Healthcare – Jan-Mar’26 Earnings Preview – Healthy quarter despite temporary headwinds
Published on 09 Apr 2026
Q4FY26 is expected to be a mixed bag for hospitals with elective procedures rebounding. However, some impact on occupancy is likely to be seen due to the Middle East conflict, new bed additions and festivals like Ramadan. We estimate the sector to deliver 18% YoY EBITDA growth (up 4% QoQ), supported by healthy ARPOB and new bed additions. Despite initial losses from new bed additions, strong ARPOB momentum, improving operating leverage, CGHS rate hikes and sustained bed additions position the sector for growth over the medium term. Our top picks are MAXHEALT, FORH, HCG and RAINBOW.
