Krishna Institute of Medical Sciences (KIMS IN) – Q4FY26 Result Update – New clusters to drive growth – BUY
Published on 19 May 2026
Krishna Institute of Medical Sciences (KIMS) reported 4% YoY EBITDA growth, impacted by losses from new greenfield units, particularly the Electronic City unit which was fully commercialized in Q4. 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 however PAT stands reduced by 7-10% due to higher depreciation and interest charges. We expect 32% EBITDA CAGR over FY26-28E. Maintain ‘Buy’ rating with TP of Rs800/share based on 28x FY28E EV/EBITDA.
