1. At a Glance – Dilli ka Doctor, Balance Sheet ka Surgeon
Indraprastha Medical Corporation Ltd (IMCL) is what happens when a government-backed land asset, Apollo’s clinical DNA, and Delhi’s paying capacity sit in the same OPD. With a market cap of ₹3,615 Cr at a price of ₹394, this hospital doesn’t shout growth stories—it prints them quietly between surgeries.
Latest quarter (Q3 FY26) delivered ₹372 Cr revenue with ₹41 Cr PAT, translating to ₹4.47 EPS for the quarter. Annualise that (yes, this is a quarterly result, rules followed), and you’re staring at an EPS run-rate of ~₹17.9–18, very close to the reported TTM ₹20 EPS. ROCE is a chest-thumping 39%, ROE a spicy 30%, and debt is a polite ₹31 Cr—basically a hospital with a gym membership, not a debt problem.
But here’s the twist: despite these numbers, the stock is down ~35% in 3 months. Why? Market tantrum, sector rotation, and the classic “good company, boring story” syndrome. Or is it?
So, is this Delhi’s most under-appreciated ICU bed? Let’s scrub in.
2. Introduction – A Hospital That Aged Like Wine, Not Like Files
Incorporated in 1988, IMCL is a JV between Apollo Hospitals Enterprise Ltd (22%) and the Government of Delhi (26%). Translation: Apollo runs the show, government provides land stability, and minority shareholders enjoy the cash flows—when the market remembers them.
The flagship 718-bed Sarita Vihar hospital has been operational since 1996. That’s nearly three decades of patient throughput, brand recall, and operational fine-tuning. Add a 46-bed Noida unit, and you get NCR exposure without the madness of aggressive capex.
Unlike private hospital chains chasing bed additions like Pokémon, IMCL has played the density game—sweating assets harder, improving ARPOB, and pushing high-margin specialties. Revenues per patient are up 22% vs FY20, and revenue per bed per day is
up 30%. That’s pricing power plus clinical mix doing heavy lifting.
Question for you: would you rather own a hospital adding beds at 8% ROCE, or one milking existing beds at 39% ROCE?
3. Business Model – WTF Do They Even Do? (Besides Fixing Delhi)
IMCL runs a super-speciality tertiary care hospital. In simple terms:
- Fewer cough-cold cases
- More hearts, brains, spines, kidneys, and livers
- Bills that make insurance companies sweat
It operates 52 specialties, with cardiology, oncology, neurology, orthopaedics, and transplants being the margin heroes. These aren’t volume games; these are complexity games.
Revenue drivers:
- In-patient procedures (high ARPOB, high margin)
- Transplants (brand + skill moat)
- Advanced diagnostics
- International patients (JCI accreditation flex)
Add newer programs like robotic cardiac surgery, structural heart disease, third-space endoscopy, and ZAP-X radiosurgery, and you’re not looking at a hospital—you’re looking at a clinical SaaS with scalpels.
Lazy investor version:
Same building, same beds, higher bills, better margins.
4. Financials Overview – Numbers That Don’t Need ICU
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 372 | 325 | 381 | 14.4% | -2.4% |
| EBITDA | 62 | 52 | 71 | 19.2% | -12.7% |
| PAT | 41 | 33 | 49 | 25.0% | -16.3% |
| EPS (₹) | 4.47 | 3.58 | 5.40 | 24.9% | -17.2% |
Yes, QoQ dipped. Welcome to seasonality and procedure timing. But YoY? Still strong. And margins remain healthy with OPM ~17–18%.
Would
