1. At a Glance – Blink and You’ll Miss It
GPT Healthcare is that hospital stock which doesn’t scream on TV debates, doesn’t trend on X, and doesn’t sponsor IPL teams—but still quietly runs 5 hospitals, 719 beds, ₹1,047 Cr market cap, and 27.2% ROCE. Current price ₹128, down ~28% in six months, while the business is still charging patients very efficiently. FY25 revenue ₹407 Cr, PAT ₹50 Cr, dividend yield a chunky 1.96%, and debt-to-equity a civilised 0.38—not exactly ICU material.
Latest quarter (Q3 FY26): ₹120 Cr revenue (+17.6% YoY) but PAT ₹9.37 Cr (-23.5% YoY). So yes, revenue is jogging, profits are catching their breath. Occupancy ~53%, ARPOB ~₹37,180, and ALOS 3.54 days—classic mid-sized regional hospital metrics.
Here’s the hook: the stock trades at ~25.8x P/E while peers average ~45x, yet ROCE beats many giants. Is the market ignoring Eastern India again, or is it pricing in something the glossy investor deck doesn’t show?
2. Introduction – The Hospital That Refused to Be “Pan-India”
GPT Healthcare operates under the ILS Hospitals brand and has politely refused to become “pan-India at any cost.” Instead, it planted flags in Kolkata (Salt Lake, Dum Dum), Howrah, Agartala, and Raipur—Tier I and II cities where demand is real, competition is manageable, and patients don’t ask whether the lobby has Italian marble.
Founded in 1989, this isn’t a post-COVID startup hospital chain. It’s a 30+ year-old operator that knows how to sweat assets. While large chains chase metros and premium pricing, GPT went for volume + specialty mix, keeping capex low and returns high.
But 2025–26 hasn’t been drama-free: promoter patriarch passed away, profits dipped, and the stock corrected hard. The question investors are whispering (and occasionally
shouting): Is this a temporary vitals dip or an early symptom?
3. Business Model – WTF Do They Even Do?
In simple terms: they admit patients, treat them, bill them, and do it faster than most government hospitals and cheaper than most premium chains.
- 5 multi-specialty hospitals
- 719 operational beds
- 91 full-time + 570 visiting consultants
- Heavy focus on nephrology, internal medicine, surgery, gynecology, orthopedics
- Advanced stuff like robotic surgery, renal transplants, interventional neurology—but without Apollo-level capex madness
The secret sauce? Asset-light hospitals on rental models, especially the newer Raipur unit. Capex per bed at ₹4.7–8 Mn, well below industry norms. Less money sunk into concrete = faster ROCE = happier balance sheet.
If hospitals were gyms, GPT is not Equinox—it’s a very efficient Cult Fit with surgeons.
4. Financials Overview – Numbers Don’t Lie, They Just Smirk
Quarterly Comparison (Q3 FY26)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 120.16 | 102.21 | 118.91 | +17.6% | +1.1% |
| EBITDA (₹ Cr) | 20.71 | 21.26 | 22.74 | -2.6% | -8.9% |
| PAT (₹ Cr) | 9.37 | 12.25 | 10.60 | -23.5% | -11.6% |
| EPS (₹) | 1.14 | 1.49 | 1.29 | -23.5% | -11.6% |
Annualised EPS (Q3 rule)
Average of Q1, Q2, Q3 EPS × 4 ≈ ₹4.94 (matches TTM EPS).
Witty takeaway: Revenue came for duty, margins took a
