Indraprastha Medical Corporation Ltd Q1 FY26 – Apollo’s NCR Child With Doctor-Level Margins But PG-Level Growth
1. At a Glance
Indraprastha Medical Corporation Ltd (IMCL) is that rare Delhi kid who is half Apollo, half Delhi Government, and still manages to score 90% in exams. With 718 beds in Sarita Vihar, 46 beds in Noida, 52 departments, ₹1,374 crore sales, and ₹168 crore PAT in FY25, this JV has margins healthier than the patients it admits. Current price? ₹463. ROE? A surgical 30%. Debt? Just ₹32 crore – basically pocket change in the NCR real estate market.
2. Introduction
Delhi is a city where people debate whether the best cure for fever is paracetamol or paratha. Into this circus entered Apollo Hospitals and the Delhi Government in 1988, shaking hands like two relatives who don’t really like each other but want to split the shaadi bill. The result: Indraprastha Medical Corporation Ltd.
IMCL is one of those rare government-linked JVs that didn’t collapse under bureaucracy or Apollo’s fee structure. Instead, it became a profitable, tech-driven, internationally accredited hospital. A hospital so posh that if you sneeze near reception, they’ll probably run you through a cardiac MRI before saying “bless you.”
The numbers tell their own story. Revenue per bed day has jumped 30% in three years, touching ₹57,775. Net profit margin? A juicy 12% in an industry where many players bleed cash like a Bollywood producer funding his nephew’s debut film. Patients are queuing up (over 5.15 lakh out-patients in FY23), and Apollo has ensured that this JV gets its AI-driven wellness programs and robotic surgeries while Delhi Govt ensures the land and the political optics.
But here’s the fun: while other hospital chains are chasing PE multiples higher than Delhi pollution AQI, IMCL trades at a P/E of just 25. That’s literally half the industry average of 55. So is this hospital undervalued, or is the market just assuming Delhi traffic will eat away half the patients before they reach the OPD?
3. Business Model – WTF Do They Even Do?
Think of IMCL as a five-star hospital crossed with Apollo’s operational discipline and Delhi Govt’s real estate jugaad. Two campuses – Sarita Vihar (the mothership with 718 beds) and Noida (a boutique 46-bedded facility).
They make money by:
Charging per bed-day like an Airbnb that comes with IV drips instead of complimentary breakfast.
Running 52 specialty departments – from cardiology to IVF, from spine surgery to rheumatology. Basically, if it can break, bleed, or swell, they have a department.
Adding sexy clinical programs like leadless pacemakers, robotic cardiac surgeries, third-space endoscopies – stuff that sounds futuristic enough to justify bills longer than a Big Bazaar receipt.
Targeting international patients. Medical tourism is the ultimate Delhi hack: attract NRIs and foreigners who get shocked at hospital bills in the US and find Indian rates cheaper than a weekend in Dubai.
And of course, Apollo’s ProHealth AI wellness program – where algorithms scan your lifestyle data to predict whether you’ll collapse at 40 or drag on till 90. They’ve basically gamified hypochondria.
Question: If Apollo AI tells you you’ll get diabetes in 2032, will you stop eating jalebis today or order two more because “abhi toh safe hai”?
4. Financials Overview
Here’s the quarterly report card (₹ in Crores, EPS in ₹):
Source table
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
365
348
334
4.9%
9.3%
EBITDA
73
67
61
9.0%
19.7%
PAT
51
45
41
13.3%
24.4%
EPS (₹)
5.61
4.88
4.47
14.9%
25.5%
Annualised EPS = 5.61 × 4 = ₹22.44. At CMP ₹463 → P/E ≈ 20.6x. Screener shows 25.4x because it’s using trailing. Either way, way below sector average.
Commentary: QoQ profit growth of 24% – that’s faster than Delhi’s rent hikes. EBITDA margin hitting 20% is no joke for hospitals – looks like Apollo’s billing department deserves a medical award too.
