1. At a Glance – Hospital Chain or ICU on Leverage?
Park Medi World Ltd is not your neighbourhood nursing home with one oxygen cylinder and a bored compounder. This is a ₹6,711 Cr market cap hospital chain trading at ₹155, with a P/E of 31.7, ROCE of 20.4%, and a promoter holding so high (82.9%) that minority shareholders might need a visitor pass.
In Q3 FY26, the company clocked ₹410 Cr revenue with PAT of ₹50.8 Cr, up 11.4% YoY, while margins cooled slightly like a patient moved from ICU to general ward. Operational metrics scream scale: 3,050 operational beds, 61.6% occupancy, ARPOB ₹26,206, and ALOS of 6.53 days. Translation: patients are staying longer and paying decently.
But here’s the spicy bit — Debt of ₹734 Cr (Sep FY25), debtor days of 161, and an expansion plan that wants to push beds to 4,900 by FY28. IPO money is fresh, ambition is fresher, and bankers are definitely awake.
Is this a healthcare compounder or a leverage-heavy hospital roll-up playing musical beds? Let’s scrub in.
2. Introduction – Welcome to North India’s Hospital Monopoly Lite
Park Medi World Ltd has quietly built what Apollo and Fortis did loudly — a regional hospital empire. Second-largest private hospital chain in North India. Largest in Haryana. Fourteen NABH-accredited hospitals. And unlike pan-India chains that love metros, Park thrives on Tier-2 and Tier-3 North Indian cities, where demand is sticky and competition is… polite.
The business pitch is simple:
- Middle-income patients
- Affordable multi-super-specialty care
- Heavy in-patient revenue (95%)
- Long stays, high ARPOB
Basically, this is not cosmetic dermatology for Instagram influencers. This is hardcore medicine — oncology, neurology, cardiology — where patients don’t bargain and doctors don’t discount.
But the company didn’t build this slowly like
a monk. It acquired eight hospitals, adding 1,650 beds, and now those acquisitions contribute 55% of H1 FY26 revenue and 62% of PAT. The tail is wagging the dog — and doing it profitably.
The IPO in Dec 2025 injected ₹920 Cr, of which ₹770 Cr was fresh issue, primarily to repay debt, expand beds, buy equipment, and hunt more hospitals like Pokémon.
The question is simple:
👉 Can Park digest growth faster than it borrows for it?
3. Business Model – WTF Do They Even Do?
Park Medi World runs multi-super-specialty hospitals. Not clinics. Not diagnostics. Full-stack hospitals with ICUs, OTs, oncology radiation, robotic surgery, trauma centres — the works.
How money actually comes in:
- 95% In-patient revenue (this is HUGE)
- Patients admitted → longer stays → procedures → pharmacy → diagnostics → discharge
- OPD is just a funnel, not the revenue engine
Specialty-wise revenue mix (H1 FY26):
- Internal Medicine – 29.5%
- Neurology – 15%
- Urology – 11%
- Cardiology – 10.5%
- Gastro – 8.5%
- Oncology – 5.5%
- Ortho + Surgery + Others – rest
This mix tells you one thing: low glamour, high cash visibility. No single specialty dominates. No fads. No dependency on one surgeon with Instagram
