Indraprastha Medical Corporation’s Q2 revenue/EBITDA/PAT rose 9/12/17% y/y. The EBITDA margin rose 50bps y/y to 18.7% (vs. ARe of 19.3%), on improved volume and prices. Highlights: (a) ARPOB up 7% y/y/1% q/q to Rs71,596/day, (b) higher occupancy of 77% vs. 76%/72% in Q1 FY26/Q2 FY25, (c) in-patient footfalls up 3% y/y and q/q to 17,009, and (d) 20% y/y rise international patient revenue to Rs785m.
OutlookWe retain a BUY rating on the stock with a revised TP of Rs690 (from Rs590 earlier), valuing it at 17x FY28e EBITDA (based on 16x 1H FY28), led by better assurance of key events (SC ruling on EWS followed by stake sale by the Delhi Govt.).
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