Hospital & Healthcare Services · Founded 1988 · https://www.apollohospitals.com/ · BSE 532150 · NSE INDRAPRAST · ISIN INE681B01017
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Business
Indraprastha Medical Corporation Ltd. (INDRAMEDCO) operates in the hospital and healthcare services sector. Its core business involves providing comprehensive medical care through its hospital facilities. The company primarily generates revenue by offering a wide range of medical services, including inpatient and outpatient consultations, diagnostic services, surgical procedures across various specialties, emergency care, and pharmacy sales. Its business model focuses on delivering quality healthcare to patients, leveraging medical professionals, advanced infrastructure, and technology.
Revenue Mix
As a hospital and healthcare services company, INDRAMEDCO's revenue largely stems from its hospital operations. While specific revenue breakdowns are not available, typical segments for a multi-specialty hospital include:
Inpatient Services: Revenue from patient admissions, room charges, surgical fees, intensive care, and specialized medical procedures.
Outpatient Services: Income from doctor consultations, routine check-ups, follow-up visits, and minor day-care procedures.
Diagnostic Services: Revenue generated from pathology, radiology (X-rays, MRI, CT scans), and other diagnostic tests.
Pharmacy & Ancillary Services: Sales of medicines, medical supplies, and other related services within the hospital premises.
The primary contribution to revenue for such a setup usually comes from inpatient services and complex surgeries.
Industry
The Indian hospital and healthcare services industry is characterized by strong demand, driven by a large and growing population, rising disposable incomes, increased health awareness, and expanding health insurance penetration. It is a fragmented market with a mix of large corporate hospital chains, standalone private hospitals, and public sector facilities. Indraprastha Medical Corporation Ltd., given its name (Indraprastha referring to the Delhi region), is likely positioned as a well-established, multi-specialty hospital group, potentially with a significant presence and brand recall in the Delhi-NCR region. It competes with other regional private hospitals and larger national hospital chains on factors like doctor quality, range of services, technology, and patient experience.
MOAT
INDRAMEDCO's potential competitive advantages include:
Brand Reputation & Trust: A long-standing presence and consistent delivery of quality healthcare can build significant patient trust and brand reputation within its target geographical area.
Doctor Talent & Expertise: The ability to attract and retain highly skilled and reputed medical professionals across various specialties is crucial for a hospital's success.
Established Referral Networks: Over time, strong relationships with referring physicians and clinics can create a steady stream of patients.
Strategic Location: Its hospital location(s) can offer convenience and accessibility to a large patient base.
Comprehensive Service Offering: Providing a wide range of medical services under one roof can be attractive to patients seeking holistic care.
Growth Drivers
Increasing Healthcare Demand: India's growing population, rising incidence of chronic diseases, and greater affordability are fundamental drivers.
Medical Tourism: Delhi-NCR is a hub for medical tourism, which can attract international patients seeking specialized treatments.
Expansion & Capacity Addition: Organic growth through increasing bed capacity, adding new medical specialties, or acquiring/setting up new facilities.
Technological Advancement: Adoption of advanced medical technologies and procedures can attract more patients and improve treatment outcomes.
Health Insurance Penetration: Growing coverage from public and private health insurance schemes makes quality healthcare more accessible to a wider demographic.
Risks
Intense Competition: The presence of numerous domestic and international hospital chains can lead to pricing pressures and a fight for talent.
Regulatory & Pricing Risks: Government interventions in healthcare pricing (e.g., caps on procedure costs, medicine prices) or changes in healthcare policies can impact profitability.
Talent Attrition & Retention: Difficulty in attracting and retaining highly skilled doctors, nurses, and allied healthcare professionals can impact service quality and operational efficiency.
High Capital Expenditure: Setting up and expanding hospital infrastructure, as well as upgrading medical equipment, requires significant capital investment.
Medical Malpractice & Litigation Risks: The inherent nature of medical services exposes hospitals to potential malpractice claims and legal challenges.
Technological Obsolescence: Rapid advancements in medical technology necessitate continuous investment to remain competitive.
Management & Ownership
As a "Corporation Ltd." and publicly listed entity (implied by ticker), ownership typically involves promoters (founding family or significant shareholders), institutional investors, and public shareholders. Specific details about the promoter group's background and the management team's experience would require a review of their annual reports and corporate filings. However, in the hospital sector, experienced management with a strong understanding of healthcare operations, patient care, and regulatory environments is crucial for sustained success.
Outlook
The outlook for Indraprastha Medical Corporation Ltd. is tied to the robust growth trajectory of the Indian healthcare sector. Strong underlying demand, increasing affordability, and a rising focus on quality healthcare present significant opportunities for established players. The company's likely strong regional presence and brand reputation could allow it to benefit from these trends. However, the business operates in a highly competitive, capital-intensive, and regulated environment. Key challenges include managing pricing pressures, continuous investment in technology and infrastructure, attracting and retaining top medical talent, and navigating evolving regulatory landscapes. Success will depend on its ability to maintain high service quality, optimize operational efficiency, and strategically expand its offerings while effectively managing costs and competitive dynamics.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 315 | 348 | 350 | 325 | 334 | 365 | 381 | 372 | 365 | 406 |
| Other Income | 5 | 5 | 6 | 5 | 6 | 7 | 7 | 7 | 7 | 8 |
| Total Income | 320 | 353 | 356 | 330 | 340 | 372 | 388 | 379 | 372 | 415 |
| Total Expenditure | 266 | 281 | 286 | 273 | 272 | 292 | 310 | 310 | 304 | 326 |
| Operating Profit | 53 | 72 | 70 | 57 | 68 | 80 | 79 | 69 | 68 | 88 |
| Interest | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 1 | 1 | 2 |
| Depreciation | 10 | 11 | 11 | 11 | 11 | 10 | 11 | 11 | 11 | 12 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 42 | 60 | 57 | 45 | 55 | 68 | 66 | 56 | 55 | 75 |
| Provision for Tax | 10 | 15 | 15 | 12 | 14 | 17 | 17 | 15 | 13 | 19 |
| Profit After Tax | 31 | 45 | 42 | 33 | 41 | 51 | 49 | 41 | 42 | 56 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 31 | 45 | 42 | 33 | 41 | 51 | 49 | 41 | 42 | 56 |
| Adjusted Earnings Per Share | 3.4 | 4.9 | 4.6 | 3.6 | 4.5 | 5.6 | 5.4 | 4.5 | 4.5 | 6.1 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 755 | 766 | 753 | 788 | 831 | 613 | 888 | 1099 | 1245 | 1356 | 1483 | 1524 |
| Other Income | 2 | 0 | 1 | 0 | 1 | 1 | 3 | 10 | 17 | 23 | 29 | 29 |
| Total Income | 758 | 766 | 753 | 789 | 831 | 614 | 891 | 1109 | 1262 | 1379 | 1511 | 1554 |
| Total Expenditure | 676 | 687 | 680 | 707 | 744 | 573 | 774 | 948 | 1051 | 1112 | 1216 | 1250 |
| Operating Profit | 81 | 79 | 74 | 81 | 87 | 41 | 117 | 161 | 210 | 267 | 296 | 304 |
| Interest | 7 | 8 | 9 | 7 | 6 | 3 | 3 | 4 | 4 | 6 | 6 | 6 |
| Depreciation | 35 | 31 | 31 | 30 | 33 | 33 | 35 | 39 | 40 | 44 | 44 | 45 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 39 | 41 | 34 | 45 | 48 | 4 | 79 | 117 | 166 | 216 | 246 | 252 |
| Provision for Tax | 14 | 15 | 13 | 16 | 5 | 2 | 20 | 31 | 42 | 55 | 62 | 64 |
| Profit After Tax | 24 | 26 | 21 | 28 | 44 | 2 | 59 | 86 | 124 | 161 | 184 | 188 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 24 | 26 | 21 | 28 | 44 | 2 | 59 | 86 | 124 | 161 | 184 | 188 |
| Adjusted Earnings Per Share | 2.7 | 2.9 | 2.3 | 3.1 | 4.8 | 0.3 | 6.4 | 9.4 | 13.5 | 17.6 | 20 | 20.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 11% | 19% | 7% |
| Operating Profit CAGR | 11% | 23% | 48% | 14% |
| PAT CAGR | 14% | 29% | 147% | 23% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -26% | 25% | 34% | 20% |
| ROE Average | 27% | 29% | 26% | 18% |
| ROCE Average | 38% | 40% | 36% | 25% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 224 | 231 | 232 | 244 | 268 | 273 | 325 | 379 | 478 | 597 | 740 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 0 | 21 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 44 | 42 | 41 | 39 | 42 | 43 | 43 | 46 | 80 | 76 | 81 |
| Total Current Liabilities | 191 | 186 | 138 | 124 | 140 | 116 | 94 | 130 | 165 | 179 | 170 |
| Total Liabilities | 460 | 458 | 432 | 422 | 449 | 432 | 462 | 555 | 723 | 852 | 991 |
| Fixed Assets | 301 | 296 | 294 | 280 | 303 | 283 | 277 | 275 | 347 | 328 | 365 |
| Other Non-Current Assets | 7 | 5 | 5 | 7 | 5 | 7 | 26 | 57 | 68 | 92 | 210 |
| Total Current Assets | 152 | 158 | 133 | 136 | 141 | 141 | 159 | 223 | 308 | 431 | 417 |
| Total Assets | 460 | 458 | 432 | 422 | 449 | 432 | 462 | 555 | 723 | 852 | 991 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 2 | 2 | 3 | 17 | 20 | 25 | 42 | 52 | 62 | 61 |
| Cash Flow from Operating Activities | 62 | 28 | 48 | 75 | 86 | 27 | 94 | 144 | 200 | 157 | 167 |
| Cash Flow from Investing Activities | -33 | -22 | -30 | -17 | -40 | -19 | -74 | -108 | -158 | -111 | -178 |
| Cash Flow from Financing Activities | -30 | -5 | -17 | -44 | -43 | -3 | -3 | -26 | -32 | -46 | -46 |
| Net Cash Inflow / Outflow | -0 | -0 | 1 | 14 | 4 | 5 | 17 | 11 | 9 | -0 | -57 |
| Closing Cash & Cash Equivalent | 2 | 2 | 3 | 17 | 20 | 25 | 42 | 52 | 62 | 61 | 5 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.67 | 2.86 | 2.3 | 3.1 | 4.76 | 0.25 | 6.39 | 9.4 | 13.52 | 17.56 | 20.03 |
| CEPS(Rs) | 6.52 | 6.19 | 5.65 | 6.35 | 8.36 | 3.89 | 10.21 | 13.68 | 17.89 | 22.4 | 24.79 |
| DPS(Rs) | 1.8 | 1.8 | 1.5 | 1.6 | 0 | 0 | 2.5 | 3 | 4.5 | 4.5 | 4 |
| Book NAV/Share(Rs) | 24.41 | 25.18 | 25.34 | 26.62 | 29.21 | 29.75 | 35.5 | 41.39 | 52.12 | 65.09 | 80.76 |
| Core EBITDA Margin(%) | 10.51 | 10.29 | 9.67 | 10.25 | 10.4 | 6.57 | 12.87 | 13.72 | 15.53 | 18.01 | 18 |
| EBIT Margin(%) | 6.11 | 6.36 | 5.7 | 6.53 | 6.51 | 1.24 | 9.29 | 11.06 | 13.67 | 16.41 | 17 |
| Pre Tax Margin(%) | 5.13 | 5.33 | 4.52 | 5.66 | 5.8 | 0.7 | 8.9 | 10.67 | 13.35 | 15.95 | 16.59 |
| PAT Margin (%) | 3.23 | 3.43 | 2.8 | 3.6 | 5.25 | 0.38 | 6.6 | 7.84 | 9.96 | 11.87 | 12.39 |
| Cash Profit Margin (%) | 7.91 | 7.41 | 6.88 | 7.38 | 9.22 | 5.81 | 10.53 | 11.42 | 13.18 | 15.14 | 15.33 |
| ROA(%) | 5.42 | 5.71 | 4.74 | 6.65 | 10.01 | 0.53 | 13.12 | 16.94 | 19.39 | 20.45 | 19.93 |
| ROE(%) | 11.68 | 11.55 | 9.11 | 11.93 | 17.05 | 0.86 | 19.6 | 24.44 | 28.92 | 29.97 | 27.47 |
| ROCE(%) | 17.72 | 16.98 | 14.4 | 18.29 | 20.15 | 2.8 | 27.58 | 34.46 | 39.7 | 41.43 | 37.7 |
| Receivable days | 39.26 | 43.64 | 44.32 | 37.2 | 34.13 | 43.6 | 22.76 | 18.54 | 18.57 | 18.01 | 23.1 |
| Inventory Days | 5.32 | 4.65 | 4.62 | 4.04 | 4.48 | 6.19 | 3.85 | 3.06 | 2.34 | 1.95 | 1.83 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 19.49 | 18.53 | 20.98 | 12.37 | 7.13 | 211.45 | 9.14 | 8.27 | 12.7 | 21.98 | 18.55 |
| Price/Book(x) | 2.13 | 2.11 | 1.91 | 1.44 | 1.16 | 1.81 | 1.65 | 1.88 | 3.3 | 5.93 | 4.6 |
| Dividend Yield(%) | 3.46 | 3.39 | 3.11 | 4.17 | 0 | 0 | 4.28 | 3.86 | 2.62 | 1.17 | 1.08 |
| EV/Net Sales(x) | 0.69 | 0.71 | 0.66 | 0.44 | 0.35 | 0.76 | 0.53 | 0.53 | 1.08 | 2.37 | 2.12 |
| EV/Core EBITDA(x) | 6.41 | 6.9 | 6.8 | 4.31 | 3.34 | 11.36 | 3.98 | 3.63 | 6.42 | 12.05 | 10.63 |
| Net Sales Growth(%) | 5.74 | 1.36 | -1.71 | 4.72 | 5.4 | -26.17 | 44.8 | 23.7 | 13.29 | 8.97 | 9.3 |
| EBIT Growth(%) | -19.92 | 5.53 | -11.94 | 20.02 | 5.08 | -85.9 | 981 | 47.26 | 40.1 | 30.8 | 13.23 |
| PAT Growth(%) | -24.8 | 7.42 | -19.59 | 34.64 | 53.54 | -94.66 | 2415.88 | 46.96 | 43.89 | 29.87 | 14.06 |
| EPS Growth(%) | -24.8 | 7.42 | -19.59 | 34.64 | 53.54 | -94.66 | 2415.62 | 46.96 | 43.89 | 29.87 | 14.06 |
| Debt/Equity(x) | 0.23 | 0.29 | 0.28 | 0.09 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 0.8 | 0.85 | 0.96 | 1.09 | 1.01 | 1.22 | 1.7 | 1.72 | 1.86 | 2.41 | 2.46 |
| Quick Ratio(x) | 0.75 | 0.8 | 0.89 | 1.03 | 0.93 | 1.14 | 1.59 | 1.66 | 1.82 | 2.37 | 2.41 |
| Interest Cover(x) | 6.22 | 6.16 | 4.82 | 7.49 | 9.14 | 2.28 | 24.19 | 28.38 | 41.91 | 35.5 | 41.87 |
| Total Debt/Mcap(x) | 0.11 | 0.14 | 0.15 | 0.06 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
| FII | 1.08 | 1.7 | 2.64 | 2.88 | 2.94 | 2.72 | 2.41 | 2.73 | 2.44 | 2.77 |
| DII | 4.91 | 3.15 | 3.2 | 3.19 | 3.56 | 3.56 | 3.51 | 0.83 | 0.87 | 0.59 |
| Public | 43.01 | 44.15 | 43.16 | 42.93 | 42.51 | 42.72 | 43.08 | 45.44 | 45.69 | 45.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 |
| FII | 0.1 | 0.16 | 0.24 | 0.26 | 0.27 | 0.25 | 0.22 | 0.25 | 0.22 | 0.25 |
| DII | 0.45 | 0.29 | 0.29 | 0.29 | 0.33 | 0.33 | 0.32 | 0.08 | 0.08 | 0.05 |
| Public | 3.94 | 4.05 | 3.96 | 3.94 | 3.9 | 3.92 | 3.95 | 4.17 | 4.19 | 4.18 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +9% | +11% | +19% | +7% |
| Operating Profit CAGR | +11% | +23% | +48% | +14% |
| PAT CAGR | +14% | +29% | +147% | +23% |
| Share Price CAGR | -26% | +25% | +34% | +20% |
| ROE Average | +27% | +29% | +26% | +18% |
| ROCE Average | +38% | +40% | +36% | +25% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
| FII | 1.08 | 1.7 | 2.64 | 2.88 | 2.94 | 2.72 | 2.41 | 2.73 | 2.44 | 2.77 |
| DII | 4.91 | 3.15 | 3.2 | 3.19 | 3.56 | 3.56 | 3.51 | 0.83 | 0.87 | 0.59 |
| Public | 43.01 | 44.15 | 43.16 | 42.93 | 42.51 | 42.72 | 43.08 | 45.44 | 45.69 | 45.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 | 4.68 |
| FII | 0.1 | 0.16 | 0.24 | 0.26 | 0.27 | 0.25 | 0.22 | 0.25 | 0.22 | 0.25 |
| DII | 0.45 | 0.29 | 0.29 | 0.29 | 0.33 | 0.33 | 0.32 | 0.08 | 0.08 | 0.05 |
| Public | 3.94 | 4.05 | 3.96 | 3.94 | 3.9 | 3.92 | 3.95 | 4.17 | 4.19 | 4.18 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 | 9.17 |
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