — | Sep 2024 −1.7 pp | Dec 2024 −1.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 −0.9 pp | Dec 2025 −1.3 pp | Mar 2026 −0.6 pp | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +6.2 pp | Mar 2024 −1.8 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 −3.9 pp | Jun 2025 −4.3 pp | Sep 2025 −3.4 pp | Dec 2025 −4.2 pp | Mar 2026 −2.0 pp | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +2.6 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −12.4 pp | Jun 2024 — | Sep 2024 −1.2 pp | Dec 2024 −7.8 pp | Mar 2025 −5.5 pp | Jun 2025 −11.6 pp | Sep 2025 −5.0 pp | Dec 2025 −3.0 pp | Mar 2026 −0.9 pp | Jun 2026 —
- KOVAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 — | Sep 2023 +3.7 pp | Dec 2023 — | Mar 2024 +5.7 pp | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 +3.0 pp | Mar 2025 −1.3 pp | Jun 2025 +0.7 pp | Sep 2025 −0.7 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ARTEMISMED: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 +1.1 pp | Mar 2025 −2.4 pp | Jun 2025 +0.6 pp | Sep 2025 +0.6 pp | Dec 2025 −0.4 pp | Mar 2026 +2.2 pp | Jun 2026 —
- INDRAMEDCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 — | Mar 2023 +3.3 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +2.8 pp | Mar 2025 +2.1 pp | Jun 2025 −1.6 pp | Sep 2025 −1.3 pp | Dec 2025 −2.2 pp | Mar 2026 −2.6 pp | Jun 2026 —
- DRAGARWQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +2.1 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −0.8 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −3.6 pp | Mar 2025 −0.6 pp | Jun 2025 −0.9 pp | Sep 2025 −0.9 pp | Dec 2025 −0.7 pp | Mar 2026 +0.2 pp | Jun 2026 —
- SAKAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 — | Mar 2023 −2.5 pp | Jun 2023 — | Sep 2023 −1.7 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 −0.1 pp | Mar 2025 +1.9 pp | Jun 2025 +1.0 pp | Sep 2025 +1.3 pp | Dec 2025 +2.6 pp | Mar 2026 +3.8 pp | Jun 2026 —
- SHALBY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 +0.8 pp | Jun 2023 — | Sep 2023 +1.8 pp | Dec 2023 — | Mar 2024 +2.2 pp | Jun 2024 — | Sep 2024 −1.2 pp | Dec 2024 −3.4 pp | Mar 2025 −4.2 pp | Jun 2025 −5.5 pp | Sep 2025 −1.9 pp | Dec 2025 −2.2 pp | Mar 2026 −0.7 pp | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 +3.5 pp | Sep 2024 −5.0 pp | Dec 2024 −1.0 pp | Mar 2025 −5.6 pp | Jun 2025 −4.7 pp | Sep 2025 −8.1 pp | Dec 2025 −10.3 pp | Mar 2026 −5.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Indraprastha Medical Corporation Ltd has the lowest comparable Guarded PEG at 0.92×, 15.6% below Artemis Medicare Services Ltd. Only 11 of 19 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Indraprastha Medical Corporation Ltd · 0.92× | 15.6% versus #2 · Artemis Medicare Services Ltd | 0/8 recent comparable periods | 11/19 companies · 109 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Indraprastha Medical Corporation Ltd (INDRAMEDCO): 0.9
2. Artemis Medicare Services Ltd (ARTEMISMED): 1.1
3. Global Health Ltd (MEDANTA): 1.1
4. Kovai Medical Center & Hospital Ltd (KOVAI): 1.5
5. Dr Agarwals Eye Hospital Ltd (DRAGARWQ): 1.7

### P/E — lowest P/E
1. Indraprastha Medical Corporation Ltd (INDRAMEDCO): 18.2
2. Kovai Medical Center & Hospital Ltd (KOVAI): 26.2
3. GPT Healthcare Ltd (GPTHEALTH): 30.4
4. Dr Agarwals Eye Hospital Ltd (DRAGARWQ): 34.6
5. Artemis Medicare Services Ltd (ARTEMISMED): 41.2

### 20-quarter Guarded PEG history
- MAXHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3 | Sep 2022 — | Dec 2022 2.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.4 | Jun 2024 — | Sep 2024 — | Dec 2024 14.8 | Mar 2025 — | Jun 2025 16.7 | Sep 2025 6.6 | Dec 2025 2.8 | Mar 2026 1.7 | Jun 2026 —
- ASTERDM: Sep 2021 1.2 | Dec 2021 0.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.6 | Mar 2023 1.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 11.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.0 | Mar 2026 3.1 | Jun 2026 —
- NH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.8 | Sep 2022 — | Dec 2022 0.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 3.3 | Sep 2024 1.7 | Dec 2024 6.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.0 | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.2 | Mar 2023 — | Jun 2023 — | Sep 2023 1.4 | Dec 2023 1.3 | Mar 2024 — | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 3.8 | Mar 2025 — | Jun 2025 — | Sep 2025 9.1 | Dec 2025 — | Mar 2026 1.1 | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 — | Jun 2023 6.7 | Sep 2023 1.1 | Dec 2023 1.7 | Mar 2024 2.1 | Jun 2024 — | Sep 2024 — | Dec 2024 8.9 | Mar 2025 7.2 | Jun 2025 6.9 | Sep 2025 2.8 | Dec 2025 5.6 | Mar 2026 5.6 | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 12.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.4 | Dec 2024 2.5 | Mar 2025 — | Jun 2025 — | Sep 2025 4.6 | Dec 2025 — | Mar 2026 3.4 | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 1.5 | Mar 2024 — | Jun 2024 1.4 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 1.4 | Jun 2025 — | Sep 2025 — | Dec 2025 8.4 | Mar 2026 2.1 | Jun 2026 —
- KOVAI: Sep 2021 0.4 | Dec 2021 0.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.0 | Mar 2023 — | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 1.8 | Dec 2024 3.7 | Mar 2025 — | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 2.2 | Mar 2026 1.5 | Jun 2026 —
- ARTEMISMED: Sep 2021 — | Dec 2021 1.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.9 | Mar 2023 0.6 | Jun 2023 2.6 | Sep 2023 6.1 | Dec 2023 3.2 | Mar 2024 6.0 | Jun 2024 0.9 | Sep 2024 1.8 | Dec 2024 1.2 | Mar 2025 — | Jun 2025 2.1 | Sep 2025 0.7 | Dec 2025 5.3 | Mar 2026 1.1 | Jun 2026 —
- INDRAMEDCO: Sep 2021 — | Dec 2021 0.4 | Mar 2022 — | Jun 2022 0.3 | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.7 | Dec 2024 2.6 | Mar 2025 0.7 | Jun 2025 1.7 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- DRAGARWQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 1.8 | Dec 2023 — | Mar 2024 0.5 | Jun 2024 1.3 | Sep 2024 1.8 | Dec 2024 5.5 | Mar 2025 1.5 | Jun 2025 2.1 | Sep 2025 2.2 | Dec 2025 1.7 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 524520: Sep 2021 71.2 | Dec 2021 57.5 | Mar 2022 37.9 | Jun 2022 40.2 | Sep 2022 41.7 | Dec 2022 41.6 | Mar 2023 39.7 | Jun 2023 39.7 | Sep 2023 53.7 | Dec 2023 50.4 | Mar 2024 43.4 | Jun 2024 45.2 | Sep 2024 47.5 | Dec 2024 48.1 | Mar 2025 41.8 | Jun 2025 50.7 | Sep 2025 46.0 | Dec 2025 41.7 | Mar 2026 35.8 | Jun 2026 —
- APOLLOHOSP: Sep 2021 118.4 | Dec 2021 92.1 | Mar 2022 76.8 | Jun 2022 67.7 | Sep 2022 71.3 | Dec 2022 76.7 | Mar 2023 81.0 | Jun 2023 89.5 | Sep 2023 110.5 | Dec 2023 117.8 | Mar 2024 116.0 | Jun 2024 99.1 | Sep 2024 100.4 | Dec 2024 88.1 | Mar 2025 72.6 | Jun 2025 72.7 | Sep 2025 68.6 | Dec 2025 61.5 | Mar 2026 59.8 | Jun 2026 —
- MAXHEALTH: Sep 2021 106.4 | Dec 2021 92.3 | Mar 2022 59.3 | Jun 2022 58.9 | Sep 2022 61.9 | Dec 2022 45.1 | Mar 2023 43.8 | Jun 2023 52.7 | Sep 2023 47.0 | Dec 2023 67.3 | Mar 2024 75.4 | Jun 2024 86.5 | Sep 2024 91.8 | Dec 2024 103.3 | Mar 2025 100.5 | Jun 2025 110.3 | Sep 2025 91.0 | Dec 2025 74.1 | Mar 2026 65.0 | Jun 2026 —
- FORTIS: Sep 2021 122.9 | Dec 2021 81.0 | Mar 2022 57.9 | Jun 2022 46.4 | Sep 2022 48.8 | Dec 2022 46.3 | Mar 2023 41.2 | Jun 2023 44.6 | Sep 2023 49.1 | Dec 2023 59.9 | Mar 2024 59.2 | Jun 2024 61.1 | Sep 2024 70.1 | Dec 2024 74.8 | Mar 2025 67.1 | Jun 2025 70.9 | Sep 2025 76.5 | Dec 2025 67.7 | Mar 2026 61.0 | Jun 2026 —
- ASTERDM: Sep 2021 38.7 | Dec 2021 24.9 | Mar 2022 22.3 | Jun 2022 16.9 | Sep 2022 22.9 | Dec 2022 23.6 | Mar 2023 25.0 | Jun 2023 46.6 | Sep 2023 67.5 | Dec 2023 87.6 | Mar 2024 136.0 | Jun 2024 139.2 | Sep 2024 106.8 | Dec 2024 100.8 | Mar 2025 90.2 | Jun 2025 84.9 | Sep 2025 89.0 | Dec 2025 85.7 | Mar 2026 95.2 | Jun 2026 —
- NH: Sep 2021 58.6 | Dec 2021 46.0 | Mar 2022 42.3 | Jun 2022 38.0 | Sep 2022 39.1 | Dec 2022 34.9 | Mar 2023 31.5 | Jun 2023 33.5 | Sep 2023 32.6 | Dec 2023 33.3 | Mar 2024 34.0 | Jun 2024 31.3 | Sep 2024 30.6 | Dec 2024 34.2 | Mar 2025 44.6 | Jun 2025 58.7 | Sep 2025 44.7 | Dec 2025 48.2 | Mar 2026 40.5 | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 60.6 | Mar 2023 68.1 | Jun 2023 52.8 | Sep 2023 51.3 | Dec 2023 62.9 | Mar 2024 78.5 | Jun 2024 73.4 | Sep 2024 57.5 | Dec 2024 60.0 | Mar 2025 65.9 | Jun 2025 93.2 | Sep 2025 67.3 | Dec 2025 60.9 | Mar 2026 46.8 | Jun 2026 —
- KIMS: Sep 2021 47.0 | Dec 2021 54.7 | Mar 2022 34.5 | Jun 2022 28.0 | Sep 2022 38.6 | Dec 2022 38.9 | Mar 2023 35.8 | Jun 2023 43.9 | Sep 2023 47.0 | Dec 2023 46.3 | Mar 2024 48.7 | Jun 2024 53.8 | Sep 2024 69.0 | Dec 2024 72.0 | Mar 2025 73.5 | Jun 2025 70.4 | Sep 2025 78.8 | Dec 2025 76.3 | Mar 2026 86.8 | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50.6 | Sep 2022 43.1 | Dec 2022 46.6 | Mar 2023 43.5 | Jun 2023 46.3 | Sep 2023 48.9 | Dec 2023 56.2 | Mar 2024 60.0 | Jun 2024 58.3 | Sep 2024 65.9 | Dec 2024 66.0 | Mar 2025 59.8 | Jun 2025 64.7 | Sep 2025 53.7 | Dec 2025 53.8 | Mar 2026 45.9 | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 82.1 | Dec 2023 83.2 | Mar 2024 48.6 | Jun 2024 46.0 | Sep 2024 54.8 | Dec 2024 55.9 | Mar 2025 54.6 | Jun 2025 50.0 | Sep 2025 51.4 | Dec 2025 45.8 | Mar 2026 43.3 | Jun 2026 —
- HCG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 580.3 | Dec 2022 484.2 | Mar 2023 142.5 | Jun 2023 159.0 | Sep 2023 169.2 | Dec 2023 144.2 | Mar 2024 140.5 | Jun 2024 122.2 | Sep 2024 125.4 | Dec 2024 126.9 | Mar 2025 142.5 | Jun 2025 179.9 | Sep 2025 256.3 | Dec 2025 280.7 | Mar 2026 290.6 | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 37.7 | Dec 2023 37.6 | Mar 2024 34.5 | Jun 2024 29.7 | Sep 2024 39.0 | Dec 2024 39.2 | Mar 2025 28.7 | Jun 2025 36.9 | Sep 2025 51.6 | Dec 2025 43.3 | Mar 2026 37.0 | Jun 2026 —
- KOVAI: Sep 2021 16.6 | Dec 2021 17.4 | Mar 2022 15.7 | Jun 2022 14.8 | Sep 2022 17.8 | Dec 2022 18.7 | Mar 2023 19.4 | Jun 2023 21.3 | Sep 2023 23.1 | Dec 2023 24.9 | Mar 2024 25.9 | Jun 2024 26.1 | Sep 2024 30.9 | Dec 2024 32.7 | Mar 2025 27.5 | Jun 2025 30.4 | Sep 2025 31.4 | Dec 2025 27.8 | Mar 2026 23.8 | Jun 2026 —
- ARTEMISMED: Sep 2021 24.4 | Dec 2021 19.5 | Mar 2022 18.0 | Jun 2022 16.4 | Sep 2022 22.3 | Dec 2022 27.1 | Mar 2023 21.9 | Jun 2023 43.3 | Sep 2023 53.2 | Dec 2023 54.8 | Mar 2024 50.5 | Jun 2024 49.0 | Sep 2024 69.4 | Dec 2024 66.8 | Mar 2025 50.8 | Jun 2025 42.2 | Sep 2025 36.6 | Dec 2025 40.1 | Mar 2026 31.2 | Jun 2026 —
- INDRAMEDCO: Sep 2021 17.6 | Dec 2021 12.8 | Mar 2022 9.7 | Jun 2022 8.6 | Sep 2022 9.2 | Dec 2022 9.9 | Mar 2023 8.7 | Jun 2023 9.7 | Sep 2023 16.0 | Dec 2023 15.2 | Mar 2024 13.9 | Jun 2024 17.6 | Sep 2024 28.7 | Dec 2024 30.2 | Mar 2025 23.4 | Jun 2025 25.6 | Sep 2025 24.4 | Dec 2025 23.9 | Mar 2026 19.3 | Jun 2026 —
- DRAGARWQ: Sep 2021 36.7 | Dec 2021 20.4 | Mar 2022 18.1 | Jun 2022 12.2 | Sep 2022 14.1 | Dec 2022 17.0 | Mar 2023 14.3 | Jun 2023 17.6 | Sep 2023 28.4 | Dec 2023 30.6 | Mar 2024 30.9 | Jun 2024 32.0 | Sep 2024 43.9 | Dec 2024 55.8 | Mar 2025 37.0 | Jun 2025 37.1 | Sep 2025 39.1 | Dec 2025 40.6 | Mar 2026 32.1 | Jun 2026 —
- SAKAR: Sep 2021 21.9 | Dec 2021 27.7 | Mar 2022 30.9 | Jun 2022 17.8 | Sep 2022 24.7 | Dec 2022 28.0 | Mar 2023 19.8 | Jun 2023 37.0 | Sep 2023 50.4 | Dec 2023 54.0 | Mar 2024 59.3 | Jun 2024 56.3 | Sep 2024 61.0 | Dec 2024 52.3 | Mar 2025 31.0 | Jun 2025 45.2 | Sep 2025 39.6 | Dec 2025 47.9 | Mar 2026 45.6 | Jun 2026 59.0
- SHALBY: Sep 2021 27.3 | Dec 2021 26.4 | Mar 2022 23.3 | Jun 2022 18.4 | Sep 2022 24.2 | Dec 2022 24.8 | Mar 2023 22.6 | Jun 2023 27.0 | Sep 2023 37.5 | Dec 2023 42.1 | Mar 2024 31.8 | Jun 2024 34.3 | Sep 2024 37.6 | Dec 2024 45.6 | Mar 2025 63.0 | Jun 2025 64.4 | Sep 2025 635.1 | Dec 2025 272.1 | Mar 2026 174.7 | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 36.4 | Jun 2024 25.4 | Sep 2024 31.1 | Dec 2024 30.5 | Mar 2025 24.2 | Jun 2025 24.1 | Sep 2025 25.5 | Dec 2025 25.8 | Mar 2026 23.5 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Indraprastha Medical Corporation Ltd leads ev/ebitda at 10.6×; Shalby Ltd leads p/bv at 1.75×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Indraprastha Medical Corporation Ltd · 10.6× | 11.7% versus #2 · GPT Healthcare Ltd | 0/8 recent comparable periods | 19/19 companies · 328 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Indraprastha Medical Corporation Ltd (INDRAMEDCO): 10.6
2. GPT Healthcare Ltd (GPTHEALTH): 12.0
3. Shalby Ltd (SHALBY): 12.2
4. Kovai Medical Center & Hospital Ltd (KOVAI): 12.5
5. Artemis Medicare Services Ltd (ARTEMISMED): 16.2

### P/BV — lowest P/BV
1. Shalby Ltd (SHALBY): 1.8
2. Indraprastha Medical Corporation Ltd (INDRAMEDCO): 4.5
3. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): 4.5
4. Artemis Medicare Services Ltd (ARTEMISMED): 4.7
5. Kovai Medical Center & Hospital Ltd (KOVAI): 4.9

### 20-quarter EV/EBITDA history
- 524520: Sep 2021 39.8 | Dec 2021 33.6 | Mar 2022 23.2 | Jun 2022 24.5 | Sep 2022 25.3 | Dec 2022 25.3 | Mar 2023 23.1 | Jun 2023 23.8 | Sep 2023 32.4 | Dec 2023 30.3 | Mar 2024 26.7 | Jun 2024 27.2 | Sep 2024 27.2 | Dec 2024 24.6 | Mar 2025 19.3 | Jun 2025 19.0 | Sep 2025 18.2 | Dec 2025 18.1 | Mar 2026 16.8 | Jun 2026 —
- APOLLOHOSP: Sep 2021 42.0 | Dec 2021 37.3 | Mar 2022 31.8 | Jun 2022 25.8 | Sep 2022 29.7 | Dec 2022 31.0 | Mar 2023 31.2 | Jun 2023 36.5 | Sep 2023 36.1 | Dec 2023 38.7 | Mar 2024 40.7 | Jun 2024 36.8 | Sep 2024 40.2 | Dec 2024 37.7 | Mar 2025 32.5 | Jun 2025 34.4 | Sep 2025 33.3 | Dec 2025 30.6 | Mar 2026 30.5 | Jun 2026 —
- MAXHEALTH: Sep 2021 45.0 | Dec 2021 46.1 | Mar 2022 32.4 | Jun 2022 34.1 | Sep 2022 36.0 | Dec 2022 36.4 | Mar 2023 35.0 | Jun 2023 42.5 | Sep 2023 37.2 | Dec 2023 42.3 | Mar 2024 48.4 | Jun 2024 54.3 | Sep 2024 56.5 | Dec 2024 62.1 | Mar 2025 57.2 | Jun 2025 62.1 | Sep 2025 52.1 | Dec 2025 47.5 | Mar 2026 42.3 | Jun 2026 —
- FORTIS: Sep 2021 24.4 | Dec 2021 22.9 | Mar 2022 19.8 | Jun 2022 16.9 | Sep 2022 18.8 | Dec 2022 19.7 | Mar 2023 18.1 | Jun 2023 20.8 | Sep 2023 22.2 | Dec 2023 26.9 | Mar 2024 26.9 | Jun 2024 27.7 | Sep 2024 32.8 | Dec 2024 34.8 | Mar 2025 33.3 | Jun 2025 35.9 | Sep 2025 39.8 | Dec 2025 36.4 | Mar 2026 31.1 | Jun 2026 —
- ASTERDM: Sep 2021 12.1 | Dec 2021 9.9 | Mar 2022 9.6 | Jun 2022 9.0 | Sep 2022 11.2 | Dec 2022 10.6 | Mar 2023 10.5 | Jun 2023 15.0 | Sep 2023 20.8 | Dec 2023 30.0 | Mar 2024 45.9 | Jun 2024 38.8 | Sep 2024 33.2 | Dec 2024 33.2 | Mar 2025 29.1 | Jun 2025 35.9 | Sep 2025 36.3 | Dec 2025 35.3 | Mar 2026 37.6 | Jun 2026 —
- NH: Sep 2021 26.4 | Dec 2021 23.9 | Mar 2022 23.3 | Jun 2022 20.2 | Sep 2022 20.6 | Dec 2022 19.2 | Mar 2023 17.7 | Jun 2023 20.2 | Sep 2023 20.3 | Dec 2023 21.6 | Mar 2024 22.5 | Jun 2024 20.5 | Sep 2024 20.4 | Dec 2024 22.0 | Mar 2025 28.3 | Jun 2025 38.4 | Sep 2025 26.9 | Dec 2025 29.0 | Mar 2026 22.6 | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 26.5 | Mar 2023 29.6 | Jun 2023 27.0 | Sep 2023 25.9 | Dec 2023 32.1 | Mar 2024 41.1 | Jun 2024 40.0 | Sep 2024 31.2 | Dec 2024 32.4 | Mar 2025 35.6 | Jun 2025 41.3 | Sep 2025 35.8 | Dec 2025 32.4 | Mar 2026 26.1 | Jun 2026 —
- KIMS: Sep 2021 25.4 | Dec 2021 28.7 | Mar 2022 20.1 | Jun 2022 17.1 | Sep 2022 23.0 | Dec 2022 22.3 | Mar 2023 19.1 | Jun 2023 22.8 | Sep 2023 25.4 | Dec 2023 25.1 | Mar 2024 26.4 | Jun 2024 26.5 | Sep 2024 34.1 | Dec 2024 35.5 | Mar 2025 35.2 | Jun 2025 34.2 | Sep 2025 38.0 | Dec 2025 34.5 | Mar 2026 35.0 | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29.2 | Sep 2022 20.5 | Dec 2022 22.0 | Mar 2023 20.9 | Jun 2023 23.9 | Sep 2023 25.2 | Dec 2023 28.7 | Mar 2024 30.3 | Jun 2024 28.3 | Sep 2024 31.5 | Dec 2024 31.5 | Mar 2025 28.2 | Jun 2025 30.0 | Sep 2025 26.1 | Dec 2025 25.9 | Mar 2026 22.2 | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 34.9 | Dec 2023 32.3 | Mar 2024 30.4 | Jun 2024 33.5 | Sep 2024 31.6 | Dec 2024 33.4 | Mar 2025 32.7 | Jun 2025 30.3 | Sep 2025 29.4 | Dec 2025 26.0 | Mar 2026 23.4 | Jun 2026 —
- HCG: Sep 2021 23.7 | Dec 2021 21.0 | Mar 2022 21.2 | Jun 2022 21.2 | Sep 2022 18.3 | Dec 2022 17.5 | Mar 2023 15.3 | Jun 2023 17.2 | Sep 2023 18.9 | Dec 2023 19.0 | Mar 2024 17.5 | Jun 2024 18.1 | Sep 2024 19.6 | Dec 2024 20.7 | Mar 2025 22.8 | Jun 2025 21.2 | Sep 2025 25.3 | Dec 2025 25.6 | Mar 2026 20.2 | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 25.2 | Dec 2023 21.2 | Mar 2024 18.1 | Jun 2024 19.5 | Sep 2024 22.6 | Dec 2024 25.2 | Mar 2025 17.4 | Jun 2025 20.9 | Sep 2025 28.1 | Dec 2025 23.7 | Mar 2026 20.4 | Jun 2026 —
- KOVAI: Sep 2021 9.0 | Dec 2021 8.6 | Mar 2022 7.8 | Jun 2022 7.5 | Sep 2022 7.6 | Dec 2022 8.1 | Mar 2023 8.7 | Jun 2023 9.9 | Sep 2023 10.5 | Dec 2023 11.5 | Mar 2024 12.7 | Jun 2024 13.6 | Sep 2024 16.1 | Dec 2024 17.3 | Mar 2025 14.6 | Jun 2025 15.8 | Sep 2025 16.5 | Dec 2025 14.6 | Mar 2026 12.5 | Jun 2026 —
- ARTEMISMED: Sep 2021 10.0 | Dec 2021 9.5 | Mar 2022 8.9 | Jun 2022 9.8 | Sep 2022 12.7 | Dec 2022 14.4 | Mar 2023 11.8 | Jun 2023 18.5 | Sep 2023 21.9 | Dec 2023 22.5 | Mar 2024 20.1 | Jun 2024 19.0 | Sep 2024 27.6 | Dec 2024 26.1 | Mar 2025 21.0 | Jun 2025 20.5 | Sep 2025 16.2 | Dec 2025 21.3 | Mar 2026 16.2 | Jun 2026 —
- INDRAMEDCO: Sep 2021 7.6 | Dec 2021 5.5 | Mar 2022 4.1 | Jun 2022 4.1 | Sep 2022 3.0 | Dec 2022 3.9 | Mar 2023 4.2 | Jun 2023 4.8 | Sep 2023 8.1 | Dec 2023 7.5 | Mar 2024 7.0 | Jun 2024 9.8 | Sep 2024 16.3 | Dec 2024 16.9 | Mar 2025 12.9 | Jun 2025 14.7 | Sep 2025 13.9 | Dec 2025 13.4 | Mar 2026 10.6 | Jun 2026 —
- DRAGARWQ: Sep 2021 6.0 | Dec 2021 6.4 | Mar 2022 6.5 | Jun 2022 5.8 | Sep 2022 9.0 | Dec 2022 10.2 | Mar 2023 8.3 | Jun 2023 10.7 | Sep 2023 16.6 | Dec 2023 17.8 | Mar 2024 18.2 | Jun 2024 17.6 | Sep 2024 22.7 | Dec 2024 27.7 | Mar 2025 18.5 | Jun 2025 18.3 | Sep 2025 20.3 | Dec 2025 21.1 | Mar 2026 17.5 | Jun 2026 —
- SAKAR: Sep 2021 12.6 | Dec 2021 13.0 | Mar 2022 10.8 | Jun 2022 9.9 | Sep 2022 14.7 | Dec 2022 15.0 | Mar 2023 12.4 | Jun 2023 15.3 | Sep 2023 21.1 | Dec 2023 22.9 | Mar 2024 22.0 | Jun 2024 19.3 | Sep 2024 18.2 | Dec 2024 16.5 | Mar 2025 11.5 | Jun 2025 17.3 | Sep 2025 16.6 | Dec 2025 18.9 | Mar 2026 20.1 | Jun 2026 26.0
- SHALBY: Sep 2021 13.7 | Dec 2021 11.4 | Mar 2022 10.3 | Jun 2022 7.8 | Sep 2022 10.9 | Dec 2022 11.7 | Mar 2023 9.8 | Jun 2023 11.8 | Sep 2023 16.8 | Dec 2023 19.1 | Mar 2024 14.6 | Jun 2024 15.5 | Sep 2024 16.3 | Dec 2024 15.8 | Mar 2025 14.4 | Jun 2025 14.5 | Sep 2025 19.6 | Dec 2025 16.7 | Mar 2026 12.2 | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 19.0 | Jun 2024 14.1 | Sep 2024 16.4 | Dec 2024 16.4 | Mar 2025 13.0 | Jun 2025 13.3 | Sep 2025 13.8 | Dec 2025 13.8 | Mar 2026 12.0 | Jun 2026 —

### 20-quarter P/BV history
- 524520: Sep 2021 25.2 | Dec 2021 16.1 | Mar 2022 12.6 | Jun 2022 15.0 | Sep 2022 10.1 | Dec 2022 10.6 | Mar 2023 10.8 | Jun 2023 12.2 | Sep 2023 13.1 | Dec 2023 10.8 | Mar 2024 10.4 | Jun 2024 12.1 | Sep 2024 9.6 | Dec 2024 8.2 | Mar 2025 6.5 | Jun 2025 7.5 | Sep 2025 6.6 | Dec 2025 6.9 | Mar 2026 7.2 | Jun 2026 —
- APOLLOHOSP: Sep 2021 14.8 | Dec 2021 13.6 | Mar 2022 12.7 | Jun 2022 12.0 | Sep 2022 10.5 | Dec 2022 10.7 | Mar 2023 11.0 | Jun 2023 13.0 | Sep 2023 11.9 | Dec 2023 12.6 | Mar 2024 14.0 | Jun 2024 14.3 | Sep 2024 15.0 | Dec 2024 13.9 | Mar 2025 12.7 | Jun 2025 15.2 | Sep 2025 13.2 | Dec 2025 11.3 | Mar 2026 11.9 | Jun 2026 —
- MAXHEALTH: Sep 2021 6.2 | Dec 2021 7.2 | Mar 2022 5.6 | Jun 2022 6.4 | Sep 2022 5.7 | Dec 2022 6.2 | Mar 2023 6.8 | Jun 2023 9.2 | Sep 2023 7.4 | Dec 2023 8.5 | Mar 2024 10.2 | Jun 2024 12.3 | Sep 2024 11.5 | Dec 2024 12.4 | Mar 2025 12.1 | Jun 2025 14.8 | Sep 2025 11.6 | Dec 2025 10.4 | Mar 2026 9.4 | Jun 2026 —
- FORTIS: Sep 2021 3.4 | Dec 2021 3.7 | Mar 2022 3.4 | Jun 2022 2.9 | Sep 2022 2.9 | Dec 2022 3.1 | Mar 2023 3.2 | Jun 2023 3.9 | Sep 2023 3.5 | Dec 2023 4.2 | Mar 2024 4.2 | Jun 2024 5.0 | Sep 2024 5.9 | Dec 2024 6.6 | Mar 2025 6.7 | Jun 2025 7.7 | Sep 2025 7.9 | Dec 2025 7.2 | Mar 2026 6.5 | Jun 2026 —
- ASTERDM: Sep 2021 3.2 | Dec 2021 2.5 | Mar 2022 2.5 | Jun 2022 2.6 | Sep 2022 3.0 | Dec 2022 2.8 | Mar 2023 3.4 | Jun 2023 3.9 | Sep 2023 4.0 | Dec 2023 4.7 | Mar 2024 4.7 | Jun 2024 4.2 | Sep 2024 5.0 | Dec 2024 7.4 | Mar 2025 7.0 | Jun 2025 7.0 | Sep 2025 10.2 | Dec 2025 7.1 | Mar 2026 7.6 | Jun 2026 —
- NH: Sep 2021 9.5 | Dec 2021 10.1 | Mar 2022 11.1 | Jun 2022 11.6 | Sep 2022 8.2 | Dec 2022 8.6 | Mar 2023 10.6 | Jun 2023 13.6 | Sep 2023 10.4 | Dec 2023 9.8 | Mar 2024 10.5 | Jun 2024 11.6 | Sep 2024 8.5 | Dec 2024 8.3 | Mar 2025 10.8 | Jun 2025 16.0 | Sep 2025 9.7 | Dec 2025 9.4 | Mar 2026 8.2 | Jun 2026 —
- MEDANTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.8 | Jun 2023 7.3 | Sep 2023 7.9 | Dec 2023 9.7 | Mar 2024 13.4 | Jun 2024 14.4 | Sep 2024 11.4 | Dec 2024 9.3 | Mar 2025 10.2 | Jun 2025 12.5 | Sep 2025 10.3 | Dec 2025 8.5 | Mar 2026 7.1 | Jun 2026 —
- KIMS: Sep 2021 — | Dec 2021 9.3 | Mar 2022 8.8 | Jun 2022 6.7 | Sep 2022 7.7 | Dec 2022 7.9 | Mar 2023 8.1 | Jun 2023 10.3 | Sep 2023 9.5 | Dec 2023 8.7 | Mar 2024 9.1 | Jun 2024 10.0 | Sep 2024 11.9 | Dec 2024 11.9 | Mar 2025 12.8 | Jun 2025 14.5 | Sep 2025 13.6 | Dec 2025 11.0 | Mar 2026 11.2 | Jun 2026 —
- RAINBOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.8 | Sep 2022 6.8 | Dec 2022 7.9 | Mar 2023 7.6 | Jun 2023 9.2 | Sep 2023 9.8 | Dec 2023 10.6 | Mar 2024 11.6 | Jun 2024 11.9 | Sep 2024 11.3 | Dec 2024 11.4 | Mar 2025 10.6 | Jun 2025 10.5 | Sep 2025 9.4 | Dec 2025 9.0 | Mar 2026 7.8 | Jun 2026 —
- JLHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.5 | Dec 2023 6.6 | Mar 2024 7.3 | Jun 2024 7.3 | Sep 2024 7.8 | Dec 2024 8.1 | Mar 2025 8.3 | Jun 2025 7.0 | Sep 2025 7.3 | Dec 2025 6.3 | Mar 2026 5.8 | Jun 2026 —
- HCG: Sep 2021 4.7 | Dec 2021 4.0 | Mar 2022 5.0 | Jun 2022 5.5 | Sep 2022 4.8 | Dec 2022 4.8 | Mar 2023 4.4 | Jun 2023 5.3 | Sep 2023 6.1 | Dec 2023 6.2 | Mar 2024 5.8 | Jun 2024 6.5 | Sep 2024 7.6 | Dec 2024 8.0 | Mar 2025 9.2 | Jun 2025 9.7 | Sep 2025 10.3 | Dec 2025 10.8 | Mar 2026 8.6 | Jun 2026 —
- YATHARTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.0 | Dec 2023 4.0 | Mar 2024 4.5 | Jun 2024 4.1 | Sep 2024 5.6 | Dec 2024 5.4 | Mar 2025 4.4 | Jun 2025 5.1 | Sep 2025 4.7 | Dec 2025 3.9 | Mar 2026 3.7 | Jun 2026 —
- KOVAI: Sep 2021 3.6 | Dec 2021 3.3 | Mar 2022 3.1 | Jun 2022 3.0 | Sep 2022 2.5 | Dec 2022 2.8 | Mar 2023 3.3 | Jun 2023 4.0 | Sep 2023 4.0 | Dec 2023 4.3 | Mar 2024 5.2 | Jun 2024 6.5 | Sep 2024 6.8 | Dec 2024 6.8 | Mar 2025 5.8 | Jun 2025 7.2 | Sep 2025 6.4 | Dec 2025 5.3 | Mar 2026 4.7 | Jun 2026 —
- ARTEMISMED: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 2.1 | Dec 2022 2.7 | Mar 2023 2.5 | Jun 2023 4.6 | Sep 2023 5.3 | Dec 2023 5.8 | Mar 2024 5.5 | Jun 2024 5.9 | Sep 2024 8.7 | Dec 2024 5.5 | Mar 2025 4.8 | Jun 2025 7.7 | Sep 2025 3.8 | Dec 2025 4.3 | Mar 2026 3.9 | Jun 2026 —
- INDRAMEDCO: Sep 2021 2.8 | Dec 2021 2.4 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 2.2 | Mar 2023 2.2 | Jun 2023 2.6 | Sep 2023 4.1 | Dec 2023 3.8 | Mar 2024 3.8 | Jun 2024 5.8 | Sep 2024 8.3 | Dec 2024 8.5 | Mar 2025 6.8 | Jun 2025 8.6 | Sep 2025 6.9 | Dec 2025 6.3 | Mar 2026 5.4 | Jun 2026 —
- DRAGARWQ: Sep 2021 3.6 | Dec 2021 4.9 | Mar 2022 5.4 | Jun 2022 5.4 | Sep 2022 5.1 | Dec 2022 6.0 | Mar 2023 5.5 | Jun 2023 8.3 | Sep 2023 9.8 | Dec 2023 9.6 | Mar 2024 10.7 | Jun 2024 13.1 | Sep 2024 13.7 | Dec 2024 15.3 | Mar 2025 10.3 | Jun 2025 12.9 | Sep 2025 10.8 | Dec 2025 8.3 | Mar 2026 7.2 | Jun 2026 —
- SAKAR: Sep 2021 2.6 | Dec 2021 2.3 | Mar 2022 2.1 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.7 | Mar 2023 2.6 | Jun 2023 3.4 | Sep 2023 3.7 | Dec 2023 3.6 | Mar 2024 3.4 | Jun 2024 3.4 | Sep 2024 2.6 | Dec 2024 2.4 | Mar 2025 1.7 | Jun 2025 3.0 | Sep 2025 2.7 | Dec 2025 3.1 | Mar 2026 3.8 | Jun 2026 5.5
- SHALBY: Sep 2021 2.3 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 2.1 | Sep 2023 2.8 | Dec 2023 3.4 | Mar 2024 2.7 | Jun 2024 3.1 | Sep 2024 3.0 | Dec 2024 2.5 | Mar 2025 2.1 | Jun 2025 2.0 | Sep 2025 2.7 | Dec 2025 2.2 | Mar 2026 1.4 | Jun 2026 —
- GPTHEALTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.6 | Jun 2024 5.7 | Sep 2024 6.9 | Dec 2024 6.5 | Mar 2025 5.2 | Jun 2025 5.5 | Sep 2025 4.9 | Dec 2025 4.4 | Mar 2026 3.8 | Jun 2026 —

## Market action

Sakar Healthcare Ltd has the strongest one-year price move in Hospitals at +148.4%. It also leads on Mansfield relative strength against NIFTY at +74.3%. 16 of 19 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Sakar Healthcare Ltd (SAKAR): 148%
2. KMC Speciality Hospitals (India) Ltd (524520): 107%
3. Aster DM Healthcare Ltd (ASTERDM): 38%
4. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): 35%
5. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): 21%

### Strongest relative strength versus NIFTY 500
1. Sakar Healthcare Ltd (SAKAR): 74%
2. KMC Speciality Hospitals (India) Ltd (524520): 57%
3. Aster DM Healthcare Ltd (ASTERDM): 21%
4. Apollo Hospitals Enterprise Ltd (APOLLOHOSP): 13%
5. Yatharth Hospital & Trauma Care Services Ltd (YATHARTH): 13%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 4 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Apollo Hospitals Enterprise Ltd (APOLLOHOSP) — market value ₹1.3 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Max Healthcare Institute Ltd (MAXHEALTH) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Fortis Healthcare Ltd (FORTIS) — market value ₹71.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Aster DM Healthcare Ltd (ASTERDM) — market value ₹68.5K Cr; latest fundamentals Mar 2026
- Narayana Hrudayalaya Ltd (NH) — market value ₹40.1K Cr; latest fundamentals Mar 2026
- Global Health Ltd (MEDANTA) — market value ₹36.9K Cr; latest fundamentals Mar 2026
- Krishna Institute of Medical Sciences Ltd (KIMS) — market value ₹33.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Rainbow Childrens Medicare Ltd (RAINBOW) — market value ₹14.8K Cr; latest fundamentals Mar 2026
- Jupiter Life Line Hospitals Ltd (JLHL) — market value ₹10.6K Cr; latest fundamentals Mar 2026
- Healthcare Global Enterprises Ltd (HCG) — market value ₹10.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Yatharth Hospital & Trauma Care Services Ltd (YATHARTH) — market value ₹8.1K Cr; latest fundamentals Mar 2026
- Kovai Medical Center & Hospital Ltd (KOVAI) — market value ₹6.4K Cr; latest fundamentals Mar 2026
- Artemis Medicare Services Ltd (ARTEMISMED) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- Indraprastha Medical Corporation Ltd (INDRAMEDCO) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Dr Agarwals Eye Hospital Ltd (DRAGARWQ) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- KMC Speciality Hospitals (India) Ltd (524520) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Sakar Healthcare Ltd (SAKAR) — market value ₹1.8K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Shalby Ltd (SHALBY) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- GPT Healthcare Ltd (GPTHEALTH) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 11. Unverified: 4. Withheld: 4. Graded companies: 19.

3 of 19 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

4 of 19 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Apollo Hospitals Enterprise Ltd (APOLLOHOSP) — its two data sources disagree by up to 6.3% on reported income across 14 comparable periods, so its derived ratios are withheld; Fortis Healthcare Ltd (FORTIS) — its two data sources disagree by up to 12% on reported income across 14 comparable periods, so its derived ratios are withheld; Krishna Institute of Medical Sciences Ltd (KIMS) — its two data sources disagree by up to 27% on reported income across 14 comparable periods, so its derived ratios are withheld; Healthcare Global Enterprises Ltd (HCG) — its two data sources disagree by up to 95% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | APOLLOHOSP | Apollo Hospitals Enterprise Ltd | diff_gt_2pct | disagreement up to 6.26% over 14 comparable periods
- WITHHELD | FORTIS | Fortis Healthcare Ltd | diff_gt_2pct | disagreement up to 11.71% over 14 comparable periods
- WITHHELD | KIMS | Krishna Institute of Medical Sciences Ltd | diff_gt_2pct | disagreement up to 27.27% over 14 comparable periods
- WITHHELD | HCG | Healthcare Global Enterprises Ltd | diff_gt_2pct | disagreement up to 94.8% over 14 comparable periods

- UNVERIFIED | SAKAR | Sakar Healthcare Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SHALBY | Shalby Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GPTHEALTH | GPT Healthcare Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Hospitals index?

The Nifty Hospitals index tracks India's listed Hospitals companies as a single basket. This page follows the same 19 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Hospitals sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Hospitals stocks in India?

Ranked by this page's four-factor score, KMC Speciality Hospitals (India) Ltd places first among 19 listed Hospitals companies, followed by Sakar Healthcare Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Hospitals stocks are listed in India?

This comparison covers 19 listed Hospitals companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Hospitals company is the biggest?

Apollo Hospitals Enterprise Ltd is the largest, with trailing-twelve-month revenue of ₹25,229 crore, ahead of Fortis Healthcare Ltd at ₹9,128 crore. That covers 19 of 19 companies with comparable reporting through Mar 2026.

### Which Hospitals company is growing fastest?

Narayana Hrudayalaya Ltd has the fastest revenue growth at 44% year on year, across 19 of 19 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Hospitals company has the best profit margins?

KMC Speciality Hospitals (India) Ltd has the highest operating margin at 31%, from 19 of 19 comparable companies. KMC Speciality Hospitals (India) Ltd shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Hospitals company makes the most profit?

Apollo Hospitals Enterprise Ltd earns the most, at ₹2,002 crore of trailing-twelve-month net profit, from 19 of 19 comparable companies. KMC Speciality Hospitals (India) Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Hospitals company earns the highest return on capital?

Indraprastha Medical Corporation Ltd leads on return on capital employed at 35.8%, across 19 of 19 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Hospitals stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Indraprastha Medical Corporation Ltd screens cheapest at 0.92×. Only 11 of 19 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Hospitals company has the strongest balance sheet?

Indraprastha Medical Corporation Ltd carries the lowest comparable gross debt at ₹37 crore, from 19 of 19 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Hospitals stock has the strongest price momentum?

Sakar Healthcare Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Hospitals company scores highest for research priority?

KMC Speciality Hospitals (India) Ltd scores 80.2 out of 100 with 79% evidence confidence, from 30.8 points on growth and earnings, 18.9 on capital efficiency, 11 on valuation and 19.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Hospitals companies does this comparison cover, and over what period?

It compares 19 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Hospitals sector?

The 19 Hospitals companies on this page carry ₹5,49,244 crore of combined market value. Apollo Hospitals Enterprise Ltd is the largest at ₹1,26,610 crore, about 23% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Hospitals sector's P/E ratio?

The median price-to-earnings ratio across the 19 Hospitals companies on this page is 49.5×, measured on the 19 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Hospitals sector performing?

16 of the 19 covered Hospitals companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/hospitals