Every AI chip, every advanced GPU, every cutting-edge processor… they all genuflect at the altar of TSMC’s 3nm and soon 2nm processes. This is atomic-scale precision manufacturing. You can’t fake it, buy it, or steal it fast enough.

Disclaimer - Not a recommendation to buy/sell. We might have position in few of the mentioned names. Please do your own research befor taking any financial decision

The comprehensive review of Q1 FY26 confirms that the Indian hospital sector is navigating a crucial phase, marked by unprecedented quantitative expansion underpinned by a critical shift towards qualitative clinical and corporate leadership. The core trend is clear: industry

Capacity Expansion Pipeline All major players have aggressive bed addition plans, focusing heavily on India’s high-demand regions: > AHEL: Approved capacity expansion for 3,600+ beds over the next 5 years. Total planned beds by FY30 over 13,750. > MAXHEALTH: Planning roughly 2x

Future Growth Guidance > AHEL: Targeting organic hospital growth of 13%–14% on existing assets, with additional growth from new beds. Aiming for 25%+ margin on existing hospitals. > MAXHEALTH: Expects margin percentage to decrease due to mix shift (higher complexity,

Leading players emphasize increasing the share of high-yield specialties (CONGO): > MAXHEALTH: Oncology is central to growth, expected share to increase with Q3 radiation oncology additions in new units. > FORTIS: Focus specialties (CONGO) contributed 63% of Q1 FY26 hospital

Occupancy rates in Q1 FY26 varied, reflecting capacity additions and seasonality ALOS reduction is critical: ASTER reduced ALOS to 3.1 days. AHEL reported 3.3 days in FY25. QCIL reduced ALOS to 3.9 days. Shorter ALOS, particularly through minimally invasive and robotic

ARPOB is driven by mix and realizations. Higher values generally indicate quaternary/metro focus

HCG maintains its position as the largest pure-play oncology hospital chain in India. The focus is on specialized, research-driven outcomes, on par with global best centres. HCG aims for ARPOB growth of 3.5%–4% and expects blended margins to reach the low 20s (at least 20%)

Rainbow Children's Medicare Rainbow is India's largest chain focused on comprehensive pediatric care and obstetrics. Q1 FY26 Revenue grew 7%, and PAT surged 35% YoY. ARPOB grew significantly (13% YoY to ₹63,323). The management noted that volume growth in mature hospitals was

Indraprastha Medical Corporation Limited INDRAMEDCO, operating the Indraprastha Apollo Hospitals in Delhi/Noida, focuses on providing high-quality comprehensive multi-specialty services. The company plays a pivotal role in the Medical Value Travel (MVT) segment. It reported a

Krishna Institute of Medical Sciences KIMS is actively absorbing the impact of ramping up five new hospitals, which contributed ₹21 crores in combined losses in Q1 FY26. The Telangana mature cluster expects moderate volume growth of 5-6% due to near-peak capacity. KIMS is

Aster DM Healthcare & Quality Care India Ltd. (ASTER/QCIL) Merger The proposed merger between ASTER and QCIL will create one of India's largest integrated healthcare networks, with a combined capacity of over 10,350 beds. The proforma combined entity reported Q1 FY26 Operating

Yatharth Hospitals Yatharth achieved its highest ever quarterly revenue and profitability in Q1 FY26. ARPOB reached ₹32,395 (+6% YoY). New hospitals in Model Town, Delhi (300 beds, inaugurated July 2025) and Greater Faridabad (400 beds, operational August 2025) are expected

Jupiter Life Line Hospitals JLHL reported a 20.5% growth in Total Income in Q1 FY26. ARPOB stood at ₹67,300. The expansion strategy focuses on three new greenfield hospitals in underserved yet densely populated metro locations: Dombivli (expected Q1 FY27 commissioning),

Narayana Hrudayalaya NH continues to expand its Integrated Care business (NHIC and NHIL), pivoting towards holistic patient management and insurance offerings, with Aditi Health Insurance expanding to multiple cities. The Bangalore cluster accounted for 36% of hospital

Global Health (Medanta) Medanta demonstrated continued strong performance, with Total Income growing 19% YoY to ₹10,513 million. The strategy relies on two distinct verticals: Mature hospitals (Gurugram) and Developing hospitals (Lucknow, Patna). Developing hospitals

Fortis Healthcare Fortis reported Q1 FY26 consolidated revenue growth of 16.6% (₹2,167 Cr), with the Hospital business growing 18.6%. Hospital Operating EBITDA margin improved significantly to 22.1%. Growth was driven by a 10.2% YoY increase in ARPOB (₹2.65 Cr p.a.) and a

Max Healthcare MAXHEALTH delivered a strong start to FY26 with 27% YoY revenue growth. The Existing Units showed robust performance, reaching around 80% occupancy (excluding recent additions). The focus metric is annualized EBITDA per bed, which stood at ₹68 lakhs for the

Apollo hospitals AHEL reported consolidated revenue growth of 15% YoY in Q1 FY26 (₹5,842 crore). The company is India’s largest integrated healthcare ecosystem. Strategic capacity expansion targets 13,750+ approved beds by FY30. The company is proceeding with the strategic