Park Medi World Q1 FY27 Results (NSE: PARKHOSPS)
Signal: Growth decelerated
The read
The quarter combines 19% revenue growth and 35% PAT growth with a 220bps net margin expansion, but occupancy fell 1,224bps to 55.6% as bed capacity rose 32%; the key trajectory question is whether 1,490 planned 2026 beds can be absorbed without further utilisation or margin dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹475.71 Cr | +19% | +3% |
| EBIT | ₹114.89 Cr | N/A | |
| Net profit | ₹82.51 Cr | +35% | |
| EPS | ₹2.05 | +20% | |
| EBIT margin | 28.1% |
P&L walk
Revenue increased to ₹475.71 Cr, +19% YoY and +3% QoQ, while EBITDA was ₹133.73 Cr and PAT ₹82.51 Cr, +35% YoY; patient volumes rose 17% YoY, but occupancy declined 1,224bps to 55.6% because capacity expanded faster than utilisation.
Segments
No segment table is disclosed, but the ₹82.51 Cr consolidated PAT versus ₹1.08 Cr standalone PAT shows that subsidiaries and operating hospitals outside the parent entity drive substantially all group earnings.
Key positives
- Revenue reached ₹475.71 Cr, up 19% YoY, supported by 17% growth in total patients to 249.8 thousand.
- PAT rose 35% YoY to ₹82.51 Cr and net profit margin expanded 220bps to 18.6%, ahead of revenue growth.
- Bed capacity increased 32% YoY to 3,960 beds, with 1,490 further beds targeted for commissioning during calendar 2026.
- Expansion is supported by negligible term bank debt of ₹2.56 Cr and fixed deposits of ₹29.98 Cr.
- The Palam Vihar facility reported approximately 86% occupancy and ₹245 Cr FY26 revenue, providing a disclosed utilisation benchmark for the planned 100-bed Park Platinum expansion.
Key concerns
- Occupancy fell to 55.6%, down 1,224bps YoY and 692bps QoQ, despite total patients increasing 17% YoY; utilisation must recover as newly commissioned beds ramp.
- EPS increased only 20% YoY to ₹2.05 while PAT increased 35% to ₹82.51 Cr, creating a material per-share earnings dilution concern.
- The consolidated operating EBITDA margin excluding other income was 26.5%, only 20bps above the prior year and 116bps below Q4FY26, indicating limited margin expansion at the operating level.
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