Krishna Institute of Medical Sciences (KIMS IN) – Q3FY26 Result Update – Faster turnaround in new clusters – BUY
Published on 09 Feb 2026
Krishna Institute of Medical Sciences (KIMS) reported EBITDA growth of 6% YoY, led by reducing losses from new greenfield units and improved operating leverage at mature clusters. The turnaround time for greenfield units in new clusters has been impressive and thereby demonstrates strong execution. New leadership team hiring across Karnataka and Kerala provides comfort for faster ramp-up in these clusters. Given its lean cost structure and partnership with local doctors/ leadership outside Andhra Pradesh (AP) and Telangana, we remain confident of achieving faster breakeven and +25% OPM across Maharashtra, Karnataka and Kerala clusters over the next 3-4 years. Our FY27E and FY28E EBITDA broadly remain unchanged. We expect 31% EBITDA CAGR over FY26-28E. Maintain ‘Buy’ rating with TP of Rs810/share based on 27x FY28E EV/EBITDA.
