Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Indraprastha Medical Corporation Ltd

INDRAMEDCO
Hospitals

Indraprastha Medical Corporation Ltd's earnings have outrun its stock. EPS grew +14.1% in a year against a −19.2% price move.

The sharpest disagreement: annual EPS moved +14.1% against a −19.2% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (28 weeks in) while the P/E sits at the 50th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +2.4% year on year, and 112% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹366
−19.2% 1Y
P/E
18.3×
50th pctile
of its own 10-year range
Revenue (Mar 26)
₹365 Cr
+9.3% YoY
Profit (Mar 26)
₹42.0 Cr
+2.4% YoY
Operating margin
17.0%
−1.0 pp YoY
ROCE
36%
FY26
ROIC
44.9%
vs WACC 12.0% → +32.9 pp
Cash conversion
112%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indraprastha Medical Corporation Ltd trades at ₹366, in a downtrend and 28 weeks into that stage. That is −10.4% against its own 200-day average. It sits at 3% of a 52-week range of ₹359 to ₹620. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a downtrend — week 28 of stage 4, confirmed. At ₹366 it trades −10.4% versus its 200-day average and sits at 3% of its 52-week range (₹359–₹620).

Jul 26: ₹366 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−10.4% versus the 200-day line, week 28 of stage 4
Price50-day avg200-day avg
S2S2S4₹663₹508₹353₹198₹43.2₹366₹409Jul 23May 24Feb 25Nov 25Jul 26
S2S2S4₹663₹508₹353₹198₹43.2₹366₹409Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (546 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +633% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indraprastha Medical Corporation Ltd trades at 18.3× P/E, mid-range by its own standards (50th percentile). Its long-run median P/E is 18.4×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 18.3× is mid-range by its own standards (50th percentile), against a long-run median of 18.4× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 18.3× vs a 18.4× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 44× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (50th percentile)
P/EMedianEPS (TTM) (quarterly)
47.2×₹21.736.3×₹16.325.5×₹10.814.7×₹5.43.8×₹0.0×18.30×₹20Mar 16Aug 18Oct 21Mar 24Jul 26
47.2×₹21.736.3×₹16.325.5×₹10.814.7×₹5.43.8×₹0.0×18.30×₹20Mar 16Oct 21Jul 26
PEG 1.32 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 12 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
1.4×1.1×0.7×0.4×0.1××1.32×Q1 FY24Q3 FY24Q2 FY25Q1 FY26Q4 FY26
1.4×1.1×0.7×0.4×0.1××1.32×Q1 FY24Q2 FY25Q4 FY26
P/E
18.3×
50th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +14.1% against a −19.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +34.7%/yr price move, ~+33.7%/yr came from earnings growth and ~+1.0 pp from the multiple (expanding); over 10y, of the +21.2%/yr price move, ~+22.0%/yr came from earnings growth and ~−0.8 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indraprastha Medical Corporation Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 33.6% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +9.4% in FY26, profit +14.3% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
51%332%30%217%9.4%102%−11%−12%−32%−127%%%9.4%14.3%FY16FY21FY26
51%332%30%217%9.4%102%−11%−12%−32%−127%%%9.4%14.3%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue stabilising, profit rolling over
RevenueProfitEPS
21%55%17%44%13%33%9.4%22%5.4%11%%%9.3%13.7%14.1%Jun 23Sep 24Mar 26
21%55%17%44%13%33%9.4%22%5.4%11%%%9.3%13.7%14.1%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
40%38%37%35%33%%33.6%Jun 23Dec 23Sep 24Jun 25Mar 26
40%38%37%35%33%%33.6%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +9.3% · span +6.5% to +20.3%
Profit growth
Steady high
latest +13.7% · span +13.7% to +52.4%
EPS growth
Steady high
latest +14.1% · span +14.1% to +51.7%
ROCE
Rolling over
latest 33.6% · span 33.3%–39.8%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+9.4%+10.5%+19.3%+7.0%
Profit+14.3%+28.9%+147.0%+22.6%
EPS+14.1%+28.7%+140.3%+22.4%
Share price−19.2%+44.7%+34.7%+21.2%
Revenue YoY (Mar 26)
+9.3%
latest quarter vs a year ago
Profit YoY (Mar 26)
+2.4%
latest quarter vs a year ago
Revenue 10y
7.0%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

52.2/100 — rank 10 of 19 in Hospitals · 90% evidence confidence

Indraprastha Medical Corporation Ltd scores 52.2 out of 100 against the 19 companies it is compared with in Hospitals, ranking 10. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 12.4 + 18.6 + 17.2 + 4 = 52.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indraprastha Medical Corporation Ltd reported ₹365 Cr of revenue in the Mar 26 quarter, +9.3% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 7.0% a year. The last full year, FY26, came in at ₹1,483 Cr. The last four reported quarters add to ₹1,483 Cr.

FY26 revenue came in at ₹1,483 Cr (+9.4% on the year), capping 10 years at 7.0% compound. The latest quarter (Mar 26) printed ₹365 Cr, +9.3% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹1,483 Cr (+9.4% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
7.0% a year over 10 years
RevenueYoY growth
1.6k51%1.2k30%8019.4%400−11%0−32%₹ Cr%₹1,4839.4%FY16FY21FY26
1.6k51%1.2k30%8019.4%400−11%0−32%₹ Cr%₹1,4839.4%FY16FY21FY26
Mar 26: ₹365 Cr (+9.3% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
41118%30914%20611%1037.4%04.0%₹ Cr%₹3659.3%Jun 23Sep 24Mar 26
41118%30914%20611%1037.4%04.0%₹ Cr%₹3659.3%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +9.4% growth against the decade's 7.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.3% over the last 4 quarters against +9.1%/yr over the last 8 — stabilising; TTM profit +13.7% vs +22.0%/yr — rolling over.

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indraprastha Medical Corporation Ltd's operating margin is 17.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 7.0% to 18.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 17.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–18.0%, and FY26's 18.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −1.8 pp year on year while gross margin went +0.1 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 18.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a 7.0–18.0% band over 13 years
operating marginYoY change (pp)
19%7.9%16%4.7%13%1.5%9.3%−1.7%6.1%−4.9%%%18%0%FY14FY20FY26
19%7.9%16%4.7%13%1.5%9.3%−1.7%6.1%−4.9%%%18%0%FY14FY20FY26
Mar 26: 17.0% operating margin (−1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
20%4.4%19%3.0%18%1.5%16%0.0%15%−1.4%%%17%−1%Jun 23Sep 24Mar 26
20%4.4%19%3.0%18%1.5%16%0.0%15%−1.4%%%17%−1%Jun 23Sep 24Mar 26
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indraprastha Medical Corporation Ltd earned ₹42.0 Cr of net profit in the Mar 26 quarter, +2.4% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹184 Cr. The 10-year compound rate is 22.6%. That is 11.5% of the quarter's revenue. The same quarter a year earlier earned ₹41.0 Cr.

Mar 26 profit was ₹42.0 Cr, +2.4% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹184 Cr (+14.3%), and the 10-year compound rate is 22.6%.

FY26 profit ₹184 Cr (+14.3% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
22.6% a year over 10 years
Net profitYoY growth
1993,086%1492,231%991,377%50523%0−331%₹ Cr%₹18414.3%FY16FY21FY26
1993,086%1492,231%991,377%50523%0−331%₹ Cr%₹18414.3%FY16FY21FY26
Mar 26: ₹42.0 Cr (+2.4% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Net profit (quarterly)YoY growth
5559%4144%2829%1413%0−1.8%₹ Cr%₹422.4%Jun 23Sep 24Mar 26
5559%4144%2829%1413%0−1.8%₹ Cr%₹422.4%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +9.3% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +14.2% vs revenue +9.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 112% of Indraprastha Medical Corporation Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹167 Cr of operating cash against ₹184 Cr of profit. After ₹51.0 Cr of capital spending, ₹116 Cr was left as free cash.

FY26: operating cash of ₹167 Cr against reported profit of ₹184 Cr, leaving free cash of ₹116 Cr after ₹51.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 112% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹167 Cr vs profit ₹184 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
112% of 3-year profit arrived as cash
Operating cashNet profitFree cash
216162108540₹ Cr₹167₹184₹116FY16FY21FY26
216162108540₹ Cr₹167₹184₹116FY16FY21FY26
FY26: CFO = 91% of profit (three-year rate 112%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
317%256%196%135%74%%91%FY16FY21FY26
317%256%196%135%74%%91%FY16FY21FY26

Why conversion sits at 112%: the cash cycle tightened 184 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 1.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indraprastha Medical Corporation Ltd's cash conversion cycle runs −144 days in FY26, down from 40 days in FY21. Capital spending ran ₹218 Cr over the last 3 years. At FY26 sales of ₹1,483 Cr each day of that cycle holds about ₹4.1 Cr, so roughly ₹−585 Cr sits inside the business at any moment.

FY26: debtors at 28 days, inventory at 11 days — roughly 0.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −144 days, tighter than FY21's 40.

The full loop: cash goes out to suppliers and production on day 0; stock waits 11 days to sell; customers pay about 28 days after that; and suppliers themselves are paid at 182 days — netting out to the −144-day cycle.

In money terms: at FY26 sales of ₹1,483 Cr, each day of the cycle holds about ₹4.1 Cr — so the −144-day loop keeps roughly ₹−585 Cr sitting inside the business at any moment.

FY26: a −144-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−184 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
20811419−76−170days−144d11d28d182dFY14FY17FY20FY23FY26
20811419−76−170days−144d11d28d182dFY14FY20FY26

On the investment side: capital spending of ₹218 Cr over the last 3 fiscal years against ₹128 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹3.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹51.0 Cr, work-in-progress ₹3.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1188859290₹ Cr₹51₹3FY16FY18FY21FY23FY26
1188859290₹ Cr₹51₹3FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Indraprastha Medical Corporation Ltd earns a ROCE of 36% in FY26. That is up from a trough of 3% in FY21. Return on invested capital clears the cost of that capital by +32.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.4% net margin on 1.50× asset turns.

FY26 ROCE is 36%, recovered from a FY21 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.4% net margin × 1.50× asset turns × 1.34× balance-sheet leverage ≈ 24.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 44.9% − 12.0% = a +32.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 36% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 3%
ROCEROIC (annual)WACC
53%40%26%13%−0.7%%36%40.4%FY14FY20FY26
53%40%26%13%−0.7%%36%40.4%FY14FY20FY26
Q4 FY26: ROCE 27.2% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
66%51%37%22%8.0%%27.2%61.8%Q1 FY24Q2 FY25Q4 FY26
66%51%37%22%8.0%%27.2%61.8%Q1 FY24Q2 FY25Q4 FY26
11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Indraprastha Medical Corporation Ltd carries total debt of ₹37.0 Cr against shareholder equity of ₹740 Cr as of Mar 26, a debt-to-equity of 0.05 — effectively unlevered. On the annual view that ratio went from 0.02 in FY22 to 0.05 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹37.0 Cr against shareholder equity of ₹740 Cr — a debt-to-equity of 0.05. On the annual view, debt-to-equity went from 0.02 (FY22) to 0.05 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹37.0 Cr at 0.05× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
400.07×300.06×200.04×100.02×00.01×₹ Cr×₹370.05×FY22FY24FY26
400.07×300.06×200.04×100.02×00.01×₹ Cr×₹370.05×FY22FY24FY26
Mar 26: debt ₹37.0 Cr, debt-to-equity 0.05 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
400.07×300.06×200.04×100.02×00.01×₹ Cr×₹370.05×Jun 23Sep 24Mar 26
400.07×300.06×200.04×100.02×00.01×₹ Cr×₹370.05×Jun 23Sep 24Mar 26
12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 2.6 points of Indraprastha Medical Corporation Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 0.6% of the company. Foreign institutions moved +1.1 points over the same window, to 2.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −2.6 points over 8 quarters to 0.6%; Foreign institutions: +1.1 points over 8 quarters to 2.8%; Promoters: +0.0 points over 8 quarters to 51.0%.

🚨 Why the register moved: domestic institutions drove it (−2.6 points), absorbed on the other side by foreign institutions (+1.1 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
55%40%26%11%−3.1%%51%2.4%0.9%45.7%Mar 24Mar 25Mar 26
55%40%26%11%−3.1%%51%2.4%0.9%45.7%Mar 24Mar 25Mar 26
Domestic institutions cut 2.6 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
55%40%26%11%−4.1%%51%2.8%0.6%45.6%Jun 23Dec 24Jun 26
55%40%26%11%−4.1%%51%2.8%0.6%45.6%Jun 23Dec 24Jun 26
13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indraprastha Medical Corporation Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

14 · Related companies · Hospitals
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1KMC Speciality Hospitals (India) Ltd524520 82.1/100Sector-leading setup78% evidence LEADER 30.8/35 Revenue 32.5% · PAT 100% · OPM change 6 pp 83% evidence 20.6/25 ROCE 26% · OPM 31% 76% evidence 11.2/20 P/E 44.5× · PEG — 50% evidence 19.5/20 RS sector 34% · RS bench 44.3% · 1Y 97.6%12 of 12 weeks ahead 100% evidence
Exact sum: 30.8 + 20.6 + 11.2 + 19.5 = 82.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Artemis Medicare Services LtdARTEMISMED 67.9/100Favorable setup96% evidence LEADER 24.4/35 Revenue 15.5% · PAT 24.1% · OPM change 3 pp 88% evidence 12.0/25 ROCE 14.6% · OPM 18% 100% evidence 14.4/20 P/E 44.6× · PEG 1.09 100% evidence 17.1/20 RS sector 8.2% · RS bench 17.1% · 1Y 24.2%11 of 12 weeks ahead 100% evidence
Exact sum: 24.4 + 12 + 14.4 + 17.1 = 67.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Sakar Healthcare LtdSAKAR 67.6/100Favorable setup87% evidence LEADER 32.2/35 Revenue 43.9% · PAT 71.4% · OPM change 5 pp 95% evidence 11.0/25 ROCE 12.7% · OPM 29% 95% evidence 6.9/20 P/E 54.6× · PEG — 50% evidence 17.5/20 RS sector 57% · RS bench 68.5% · 1Y 144.1%12 of 12 weeks ahead 100% evidence
Exact sum: 32.2 + 11 + 6.9 + 17.5 = 67.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Apollo Hospitals Enterprise LtdAPOLLOHOSP 67.1/100Favorable setup78% evidence LEADER 23.6/35 Revenue 15.8% · PAT 33% · OPM change 1 pp 83% evidence 15.4/25 ROCE 17.9% · OPM 15% 76% evidence 12.6/20 P/E 65.8× · PEG — 50% evidence 15.5/20 RS sector 5.2% · RS bench 13.7% · 1Y 19.9%8 of 12 weeks ahead 100% evidence
Exact sum: 23.6 + 15.4 + 12.6 + 15.5 = 67.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Rainbow Childrens Medicare LtdRAINBOW 58.0/100Mixed-positive evidence100% evidence BREAKING OUT 18.0/35 Revenue 18.3% · PAT 12.4% · OPM change 0 pp 100% evidence 17.1/25 ROCE 17.4% · OPM 29% 100% evidence 7.3/20 P/E 54.1× · PEG 2.97 100% evidence 15.6/20 RS sector 4% · RS bench 12.4% · 1Y -2%12 of 12 weeks ahead 100% evidence
Exact sum: 18 + 17.1 + 7.3 + 15.6 = 58 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Max Healthcare Institute LtdMAXHEALTH 57.8/100Mixed-positive evidence90% evidence TURNING 25.1/35 Revenue 19.1% · PAT 34% · OPM change 1 pp 88% evidence 15.8/25 ROCE 14.7% · OPM 28% 100% evidence 10.8/20 P/E 72.1× · PEG 1.73 100% evidence 6.1/20 RS sector -7.9% · RS bench 0.1% · 1Y -14.2%2 of 10 weeks ahead 70% evidence
Exact sum: 25.1 + 15.8 + 10.8 + 6.1 = 57.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.9% and the one-year return is -14.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
7Kovai Medical Center & Hospital LtdKOVAI 54.6/100Mixed-positive evidence96% evidence FADING 17.8/35 Revenue 15.8% · PAT 16.2% · OPM change -1 pp 88% evidence 21.3/25 ROCE 22.6% · OPM 27% 100% evidence 10.4/20 P/E 26.3× · PEG 1.51 100% evidence 5.1/20 RS sector -7.4% · RS bench 0.2% · 1Y -3.3%4 of 12 weeks ahead 100% evidence
Exact sum: 17.8 + 21.3 + 10.4 + 5.1 = 54.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Dr Agarwals Eye Hospital LtdDRAGARWQ 54.3/100Mixed-positive evidence90% evidence ASLEEP 19.6/35 Revenue 18.6% · PAT 27.8% · OPM change -4 pp 88% evidence 16.8/25 ROCE 17.4% · OPM 28% 100% evidence 10.6/20 P/E 34.6× · PEG 1.72 100% evidence 7.3/20 RS sector -4% · RS bench -1% · 1Y 13.4%4 of 7 weeks ahead 70% evidence
Exact sum: 19.6 + 16.8 + 10.6 + 7.3 = 54.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Global Health LtdMEDANTA 54.1/100Mixed-positive evidence100% evidence LEADER 12.3/35 Revenue 21.3% · PAT 3.4% · OPM change -2 pp 100% evidence 13.9/25 ROCE 17.1% · OPM 22% 100% evidence 11.3/20 P/E 66× · PEG 1.11 100% evidence 16.6/20 RS sector 4.5% · RS bench 13% · 1Y 6.2%11 of 12 weeks ahead 100% evidence
Exact sum: 12.3 + 13.9 + 11.3 + 16.6 = 54.1 · Decision use: Price leads the evidence: RS versus the benchmark is 13%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10Indraprastha Medical Corporation Ltdthis pageINDRAMEDCO 52.2/100Mixed-positive evidence90% evidence ASLEEP 12.4/35 Revenue 9.3% · PAT 13.7% · OPM change -1 pp 88% evidence 18.6/25 ROCE 35.8% · OPM 17% 100% evidence 17.2/20 P/E 18.3× · PEG 0.92 100% evidence 4.0/20 RS sector -8.4% · RS bench -17.3% · 1Y -20.2%0 of 10 weeks ahead 70% evidence
Exact sum: 12.4 + 18.6 + 17.2 + 4 = 52.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11Fortis Healthcare LtdFORTIS 50.2/100Mixed-positive evidence78% evidence FADING 23.6/35 Revenue 17.3% · PAT 31.5% · OPM change 1 pp 83% evidence 12.8/25 ROCE 13.4% · OPM 23% 76% evidence 9.0/20 P/E 67.5× · PEG — 50% evidence 4.8/20 RS sector -7.3% · RS bench 0.2% · 1Y 11.8%8 of 12 weeks ahead 100% evidence
Exact sum: 23.6 + 12.8 + 9 + 4.8 = 50.2 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.3% and the one-year return is 11.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
12Yatharth Hospital & Trauma Care Services LtdYATHARTH 48.2/100Mixed-negative evidence78% evidence FADING 19.5/35 Revenue 36.1% · PAT 31.5% · OPM change -2 pp 83% evidence 11.7/25 ROCE 12.4% · OPM 23% 76% evidence 8.8/20 P/E 45× · PEG — 50% evidence 8.2/20 RS sector 0.2% · RS bench 8.1% · 1Y 30.6%11 of 12 weeks ahead 100% evidence
Exact sum: 19.5 + 11.7 + 8.8 + 8.2 = 48.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13GPT Healthcare LtdGPTHEALTH 47.9/100Mixed-negative evidence70% evidence TURNING 10.3/35 Revenue 16% · PAT -14% · OPM change -2 pp 83% evidence 18.5/25 ROCE 19.9% · OPM 18% 95% evidence 11.2/20 P/E 32.5× · PEG — 15% evidence 7.9/20 RS sector -15.8% · RS bench 17.9% · 1Y 5.9%10 of 10 weeks ahead 70% evidence
Exact sum: 10.3 + 18.5 + 11.2 + 7.9 = 47.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Aster DM Quality Care LtdASTERDM 39.4/100Mixed-negative evidence96% evidence LEADER 12.6/35 Revenue 12.2% · PAT -80% · OPM change 1 pp 88% evidence 9.8/25 ROCE 11.4% · OPM 19% 100% evidence 1.5/20 P/E 176× · PEG 3.07 100% evidence 15.5/20 RS sector 10.8% · RS bench 19.6% · 1Y 41.2%11 of 12 weeks ahead 100% evidence
Exact sum: 12.6 + 9.8 + 1.5 + 15.5 = 39.4 · Decision use: Price leads the evidence: RS versus the benchmark is 19.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
15Krishna Institute of Medical Sciences LtdKIMS 39.4/100Mixed-negative evidence78% evidence LEADER 10.4/35 Revenue 28.7% · PAT -41.5% · OPM change -6 pp 83% evidence 9.2/25 ROCE 9.3% · OPM 19% 76% evidence 5.5/20 P/E 136× · PEG — 50% evidence 14.3/20 RS sector 3.7% · RS bench 12% · 1Y 5.6%10 of 12 weeks ahead 100% evidence
Exact sum: 10.4 + 9.2 + 5.5 + 14.3 = 39.4 · Decision use: Price leads the evidence: RS versus the benchmark is 12%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16Narayana Hrudayalaya LtdNH 39.3/100Mixed-negative evidence87% evidence TURNING 12.6/35 Revenue 59.6% · PAT 3.8% · OPM change -5 pp 100% evidence 11.6/25 ROCE 15.5% · OPM 17% 100% evidence 6.1/20 P/E 48.1× · PEG 3 65% evidence 9.0/20 RS sector -4.3% · RS bench 9.2% · 1Y 1.9%5 of 10 weeks ahead 70% evidence
Exact sum: 12.6 + 11.6 + 6.1 + 9 = 39.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17Healthcare Global Enterprises LtdHCG 35.9/100Mixed-negative evidence65% evidence TURNING 13.1/35 Revenue 14.5% · PAT -53.4% · OPM change 1.1 pp 83% evidence 7.4/25 ROCE 8.3% · OPM 19.2% 76% evidence 8.5/20 P/E 349× · PEG — 15% evidence 6.9/20 RS sector -8.1% · RS bench 3.4% · 1Y 18.5%8 of 10 weeks ahead 70% evidence
Exact sum: 13.1 + 7.4 + 8.5 + 6.9 = 35.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18Shalby LtdSHALBY 30.7/100Adverse evidence69% evidence ASLEEP 15.6/35 Revenue 4.8% · PAT 100% · OPM change 2 pp 62% evidence 2.5/25 ROCE 6.5% · OPM 10% 95% evidence 9.1/20 P/E 46.6× · PEG — 50% evidence 3.5/20 RS sector -28.4% · RS bench -14.9% · 1Y -22.3%6 of 10 weeks ahead 70% evidence
Exact sum: 15.6 + 2.5 + 9.1 + 3.5 = 30.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19Jupiter Life Line Hospitals LtdJLHL 29.8/100Adverse evidence100% evidence BASING 8.4/35 Revenue 14.7% · PAT -3.1% · OPM change -3 pp 100% evidence 10.5/25 ROCE 14.8% · OPM 19% 100% evidence 6.4/20 P/E 56.9× · PEG 3.44 100% evidence 4.5/20 RS sector -74.8% · RS bench 17.9% · 1Y -77.2%3 of 12 weeks ahead 100% evidence
Exact sum: 8.4 + 10.5 + 6.4 + 4.5 = 29.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Indraprastha Medical Corporation Ltd's share price today?

Indraprastha Medical Corporation Ltd trades at ₹366, −19.2% over the past year. The company is valued at ₹3,358 Cr. The stock sits at 3% of its 52-week range of ₹359–₹620, −10.4% versus its 200-day average. On the tape, the price is in a downtrend, 28 weeks in. — as of 31 July 2026.

What were Indraprastha Medical Corporation Ltd's latest quarterly results?

Indraprastha Medical Corporation Ltd reported revenue of ₹365 Cr and net profit of ₹42.0 Cr for the Mar 26 quarter. Revenue rose 9.3% and profit rose 2.4% year on year. Earnings per share were ₹4.55. The operating margin was 17.0%, 1.0 pp lower than a year earlier. — as of 31 July 2026.

What is Indraprastha Medical Corporation Ltd's revenue?

Indraprastha Medical Corporation Ltd reported revenue of ₹365 Cr in the Mar 26 quarter, +9.3% year on year. For the full FY26 fiscal year, revenue was ₹1,483 Cr (+9.4%). Over the last 10 years revenue compounded at 7.0% a year. — as of 31 July 2026.

What is Indraprastha Medical Corporation Ltd's profit?

Indraprastha Medical Corporation Ltd earned ₹42.0 Cr of net profit in the Mar 26 quarter, +2.4% year on year — the 12th straight quarter of growth. Full-year FY26 profit was ₹184 Cr. The operating margin ran 17.0% in the latest quarter. — as of 31 July 2026.

What is Indraprastha Medical Corporation Ltd's market cap?

Indraprastha Medical Corporation Ltd's market capitalisation is ₹3,358 Cr at a share price of ₹366. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Indraprastha Medical Corporation Ltd's P/E ratio?

Indraprastha Medical Corporation Ltd trades at a P/E of 18.3×, at the 50th percentile of its own 10-year range, against a long-run median of 18.4×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Indraprastha Medical Corporation Ltd pay a dividend?

Yes — Indraprastha Medical Corporation Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.

Is Indraprastha Medical Corporation Ltd overvalued?

On its own history, Indraprastha Medical Corporation Ltd looks mid-range against its own history: its P/E of 18.3× sits at the 50th percentile of its 10-year range (long-run median 18.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 31 July 2026.

Is Indraprastha Medical Corporation Ltd growing?

Yes — Indraprastha Medical Corporation Ltd is growing: latest-quarter revenue +9.3% year on year, profit +2.4%, and the margin −1.0 pp at 17.0%. The 10-year compound rates are 7.0% (revenue) and 22.6% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is Indraprastha Medical Corporation Ltd performing?

Indraprastha Medical Corporation Ltd is in a downtrend, 28 weeks in. Its latest quarter's revenue rose 9.3% and profit rose 2.4% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Indraprastha Medical Corporation Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 33.6% and holding. The read comes from the last 12 quarters of growth (revenue growth +9.3% latest, profit growth +13.7% latest, eps growth +14.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Indraprastha Medical Corporation Ltd in an uptrend?

No — the price is in a downtrend (week 28 of stage 4), trading −10.4% versus its 200-day average and at 3% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Indraprastha Medical Corporation Ltd beating the market?

Not lately — on a trailing-13-week view Indraprastha Medical Corporation Ltd is currently behind the NIFTY 500 (2 weeks and counting; last ahead the week of 2026-07-17), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +633% against the NIFTY 500's +276% — ahead of the index over the full window. — as of 31 July 2026.

Will Indraprastha Medical Corporation Ltd's share price go up?

This page publishes no price forecast for Indraprastha Medical Corporation Ltd. What it measures instead: the share price is ₹366, the price is in a downtrend 28 weeks in. Its P/E of 18.3× sits at the 50th percentile of its own 10-year range. — as of 31 July 2026.

Who owns Indraprastha Medical Corporation Ltd?

Promoters hold 51.0% of Indraprastha Medical Corporation Ltd, foreign institutions 2.8%, domestic institutions 0.6% and the public 45.6% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 2.6 points over 8 quarters. — as of 31 July 2026.

Does Indraprastha Medical Corporation Ltd have too much debt?

No — Indraprastha Medical Corporation Ltd's debt-to-equity is 0.05, and operating profit covers the interest bill 45×. FY26 borrowings were ₹37.0 Cr against equity of ₹741 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.

What is Indraprastha Medical Corporation Ltd's capex?

Indraprastha Medical Corporation Ltd spent ₹218 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹51.0 Cr, with ₹3.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Indraprastha Medical Corporation Ltd's cash flow?

Indraprastha Medical Corporation Ltd generated ₹167 Cr of operating cash flow in FY26 and ₹116 Cr of free cash flow after ₹51.0 Cr of capital spending. Reported profit that year was ₹184 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Indraprastha Medical Corporation Ltd's profit real cash?

Yes — over the last 3 fiscal years, 112% of Indraprastha Medical Corporation Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹167 Cr against reported profit of ₹184 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.

Where is Indraprastha Medical Corporation Ltd in its business cycle?

Indraprastha Medical Corporation Ltd's FY26 operating margin was 18.0%, against a 13-year band of 7.0%–18.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 17.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Indraprastha Medical Corporation Ltd story?

The sharpest disagreement: annual EPS moved +14.1% against a −19.2% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Indraprastha Medical Corporation Ltd a stock worth studying right now?

This is not investment advice. The machine read: Indraprastha Medical Corporation Ltd's earnings have outrun its stock. EPS grew +14.1% in a year against a −19.2% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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