Listed hospital groups running multi-specialty and super-specialty hospitals - beds, ICUs, operating theatres and doctors - across metros and tier-2 cities.
Apollo Hospitals EnterpriseOperator · HighListed
Max Healthcare InstituteOperator · HighListed
Manipal Health Enterprises (Manipal Hospitals)Operator · HighListed
Krishna Institute of Medical Sciences (KIMS Hospitals)Operator · HighListed
Jupiter Life Line HospitalsOperator · HighListed
Yatharth Hospital & Trauma Care ServicesOperator · HighListed
Paras HealthcareOperator · HighListed
Park Medi WorldOperator · HighListed
Yatharth Hospital & Trauma Care Services (YATHARTH)
NCR and western UP hospital chain (Noida, Greater Noida, Noida Extension, Faridabad, Jhansi, Agra) serving value-conscious and government-scheme patients
Price
₹1,027
snapshot 6 Nov 2026
Strengths
Fast bed growth through acquisitions of hospitals in tier-2 cities (Agra, Faridabad)
High share of CGHS/ECHS and scheme patients made it a direct gainer from the Oct 2025 CGHS rate revision
Low cost per bed versus metro chains
Risks
Lower ARPOB than metro super-specialty chains
Government receivables stretch working capital
Acquired hospitals need upgrading before they earn like the core units
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹9,885 Cr
Stock P/E
51.9x
Div Yield
0.05%
ROCE
12.9%
ROE
10.2%
P/B
5.3x
Revenue growth
+36.2%FY26
Profit growth
+29.8%FY26
Net margin
14.1%FY26
1Y vs Nifty
+31 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
375FY22
478FY23
635FY24
886FY25
1,207FY26
Stock price return · as of 6 Nov 2026
1Y price return
+29%
3Y CAGR
+40%
5Y CAGR
—
Trend78th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 13% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Owns or operates hospitals and turns beds into revenue: admits patients for surgery and complex care (cardiac, oncology, neuro, ortho, renal, transplants), runs outpatient clinics, in-house pharmacies and labs, and bills insurers, government schemes and cash patients. Most chains grow through brownfield bed additions, new greenfield hospitals and acquisitions of regional hospitals.
Why it matters
This is where most of India's healthcare spending is earned and where returns compound: a mature hospital fills its beds, raises its average revenue per occupied bed (ARPOB) with high-acuity work and earns 25%+ EBITDA margins with little extra capital. Listed chains hold only about a fifth of the market (Crisil), so they keep taking share from standalone and trust hospitals.
Where the value pool sits
Crisil (in the Manipal RHP) sizes healthcare delivery at ~₹7L Cr in FY25, growing 10-12% a year to ₹11.2-12.2L Cr by FY30, with inpatient care at 71-72% of value. ICRA (Jul 2026) expects its listed sample to grow revenue 13-15% in FY27 on 6-8% ARPOB growth. Mature metro hospitals earn 25-30% EBITDA margins; new hospitals lose money for 2-3 years before breaking even.
Key drivers
Low bed density - about 16 beds per 10,000 people (Crisil), far below global norms
Insurance penetration and GST-free retail health policies (Sep 2025) widen the paying base
CGHS rate revision (Oct 2025) and PM-JAY expansion to everyone aged 70+ (Oct 2024)
Shift to high-acuity specialties (oncology, transplants, robotic surgery) and medical tourism