Krishna Institute of Medical Sciences (KIMS IN) – Q2FY27 Result Update – Growth momentum intact – BUY
Published on 06 Nov 2026
Krishna Institute of Medical Sciences (KIMS) reported 28% YoY EBITDA growth, in line with our estimates; aided by ramp up across Mahadevapura and Thane unit. 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 5-15% due to higher depreciation and interest charges. We expect 28% EBITDA CAGR over FY26-29E. Maintain ‘Buy’ rating with TP of INR800/share based on 26x Sept 2028E EV/EBITDA.
