Buy Krishna Institute of Medical Sciences; target of Rs 1660: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Krishna Institute of Medical Sciences

Our FY24E and FY25E EBITDA estimates broadly remain unchanged. Krishna Institute of Medical Sciences (KIMS) Q3 operating performance was in-line with our estimate with EBIDTA growth of 17% YoY (down 5% QoQ) to Rs1.5bn. Company’s robust cost control, low capital intensive set-up and value accretive acquisitions have ensured good profitability in past (with EBIDTA growth of 40% CAGR over FY18-22). Also recent acquisitions of Sunshine, Nashik and Nagpur are value accretive which will continue to aid growth momentum, in our view. We expect 17% EBITDA CAGR over FY23-25E with best in class return ratios of 22%/28% RoE/ RoCE.

Outlook

We maintain our ‘Buy’ rating with TP of Rs1,660/share based on 20x EV/EBITDA. At CMP, stock is trading at valuations of 17x EV/EBITDA (adj for IND AS and partner’s stake) and 26x P/E on FY25E.

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Krishna Institute of Medical Sciences - 14 -02 - 2023 - prabhu