Indraprastha Medical Corporation
INDRAMEDCO NSE
Indraprastha Medical Corporation
Healthcare ServicesNSE: INDRAMEDCO BSE: 532150 Hospitals
Key Fundamentals
MicrocapHospitalsHealthcare ServicesMarket Cap
₹3,236 Cr
Volatility
Moderate
P/E Ratio
17.31
EBITDA
₹267 Cr
Return on Equity
26.98%
Debt to Equity
0.05
Book Value
₹80.76
EPS
₹15.08
52W High
₹640.85
52W Low
₹342
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company is almost debt free.
- Company has delivered good profit growth of 132% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.7%
- Company has been maintaining a healthy dividend payout of 26.3%
Growth Rate
Revenue Growth
7.51% lower than
3Y
Net Income Growth
16.87% lower than
3Y
Cash Flow Change
-21.68% lower than
3Y
ROE
3.97% lower than
3Y
ROCE
8.42% lower than
3Y
EBITDA Margin (Avg.)
-8.78% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk medium
Indraprastha Medical Corporation Ltd operates the 710-bed Indraprastha Apollo Hospital in Delhi and trades at a P/E of 19.4x with a market cap of Rs 3,518 Cr. The company has delivered 132% profit CAGR over 5 years and maintains a 3-year ROE of ~29%, but the stock has declined ~23-25% over the past year despite continued revenue and profit growth.
Bull Case 8
- Virtually debt-free balance sheet provides financial resilience and flexibility for expansion without interest burden
- Exceptional 5-year profit CAGR of 132% demonstrates strong operating leverage as revenue scaled from Rs 888 Cr (FY22) to Rs 1,483 Cr (FY26)
- Consistent ROE of 27-29% over 3-5 years indicates efficient capital deployment well above cost of equity
- Operating profit margins have expanded from 12.8% in FY22 to 17.7% in FY26, showing sustained margin improvement
- Revenue grew 9% TTM and 11% CAGR over 3 years, indicating steady top-line momentum in a single-hospital model
- Healthy dividend payout ratio of 26.3% with 1.16% yield signals cash generation discipline and shareholder return focus
- 710-bed flagship hospital in prime Delhi location benefits from medical tourism flows and high-acuity case mix
- EPS has grown from Rs 6.39 (FY20) to Rs 20.03 (FY24), a 3x increase in four years
Bear Case 8
- Stock has declined ~23-25% over the past year, significantly underperforming the broader market and healthcare peers
- Single-asset concentration risk — entire business depends on one 710-bed hospital in Delhi with no geographic diversification
- TTM revenue growth has decelerated to 9% from 24% (FY23) and 45% (FY22), suggesting growth normalization post-COVID tailwinds
- P/B ratio of 4.81x is elevated for a company with limited physical expansion runway in its current structure
- Small-cap at Rs 3,518 Cr market cap with limited institutional coverage and lower liquidity compared to larger hospital chains
- Government lease obligation requires one-third of 600 beds for free treatment, creating a structural margin ceiling
- 10-year revenue CAGR of only 7% highlights that long-term top-line growth has been modest outside the post-COVID recovery period
- Capacity constrained at 710 beds with limited scope for bed additions at the existing Delhi campus, capping organic growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 307 | 317 | 306 | 315 | 348 | 350 | 325 | 334 | 365 | 381 | 372 | 365 | 406 |
| Expenses | 259 | 267 | 259 | 266 | 281 | 286 | 273 | 272 | 292 | 310 | 310 | 304 | 326 |
| Operating Profit | 47 | 50 | 47 | 48 | 67 | 64 | 52 | 61 | 73 | 71 | 62 | 61 | 80 |
| OPM % | 15% | 16% | 15% | 15% | 19% | 18% | 16% | 18% | 20% | 19% | 17% | 17% | 20% |
| Other Income | 4 | 4 | 4 | 5 | 5 | 6 | 5 | 6 | 7 | 7 | 7 | 7 | 8 |
| Interest | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 1 | 1 | 2 |
| Depreciation | 10 | 10 | 10 | 10 | 11 | 11 | 11 | 11 | 10 | 11 | 11 | 11 | 12 |
| PBT | 40 | 44 | 41 | 42 | 60 | 57 | 45 | 55 | 68 | 66 | 56 | 55 | 75 |
| Tax % | 24% | 25% | 28% | 25% | 25% | 26% | 26% | 26% | 25% | 25% | 27% | 24% | 25% |
| Net Profit | 30 | 33 | 29 | 31 | 45 | 42 | 33 | 41 | 51 | 49 | 41 | 42 | 56 |
| EPS in Rs | 3.33 | 3.58 | 3.21 | 3.4 | 4.88 | 4.63 | 3.58 | 4.47 | 5.61 | 5.4 | 4.47 | 4.55 | 6.09 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 714 | 755 | 766 | 753 | 788 | 831 | 613 | 888 | 1,099 | 1,245 | 1,356 | 1,483 | 1,524 |
| Expenses | 630 | 675 | 686 | 678 | 706 | 743 | 572 | 768 | 947 | 1,050 | 1,112 | 1,215 | 1,250 |
| Operating Profit | 85 | 80 | 79 | 74 | 82 | 87 | 41 | 120 | 152 | 195 | 245 | 267 | 274 |
| OPM % | 12% | 11% | 10% | 10% | 10% | 11% | 7% | 14% | 14% | 16% | 18% | 18% | 18% |
| Other Income | 1 | 1 | 0 | -1 | -1 | 0 | 0 | -3 | 9 | 16 | 22 | 28 | 30 |
| Interest | 8 | 7 | 8 | 9 | 7 | 6 | 3 | 3 | 4 | 4 | 6 | 6 | 6 |
| Depreciation | 28 | 35 | 31 | 31 | 30 | 33 | 33 | 35 | 39 | 40 | 44 | 44 | 45 |
| PBT | 50 | 39 | 41 | 34 | 45 | 48 | 4 | 79 | 117 | 166 | 216 | 246 | 253 |
| Tax % | 34% | 37% | 36% | 38% | 36% | 9% | 46% | 26% | 26% | 25% | 26% | 25% | — |
| Net Profit | 32 | 24 | 26 | 21 | 28 | 44 | 2 | 59 | 86 | 124 | 161 | 184 | 188 |
| EPS in Rs | 3.54 | 2.66 | 2.86 | 2.3 | 3.1 | 4.76 | 0.25 | 6.39 | 9.4 | 13.52 | 17.56 | 20.03 | 20.51 |
| Div. Payout % | 51% | 68% | 63% | 65% | 52% | 0% | 0% | 39% | 32% | 33% | 26% | 20% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 92 | 92 | 92 | 92 | 92 | 92 | 92 | 92 | 92 | 92 | 92 | 92 |
| Reserves | 103 | 132 | 139 | 141 | 152 | 176 | 181 | 234 | 288 | 386 | 505 | 649 |
| Borrowings | 50 | 52 | 67 | 66 | 21 | 4 | 3 | 5 | 2 | 34 | 33 | 37 |
| Other Liabilities | 196 | 185 | 160 | 134 | 157 | 177 | 157 | 131 | 173 | 212 | 222 | 214 |
| Total Liabilities | 442 | 460 | 458 | 432 | 422 | 449 | 432 | 462 | 555 | 723 | 852 | 991 |
| Fixed Assets | 286 | 301 | 296 | 294 | 280 | 303 | 283 | 277 | 275 | 347 | 328 | 365 |
| CWIP | 3 | 3 | 0 | 0 | 1 | 0 | 3 | 0 | 3 | 0 | 33 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 153 | 157 | 163 | 138 | 141 | 146 | 145 | 185 | 278 | 376 | 491 | 624 |
| Total Assets | 442 | 460 | 458 | 432 | 422 | 449 | 432 | 462 | 555 | 723 | 852 | 991 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 64 | 62 | 28 | 48 | 75 | 86 | 27 | 94 | 144 | 200 | 157 | 167 |
| Investing | -29 | -33 | -22 | -30 | -17 | -40 | -19 | -74 | -108 | -158 | -111 | -178 |
| Financing | -35 | -30 | -5 | -17 | -44 | -43 | -3 | -3 | -26 | -32 | -46 | -46 |
| Net Cash Flow | 0 | 0 | 0 | 1 | 14 | 4 | 5 | 17 | 11 | 9 | 0 | -57 |
| Free Cash Flow | 35 | 29 | 5 | 17 | 58 | 46 | 6 | 65 | 100 | 131 | 120 | 108 |
| CFO/OP | 98 | 104 | 57 | 82 | 110 | 113 | 88 | 95 | 102 | 127 | 89 | 88 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 40 | 41 | 47 | 41 | 35 | 35 | 40 | 18 | 23 | 17 | 20 | 28 |
| Cash Conversion Cycle | 40 | 41 | 47 | 41 | 35 | 35 | 40 | 18 | 23 | 17 | 20 | 28 |
| Working Capital Days | -35 | -22 | -17 | -7 | -5 | -10 | -1 | -2 | -12 | -24 | -19 | -4 |
| ROCE % | 23% | 18% | 17% | 15% | 19% | 21% | 3% | 29% | 34% | 38% | 39% | 36% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indraprastha Medical Corporation insights
60 extracted metrics + investor summaries across FY10–FY26.
Documents
1
Board Meeting Intimation for Audited Financial Results And Dividend
1 May - Board meeting on 12 May 2026 to approve FY26 audited results and consider dividend. 1 May - Board meeting on 12 May 2026 to approve FY26 audited results and consider dividend.
2
Board Meeting Intimation for Audited Financial Results And Dividend
1 May - Board meeting on 12 May 2026 to approve FY26 audited results and consider dividend. 1 May - Board meeting on 12 May 2026 to approve FY26 audited results and consider dividend.
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
23 Apr - Company confirms it is not a Large Corporate; outstanding borrowing was NIL as of 31 March 2026. 23 Apr - Company confirms it is not a Large Corporate; outstanding borrowing was NIL as of 31 March 2026.
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
17h - Company confirms it is not a Large Corporate; outstanding borrowing was NIL as of 31 March 2026. 17h - Company confirms it is not a Large Corporate; outstanding borrowing was NIL as of 31 March 2026.
5
Announcement under Regulation 30 (LODR)-Newspaper Publication
7 Apr - Copies of the public notice of the request received under Special window for re-lodgment of transfer request for physical shares, published on 7th April, 2026, … 7 Apr - Copies of the public notice of the request received under Special window for re-lodgment of transfer request for physical shares, published on 7th April, 2026, …
Frequently Asked Questions about Indraprastha Medical Corporation
What does Indraprastha Medical Corporation Ltd do?
Incorporated in 1988 as a JV between Apollo Hospitals Enterprise Ltd. (AHEL) and the Delhi Government, Indraprastha Medical Corporation Ltd. is a super speciality tertiary care hospital in New Delhi. The Co. currently has 52 speciality departments. [1]
Where is Indraprastha Medical Corporation Ltd (INDRAMEDCO) listed?
Indraprastha Medical Corporation Ltd trades as INDRAMEDCO on the NSE and under code 532150 on the BSE.
Which sector does Indraprastha Medical Corporation Ltd belong to?
Indraprastha Medical Corporation Ltd is classified under the Healthcare Services sector, in the Hospitals industry.
What is the market capitalisation of Indraprastha Medical Corporation Ltd?
Indraprastha Medical Corporation Ltd has a market capitalisation of ₹3,236 Cr, which places it in the Small Cap band.
What is the PE ratio of Indraprastha Medical Corporation Ltd?
Indraprastha Medical Corporation Ltd trades at a PE ratio of 17.31, on earnings per share of ₹15.08, against a book value of ₹80.76 per share.
What is the 52-week high and low of Indraprastha Medical Corporation Ltd?
Over the last 52 weeks Indraprastha Medical Corporation Ltd has traded between ₹342 and ₹640.85.
Does Indraprastha Medical Corporation Ltd pay dividends?
Indraprastha Medical Corporation Ltd has a dividend yield of 1.11%.
What is the Return on Equity (ROE) of Indraprastha Medical Corporation Ltd?
Indraprastha Medical Corporation Ltd reported a return on equity of 26.98%. Its debt-to-equity ratio is 0.05.
Company Information
Incorporated in 1988 as a JV between Apollo Hospitals Enterprise Ltd. (AHEL) and the Delhi Government, Indraprastha Medical Corporation Ltd. is a super speciality tertiary care hospital in New Delhi. The Co. currently has 52 speciality departments. [1]
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