Healthcare – Jul-Sep’26 Earnings Preview – Healthy quarter aided by new beds and seasonality
Published on 07 Oct 2026
Q2FY27 is expected to be healthy quarter for our coverage hospitals, driven by ramp up of recently added new beds and steady improvement in base-business. Further Q2 being seasonally strong quarter will also aid better occupancy QoQ. Overall, we estimate the sector to deliver ~20% YoY and 12% QoQ EBITDA growth. Occupancy for few companies is likely to see YoY decline given new bed addition largely greenfield in nature. Despite initial losses at new units, healthy ARPOB momentum, improving operating leverage and continued bed additions keep the medium-term growth outlook intact. Our top picks are APHS, MEDANTA and HCG.
