GPT Healthcare Limited (GPTHEALTH) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to GPT Healthcare Limited Q4F26 earnings conference call. As a reminder, all participant lines will be in a listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and zero on a touch-tone phone. Please note that this conference has been recorded. I now hand the conference over to Ms. Sejal Bhattar. Thank you and over to you, ma'am.

Thank you. Welcome to Q4 and FY26 Earnings Call of GPT Healthcare Limited. Today on this call, we have with us Mr. Anirap Tampia, Executive Director, Mrs. Keerti Tampia, CFO, and Mr. Abdul Tampia, Group CFO. Before we proceed the call, I would like to give a small disclaimer that this conference may contain certain forward-looking statements which are based on beliefs, opinions, and expectations of the company as on date. These statements are not guaranteed of future performance and involve risk and uncertainty which are difficult to predict. A detailed disclaimer has been given in the company's investor presentation which is uploaded on the stock exchange. Now, I would like to hand over the conference to Mr. Anirath Tantia for the opening remarks. And thank you, and over to you soon.

Thank you. Good morning, everyone, and thank you for joining us today for GPT Healthcare Ltd.'s Q4 and FY26 earnings call. I hope you all are keeping well. Let me begin with a brief overview of the healthcare industry and the structural trends that continue to support our long-term growth strategy. India's healthcare sector continues to witness strong structural growth. The sector continues to benefit from rising healthcare awareness, increasing incidence of chronic and lifestyle diseases. At the same time, India continues to face a significant healthcare infrastructure gap as well, with hospital bed density remaining at approximately 1.3 beds per 1,000 people, well below global averages. This gap remains particularly pronounced in eastern and central India, where access to quality tertiary healthcare infrastructure is still limited. Increasing preference for organized and technology-led healthcare providers, along with rising demand for advanced tertiary care services across cardiology, oncology, orthopedics, and urology, continues to create a strong-term opportunity for hospital operators with scalable platforms and regional leadership positions. We are also witnessing increased adoption of robotic-assisted procedures, minimally invasive surgeries, and advanced diagnostics. and precision-led treatment protocols across India's healthcare ecosystem. As patients today are increasingly prioritizing better clinical outcomes, shorter recovery periods, and technology-enabled delivery, an increased focus on insurance penetration, national healthcare schemes, and healthcare infrastructure expansion are expected to create positive momentum for the healthcare industry in the medium to long term. Against this backdrop, GPT Healthcare remains well-positioned, driven by its focused presence in undervalued Eastern markets, underserved Eastern markets, continued investments in advanced tertiary healthcare, including robotics, oncology, renal and cardiac sciences, and a disciplined expansion strategy. Let me walk you through our operational highlights of the year. During the year, the RPOV increased from 37,000 to 39,200, while network occupancy stood at 55.9%, up from 53% for the same period last year, excluding the newly commissioned RIPO facility. Occupancy across all our mature hospitals showed consistent improvement, supported by better realizations and higher contributions from specialized and high-end tertiary procedures. The overall network occupancy stood at 45.87%. However, excluding the Raipur Hospital, the occupancy remained at a healthy 55.9%. The Raipur Hospital occupancy was 12.35% for the FI and 14.26% for the Quarter 4 FI 26. Approximately 90% of our revenues continued to come from cash and insurance patients, reflecting the strength of our tertiary care positioning and a robust payer mix. This overall performance was supported by steady progress across our hospital network, starting with the Salt Lake Hospital. The hospital continued to deliver strong operational performance and remains a flagship tertiary and robotic surgery center. During the year, it witnessed improvements in both occupancy and realizations, driven by a favorable speciality mix and increasing traction in complex tertiary procedures. The occupancy has moved from 58% of last year to 63% in this FY. While maintaining a healthy length of stay of 3.06, the RPOV of the hospital improved from 39,300 to 43,800 in Q4, showing significant improvement on a year-on-year basis. A key highlight continues to be its robotic surgery program, with the hospital performing over 800 robotic surgeries during the year, further strengthening its position as a leading advanced surgical center within our network. Moving to ILS Dumb Dumb. The hospital delivered significant turnaround following restructuring initiatives aimed at improving departmental mix and operational efficiency. It witnessed steady improvement in both occupancy and RPOP and achieved ultimately 71% occupancy during the last quarter of this fiscal. As a part of our strategy is to strengthen tertiary care capabilities, we commence the cardiac surgery program and enhance intervention capabilities with 3D imaging technology for complex neurology procedures as well. All this has been done with continued focus on bringing the length of stay down from 4.59 of last fiscal to 4.47 in this fiscal. These initiatives have significantly strengthened the hospital's clinical positioning and supported its return to optimum occupancy levels. At ILS Agartalla, we continue to strengthen our leadership as the leading corporate tertiary care centre in Tripura. We have already expanded our clinical offerings through comprehensive oncology care in the hospital, including PET scan and linear accelerator facilities. Now, we have received the requisite approvals for conducting renal transplants in the state as well, and we are hopeful that this clinical service should come as a much-needed offering in the region. Apart from the above, the hospital has also achieved several important clinical milestones. Including the successful dual-chamber leadless implantation and complex vascular stenting, performed for the first time in Tripura. Operationally, the hospital has grown by almost 18% compared to last year, with occupancy improving from 42% to 52% in Q4-FI26 on a YOY basis, supported by increased patient flow across tertiary specialties and oncology services. At ILS Havra, we further strengthen our advanced tertiary care capabilities. The hospital had commenced robotic knee replacement surgeries, which have seen an encouraging response, with the hospital having done almost 100 robotic surgeries in just over a year. Its strategic location near the Havra station provides access to a large number of patients and an enhanced catchment area. The occupancy levels improved from 39% to 47% in Q4-F526 on a YOY basis. Supported by improved specialty mix and a higher patient throughput, both occupancy and ARPOV recorded healthy growth during the year. Coming to a newly commissioned Raipur Hospital, this facility has been ramping up steadily since its commissioning in May 25. Equipped with advanced medical infrastructure, it offers a wide variety of tertiary and critical care services. We have operationalized comprehensive oncology and chemotherapy facilities as well, which are seeing encouraging initial traction. The hospital has successfully completed six regional transplants and has also received license for liver transplant services. The hospital has already reached approximately 14% occupancy, reflecting a strong early momentum. Lastly, the Jamshedpur project is progressing in line with the planned timelines. The upcoming 150-bed tertiary care hospital remains aligned with our strategy of expanding high-quality healthcare infrastructure across underserved yet high-potential markets in eastern India. Let me now move to our financial performance for FY26. During the year, we delivered a stable and resilient operational performance, while continuing to focus on strengthening our clinical capabilities, improving our operational efficiency, and driving better asset utilization across the network. Starting with quarter four FFY26, our revenue from operations stood at 128 crores, a growth of 24% on a YOY basis. EBITDA for the quarter was 25 crores, translating to a margin of 19.5%. Profit after tax was 14.7 crores, with a back margin of 11.4%. Moving through the full-year performance, in FY26, our revenue from operations stood at 478.5 crores, and EBITDA was 90.1 crores, with a margin of 18.8%. Profit after tax came in at 42.2 crores, translating to a back margin of 8.8%. Let me explain to you the impact of the recently commissioned RIPO facility on the overall numbers. The FY26 EBITDA from the Raipur hospital was negative 13.8 crores, and the EBITDA from mature hospitals is 103.9 crores, making the overall EBITDA rupees 90.1 crores. Similarly, the EBITDA margin excluding Raipur is 23.06%, which is a 94 basis point improvement as against our overall EBITDA margin of 22.1% in FY25. However, the overall EBITDA margin, including the RIPER Hospital, has come down to 18.84%. Further, the depreciation and finance costs have also increased by 12.8% towards the RIPER Hospital. This performance was supported by improving occupancies, higher patient throughput, and the strongest speciality mix across all our facilities. The impact of the recently commissioned RIPOR Hospital has already been stated above, and with further gradual pickup at the hospital, the overall numbers are going to improve. Overall, we remain focused on driving sustainable growth, improving margins, and delivering consistent value to all our stakeholders. To conclude, FY26 has been a significant year for GPT Healthcare. We strengthened our clinical capabilities and expanded our geographic footprint. Improved operational performance across key hospitals and continued progressing towards a long-term vision of becoming a thousand-bedded hospital chain. Our strategy remains centered on affordable tertiary care and technology-driven clinical excellence, discipline character allocation, and expansion into underserved markets across eastern and central India. We remain confident that the long-term fundamentals of India's healthcare sector are highly favorable, and GPT Healthcare is well positioned to deliver sustainable growth with improving operating leverage in the coming years. With that, I conclude my opening remarks and request the moderator to open the floor for questions. Thank you.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Deepak Ajmera from IGE India. Please go ahead.

Yeah, thank you for the opportunity. My question is for RIPOR Hospital. We have been able to mark 15% kind of occupancy till now, and I think one, one and a half year has been there since commencement. So how soon we can see the occupancy going up to the desired levels?

Thank you for your question. I would just like to give you some data. We had commissioned the hospital in the middle of May 2025, so it has just been around 10.5 months of operations of this hospital, and we are already at around 3.5% of revenue, at an occupancy of around 15%, as you said. We expect optimum occupancy levels to be reached by quarter three of this year. A hospital generally takes almost 24 to 36 months to break even on a monthly basis. We are hopeful that by quarter three of this financial year, we should be breaking even on a monthly basis at an operational level.

Okay, and do we expect similar kind of ramp up from our upcoming Jamsherpur facility, which is now about to come?

Generally, that has been the trend we have set historically, and we hope to replicate that in Jamsherpur as well.

Since last 2-3 years, overall utilization of our, let's say, entire set of portfolio has not been very, very high. So what has been the reason in that regard?

The optimum occupancy levels for any hospital is around 70%. If you look at our numbers, Salt Lake Hospital and Dum Dum Hospital are around the 70% mark. Dum Dum went through a restructuring exercise, but now we've come back to the 70% mark in that hospital. Agartarala is steadily moving towards the number, and Havra also is increasing its utilization every quarter. We are hopeful these two hospitals also have the capacity and should move towards that mark very soon.

Thank you. Thank you. The next question is from the line of Tia from Sapphire Capital. Please go ahead.

Am I audible?

Yes, please go ahead.

So how many beds are we targeting to add in this year?

So this year, we're targeting to add around 150 beds through our Jamshitpur hospital, which is expected to be commissioned by Border 4 of FY27.

Okay, sir.

And can you guide us on the RPOP growth that we should see in FY27?

We expect the RPOP to grow by around 8% through a mix of tariff increase as well as speciality optimization.

And also the CAPEX per bed that we'll have for this year?

The CAPEX per bed for the Jamshirpur hospital would be around 70 lakhs per bed. That is very similar to the CAPEX we've incurred in Raipur as well.

Okay, sir. And Raipur break-even, we are expecting the Q3, right?

Yes, that would be on a monthly basis.

Okay, sir. Understood. Thank you.

Thank you. Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors, Private Limited. Please go ahead.

Yeah, thanks for the opportunity. So just a question on a Raipur hospital. So you mentioned that by Q3 on a monthly basis, we should break even. So on a full year basis, will it be around break even or slightly loss for this year as well?

Thank you for your question. On a full year basis, we will be at a slight loss, which will be almost very, very close to break-even. Next year, we expect it to be fully positive.

Okay, and when we say it will be slight loss for the full year, we are expecting what, 20-25%? What kind of occupancy are you expecting for this year?

We expect to close this year at around a 30% occupancy.

For a full year basis?

Yes.

And, okay, and regarding the mature hospital, so this year, if I see on an annualized basis, dum-dum was slightly flat. Other hospitals have grown double digit on a full year basis revenue. So what kind of growth we expect overall for the mature hospitals?

So, DumbDumb went through a restructuring exercise, which was strategically done to improve our departmental mix. And if you see, overall, our occupancy level in DumbDumb has improved almost 70% in quarter of FY27, quarter four of FY27. So, there has been a significant improvement in the DumbDumb operating metrics as well. We expect it to grow at around a 10% mark, and overall, we expect The company to do a 15% increase on a viable basis.

15% top-line, including the RIPO, right, overall?

Yes.

Okay. Okay, that's it for myself. Thank you. Thank you.

The next question is from the line of Vidisha from CR Kothari and Sons. Please go ahead.

So, what kind of occupancy do we expect for the Raipur Hospital in FI27?

In FI27, we expect to close the year at around 30% occupancy levels at the Raipur Hospital.

Okay. And for Jansheth, also do we expect similar kind of occupancy levels as the Raipur, like in the range of 10 to 14% in the first year of Hapesh?

Yes, the ramp-up of a hospital is very similar, and we expect the Jamshekpur hospital to follow a similar trend line as well.

Okay, and what kind of RPOP do we expect in a Jamshekpur hospital?

The RPOP would be in the mid-35,000 rupees mark.

Okay, all right. Is there any revenue guidance for FY2728?

We expect a 15% increase in the overall revenue for our FY26-27.

That's it for Mayim. Thank you. All the best.

Thank you. Thank you. The next question is from the line of Srihan from Divate Investments. Please go ahead.

Hello.

Yes, please go ahead.

Am I audible?

Yes, please.

Yes. Sir, so can you throw some light on your occupancy in Salt Lake and Dum Dum hospitals in the next year and where do you see it, you know, maturing?

So, the Salt Lake Hospital in this year has already reached a...

Okay. Thank you. Thank you so much.

Thank you. Thank you. The next question is from the line of Abhishek Maheshwari from Skyredge Fund Managers LLP. Please go ahead.

Yes, thank you for taking my questions and congratulations on good numbers. Just a few things. Very happy to see that Agarthala has ramped up in occupancies.

Can you expect going forward, Agarthala, right now it's at 50 to 53 percent. Can it touch 60 percent? Is the Bangladesh situation stable now?

So, the Bangladesh situation is improving as we speak. There has been a significant change in the outlook of Bangladesh, and we are seeing increased visa request letters coming from the country. We expect the occupancy level to move up, and we are hopeful that by early next year, we should be hitting the 60% mark.

Very good to hear that. And second question regarding the Bengal elections, any footfalls were impacted during the elections or was it covered due to difference post-election?

There was a slight bit of impact in the last quarter of FY26, but it was nothing very significant.

Okay, so no impact during Q1 this year.

In Q1 in April, there was an impact, but in the last FI, there was very little impact.

Okay. Got it. Thank you for that. I'll get back to the Q. Thank you.

Thank you. The next question is from the line of Aditya Cheda from Ingrid Asset Management. Please go ahead.

Yeah. Hi. The occupancy in Raipur has been flat sequentially. So, if you can attribute reasons for the same and since you are already at 14 and a half or thereabouts, your view on how you see the ramp up and ramp up if there are any reasons which are attributable to the slower ramp up. Or is it in line with your expectations? And I have a bookkeeping questions with respect to the cash flow, you can see a loan transaction to body corporate if you can quantify the nature of that transaction that will be in. Thank you so much.

So, RICOR has performed, as per our expectations this year, we had expected to close around the 15% occupancy, and we have seen significant ramp-up throughout the year to this level. We expect this year to double that and go to a 30% occupancy by the end of the year. The performance could have been much better, but there has been a delay in the insurance empanelments, which were expected also. Insurance empanelments generally take around 15 months for any new hospital, and with insurance becoming such a predominant factor in the running of any hospital, they are critical to the success of the hospital. We expect the empanelments to be complete in the next quarter, post which we will see a significant improvement in the numbers as well. With regards to the loan to the corporate body, that is an investment which was done to a company with a pre-set coupon. This will be over in the financial itself.

Right. So, I just wanted to clarify in terms of lead group assets that we have, there is no overlap in terms of management bandwidth and co-investments?

No, no, absolutely not. Absolutely not. This is a completely independent company with absolutely no related party transactions across any of the intergroup.

Got it right. And since we will be breaking even at Raipur and I'm assuming there would be some losses in Jamshedpur by the end of FI27, the EBITDA growth expectations for FI27 should be lower than the revenue growth is that the case or earlier we were hoping that with improved occupancy across the measured units, we should see some map of so your outlook on How do you see the EBITDA growth for FI-20, sir?

The EBITDA for this FI will be growing because, as you correctly said, there will be an improved contribution from the other hospitals, so the impact of Jamshedpur shall be nullified, and we expect the EBITDA to move by around 100 basis months.

All right. Thanks. I'll join back in.

Thank you. Thank you. The next question is from the line of Paj Kota from Plus91 Asset Management. Please go ahead.

Hi, Anupad, sir. Congratulations for a good set of numbers. Sir, you mentioned the CAPEX number for Jamshedpur Hospital. If you could break that down in the CAPEX that we see for FY27 and FY28, as I'm expecting some of it would have been spent during this year, that would be helpful.

Thank you. Thank you for the results. For the Jamshedpur Hospital, a large portion of the CAPEX was done by the developer till now. It is only now that the CAPEX cycle for us starts, and we expect the majority, almost 90% of the CAPEX requirement to be deployed in this financial year as well. Whatever will be left will be on account of creditors because we are looking at commissioning a hospital in this FI. So whatever will be left for next year will only be on account of creditors to the extent of around 10% of the capex cost.

Got it, sir. And are growth plans post Jamshefpur, sir? I'm assuming Ranchi is off the table. Are we looking at adding any further assets post Jamshefpur?

We are constantly evaluating opportunities across the eastern market. These are both greenfield and acquisition opportunities. We are hopeful of concluding some things soon to add to our overall portfolio.

Great, sir. Lastly, on Raipur, sir, if you could help me with the EBITDA loss that we would have incurred for the hospital in Q4, and you did mention to reach break-even by Q3 of this year, the percentage break-even in terms of occupancy would be about 25 percent?

We expect the hospital to break-even around the 25 percent mark, you're right, and we incurred an EBITDA loss of around 3 crores for the last quarter.

Thank you, sir. Thank you. That's all from my side.

Thank you. Thank you. The next question is from the line of Aditya Goyal from Redwood Capital. Please go ahead.

Hello, good morning, sir. First of all, congrats on the result. So, I just want to talk more about the RIPER hospital and the market. So, RIPER has seen meaningful capacity addition in terms of local players coming in, a few of the listed players are also coming in. So, I just wanted to understand, like, Raipur and Shatthivar, like, do they have the absorption capacity for new bets to come without occupancy getting derailed across the board? And when you think about your own ramp-up, do you see the growth primarily coming from capturing share from existing players, or the thesis is that more that the overall market is under penetrated and will grow to accommodate new suppliers?

So thank you for the question. You're right. There is significant expansion potential in RIPO. There are players coming in, but the market and the adjacent territories is very large with a very large underserved catchment population, which is around 1.15 beds per thousand population. There is still a lot of bed requirement in that state, and we are significantly or we are strategically placed with regards to the timelines. Our hospital having commissioned an FY26, we have an advantage over the newer incumbents as well. We have a good clinical team and a good technology mix. So we are hopeful that there should not be any problem with regards to the occupancy ramp-up. Whatever we do, there will be significant growth opportunities for others as well.

Okay, so there is enough demand for quality health care, and all the players will grow. Got it. My next question is regarding the ARPOP for the hospital. See, if you look at the hospital, it's ARPOP is lined with your mature West Bengal hospitals. So I just wanted to understand what's the current speciality mix there, and what's the pair mix still looking like at that hospital.

So, at this point, as I had mentioned earlier, we are still going through the impanelment process with other insurance companies and other PSUs. So, that is why the RPOB is slightly higher. With the impanelment complete and the corporates coming on board, the RPOB might reduce a bit by around 4% or 5%. That being said, we have a very good mix with regards to our speciality contributions. A bulk of revenues are distributed across major tertiary care specialties, including cardiology, neurology, GI surgery. So it is a good mix which is contributing to the overall higher up-up, with predominantly most of the patients being cast patients at this point.

Okay, so the mix is like dominant by cardio and higher speciality mix? Correct. So, one more question. Like, is there any issues that you're facing in terms of attrition with new hospitals coming in, especially in terms of clinical and paramedical staff? And what's the strategy if you are facing some attrition to retain these staff?

So, with every new incumbent, there is bound to be a risk of attrition, but we are fairly confident of our metrics and our foundation. We have a good set of clinical team and a good paramedical team as well. There might be some attrition with regards to the nursing fraternity, which generally happens across the country, but apart from that, we are very confident with our team.

Got it. One last question. Like, you are doubling your occupancy in the hospital. So, just wanted to understand, like, what are the few things that you are doing in terms of you are new in the market? So, like, what are the strategies in terms of, like, marketing, camps, etc.? Like, so, if you can highlight that, like, what's the strategy to go from doubling the capacity or doubling the occupancy?

Sure. So the hospital is situated strategically in the heart of the city. We've come up with an absolutely new infrastructure combined with high-end medical technology, including a 3-Tesla MRI. We are doing some very unique things in this hospital, including cardiac electrophysiology, which very few people across the region are doing. Perhaps we are the only one doing it. Apart from that, we have already started renal transplants in the hospital. We expect to commission liver transplant also very soon. We've got the license and we are awaiting the first few patients under workup. So there is a lot of advantage with regards to our functioning from a clinical delivery perspective, which will keep us in good stead throughout the lifespan of this hospital. And that acts as a big marketing medium by itself.

Got it.

Thank you so much and all the best.

Thank you. The next question is from the line of Sunil Jain from Nirmal Bank Securities. Please go ahead.

Yeah, thanks for taking my question and congrats on good number. Sir, my question relates to Dum Dum and Havra. We had seen good improvement in occupancy in both hospitals. So are these occupancy, which has improved, are sustainable and can next year we can expect similar occupancy for what we had seen in Q4?

Thank you for your question. So, yes, both the hospitals are on a sustainable growth path. Dumb Dumb, as we said, we've significantly re-strategized and optimized our delivery mix. We've come back to our previous occupancy levels of 70%, and we expect this to grow down the line as well. How about two? With the change in specialty mix with the addition of new technology and consultants, we've significantly improved our overall productivity in that hospital, and we expect this to improve even more in this FYI. We expect the occupancy numbers to go up as well at a good growth rate this year.

So, last quarter in Havra, we had seen over 47%, so we can expect similar or better than this occupancy level.

We expect the occupancy to move towards the 60% by Q1 of next year, so this year we expect to close around the late 50s.

And so, second thing about the Gartala Hospital, we had seen a bit of improvement in our So, similar, RPOP still. So, can we expect, now, a second time, a second time, a second time, a second time, a second time, a second time. So, that can also start improving from here.

The Agarthala is in an area where obviously patient affordability is a challenge. So, we've intentionally discounted the RPOB and kept the rates lower in that hospital. We expect the RPOB to increase on a YOY basis by around 7-8%, but that will not match up to the RPOB of our Calcutta units or other locations. We will intentionally keep it at lower compared to the other hospitals.

Okay. Great, sir. Thank you very much and all the best for next year.

Thank you. Thank you. The next question is from the line of Tarubh Maheshwari from Perpetualty Vendash. Please go ahead.

Good morning, sir. Am I on the one?

Yes, please go ahead.

Yes, so basically wanted to ask regarding the upcoming strategies for the occupancy. Increasing the Salt Lake Hospital, and if you could just pre-share the occupancy guidance for the same.

Thank you for your question. So, the Salt Lake Hospital has significantly reduced the length of stay of that hospital from almost late 3s to now just about 3. So, that has opened up additional beds in that hospital, which we are filling up through increased productivity in that hospital. With that, occupancy has already moved from around 65% to almost 69% in this hospital, and we expect it to move towards the 72% mark by the end of the year. There have been significant contributions from across a lot of departments. Thank you. Thank you. Advanced GI surgeries in this hospital as well, which is complementing our already dominant position as a robotic surgery center. So that should further improve the overall occupancy and RPOV levels of this hospital. Apart from that, there is a significant focus on strengthening our critical care offerings in this hospital, which will also aid the overall productivity numbers here.

Okay, sure. Okay, sir. Thank you.

Thank you. Thank you. The next question is from the line of Somal Shah from Paras Investments. Please go ahead.

Hi, sir. Good morning, and congrats on a very good set of numbers. So, when you are saying that our overall RPOP will be increasing by 7 to 8 percent, and our IPUR facility also breaking even by Q3 of this year, but we are writing for 100 basis points increase in EBITDAs. So, are we not conservative in our guidance?

I think 100 basis points increase after the set-off of the initial loss of Raipur is not conservative. We don't expect the full layer of Raipur to be positive. We expect it to just about break even. So, it is not a conservative number. It is in line with our functioning and overall increase in volume and profitability.

Okay. So, overall, we are riding for a 20% EBITDA margin, right?

Correct. It could be around 20.2%.

Okay, okay. And with respect to Raipur Facility, I think you mentioned to the previous participant that we are targeting around 30% occupancy level. So, that is for Q4 of this year or for a full year basis, you are saying 30%?

No, that will be for Q4. By the end of the year, we expect to reach 30% occupancy.

Okay, okay. That's it from my sir. Thank you and all the best.

Thank you. Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.

Yeah, thanks for the opportunity again. First question is regarding the four mature hospitals. Is there a capacity to expand bad in these four hospitals?

Across the older hospitals, at this point, there is no real estate available to expand beds, especially in the Calcutta hospitals. In Agartala Hospital, once we reach the optimal occupancy of around 70%, we are in a position to add beds. There is vacant land in the complex where we can add beds.

How much, any thought out of the 205 beds are there already? So, how much we can increase?

So, as I said, once we reach optimum occupancy levels of around 70%, we are in a position to add beds, which would be around 100 beds can be added in that hospital.

Okay, my second question is regarding, so recently we have seen the change in government in West Bengal, and now we expect, you know, a significant enrolment for the Ayushman Bharat as well. So if you can throw some light, can that impact our ARPU or it can help whichever way possible?

The change in government is a very welcome move in the state. We've seen there's a lot of positive momentum which should aid the overall development of the state. That being said, earlier also there was a replica scheme called Sastasafi which was functional in the state and which is going to be replaced by Ishmael Bharat. So we do not expect a lot of change with regards to the number of scheme patients we cater to. So therefore the impact on the ARPAV also should not be anything notable.

Okay, okay, and just one clarification, two, three times in the con-call, you mentioned the salt lake capacity, we have reached around occupancy of 68-67% and expect to cross 70%, but in the presentation, it is mentioned 62.4% for salt lake.

Let me check and get back to you on that.

Yeah, sure. Okay, thank you. That's it for my sake. Thank you.

The next question is from the line of Vedisha from CR Kothary and Sons. Please go ahead.

Sir, could you share the 527 expectations for occupancy and ASPOP across all your hospitals individually?

Sure. So, FI-27 at the Salt Lake Hospital, we expect to maintain around the 70% occupancy mark. Gratala should be moving towards the 58% mark. Damdam should be also maintaining around the 72% to 73% mark, while Havra should be again moving towards the late 50s. Raipur should be ending the year with around 30% occupancy. The RPOB numbers would be similar to what we have had this year. There would be approximately 7-8% growth on the RPOB on account of tariff change as well as department optimization.

Okay. Thank you, sir. Regarding your Dumb Dumb Hospital, the occupancy has been down. You mentioned that it's due to restructuring change. Could you please elaborate what is happening there?

So the Damnam Hospital has gone through a restructuring exercise from a speciality mix perspective. We've decentralized the speciality focus, and we've included a lot more specialities in the functioning of this hospital. We recently commissioned cardiac surgeries in this hospital, and just in a quarter, we've done almost 30 cardiac surgeries in that hospital. We are also doing increased number of interventional radiology, interventional neurology procedures in that hospital as well. So by de-risking the hospital from one particular speciality, we've been able to optimize the overall functioning. We expect the occupancy to be increasing around the 70% to 72% mark in that hospital. We've grown from almost 65% to 70% occupancy in Q4.

Okay. That's it for me. Thank you.

Thank you. Thank you. The next question is from the line of Deepa Gajmera from IG India. Please go ahead.

So I want to know about our patient mix, likewise between CGHS, Irishman, cash, insurance.

So, we work more on a cash and insurance business. We have almost 90% of our revenues coming from cash and insurance patients only. Our corporate and scheme patients combined are giving us around 10% revenues, of which corporate might be around 5%, and 5% would be scheme patients of Aishwan, Bharat, etc.

Okay, and how could the bifurcation look like between cash and insurance?

It is almost a 50-50 split between the two. Hello, I'm audible. I'm audible. Yes, I said it is a 50-50 split between cash and insurance.

Okay, and how much proportion of our Agartala patients are coming from, let's say, Bangladesh?

The Bangladesh would contribute around 10% of her volumes in Agarthala earlier. At this point, it is down to around 3%. We expect it to move again towards the 10% mark, hopefully soon, once the process eases out a little more.

Okay, thank you. Thank you.

Thank you. The next question is from the line of NK from TCG AMC. Please go ahead.

Hi, sir. Thanks for the opportunity. What I want to understand is for every single hospital, could you specify, let's say, the top two specialties which are contributing at this point? And in similar vein, you know, in FY27, which are the specialties that you need to add to each of the participants?

Thank you for your question. So the speciality mix differs as per different hospitals. For example, in Nagatala, at this point, cardiology and critical care are dominant specialities in that hospital. Down the line, we expect oncology to ramp up and become a dominant speciality as well. In Salt Lake, GI surgery and gastroenterology are the dominant specialities. We expect the same to continue. With the focus on high-end GI surgeries, which we are doing, we expect GI surgery volumes to increase as well. At DumDum, nephrology and critical care are dominant specialities. We expect cardiology and neurology to significantly ramp up in this hospital, including pulmonology. In Havra, at this point, orthopedic and laparoscopic surgeries are pretty common, are dominant. We expect cardiology also to be added to the fray, and that becoming a dominant speciality. In Raipur, cardiology and GI surgery are the top two specialties. We expect renal sciences and urology also to end up joining and contributing evenly in that mix. Great, great.

And just a clarification, you mentioned in the...

Your voice is breaking.

Hello. Hello. Am I audible? Yeah. Okay, the question is, in Agarthala, you mentioned the contribution from Bangladesh is of 10%, pre-crisis.

Bangladesh would earlier contribute around 10% of our revenues. For this FY, it has been around 3%. We are seeing an increased visa request coming in from Bangladesh, and we are hopeful that it should move towards the 10% mark soon.

Right. And any thoughts around MME? Or do you want to pursue more of a green field kind of an operation?

No, we are constantly evaluating suitable M&A opportunities in this part of the country. This part of the country being underserved from a corporate healthcare point of view, M&A opportunities are also, we have to be very choosy in selecting good real estate assets. So we are evaluating opportunities. Once the suitable one does come in, we would take it. Any styles that you want to sort of limit yourself to? There is no limitation with regards to the overall bed strength, but from a hospital perspective, we look at hospitals around the 150 to 200 bed mark. Thank you, Solop, sir. And all the day.

Thank you. Thank you. Ladies and gentlemen, we take that as the last question for the day, and I now hand the conference over to the management for closing comments.

Thank you everyone for your questions, which I hope we have suitably addressed. In case you have any further queries, please get in touch with us. Thank you for your continued support and trust in our company's vision and capabilities. Together, we look forward to achieving new milestones and creating lasting value. Thank you, and have a good day ahead.

Thank you. On behalf of GPT Healthcare Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.