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ICICI Securities Report
ICICI Securities remains constructive on the healthcare sector after hospitals under its coverage delivered a strong 17.8% YoY revenue growth and 25.1% YoY Ebitda expansion in Q3 FY26. The performance was supported by healthy improvement in average revenue per occupied bed, which rose 5–21% YoY (excluding Healthcare Global), driven by a superior case mix, higher surgical contribution, and calibrated price hikes.
However, capacity additions and seasonal factors weighed on occupancy levels at KIMS, Jupiter Lifeline, and Apollo Hospitals, while Fortis sustained steady utilisation through the quarter.
Looking ahead, Jupiter Lifeline is set to commercialise its Dombivli hospital in Q4 FY26, enhancing its regional footprint. Apollo Hospitals and KIMS are expected to add 1,585 beds and 1,700 beds, respectively, by the end of FY27, underpinning their medium-term growth visibility.
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The diagnostics segment also posted a strong quarter, reporting 16.9% revenue growth and 24.8% Ebitda growth YoY. Metropolis Healthcare led the sector with an impressive ~26% YoY revenue uptick, driven by 15% organic growth and contributions from recently acquired entities. Thyrocare reported 20% organic YoY growth in its pathology vertical.
Despite inflationary pressures, diagnostic chains refrained from taking significant price hikes and instead focused on network expansion, improved reach, and operational efficiencies to sustain volume-led growth.
ICICI Securities highlighted Fortis Healthcare, Metropolis Healthcare, and Thyrocare Technologies as its top picks within the sector, citing strong operating momentum, execution visibility, and favorable demand trends.
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