Krishna Institute of Medical Sciences (KIMS IN) – Q1FY27 Result Update – New unit’s ramp up remains on track – BUY
Published on 05 Aug 2026
Krishna Institute of Medical Sciences (KIMS) reported 16% YoY EBITDA growth, in line with our estimates; aided by reduced losses from Bengaluru units. 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 3-13% due to higher depreciation and interest charges. We expect 32% EBITDA CAGR over FY26-28E. Maintain ‘Buy’ rating with TP of Rs850/share based on 30x FY28E EV/EBITDA.
