Operating Leverage Inflection
Expected: Next 2 quartersHIGH confidence
What: New Unit Breakeven: Q1 FY27
Impact: Margin expansion
“Because all the doctors, all the fixed costs already been done... the losses only should come down.”
Krishna Institute of Medical Sciences Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +21.9%Weak5w StreakRe-Entry
In , Krishna Institute of Medical Sciences Ltd (Hospitals) is outperforming Nifty 500 with +21.9% relative strength. Fundamentals: Weak. On a 5-week streak.
Krishna Institute of Medical Sciences Ltd Key Facts
- PE Ratio
- 97.9x
- Market Cap
- ₹28,714 Cr
- PAT Growth YoY
- -44%
- Revenue Growth YoY
- +29%
- OPM
- 20.0%
- RS vs Nifty 500
- +21.9%
PE: At PeakDanger Bubble
What's Happening
⚠️PE rising despite falling earnings — price running ahead of reality
📊Debt increased 25% YoY — leverage rising
👔Promoter stake down 4.7% this quarter
🌐FII stake decreased 0.8% this quarter
💰Trading 85% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Operating Leverage Inflection
Next 2 quartersHIGH
2. Geographical Expansion
OngoingHIGH
3. Value Added Product Mix Shift
ImmediateMEDIUM
Key Risks
1. Aarogyasri scheme strike in Andhra Pradesh caused a significant dip in volumes f
MEDIUM2. Difficulty in onboarding doctors in Tier 2 markets before insurance empanelment
LOWSector-Specific Signals
Average Revenue Per Operating Bed₹70,000 - ₹75,000+20.5%
In-Patient Volume61,139+13.2%
Bed Occupancy Rate (Telangana)52.5%
Average Revenue Per PatientNot Given+13.9%
Key Numbers
PAT Growth YoY
-43%
Inflection Down
Revenue YoY
+29%
Stable
Operating Margin
20.0%
-400 bps YoY
PE Ratio
97.9
Current Price
₹718
Fundamental Score
28/100
Weak
3Y PAT CAGR
+6%
Market Cap
28.7K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Krishna Institute of Medical Sciences Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Geographical Expansion
Expected: OngoingHIGH confidence
What: Hospital Count: 25 hospitals
“We now have 25 hospitals across 5 states... launched 7 hospitals in 2025.”
Value Added Product Mix Shift
Expected: ImmediateMEDIUM confidence
What: Transplant Volume: 25 in 3 months
“At KIMS Mahadevapura, Bangalore, 25 transplants were performed just within 3 months, which started functioning.”
Interest Cost Reduction Deleveraging
Expected: FY27MEDIUM confidence
What: Net Debt: ₹2,850 Cr
“I think moving forward, we may not see any incremental debt will be there on the books, and it will start coming down.”
Regulatory Approval Or License Win
Expected: Q4 FY26LOW confidence
What: CGHS Empanelment: Nashik/Thane
“We got empanelment of CGHS -- sorry ECHS in Nashik, we should start being able to take patients from next month.”
Revenue crossed ₹1,000 Cr mark
HIGH confidence
What: Revenue crossed ₹1,000 Cr mark
“I'm happy to share that this is a record-breaking quarter with the highest-ever revenue crossing the INR1,000 crores mark.”
What Are the Key Risks for Krishna Institute of Medical Sciences Ltd?
Earnings deceleration risks from management commentary
Aarogyasri scheme strike in Andhra Pradesh caused a significant dip in volumes f
MEDIUMTrigger: Dispute with the state government over payments led to a ban on taking scheme patients.
Management view: January volumes have bounced back to Q2 levels.
Monitor: regulatory
Difficulty in onboarding doctors in Tier 2 markets before insurance empanelment
LOWTrigger: Doctors fear their business will be impacted if the hospital is not empanelled with major payers.
Management view: Onboarding is now 90% complete in Thane; Bangalore has 200 doctors.
Monitor: labor
What Is Krishna Institute of Medical Sciences Ltd's Management Saying?
Key quotes from recent conference calls
“we will break even in the next 2 months based on how things are going in the last few months. [Previous Thane & Mahadevapura Breakeven guidance]”
“KIMS entered into an agreement with Andrea Saba for its land to construct and operate a hospital at Chennai for 26 years. [Initiative: Chennai Hospital Construction]”
“As far as Andhra, in quarter 3, we had a strike with the state government. So we had not taken Aarogyasri scheme for almost a month. [Risk (regulatory): MEDIUM]”
“we are finding it difficult for all the doctors who have committed to come and join KIMS to join before this empanelment is done. [Risk (labor): LOW]”
What Did Krishna Institute of Medical Sciences Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹1,003 Cr
YoY +2.2%QoQ +3.9%
Why: Record-breaking quarter crossing the ₹1,000 crore mark despite Q3 traditionally being a weak quarter due to inherent strength and enhanced network.
Revenue growth was driven by new units despite initial pressures.
EBITDA
₹204 Cr
YoY -0.4%Margin 20.4%
Why: Decline in EBITDA was mainly on account of EBITDA erosion caused by the newer units that commenced operations over the last 9 to 12 months.
Margins compressed from 25.9% to 20.4% YoY as new assets ramp up.
PAT
₹52 Cr
YoY -44.1%QoQ -27.8%
Why: Impacted by EBITDA erosion from new units and higher depreciation/interest costs associated with the expansion phase.
PAT saw a sharp decline due to the operational drag of newly commissioned hospitals.
Other Highlights
• Net debt stood at ₹2,850 Cr as of December 31, 2025.
• Cash and equivalents increased to ₹206 Cr.
• Launched 7 new hospitals in 2025 across 5 states.
What Sector Metrics Matter for Krishna Institute of Medical Sciences Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Average Revenue Per Operating Bed
₹70,000 - ₹75,000
YoY +20.5%QoQ +10.3%
Why: Driven by high-end transplant work and entry into high-ARPOB markets like Mumbai and Bangalore.
In-Patient Volume
61,139
YoY +13.2%QoQ -4.9%
Why: QoQ decline due to the Aarogyasri strike in Andhra Pradesh and seasonal weakness.
Bed Occupancy Rate (Telangana)
52.5%
Why: Low reported occupancy due to 200-250 beds being under renovation in Secunderabad.
Average Revenue Per Patient
Not Given
YoY +13.9%QoQ +9%
Why: Improvement in case mix and higher specialty contribution.
Net Debt
₹2,850 Cr
Why: Reflects debt raised for the recent massive expansion phase.
Total Hospitals
25
YoY +7
Why: Aggressive expansion in 2025 across 5 states.
Karnataka Cluster ARPOB
₹76,000
Why: High due to significant transplant work in the initial months.
CGHS Revenue Contribution
10%
Why: Contribution from government health schemes in core clusters.
What Is Krishna Institute of Medical Sciences Ltd's Management Guidance?
Forward-looking targets from management for 3 years
Revenue Growth Target
100%
Capex Plan
₹600 Cr
Revenue Outlook
100% growth
Margin Outlook
EBITDA neutral/positive for new units by Q1 FY27
Capex Plan
₹500-600 Cr
Full closure of ongoing projects
Volume
20-25% growth at new Kondapur facility
Management Tone: BULLISH
Guidance Changes
LOWERED
Debt Trajectory: Increasing → Peaked out
How Fast Is Krishna Institute of Medical Sciences Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +29% | +23% | Stable |
| PAT (Net Profit) | -43% | +6% | Inflection Down |
| OPM | 20.0% | -400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Krishna Institute of Medical Sciences Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Krishna Institute of Medical Sciences Ltd's latest quarterly results?
Krishna Institute of Medical Sciences Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: -43.5% (inflecting downward)
- Revenue Growth YoY: +29.3%
- Operating Margin: 20.0% (volatile)
Is Krishna Institute of Medical Sciences Ltd's profit growing or declining?
Krishna Institute of Medical Sciences Ltd's profit is declining with an inflecting downward trend.
- PAT Growth YoY: -43.5% (latest quarter)
- PAT Growth QoQ: -27.8% (sequential)
- 3-Year PAT CAGR: +6.5%
- Trend: Inflecting downward — consistent growth pattern
What is Krishna Institute of Medical Sciences Ltd's revenue growth trend?
Krishna Institute of Medical Sciences Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +29.3%
- Revenue Growth QoQ: +3.9% (sequential)
- 3-Year Revenue CAGR: +22.5%
How is Krishna Institute of Medical Sciences Ltd's operating margin trending?
Krishna Institute of Medical Sciences Ltd's operating margin is volatile.
- Current OPM: 20.0%
- OPM Change YoY: -4.0% basis points
- OPM Change QoQ: -1.0% basis points
What is Krishna Institute of Medical Sciences Ltd's 3-year profit and revenue CAGR?
Krishna Institute of Medical Sciences Ltd's long-term compounding rates
- 3-Year Profit CAGR: +6.5%
- 3-Year Revenue CAGR: +22.5%
Is Krishna Institute of Medical Sciences Ltd's growth accelerating or decelerating?
Krishna Institute of Medical Sciences Ltd's earnings growth is inflecting downward with negative momentum on a sequential basis.
- YoY Acceleration: -3.0% bps
- Sequential Acceleration: -12.5% bps
- Margin Warning: Operating margins are under pressure
What is Krishna Institute of Medical Sciences Ltd's trailing twelve month (TTM) performance?
Krishna Institute of Medical Sciences Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹315 Cr
- TTM PAT Growth: -17.1% YoY
- TTM Revenue: ₹4,000 Cr
- TTM Revenue Growth: +26.4% YoY
- TTM Operating Margin: 21.8%
Is Krishna Institute of Medical Sciences Ltd overvalued or undervalued?
Krishna Institute of Medical Sciences Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 97.9x
- Price-to-Book: 12.7x
What is Krishna Institute of Medical Sciences Ltd's current PE ratio?
Krishna Institute of Medical Sciences Ltd's current PE ratio is 97.9x.
- Current PE: 97.9x
- Market Cap: 28.7K Cr
How does Krishna Institute of Medical Sciences Ltd's valuation compare to its history?
Krishna Institute of Medical Sciences Ltd's current PE is 97.9x.
- Current PE: 97.9x
- Valuation Assessment: Significantly Overvalued
What is Krishna Institute of Medical Sciences Ltd's price-to-book ratio?
Krishna Institute of Medical Sciences Ltd's price-to-book ratio is 12.7x.
- Price-to-Book (P/B): 12.7x
- Book Value per Share: ₹57
- Current Price: ₹718
Is Krishna Institute of Medical Sciences Ltd a fundamentally strong company?
Krishna Institute of Medical Sciences Ltd is rated Weak with a fundamental score of 27.52/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +29.3% (10% weight)
- PAT Growth YoY: -43.5% (10% weight)
- PAT Growth QoQ: -27.8% (10% weight)
- Margins stable (10% weight)
Is Krishna Institute of Medical Sciences Ltd debt free?
Krishna Institute of Medical Sciences Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹3,000 Cr
What is Krishna Institute of Medical Sciences Ltd's return on equity (ROE) and ROCE?
Krishna Institute of Medical Sciences Ltd's return ratios over recent years
- FY2023: ROCE 24.0%
- FY2024: ROCE 17.0%
- FY2025: ROCE 15.0%
Is Krishna Institute of Medical Sciences Ltd's cash flow positive?
Krishna Institute of Medical Sciences Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹582 Cr
- Free Cash Flow (FCF): ₹-534 Cr
- CFO/PAT Ratio: 140% (strong cash conversion)
What is Krishna Institute of Medical Sciences Ltd's dividend yield?
Krishna Institute of Medical Sciences Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹718
Who holds Krishna Institute of Medical Sciences Ltd shares — promoters, FII, DII?
Krishna Institute of Medical Sciences Ltd's shareholding pattern (Mar 2026)
- Promoters: 34.1%
- FII (Foreign): 14.6%
- DII (Domestic): 32.5%
- Public: 18.8%
Is promoter holding increasing or decreasing in Krishna Institute of Medical Sciences Ltd?
Krishna Institute of Medical Sciences Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 34.1% (Mar 2026)
- Previous Quarter: 34.1% (Dec 2025)
- Change: 0.00% (stable)
How long has Krishna Institute of Medical Sciences Ltd been outperforming Nifty 500?
Krishna Institute of Medical Sciences Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Krishna Institute of Medical Sciences Ltd a new momentum entry or an established outperformer?
Krishna Institute of Medical Sciences Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Krishna Institute of Medical Sciences Ltd?
Krishna Institute of Medical Sciences Ltd has 6 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Fixed costs are already in place; revenue ramp-up will drive profitability.
- Geographical Expansion — Expansion into Maharashtra, Kerala, and Karnataka is diversifying the revenue base.
- Value Added Product Mix Shift — High-end quaternary care like transplants drives higher ARPOB.
- Interest Cost Reduction Deleveraging — Debt is expected to moderate as capex cycle ends and internal accruals rise.
What are the key risks in Krishna Institute of Medical Sciences Ltd?
Krishna Institute of Medical Sciences Ltd has 2 key risks worth monitoring
- [MEDIUM] Aarogyasri scheme strike in Andhra Pradesh caused a significant dip in volumes f — Dispute with the state government over payments led to a ban on taking scheme patients.
- [LOW] Difficulty in onboarding doctors in Tier 2 markets before insurance empanelment — Doctors fear their business will be impacted if the hospital is not empanelled with major payers.
What did Krishna Institute of Medical Sciences Ltd's management say in the latest earnings call?
In Q3 FY26, Krishna Institute of Medical Sciences Ltd's management highlighted
- "we will break even in the next 2 months based on how things are going in the last few months. [Previous Thane & Mahadevapura Breakeven guidance]"
- "KIMS entered into an agreement with Andrea Saba for its land to construct and operate a hospital at Chennai for 26 years. [Initiative: Chennai Hospit..."
- "As far as Andhra, in quarter 3, we had a strike with the state government. So we had not taken Aarogyasri scheme for almost a month. [Risk (regulator..."
What is Krishna Institute of Medical Sciences Ltd's management guidance for growth?
Krishna Institute of Medical Sciences Ltd's management has provided the following forward guidance for 3 years
- Revenue growth target: 100%
- Margin outlook: EBITDA neutral/positive for new units by Q1 FY27
- Capex plan: ₹600 Cr for Full closure of ongoing projects
- Management tone: bullish
- Milestone: [LOWERED] Debt Trajectory: Increasing → Peaked out
What sector-specific metrics matter most for Krishna Institute of Medical Sciences Ltd?
Krishna Institute of Medical Sciences Ltd's most important sub-sector-specific KPIs from the latest concall
- Average Revenue Per Operating Bed: ₹70,000 - ₹75,000 (YoY +20.5%) (QoQ +10.3%) — Driven by high-end transplant work and entry into high-ARPOB markets like Mumbai and Bangalore.
- In-Patient Volume: 61,139 (YoY +13.2%) (QoQ -4.9%) — QoQ decline due to the Aarogyasri strike in Andhra Pradesh and seasonal weakness.
- Bed Occupancy Rate (Telangana): 52.5% — Low reported occupancy due to 200-250 beds being under renovation in Secunderabad.
- Average Revenue Per Patient: Not Given (YoY +13.9%) (QoQ +9%) — Improvement in case mix and higher specialty contribution.
- Net Debt: ₹2,850 Cr — Reflects debt raised for the recent massive expansion phase.
- Total Hospitals: 25 (YoY +7) — Aggressive expansion in 2025 across 5 states.
Is Krishna Institute of Medical Sciences Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Krishna Institute of Medical Sciences Ltd may be worth studying
- Cash flow is positive — CFO ₹582 Cr
What is the investment thesis for Krishna Institute of Medical Sciences Ltd?
Krishna Institute of Medical Sciences Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +29.3% YoY
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Margins under pressure
- Appears significantly overvalued
- Key risk: Aarogyasri scheme strike in Andhra Pradesh caused a significant dip in volumes f
What is the future outlook for Krishna Institute of Medical Sciences Ltd?
Krishna Institute of Medical Sciences Ltd's forward outlook based on current data signals
- Earnings Trend: inflecting downward
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Aarogyasri scheme strike in Andhra Pradesh caused a significant dip in volumes f
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.