Park Medi World Ltd

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.

Park Medi World Ltd trades at ₹286, in a confirmed uptrend and 34 weeks into that stage. That is +19.1% against its own 200-day average. It sits at 94% of a 52-week range of ₹145 to ₹295. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).

Today the stock is in a confirmed uptrend — week 34 of stage 2, confirmed. At ₹286 it trades +19.1% versus its 200-day average and sits at 94% of its 52-week range (₹145–₹295).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +85% while the NIFTY 500 moved −5% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-09-04) — 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.

Story check

Park Medi World Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.

Our read, 22 August 2026. A capital-light Tier-2 hospital network growing revenue at about 20% annually on a net-cash balance sheet, with 2,130 beds targeted through FY28 and CGHS tariff revisions providing earnings support; valuation history remains limited.

From the numbers. The current weekly PE/PB cycle snapshot is PE 46.55x, 1.277x its 36.45x median, at the 75th percentile, with UNKNOWN decomposition, MIXED institutional signal and LIMITED data reliability. The deterministic curve has a…

From the price. Price stage 2, week 34 — above its 200-day line.

From the research. A capital-light Tier-2 hospital network growing revenue at about 20% annually on a net-cash balance sheet, with 2,130 beds targeted through FY28 and CGHS tariff revisions providing earnings support; valuation history…

🚨 Where they disagree. The current weekly PE/PB cycle snapshot is PE 46.55x, 1.277x its 36.45x median, at the 75th percentile, with UNKNOWN decomposition, MIXED institutional signal and LIMITED data reliability. The deterministic curve has a FLAT_TIGHT PE history with only three observed multiple points (32.0x, 42.8x and 41.4x), price-curve stage 2 and expanding earnings. Deterministic margin normalization gives a NA_SHORT_MARGIN_HISTORY verdict, so the label does not establish a trough, peak or inexpensive valuation. DII holding was 8.95% in Jun 2026, FII was 0.82%, and promoter holding was 82.89%.

What is proven. A capital-light Tier-2 hospital network growing revenue at about 20% annually on a net-cash balance sheet, with 2,130 beds targeted through FY28 and CGHS tariff revisions providing earnings support; valuation history remains limited.

What is not proven yet. Consolidated EBITDA margin falling below 22.0% for two consecutive quarters alongside network occupancy failing to recover above 55.0% by Q3 FY27, indicating that new capacity additions at Agra, Panchkula and Narela are diluting base profitability rather than achieving operational breakeven.

🚨 What would change our mind. Consolidated EBITDA margin falling below 22.0% for two consecutive quarters alongside network occupancy failing to recover above 55.0% by Q3 FY27, indicating that new capacity additions at Agra, Panchkula and Narela are diluting base profitability rather than achieving operational breakeven.

Layer 1 read, 22 August 2026 — KEEP. Held position still delivering — 19% revenue and 35% profit growth on a net-cash balance sheet — but management keeps missing its own dates. Park Medi World runs affordable multi-speciality hospitals in smaller North Indian cities, and the June 2026 quarter grew revenue 19.3% to Rs476cr and profit 34.8% to Rs89cr, about a quarter of the way to management's own Rs2,080cr and Rs360cr full-year targets. The bed count is up 32% to 3,960 and the plan is 5,740 by FY28 at Rs36 lakh a bed, paid for from IPO money and internal cash without new debt; occupancy fell from 68% to 56% only because those new beds entered the count, which is why return on capital sits at the bottom of its own range rather than the top. The problem is dates, not the business: FY26 ended 300 beds short of guidance and capex overshot by 54%, and in August the…

What would change Layer 1’s mind. Network occupancy failing to recover above 60% by the Q3 FY27 print while operating margin drops below 24% — that would mean the 960 beds already added, and the 450 more coming at Narela, Palam Vihar and Zirakpur, are diluting the base business rather than ramping, and the whole capacity-led thesis would invert from operating leverage to fixed-cost drag. Sharpened from the timeline's own falsifier (EBITDA margin below 22.0% for two quarters with occupancy failing to clear 55% by Q3 FY27) and…

Layer 2 read, 22 August 2026 — BENCH. Hospital demand is growing, but too many new beds and missed opening dates make promotion premature. Park added beds, but occupancy fell and the near-term Narela and Kanpur schedule weakened. The external sector check now shows institutions leaving while capex and construction-in-progress surge [sector_capital_flows:Hospitals/Medical Services], even though sector profit growth remains revenue-led. That mix supports continued CIO review of the starter, not an L2 promotion.

What would change Layer 2’s mind. Move BENCH to ADVANCE if Narela opens within the stated Q3 FY27 window and Park restores network occupancy above 55% without consolidated EBITDA margin falling below 22%, while sector capex_read stops showing SUPPLY_FLOOD; move it toward DROP if both margin and occupancy breach those Timeline kill-switches for two quarters.

CIO read, 22 August 2026 — RETAIN. HELD (defended slot) · forward-asymmetry 43/100 · CONTESTED. Q1 revenue grew 19.3%, but repeated hospital-opening delays and a FULL rating at the 75th percentile leave little room for error. The judged EPS path is 18%; no implied-growth model is available, and the SPENT rating requires a contest.

The test written in advance. Consolidated EBITDA margin falling below 22.0% for two consecutive quarters alongside network occupancy failing to recover above 55.0% by Q3 FY27, indicating that new capacity additions at Agra, Panchkula and Narela are diluting base profitability rather than achieving operational breakeven. — the thesis as written as stated by the next result.

The test written in advance. Occupancy Dilution and Ramp Drag from New Capacity — Occupancy Dilution and Ramp Drag from New Capacity Quarterly blended occupancy below 54% or Agra monthly revenue below 5 crore. by the next result.

The test written in advance. Management Disclosure Quality and Project Timeline Slippages — Management Disclosure Quality and Project Timeline Slippages Subsequent concall commentary failing to provide explicit commissioning dates and capex updates for Narela and Kanpur. by the next result.

What the company does. Q1 FY27 delivered revenue of 476 crore (+19.3% YoY) and net profit of 89 crore (+34.8% YoY), with quarterly interest expense at 10 crore and high-end specialty mix at approximately 62%. Capacity roadmap expands from 3,960 beds to 5,740 beds by FY28 at 36 lakh per bed capex, funded through internal accruals and IPO proceeds without material fresh debt. CGHS rate-revision benefit is guided at 7.0%-7.5% in FY27 across a 77% government payer mix, while management targets a gradual shift toward non-government payors.

🚨 What the surface reading misses. The surface reading is: Occupancy fell 1,200 bps to 56%, creating an apparent asset-utilization risk. The research reads it further: The occupancy decline followed the addition of 960 beds in a short window; absolute IPD volume grew 16% YoY and OPD volume grew 17% YoY.

🚨 What the surface reading misses. The surface reading is: Narela is on track for November-December 2026 commissioning. The research reads it further: Management had targeted Q2 FY27 in May 2026; the milestone moved into Q3 FY27 without an explanation in prepared remarks.

Lever 7 · Consolidation — BUILDING. Operating capacity is targeted to expand from 3,960 beds to 5,740 beds by FY28 at 36 lakh per bed capex, funded through internal accruals and IPO proceeds without material fresh debt. What proves it keeps working: Cluster-Based Capacity Expansion (2,130 beds planned FY27-FY28). It stops working if Commissioning timelines slip beyond two quarters or new facilities fail to achieve 30% EBITDA-breakeven occupancy within 12 months.

Lever 3 · Management change — BUILDING. Management identifies a 7.0%-7.5% FY27 CGHS rate-revision benefit while government schemes represented 77% of Q1 payer mix. What proves it keeps working: CGHS Regulatory Tariff Revision Flow-Through. It stops working if Allied central agencies delay tariff implementation or impose reimbursement discounts.

Lever 2 · Value-added mix — BUILDING. High-end specialties contributed approximately 62% of Q1 revenue (+440 bps YoY), while ARPOB was 30,444 rupees (+12% YoY). What proves it keeps working: High-End Case Mix Shift and ARPOB Expansion. It stops working if Doctor attrition in super-specialties accelerates above 25% or Tier-2 patient volumes shift back to basic secondary care.

Lever 1 · Operating leverage — BUILDING. Quarterly interest expense declined from 16 crore in Q4 FY25 to 10 crore in Q1 FY27, while Q1 PAT margin was 18.6%. What proves it keeps working: Operating Leverage and Interest Expense Reduction. It stops working if Management takes on material fresh debt for large acquisitions or pre-operating overheads at new units outpace gross contribution.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

Park Medi World Ltd reported ₹476 Cr of revenue in the Jun 26 quarter, +19.3% year on year. That is the 3rd straight quarter of year-on-year growth. Over 5 years it has compounded at 17.0% a year. The last full year, FY26, came in at ₹1,679 Cr. The last four reported quarters add to ₹1,756 Cr.

Why this happened. Capacity expansion is the primary growth driver. In Q1 FY27, operating bed capacity reached 3,960 beds (+32% YoY) after additions across Bathinda, Agra and Panchkula. The company identified 450 additional beds in Q3 FY27 across Narela, Palam Vihar and Zirakpur, taking FY27 capacity to 4,740 beds. FY28 targets 5,740 beds. The cited FY27-FY28 capex is 767 crore for 2,130 beds, or 36 lakh per bed.

FY26 revenue came in at ₹1,679 Cr (+20.4% on the year), capping 5 years at 17.0% compound. The latest quarter (Jun 26) printed ₹476 Cr, +19.3% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +22.3% growth against the decade's 17.0% — the current year is running faster than its own long-run rate.

FY26-Q4. Operating margin reached 28% and profit expanded 48.1% YoY while gross debt was reported at 28 crore.

FY27-Q1. Revenue rose 19.3% and profit rose 34.8% as bed capacity reached 3,960 while network occupancy moderated to 56%.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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.

Park Medi World Ltd's operating margin is 26.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 25.0% to 40.0%. The current quarter sits inside that band.

Why this happened. Specialty mix has shifted toward complex procedures, with high-end specialties at approximately 62% of Q1 FY27 revenue versus 56.9% in FY26. FY26 clinical activity included 150+ kidney transplants, 4,700+ high-end PTCA procedures and 2,600+ robot-assisted joint replacements. Management targets annual ARPOB growth of 10%-12%.

The latest quarter's operating margin is 26.0%, +0.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 25.0%–40.0%.

Why the margin moved: operating margin went +0.2 pp year on year while gross margin went +1.5 pp — the gain came mostly from the gross line: input costs and pricing.

FY26-Q4. Operating margin reached 28% and profit expanded 48.1% YoY while gross debt was reported at 28 crore.

FY27-Q1. Revenue rose 19.3% and profit rose 34.8% as bed capacity reached 3,960 while network occupancy moderated to 56%.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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

Park Medi World Ltd earned ₹89.0 Cr of net profit in the Jun 26 quarter, +34.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹274 Cr. The 5-year compound rate is 7.9%. That is 18.7% of the quarter's revenue. The same quarter a year earlier earned ₹66.0 Cr.

Jun 26 profit was ₹89.0 Cr, +34.8% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹274 Cr (+27.4%), and the 5-year compound rate is 7.9%.

Why profit moved: revenue contributed +19.3% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +32.7% vs revenue +22.3%. 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.

FY26-Q4. Operating margin reached 28% and profit expanded 48.1% YoY while gross debt was reported at 28 crore.

FY27-Q1. Revenue rose 19.3% and profit rose 34.8% as bed capacity reached 3,960 while network occupancy moderated to 56%.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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 142% of Park Medi World Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹329 Cr of operating cash against ₹274 Cr of profit. After ₹567 Cr of capital spending, ₹−238 Cr was left as free cash.

FY26: operating cash of ₹329 Cr against reported profit of ₹274 Cr, leaving free cash of ₹−238 Cr after ₹567 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 142% of profit.

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

Why conversion sits at 142%: the cash cycle tightened 79 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 6.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Park Medi World Ltd's cash conversion cycle runs −2 days in FY26, down from 77 days in FY21. Capital spending ran ₹1,061 Cr over the last 3 years. At FY26 sales of ₹1,679 Cr each day of that cycle holds about ₹4.6 Cr, so roughly ₹−9.0 Cr sits inside the business at any moment.

FY26: debtors at 129 days, inventory at 4 days — roughly 0.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −2 days, tighter than FY21's 77.

The full loop: cash goes out to suppliers and production on day 0; stock waits 4 days to sell; customers pay about 129 days after that; and suppliers themselves are paid at 134 days — netting out to the −2-day cycle.

In money terms: at FY26 sales of ₹1,679 Cr, each day of the cycle holds about ₹4.6 Cr — so the −2-day loop keeps roughly ₹−9.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,061 Cr over the last 3 fiscal years against ₹170 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹123 Cr (FY26) — capacity paid for but not yet earning.

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

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.

Park Medi World Ltd earns a ROCE of 19% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 16.3% net margin on 0.60× asset turns.

FY26 ROCE is 19%.

Why the return is what it is — the wiring (FY26): 16.3% net margin × 0.60× asset turns × 1.38× balance-sheet leverage ≈ 13.5% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Park Medi World Ltd carries ₹364 Cr of borrowings against ₹2,022 Cr of equity in FY26, a debt-to-equity of 0.18. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹292 Cr to ₹364 Cr. Capital spending ran ₹1,061 Cr across the last 3 of those years.

FY26: borrowings of ₹364 Cr against equity of ₹2,022 Cr — a debt-to-equity of 0.18. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹292 Cr to ₹364 Cr while capital spending ran ₹1,061 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

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.

No holder of Park Medi World Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. Government healthcare schemes represented 77% of Q1 FY27 patient mix, with TPA at 10% and cash at 13%. CGHS rate revision started partial flow-through in Q1. Management indicated a 7%-7.5% FY27 benefit, with full implementation expected by Q2-Q3 as allied agencies implement revised rates.

The register over the last two years — .

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.

Park Medi World 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.

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.

Park Medi World Ltd trades at 43.4× P/E, at the pricey end of its own range (73rd percentile). Its long-run median P/E is 40.8×, measured across 0.8 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 43.4× is at the pricey end of its own range (73rd percentile), against a long-run median of 40.8× measured over 0.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

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

The PEG ratio, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 16% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: No read 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).

Park Medi World Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

56.6/100 — rank 3 of 3 in Hospitals/Medical Services · 35% evidence confidence · provisional, ranked below fully-evidenced peers

Park Medi World Ltd scores 56.6 out of 100 against the 3 companies it is compared with in Hospitals/Medical Services, ranking 3. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 16.6 + 20 + 10 + 10 = 56.6. 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.

Said versus delivered

What Park Medi World Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Narela Commissioning Delayed Without Explanation · 4 August 2026. Management targeted Narela for commissioning in Q2 FY'27 in May 2026, but the Aug 2026 call placed the project among additions scheduled for November and December 2026, effectively moving it into Q3 FY27. The latest call still describes the project as on track but does not explain the changed milestone, which affects the FY27 capacity and ramp-up model.

Kanpur Timing No Longer Clear · 4 August 2026. Kanpur was explicitly included in the FY27 bed expansion plan in both Jan 2026 and May 2026, but it is absent from the latest detailed commissioning schedule, which instead identifies Narela, Palam Vihar, and Zirakpur additions. Management said the plan was not cancelled and attributed the difference to new additions, but did not clarify whether Kanpur was deferred, replaced, or still included, leaving a material gap in the expansion roadmap.

🚨 FY26 Year-End Bed Capacity Target Missed · 13 May 2026. In the Jan 2026 call, management explicitly guided that FY26 would close with approximately 3,910 beds by adding 660 beds to the then-current 3,250-bed network, with the Panchkula greenfield (300 beds) set to commission in the first week of March 2026. The May 2026 call reveals FY26 ended at 3,610 beds as of March 31, 2026, approximately 300 beds short of guidance, because the Panchkula facility slipped into FY27 and was only commissioned on April 10, 2026. Management celebrated FY26 capacity addition as the largest single-year expansion in company history without acknowledging the miss relative to the Jan 2026 target.

🚨 ROCE and ROE Outlook Reversed Despite IPO Already Completed · 13 May 2026. In the Jan 2026 call, management described ROCE and ROE as strong in the 21% range and expected them to increase going forward. FY26 full-year actuals came in at ROCE 18% and ROE 20%, a meaningful step down from this characterization. In the May 2026 call, management attributed the shortfall to IPO-related equity infusion; however, the IPO had already been completed well before the Jan 2026 call - that call was itself described as the company's maiden post-IPO earnings call - making it difficult to accept IPO dilution as an explanation for a guidance miss on a factor that was fully known at the time the prior outlook was communicated.

Every quote above is taken word for word from the company’s own earnings calls.

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