GPT Healthcare Ltd Q2 FY26 – 719 Beds, 5 Hospitals, and One Chairman Less: The Hospital Chain That’s Running at 53% Occupancy but 100% Drama

1. At a Glance

When you think of healthcare in Eastern India, GPT Healthcare Ltd — the operator of theILS Hospitalsbrand — probably pops up right after your blood pressure reading. With a ₹1,213 crore market cap and a ₹148 share price (as of Nov 7, 2025), the company has managed to stitch a clean surgical gown around consistent revenue growth — ₹430 crore in FY25 with a healthy ₹43 crore profit. But let’s be honest, investors are still waiting for this patient to get off the ventilator of flat margins.

In Q2 FY26, the company reported ₹228.9 crore H1 revenue and ₹18.3 crore PAT — down about 28.5% QoQ on profit. The company’s EBITDA margin remains at a decent 19%, with an ROCE of 27.2% and ROE at 21.3%. It also announced a 10% interim dividend (₹1/share), just to remind everyone that despite the emotional turbulence of its Chairman’s unfortunate passing, business continues as usual.

So yes, GPT Healthcare isn’t exactly Apollo Hospitals, but in the smaller eastern corridors — from Kolkata to Agartala to Raipur — this ₹148 stock is quietly trying to run a profitable hospital chain at an affordable capex of ₹7–8 million per bed. The financials are healthy enough, but the question is — can it sustain the pulse rate?

2. Introduction

India’s hospital game is split between two species — thegiant corporate beastslike Apollo and Fortis, who charge you for the oxygen you breathe in the waiting room, and thenimble regional specialistslike GPT Healthcare, who try to balance quality care with affordability.

GPT Healthcare operates 5 multi-specialty hospitals under the “ILS Hospitals” brand across Eastern India. These facilities — Salt Lake, Dum Dum, Howrah, Agartala, and Raipur — together form a 719-bed empire that thrives on smart capital deployment and local dominance.

FY25 was a bittersweet year. On one hand, the company’s revenue rose to ₹430 crore with a ₹43 crore PAT. On the other, it lost its veteran Executive Chairman Dwarika Prasad Tantia in August 2025. Leadership transitions followed, and yet, the business didn’t flatline. The board immediately elevated Shree Gopal Tantia as the new Chairman, and the hospital network continued expanding.

GPT’s story isn’t one of exponential growth — it’s one of strategic survival. The company has kept a steady pulse even as its larger peers were performing cardiac surgeries on their P&L statements. But can a small regional chain stay healthy when industry giants are pumping in billions into Tier-II healthcare?

3. Business Model – WTF Do They Even Do?

Let’s put it simply — GPT Healthcare runs hospitals. But unlike the ultra-glamorous “boutique” healthcare chains that make you feel like you’re checking into a 5-star resort, GPT runs hospitals that actually treat patients instead of Instagramming their lobbies.

Under theILS Hospitalsbanner, GPT operates five multi-specialty hospitals offering treatments across nephrology, diabetology, general surgery, gynecology, orthopedics, and more. Their specialties are backed by 91 full-time consultants and over 570 visiting consultants.

Each hospital plays its own tune:

• Dum Dumis the overachiever — ₹161.7 crore revenue with 69% occupancy and ₹41,183 ARPOB (Average Revenue Per Occupied Bed).
• Salt Lakebrings in ₹70.9 crore with 58.1% occupancy, excelling in bariatric and robotic surgery.
• Agartalais the regional hero — ₹117.5 crore revenue with a Cancer Care Department under construction.
• Howrahis the quiet cousin — ₹57 crore revenue, 41% occupancy.
• Raipur, the newest baby, cost ₹74 crore to set up and runs on a rental-based, asset-light model.

The company treats about30,783 in-patients and 1.59 lakh out-patients annually— impressive numbers for a focused regional operator. Theiroccupancy rate of 53.1%, while modest, is cushioned by anARPOB of ₹37,180and anALOS (Average Length of Stay)of 3.54 days — healthy metrics for mid-tier hospitals.

Basically, GPT’s formula is simple — expand using rental properties, optimize capex, and grow beds faster than Apollo can open cafeterias.

4. Financials Overview