KIMS
Large CapKrishna Institute of Medical Sciences Limited
Pharma
Krishna Institute of Medical Sciences Limited (KIMS) is a multi-specialty healthcare provider operating across Telangana, Andhra Pradesh, Maharashtra, Karnataka, and Kerala. It focuses on providing affordable quality care, advanced medical technology, and a wide range of clinical specialties.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/3 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -69% YoY · margin compression · Rev +35% YoY · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,075 Cr | +34.9% | +7.7% |
| EBITDA | ₹206 Cr | +4.0% | +3.5% |
| Operating margin | 19.0% | -600 bps | -100 bps |
| PAT | ₹33 Cr | -68.9% | -36.5% |
| PAT margin | 3.1% | -1023 bps | -214 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
KIMS reports robust FY26 revenue growth of 28.6% YoY, driven by strong IP/OP volume and ARPOB. However, EBITDA growth slowed to 1.6% YoY, and PAT declined 41.7% YoY, primarily due to lower margins from new hospital ramp-ups in Maharashtra, Kerala, and Karnataka.
While KIMS continues to expand its footprint and grow revenue, the significant compression in profitability is a concern. The EBITDA margin dropped from 26.6% to 21.1%, and PAT margin from 13.5% to 6.2%. The ability to integrate and scale new, currently loss-making units in Maharashtra, Kerala, and Karnataka to group-level profitability will be critical for thesis validation.
Strategic Doctor Partnerships
Building long-term alignment through equity participation, fostering ownership, retention, and clinical excellence.
Regional Market Leadership Strategy
Focused expansion to establish dominant presence in target geographies and accelerate new business growth.
Advanced Medical Technology
Delivering high-quality care through cutting-edge medical technology, including robotic surgical systems and specialized procedures.
Bed Capacity Expansion
Adding 1300+ beds through Green Field, Acquisitions & O&M opportunities.
Overall Bed Capacity Increase
Total bed capacity increased to 6,464 in FY26 from 5,179 in FY25.
Planned Bed Additions (2026)
Planned additions include Thane (300 beds), Kollam (320 beds), Mahadevapura (450 beds), Kondapur II (800 beds), Palakkad (210 beds), Electronic City (350 beds), Chennai (300 beds), and O&M units in Guntur Chakra (100 beds) and Kompally (200 beds).
Sustained Revenue Growth
Achieved 25%+ CAGR in Revenue over the past 3 years, reflecting sustained operational excellence.
Successful Acquisition Turnarounds
Successfully turned around EBITDA from single-digit % to double-digit % post-integration for recent acquisitions.
New Unit Profitability Drag
Maharashtra cluster EBITDA % was (0.9%), Kerala 4.6%, and Karnataka (88.8%) in FY26, significantly below group average.
Low Occupancy in New Regions
Occupancy rates in FY26 were 39.8% for Kerala and 21.6% for Karnataka, indicating ramp-up challenges.
Integration and Ramp-up Risk
The significant number of new bed additions and acquisitions poses a risk to successful integration and achieving profitability targets.
Margin Dilution from Expansion
Rapid expansion into new geographies with lower initial occupancy and ARPOB can continue to dilute overall group EBITDA and PAT margins.
Doctor Retention and Clinical Excellence
Maintaining strong doctor partnerships and clinical outcomes across a rapidly expanding network is crucial for brand reputation and patient volumes.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The provided document presents audited financial results for the full financial year (FY24, FY25, FY26). Hospital operations are not typically subject to strong quarterly seasonality, making year-over-year comparisons more appropriate for assessing annual performance trends.
Operating Revenue Growth
Operating Revenue increased to Rs 39,046 Million in FY26, up 28.6% YoY from Rs 30,351 Million in FY25.
EBITDA Growth
EBITDA grew to Rs 8,282 Million in FY26, a modest 1.6% YoY increase from Rs 8,148 Million in FY25.
EBITDA Margin
EBITDA as a percentage of Total Revenue declined to 21.1% in FY26, from 26.6% in FY25.
PAT Growth
PAT decreased to Rs 2,420 Million in FY26, a decline of 41.7% YoY from Rs 4,148 Million in FY25.
Vision for Affordable Quality Care
To be the most preferred healthcare services brand by providing affordable care and best clinical outcomes to patients.
Strategic Levers for Expansion
Strategic levers, including adding 1300+ beds, underpin the next phase of expansion.
Technology Adoption
Passionate about using technology to enhance patient experience and clinical care, such as AI for surgery costings.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Group EBITDA Margin | 21.1% in FY26 | Improvement towards historical levels as new units mature and achieve better utilization. |
| Occupancy Rates in New Regions (Maharashtra, Kerala, Karnataka) | Maharashtra 52.1%, Kerala 39.8%, Karnataka 21.6% in FY26 | Significant ramp-up in occupancy rates to drive profitability in these clusters. |
| ARPOB Growth Across Clusters | Group ARPOB +14.0% YoY in FY26 | Sustained ARPOB growth across all regions, especially in newer, lower-ARPOB clusters, to improve revenue realization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Consolidated EBITDA margin is expected to continue at about 27% to 30%.
"we will continue to do about 27%, 30% kind of EBITDA margin over the next at least say, 2 or 3 years."
Outcome check: OPM moved from 21.0% to average 19.5% (-1.5 pp).
Core clusters like Telangana and Andhra Pradesh are expected to sustain an EBITDA margin of 25% to 30%.
"ensuring that this margin trajectory remains there."
Outcome check: OPM moved from 21.0% to average 19.5% (-1.5 pp).
Average revenue per occupied bed (ARPOB) is expected to increase from the current INR40,000-INR43,000 to almost INR50,000, driven by the scaling up of Maharashtra (Thane) and Bangalore markets.
"it can go up from the current INR40,000 to INR43,000 to almost INR50,000 over the next 8 quarters."
Outcome check: Revenue YoY averaged 32.1% across 2 later quarter(s).
Trend score and candlestick chart
55NeutralSMA20 +13.5% / mo · near 52W high
Technical chart
KIMSweekly · 6M+18.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 60.
- RSI(14) at 60 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 4% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 10/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -971.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 67th percentile of the scored universe and 57th percentile within Pharma. Main check: financial discipline is weak at 38/100.
Healthy Trust: 3/3 extracted management claims have outcome checks; 33% were fully delivered and 2 were partially delivered.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 57th pctile, median 70 · Large: 43rd pctile, median 74
3/3 claims checked. Use as directional, not final.
3/3 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.89.
- ▸ROCE trend is -4.4%.
- ▸Revenue CAGR is 21% but EPS CAGR is -9%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 129.00
- P/B
- 14.25
- EV/EBITDA
- 33.44
- Market Cap
- 32029.00Cr
Profitability
- ROE
- 11.30%
- ROCE
- 9.29%
- ROA
- 3.12%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 1.89
- Interest Coverage
- 3.97×
- Altman Z
- 4.83
- Book Value
- 56.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 511.00 Cr
- EPS TTM
- 6.03
Shareholding
- Promoter Hold
- 34.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 96%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.