Buy Indraprastha Medical Corp; target of Rs 690: Anand Rathi

About this update from Indraprastha Medical Corporation Limited

Anand Rathi's research report on Indraprastha Medical CorpIndraprastha Medical Corporation’s Q2 revenue/EBITDA/PAT rose 9/12/17% y/y. The EBITDA margin rose 50bps y/y to 18.7% (vs. ARe of 19.3%), on improved volume and prices. Highlights: (a) ARPOB up 7% y/y/1% q/q to Rs71,596/day, (b) higher occupancy of 77% vs. 76%/72% in Q1 FY26/Q2 FY25, (c) in-patient footfalls up 3% y/y and q/q to 17,009, and (d) 20% y/y rise international patient revenue to Rs785m.OutlookWe retain a BUY rating on the stock with a revised TP of Rs690 (from Rs590 earlier), valuing it at 17x FY28e EBITDA (based on 16x 1H FY28), led by better assurance of key events (SC ruling on EWS followed by stake sale by the Delhi Govt.).For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Indraprastha Medical Corp_05112025_Anand Rathi

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