Hospital Watch
Performance Review –
Hospitals and diagnostic centers
Healthcare providers remain committed to growth, driven by large-scale consolidation, strategic brownfield expansions, enhanced service specialization, and rigorous cost optimization efforts.
The Indian hospitals exhibited significant growth in Q3 FY25 across primary financial and operational metrics, driven by increased patient volumes, higher revenue generation, and improved operational efficiency. The sector looks poised for sustained growth, supported by investment in new hospital capacities, ongoing digitization, and a focus on high-margin specialties. Hospitals plan to expand their operational presence in urban and suburban areas, ensuring further penetration into the growing demand for healthcare services.
The Indian hospital sector is projected to experience robust growth in FY26, with estimates indicating a 15 percent year-on-year increase in sales, primarily driven by higher Average Revenue per Occupied Bed and new bed additions. The industry is expected to add over 4,500 beds in FY2026, with a capital outlay of approximately ₹7,000 to ₹8,000 crore for that year alone.
Cumulatively, over the next few years, the industry is expected to incur a capital expenditure of ₹14,000 to ₹16,000 crore.
In Q3 FY25, the Indian pathology labs sector showcased robust growth trends. The industry is capitalizing on its expansion into smaller cities and improving service delivery through technological advancements. Pathology labs are increasingly adopting digital solutions and AI to enhance accuracy and efficiency in diagnostics. Furthermore, the focus on preventive healthcare is reshaping service offerings, making pathology services essential in the healthcare ecosystem.
The Indian pathology labs sector is expected to experience significant growth, with projections indicating the overall diagnostics market will reach ₹168,000 crore by FY28, reflecting a CAGR of 14 percent over the next five years.
Leading hospitals
Apollo Hospitals Enterprises Ltd.
Apollo Hospitals Enterprise reported revenues of ₹5526.90 crore during Q3 FY25, compared to ₹4850.6 crore during Q3 FY24, an increase of 14 percent. Net profit was ₹379.40 crores for Q3 FY25 compared to ₹254.40 crore for Q3 FY24, a 52 percent YoY increase. EPS was ₹25.89 in Q3 FY25 compared to ₹17.06 in Q3 FY24. EBIDTA in Q3 FY25 increased by 24 percent to ₹762.00 crore over Q3 FY24.
| Apollo Hospitals Enterprise Ltd. | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 5526.90 | 5589.30 | 4850.60 |
| Net profit | 379.40 | 395.70 | 254.40 |
| EPS | 25.89 | 26.34 | 17.06 |
Apollo Hospitals reported 7,996 operating beds across its network (excluding AHLL & managed beds), with occupancy rising to 68 percent in Q3 FY25 compared to 66 percent in Q3 FY24, driven by increased patient flow. The company will add 3,512 beds across 11 locations over 3-4 years, beginning FY26.
Apollo has partnered with Microsoft to advance healthcare through AI and digital innovation, focusing on disease progression and genomics.
Dr Prathap C Reddy
Founder and Chairman,
Apollo Hospitals Group
At Apollo Hospitals, we have always measured success by the lives we touch and the impact we create for a healthier nation. The results reflect our growth story that underlines our purpose of healing India and touching more than a billion lives. From Mumbai to Varanasi and Chennai to Gurugram, we are committed to ensuring that quality healthcare is not a privilege but a fundamental right for all.
Aster DM Healthcare
Aster DM Healthcare delivered a strong performance in Q3FY25, supported by revenue growth. The company has reported revenue from operations of ₹1049.81 crore during Q3 FY25, compared to ₹954.67 crore during Q3 FY24. The company has reported a net profit of ₹64.39 crore for Q3 FY25 compared to ₹65.37 crore for Q3 FY24. The EPS is ₹1.14 for Q3 FY25 compared to ₹3.60 for Q3 FY24. Operating EBITDA grew 20 percent year-on-year (YoY) to ₹202 crore or vs. ₹168 crore in Q3FY24.
| Aster DM Healthcare Limited | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 1049.81 | 1086.44 | 954.67 |
| Net profit | 64.39 | 105.76 | 65.37 |
| EPS | 1.14 | 1.94 | 3.60 |
In Q3 FY25, the company added 100 beds at its flagship Aster Medcity and plans to add 1,700 more in the coming years.
Fortis Healthcare Ltd.
Fortis Healthcare shows a significant improvement over the previous year. The company reported consolidated revenues of ₹1,928 crore during Q3 FY25, up 14.8 percent from ₹1,680 crore during Q3 FY24. The operating margins for the quarter were 19.40 percent versus 16.90 percent in the previous period. The company has reported a net profit of ₹254 crore for Q3 FY25 compared to ₹134 crore for Q3 FY24. The EPS is ₹3.28 for Q3 FY25 compared to ₹1.78 for Q3 FY24.
| Fortis Healthcare Limited | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 1928.00 | 1988.39 | 1680.00 |
| Net profit | 254.00 | 193.00 | 134.00 |
| EPS | 3.28 | 2.34 | 1.78 |
Q3FY25 hospital business revenues grew 16.8 percent to ₹1,623.10 crore compared to ₹1,389.50 crore in Q3FY24. Operating margins stood at 20 percent versus 18 percent for the previous period. In the diagnostics business, the company consolidated its stake by acquiring a 31.50 percent stake from the PE investors, with the company now holding 89.20 percent shareholding in Agilus.
The Q3FY25 diagnostic business net revenue was ₹305.20 crore versus ₹290.20 crore in Q3FY24. Operating margins stood at 16.20 percent versus 11.40 percent for the previous period. In Q3 FY25, Agilus conducted ~10.29 million tests versus ~9.85 million tests in Q3 FY24.
As part of its portfolio rationalization strategy, the company divested its Richmond Road facility in Bangalore in December 2024, following earlier divestments of Malar (February 2024) and Vadapalani (July 2023) facilities in Chennai.
Dr Ashutosh Raghuvanshi
MD and CEO,
Fortis Healthcare Limited
Leveraging our robust balance sheet, we continue pursuing further inorganic growth opportunities in our focus geographic clusters. On the diagnostics business, we consolidated our stake by acquiring a 31.5 percent stake from the PE investors, with the company now holding 89.2 percent shareholding in Agilus. The diagnostics business performance continues to recover. However, it is still impacted by rebranding expenses, which will taper off toward the end of the fiscal.
Krishna Institute of Medical Sciences Ltd. (KIMS)
The Krishna Institute of Medical Sciences (KIMS) reported consolidated revenue of ₹790 crore in Q3 FY25, marking a 29.70 percent growth compared to the same quarter in the previous year and a marginal increase of 1 percent quarter-on-quarter.
KIMS recorded EBITDA margins of 25.90 percent, an improvement from 24.70 percent in the corresponding quarter of the previous year but lower than the 28.50 percent achieved in Q2 FY25, reflecting reduced operational efficiency on a quarter-on-quarter comparison.
KIMS expanded its operations by opening a 200-bed multi-specialty hospital in Guindy and signing an agreement with Valiyath Institute of Medical Sciences, strengthening its presence in Kerala. The company is also working on upcoming projects in Bangalore and Bombay, showcasing growth potential despite delays in some initiatives.
Healthcare Global Enterprises Limited (HCG)
Healthcare Global Enterprises Limited has reported revenue from operations of ₹557.55 crore during Q3 FY25, compared to ₹468.95 crore during Q3 FY24. The company reported a net profit of ₹77.50 crore for Q3 FY25, compared to ₹34.30 crore for Q3 FY24. The EPS is ₹0.50 for Q3 FY25, compared to ₹0.41 for Q3 FY24.
| HealthCare Global Enterprises Ltd. | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 557.55 | 552.47 | 468.95 |
| Net profit | 77.50 | 206.80 | 34.30 |
| EPS | 0.50 | 1.29 | 0.41 |
HCG Enterprises emerging centers reported strong growth, with the Kolkata center expanding by 40 percent and the South Bombay center by 28 percent. During the quarter, operations at MG Hospital in Vizag were consolidated, enhancing the presence in the region and expanding cancer care services.
Jupiter Life Line Hospitals Ltd.
Jupiter Life Line Hospitals Ltd has reported revenue from operations of ₹320.64 crore during Q3 FY25, compared to ₹272.61 crore during Q3 FY24. The company has reported a net profit of ₹52.51 crore for Q3 FY25 compared to ₹43.67 crore for Q3 FY24. The EPS is ₹8.01 for Q3 FY25 compared to ₹6.56 for Q3 FY24.
| Jupiter Life Line Hospitals Ltd. | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 320.64 | 322.58 | 272.61 |
| Net profit | 52.51 | 51.50 | 43.67 |
| EPS | 8.01 | 7.86 | 6.56 |
The hospital is rapidly expanding its presence with greenfield and brownfield projects. The company recently added 78 beds at its Indore facility ahead of schedule and is gearing up to launch its new 500-bed hospital in Dombivli next year.
Further expansion plans include the Pune facility, which has received regulatory approvals and is set to begin construction soon, while the Mira Road hospital is in its early development phase.
Max Healthcare Institute Limited
The company’s revenue from operations climbed 39.90 percent year-on-year (YoY) to ₹1868.31 crore during Q3 FY25, compared to ₹1334.97 crore during Q3 FY24. The company reported a consolidated net profit of ₹238.80 crore in Q3 FY25, compared to ₹289.34 crore for Q3 FY24, which declined by 17.40 percent in the same period last year. The EPS is ₹2.46 for Q3 FY25 compared to ₹2.98 for Q3 FY24.
| Max Healthcare Institute Limited | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 1868.31 | 1707.46 | 1334.97 |
| Net profit | 238.8 | 281.81 | 289.34 |
| EPS | 2.46 | 2.90 | 2.98 |
In addition, Max Healthcare has signed an agreement with VR Konkan Limited to lease a built-to-suit 500-bed hospital in Thane, set to open in 2028. This will be its third built-to-suit facility after Dwarka and Zirakpur in Mohali.
The company has also incroreeased the planned capacity of its upcoming Mohali hospital from 250 to 400 beds. And it is adding 268 beds at Nanavati, Mumbai, 155 beds in Mohali, and 400 beds in Saket, Delhi set to become operational in the first quarter of the next financial year.
Medanta (Global Health Limited)
Global Health Limited has reported revenue from operations of ₹943.40 crore during Q3 FY25, compared to ₹836.50 crores during Q3 FY24, a 12.80 percent year-on-year (YoY) increase. The company has reported a net profit of ₹142.90 crore for Q3 FY25 compared to ₹123.50 crore for Q3 FY24, a 15.60 percent year-on-year (YoY) increase. The EPS is ₹5.32 for Q3 FY25 compared to ₹4.61 for Q3 FY24.
| Medanta (Global Health Limited) | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 943.40 | 956.56 | 836.50 |
| Net profit | 142.90 | 130.82 | 123.50 |
| EPS | 5.32 | 4.87 | 4.61 |
A 550-bed greenfield hospital is under development in Noida Medanta has signed an Operations and Management Agreement to operate a 750-bed super specialty hospital in Pitampura, New Delhi. The company has acquired 8,859 sq. meters of land in Oshiwara from MHADA for a 500+ bed facility.
Narayana Healthcare Limited
The company delivered a steady financial performance in Q3 and reported revenue from operations of ₹1366.68 crore during Q3 FY25, compared to ₹1203.63 crore during Q3 FY24. The company has reported a net profit of ₹193.05 crore for Q3 FY25 compared to ₹188.11 crore for Q3 FY24, a 2.60 percent increase. The EPS is ₹9.50 for Q3 FY25 compared to ₹9.26 for Q2 FY24.
| Narayana Healthcare Limited | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 1366.68 | 1400.00 | 1203.63 |
| Net profit | 193.05 | 198.79 | 188.11 |
| EPS | 9.50 | 9.78 | 9.26 |
The hospital has announced new projects to expand capacity by approximately 1,500 beds with an investment of around ₹3,000 crore.
Dr Emmanuel Rupert
MD and Group CEO,
Narayana Hrudayalaya Limited
Looking ahead, we have formally announced new projects aimed at expanding our capacity by approximately 1,500 beds with an investment of around ₹3,000 crore. Further enhancing our capabilities, we continue to invest in advanced technology, which has proven instrumental in improving throughput and enhancing the quality of care. Overall, we are confident in our strategy and remain committed to delivering long-term value for our stakeholders.
Rainbow Children’s Medicare Ltd.
Rainbow recorded a strong performance this quarter, with significant growth across all hospitals. The company has reported revenue from operations of ₹398.08 crore during Q3 FY25, compared to ₹335.96 crore during Q3 FY24, an increase of 18.50 percent in the same period last year. The company has reported a net profit of ₹68.94 crore for Q3 FY25 compared to ₹62.57 crore for Q3 FY24, an increase of 10.20 percent in the same period last year. The EPS is ₹6.76 for Q3 FY25 compared to ₹6.12 for Q3 FY24. In Q3 FY25, EBITDA margin is 33.80 percent.
| Rainbow Children’s Medicare Ltd | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 398.08 | 417.46 | 335.96 |
| Net profit | 68.94 | 79.01 | 62.57 |
| EPS | 6.76 | 7.77 | 6.12 |
Shalby Limited
The company has reported revenue from operations of ₹275.63 crore during Q3 FY25, compared to ₹216.05 crore during Q3 FY24, with a growth of 27.40 percent year-on-year (YoY). The company has reported a net loss of ₹2.99 crore for Q3 FY25 compared to a net profit of ₹19.06 crore for Q3 FY24. The EPS dropped to a negative ₹0.28 for Q3 FY25 compared to ₹1.78 for Q3 FY24.
| Shalby Limited | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 275.63 | 267.53 | 216.05 |
| Net profit | (2.99) | 2.36 | 19.06 |
| EPS | (0.28) | 0.22 | 1.78 |
Moreover, ARPOB and ALOS stood at ₹42,704 and 3.62 respectively in Q3 FY25, compared to ₹37,342 and 3.79 in the corresponding quarter of the previous year improved by 14.40 percent and 4.50 percent respectively.
Yatharth Hospital and Trauma Care Services Ltd.
Yatharth Hospital’s net profit remained flat, while margins saw contraction year-on-year. The company reported revenue from operations of ₹219.16 crore during Q3 FY25, compared to ₹166.79 crore during Q3 FY24, an increase of 31.4 percent in the same period last year. The company reported a net profit of ₹30.49 crore for Q3 FY25 compared to ₹29.49 crore for Q3 FY24, an increase of 3.40 percent in the same period last year. The EPS is ₹3.57 for Q3 FY25 compared to ₹3.83 for Q3 FY24.
| Yatharth Hospitals | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 219.16 | 217.77 | 166.79 |
| Net profit | 30.49 | 30.95 | 29.49 |
| EPS | 3.57 | 3.59 | 3.83 |
Yatharth has earmarked ₹2,173 crore for acquiring two hospitals in Delhi and Faridabad.
Leading Diagnostic Centers
Dr. Lal PathLabs Ltd
Revenue for Q3 FY25 came in at ₹596.70 crore compared to ₹538.90 crore in the same quarter last year, reflecting a growth of 10.70 percent. PAT for Q3FY25 came in at ₹98.10 crore compared to ₹82.20 crore in the same quarter last year, registering a growth of 19.30 percent. EBITDA for Q3FY25 came in at ₹154 crore compared to ₹141 crore in the same quarter last year, registering a growth of 9.60 percent. The EPS is ₹11.6 for Q3 FY25 compared to ₹9.77 for Q3 FY24.
| Dr Lal PathLabs Limited | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 596.70 | 660.20 | 538.90 |
| Net profit | 98.10 | 130.80 | 82.20 |
| EPS | 11.60 | 15.52 | 9.77 |
As for Suburban Diagnostics, an arm of Dr Lal Pathlabs, revenue growth was 9.20 percent in Q3.
In FY25, the company is expanding its reach with plans to open 15 to 20 new labs in underserved markets, enhancing its presence in Tier 3 and Tier 4 cities.
Dr Om Manchanda
MD,
Dr Lal PathLabs Limited
I want to share how we navigated our business without the price increase and delivered better than last year. We improved revenue and EBITDA margin by enhancing patient realization, with double-digit growth in the Delhi NCR growth. Second, we are expanding lab and collection center infrastructure in Tier-2 and Tier-3 towns; the third initiative is a relentless focus on productivity initiatives; and a sharp focus on franchisee collection centers.
Metropolis Healthcare Ltd
Metropolis achieved double-digit growth for the third consecutive quarter. The company has reported revenue from operations at ₹322.77 crores during Q3 FY25, compared to ₹291.12 crore during Q3 FY24, a 10.90 percent increase. The net profit for Q3 FY25 was at ₹31.47 crore against ₹27.29 crore for Q3 FY24. The EPS is ₹6.12 for Q3 FY25 compared to ₹5.30 for Q3 FY24. EBITDA rose 9.40 percent YoY to ₹72 crore compared to ₹66 crore in the same quarter last year. PAT rose by 15.30 percent YoY to ₹31 crore compared to ₹27 crore in the same quarter last year.
| Metropolis Healthcare Limited | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 322.77 | 349.79 | 291.12 |
| Net profit | 31.47 | 46.70 | 27.29 |
| EPS | 6.12 | 9.08 | 5.30 |
Ameera Shah
Executive Chairperson and Whole-time Director,
Metropolis Healthcare Limited
The diagnostics industry is shifting toward personalized medicine, genomics-driven testing, and preventive healthcare. As part of our long-term strategy, we are expanding our presence in North India through a string of pearls approach, focusing on acquiring high-performing B2C businesses, with strong EBITDA, ROCE, and cash flows. This strategy will enhance our capabilities and deepen our regional footprint, creating long-term value and solidifying Metropolis’s leadership in the evolving diagnostics landscape.
Krsnaa Diagnostics
Krsnaa Diagnostics reported revenue from operations at ₹174.51 crore during Q3 FY25, compared to ₹158.32 crore during Q3 FY24, a 10 percent increase. The net profit for Q3 FY25 was at ₹19.42 crore against ₹12.97 crore for Q3 FY24, a 50 percent increase. The EPS is ₹5.90 for Q3 FY25 compared to ₹4 for Q3 FY24, a 48 percent increase. In Q3 FY25, EBITDA rose by 23 percent to ₹46.60 crore, compared to ₹37.80 crore in the same period last year.
| Krsnaa Diagnostics | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 174.51 | 186.34 | 158.32 |
| Net profit | 19.42 | 19.59 | 12.97 |
| EPS | 6.01 | 6.07 | 4.09 |
Krsnaa collaborates with hospitals, nursing homes, and laboratories. Currently, it serves over 400 B2B clients and aims to expand to 1,000 by FY26.
Thyrocare Technologies Limited
Thyrocare reported revenue from operations of ₹165.92 crore during Q3 FY25, an increase of 23 percent compared to ₹134.74 crore during Q3 FY24. The company has reported a net profit of ₹18.95 crore for Q3 FY25, increased by 30 percent compared to ₹14.74 crore for Q3 FY24. The EPS is ₹3.58 for Q3 FY25 compared to ₹2.78 for Q3 FY24. The company has reported consolidated EBITDA grew 32 percent to ₹41.6 crore in Q3FY25, compared to ₹31.6 crore in Q3FY24.
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Thyrocare Technologies Limited |
|||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 165.92 | 177.36 | 134.74 |
| Net profit | 18.95 | 26.42 | 14.74 |
| EPS | 3.58 | 4.99 | 2.78 |
Vijaya Diagnostic Centre
Vijaya Diagnostic Centre reported revenue from operations of ₹168.98 crore during Q3 FY25, increased by 27.30 percent YoY compared to ₹132.69 crore during Q3 FY24. The company has reported a net profit of ₹35.30 crore for Q3 FY25, compared to ₹26 crore for Q3 FY24. The EPS is ₹3.42 for Q3 FY25 compared to ₹2.53 for Q3 FY24. The company has reported EBITDA of ₹67.13 crore during Q3 FY25, increased by 28.30 percent YoY compared to ₹52.31 crore during Q3 FY24.
| Vijaya Diagnostic Centre Ltd | |||
| In ₹ crore | Q3 FY25 | Q2 FY25 | Q3 FY24 |
| Revenue from operations | 168.98 | 182.94 | 132.69 |
| Net profit | 35.30 | 42.12 | 26.00 |
| EPS | 3.42 | 4.09 | 2.53 |
Suprita Reddy
MD and CEO,
Vijaya Diagnostic Centre Ltd
Following the PH acquisition, we have operationalized our first center at Pimple Saudagar, Pune (spoke) under Vijaya PH Brand. Looking ahead, we will commission six hubs across Pune, West Bengal and Bengaluru, taking our total hub addition to nine in the next 12 months. We have also made key strategic hires across functions at the mid and senior levels to support the management in driving the next growth phase.
The path forward
India’s hospitals and diagnostics sector is set for sustained growth, driven by digital innovation, strategic expansion, and rising accessibility. As hospitals scale up and diagnostics reach deeper into smaller cities, technology-driven care will enhance efficiency and patient outcomes. Overall, the sector is well-positioned for significant expansion, supported by ongoing infrastructure improvements and a growing patient base.
The future belongs to those embracing innovation, expanding smartly, and delivering excellence in healthcare.
