Park Medi World Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Park Medi World Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Park Medi World reported FY26 revenue of Rs 1,679 crores, up 21% year-on-year, with EBITDA of Rs 444 crores and PAT of Rs 274 crores, up 20% and 27% respectively. The company added 610 beds during the year, taking capacity from 3,000 to 3,610 beds, and management said it plans to reach 5,460 beds by March 2028. Management also discussed occupancy, ARPOB, payor mix trends, CGHS rate revisions, and expansion plans into Uttar Pradesh during the call.
Numbers mentioned
Revenue: INR1,679 crores (FY26)
p. 3
“we recorded our highest revenue of INR1,679 crores and year-on-year growth of 21%”
Ankit Gupta, page 3 of the filed PDF · View the filing
EBITDA: INR444 crores (FY26)
p. 3
“Our EBITDA stood at INR444 crores, which is up 20% on year-on-year basis”
Ankit Gupta, page 3 of the filed PDF · View the filing
PAT: INR274 crores (FY26)
p. 3
“PAT was INR274 crores, translating to an year-on-year growth of 27%”
Ankit Gupta, page 3 of the filed PDF · View the filing
ROCE: 18% (FY26)
p. 3
“Our FY’26 year-end ROCE and ROE figures were 18% and 20% respectively”
Ankit Gupta, page 3 of the filed PDF · View the filing
Bed capacity: 3,610 beds (as of March 31, 2026)
p. 4
“taking our network from 3,000 beds at the start of year to 3,610 beds as of 31st March 2026”
Ankit Gupta, page 4 of the filed PDF · View the filing
Revenue: INR460 crores (Q4 FY26)
p. 5
“The total revenue of for Q4 FY26 stood at INR460 crores and we registered a growth of 30% year-on-year”
Rajesh Sharma, page 5 of the filed PDF · View the filing
Operating EBITDA: INR127 crores (Q4 FY26)
p. 5
“Operating EBITDA, excluding other income, came in at INR127 crores, up 44% as compared to last year”
Rajesh Sharma, page 5 of the filed PDF · View the filing
PAT: INR77 crores (Q4 FY26)
p. 5
“Profit after tax for the quarter was INR77 crores and we registered a growth of 47% year-on-year”
Rajesh Sharma, page 5 of the filed PDF · View the filing
Network occupancy: 62.5% (Q4 FY26)
p. 4
“Network occupancy for Q4 FY’26 stood at 62.5% compared to 59.4% in Q4 FY’25”
Sanjay Sharma, page 4 of the filed PDF · View the filing
IPD volume: 95,525 patients (FY26)
p. 4
“IPD volume stood at 95,525, up 18% year-on-year, and the highest in any year in our history”
Sanjay Sharma, page 4 of the filed PDF · View the filing
Gross term debt: INR28 crores (as of March 31, 2026)
p. 6
“our gross term debt stood at a standard negligible INR28 crores on a consolidated basis as against INR450 crores in FY’25”
Rajesh Sharma, page 6 of the filed PDF · View the filing
Debtor days: 129 days (FY26)
p. 6
“Debtor days have reduced significantly from 161 days in FY’25 to 129 days in FY’26”
Rajesh Sharma, page 6 of the filed PDF · View the filing
Operating cash flow: INR329 crores (FY26)
p. 6
“Operating cash flow for FY’26 was INR329 crores”
Rajesh Sharma, page 6 of the filed PDF · View the filing
ARPOB: INR28,000 (FY26)
p. 7
“if I talk about the financial year as compared to FY’25, so FY’25 we were at INR26,200. That grown to INR28,000”
Rajesh Sharma, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Bed capacity — 5,460 beds · March 2028
stated firmly by Ankit Gupta
p. 4
“This gives us full funding visibility of our stated growth plan to reach 5,460 bed capacity by March 28.”
Ankit Gupta, page 4 of the filed PDF · View the filing
Narela hospital commissioning — Q2 FY27
stated as an aspiration by Ankit Gupta
p. 4
“We are aiming to commission this unit during Q2 FY’27.”
Ankit Gupta, page 4 of the filed PDF · View the filing
CGHS revenue impact — 7% to 7.5% · nine months of FY27
stated conditionally by Sanjay Sharma
p. 9
“we are for nine months coming in FY’27, we see an appreciation of about 7%, 7.5%”
Sanjay Sharma, page 9 of the filed PDF · View the filing
CGHS net revenue impact — 5% to 6%
stated conditionally by Sudesh Sharma
p. 10
“we believe looking at our payor mix on the total revenue, the net impact will be on a conservative basis maybe in the proximity of 5% to 6%”
Sudesh Sharma, page 10 of the filed PDF · View the filing
Payor mix (government insurance share) — 70% · end of FY27
stated as an aspiration by Sanjay Sharma
p. 11
“currently we are looking at by the end of this financial year, hopefully that percentage will be 65% coming from government insurance, it should be of 70% coming from government insurance”
Sanjay Sharma, page 11 of the filed PDF · View the filing
Payor mix stabilization — 70-30 split · 12-18 months
stated as an aspiration by Sudesh Sharma
p. 11
“We believe this will stabilize in 70-30 split band, in due course of time, maybe 12 months, 18 months thereabouts.”
Sudesh Sharma, page 11 of the filed PDF · View the filing
Capex FY27 — INR55 crores · FY27
stated firmly by Rajesh Sharma
p. 20
“So for the current year, we plan do the capex close to INR55 crores.”
Rajesh Sharma, page 20 of the filed PDF · View the filing
Capex FY28 — INR250 crores · FY28
stated firmly by Rajesh Sharma
p. 20
“and together -- that, together we are expecting close to INR250 crores of capex in FY28.”
Rajesh Sharma, page 20 of the filed PDF · View the filing
Total capex next two years — INR500 crores · next two years
stated firmly by Rajesh Sharma
p. 14
“The total capex for next two years, two years is close to INR500 crores.”
Rajesh Sharma, page 14 of the filed PDF · View the filing
Bed capacity long term — nearly 10,000 plus beds · FY28 to FY33
stated as an aspiration by Sanjay Sharma
p. 20
“But in future aspect which you have asked, between FY’28 to FY’33, we are hoping that we'll probably be able to double this strength of 5,460 to nearly 10,000 plus.”
Sanjay Sharma, page 20 of the filed PDF · View the filing
Debtor days — less than 100 days
stated conditionally by Rajesh Sharma
p. 19
“But what we are expecting by maybe current year or maybe by next year, the way government is focusing on, they may bring down to less than 100 days.”
Rajesh Sharma, page 19 of the filed PDF · View the filing
Rohtak Greenfield facility — 250 beds · January 2028
stated firmly by Sanjay Sharma
p. 10
“Rohtak will be coming in January 2028, 250 beds.”
Sanjay Sharma, page 10 of the filed PDF · View the filing
Bed additions FY27 — 850 beds · FY27
stated firmly by Sanjay Sharma
p. 18
“We are looking at 850-bed expansion in this coming financial year, out of which 350-bed have already come in Panchkula, 200 would be coming in Narela, Delhi, and 300 would be coming in Kanpur.”
Sanjay Sharma, page 18 of the filed PDF · View the filing
Bed additions FY28 — 1,000 beds · FY28
stated firmly by Sanjay Sharma
p. 18
“FY’28 we will be adding 1,000 beds, which will be coming 400 from Gorakhpur, 200 would be coming from Ambala extension in the oncology department, 150 would be coming from Mohali expansion, and 250 Greenfield will be coming from Rohtak.”
Sanjay Sharma, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the margin expansion primarily to higher occupancy at existing hospitals.
Answered by Rajesh Sharma
Asked by Dikshant Gupta: What drove the margin expansion in Q4 - occupancy, CGHS, or case mix?
p. 7
“Yes, Dikshant, this is mainly because of high occupancy.”
Rajesh Sharma, page 7 of the filed PDF · View the filing
Management said the provision created was close to INR200 crores.
Answered by Rajesh Sharma
Asked by Vivek: What provision has the company created for receivables in FY26?
p. 8
“The number is close to INR200 crores, the provision that we made on 31st March 2026.”
Rajesh Sharma, page 8 of the filed PDF · View the filing
Management explained Greenfield hospitals take longer to break even than acquired/Brownfield units, which can become profitable within the first month.
Answered by Rajesh Sharma
Asked by Vivek: What is the cost structure and break-even timeline for Greenfield versus acquired hospitals?
p. 9
“Greenfield historically we have seen that take about four to six months' time to get the break-even.”
Rajesh Sharma, page 9 of the filed PDF · View the filing
Management estimated a conservative net revenue impact of 5-6% and said the additional resources would fund technology upgrades rather than flow entirely to margin.
Answered by Sudesh Sharma
Asked by Anshul: How will the CGHS rate hike affect FY27 numbers?
p. 10
“we believe that this additional resources that this business will generate, if you think about it as a part of business model, which will enable us to continue deploying capital in upgradation of technology and expanding going forward”
Sudesh Sharma, page 10 of the filed PDF · View the filing
Management said Bathinda and Agra units are already contributing positively and expects Agra to add to revenue without hurting EBITDA margin materially.
Answered by Rajesh Sharma
Asked by Anshul: Will the new Panchkula Greenfield facility drag margins in FY27?
p. 11
“it will add about INR90 crores in our top line and it will become EBITDA positive”
Rajesh Sharma, page 11 of the filed PDF · View the filing
Management said only some of the rate revision impact has been reflected so far and the full effect would be visible after Q1 FY27.
Answered by Sanjay Sharma
Asked by Sagar Tanna: Has the CGHS rate revision flowed through in FY26 results?
p. 13
“Yes, some flowing of that rate has come in, but actual impact probably will be seen after the Q1 FY’27, to be honest, in the complete format.”
Sanjay Sharma, page 13 of the filed PDF · View the filing
Management said expansion would largely be funded through internal cash generation with only limited additional debt.
Answered by Rajesh Sharma
Asked by Jhalak: How is the company funding new acquisitions and expansion?
p. 14
“So we may go for a small debt, but not the major one, because we have enough money with us.”
Rajesh Sharma, page 14 of the filed PDF · View the filing
Management said it is not curbing growth and the stated bed additions are firm commitments, with room for more if lucrative opportunities arise.
Answered by Sanjay Sharma
Asked by Ashutosh Adsare: Is the company curbing growth given its strong balance sheet?
p. 18
“Ashutosh, we are not curbing our growth at all.”
Sanjay Sharma, page 18 of the filed PDF · View the filing
Management said it does not expect debtor days below 100 in the next six to nine months but sees potential improvement over the current or next year as government processes streamline.
Answered by Rajesh Sharma
Asked by Ashutosh Adsare: Can receivable days be brought down below 100 days?
p. 19
“So I cannot foresee that this happening, less than 100 days in next six months or nine months.”
Rajesh Sharma, page 19 of the filed PDF · View the filing
Management explained that revenue from the Bathinda hospital moved to a newly formed independent subsidiary after acquisition, not a decline in performance.
Answered by Rajesh Sharma
Asked by Shubham Padiyar: Why did standalone quarter-on-quarter numbers appear to drop?
p. 17
“the revenue which was coming in Park Medi World, now that is going in that Bathinda company. That is the only reason.”
Rajesh Sharma, page 17 of the filed PDF · View the filing
Management said it has instead seen a surge in demand as high-quality affordable treatment becomes available locally.
Answered by Sanjay Sharma
Asked by Debanjan Bhakta: Is the company facing demand-side problems while expanding into Tier-2 cities?
p. 20
“No, in fact, we have seen surge in demand with regard to all aspects.”
Sanjay Sharma, page 20 of the filed PDF · View the filing
Risks flagged
Government rate cuts and below-MRP supply requirements for cancer drugs affecting margins on oncology treatment
p. 7
“where the rates were to be subsidized for the cancer patients, we had a very prolonged joint meeting with all our vendors and we have agreed to do it with a very low negotiated rates”
Sanjay Sharma, page 7 of the filed PDF · View the filing
Disallowance on government revenue reducing realized collections
p. 17
“we are remain at 9% disallowance, even in Q4”
Rajesh Sharma, page 17 of the filed PDF · View the filing
Delay in government bill settlement and payment processes affecting receivable cycle
p. 19
“they have a process to clear the bill within a period of three months”
Rajesh Sharma, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.