Summary
GPT Healthcare Limited - Q3 FY 2026 Earnings Call Summary Tuesday, February 03, 2026 10:00 AM IST
Event Participants
Executives 3 Anurag Tantia (Executive Director), Atul Tantia (Group CFO), Kriti Tantia (CFO)
Analysts 8 Abhishek Maheshwari (Sky Ridge Fund Managers), Anush Kashyap (A3 Capital), Arpit Tapadia (IGE), Avinash Bala (Sami India Private Limited), Richa Chowdhary (Electrum PMS), Rucheeta (CJW Investments), Siddhant Kanodia (Tusk Investments), Sucrit Patil (Eyesight Fintrade), Sunil Jain (Nirmal Bang)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue from Operations | ₹350.5 crores | +12.12% YoY for 9M; +16.81% YoY for Q3 driven by better case mix and higher throughput. |
| EBITDA | ₹65.1 crores | 18.58% margin for 9M; reflects stable performance and cost discipline despite Raipur’s initial losses. |
| Profit After Tax (PAT) | ₹27.6 crores | 7.89% margin for 9M; impacted by commissioning costs of the new Raipur facility. |
| ARPOB (Overall) | ₹38,797 | Sustained by specialized procedures and a mid-to-premium payer mix. |
| Bed Occupancy (Existing) | 55% | Excluding Raipur; improved from previous levels with Salt Lake at 63% and Dum Dum north of 65%. |
| Bed Occupancy (Total) | 45% | Including newly commissioned Raipur facility which is currently in the ramp-up phase. |
| Avg. Length of Stay (ALOS) | 3.48 days | Improved from 3.54 days YoY; Salt Lake significantly reduced ALOS to ~2.8 days. |
| Payer Mix | 90% | Percentage of business derived from cash and insurance patients. |
Geographic & Segment Commentary
- West Bengal (Salt Lake & Dum Dum): Salt Lake saw occupancy rise to 63% with over 750 robotic surgeries performed to date. Dum Dum is undergoing restructuring to shift toward high-ARPOB departments like cardiothoracic surgery (15 surgeries in the first month), resulting in a reduced ALOS of 4.3 days despite flat occupancy.
- Tripura (Agartala): Occupancy improved from 47% to 52% with a 9% YoY growth in ARPOB. The facility recently launched comprehensive oncology and cardiac surgery services to capture demand from Tripura and Eastern Bangladesh.
- Chhattisgarh (Raipur): The new ILS Raipur facility recorded an EBITDA loss of ₹2.5 crores for the quarter (₹10 crores for 9M). Management expects monthly EBITDA breakeven within 6 months as clinical capabilities expand to renal and liver transplants.
Company-Specific & Strategic Commentary
- Capacity Expansion: On track to reach a 1,000-bed network by 2027; the 150-bed Jamshedpur project is progressing on schedule with a Q4 FY27 commissioning target.
- Clinical Value Migration: Shifting focus towards high-end tertiary care including robotic-enabled surgeries (orthopedics and GI) and advanced cardiology to drive ARPOB and reduce ALOS.
- Market Positioning: Maintaining a “neighborhood tertiary care” model focusing on underserved Tier 2/3 markets in Eastern India, Bihar, Jharkhand, and Raipur.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Raipur Profitability | Monthly EBITDA breakeven | Targeted within the next 6 months as occupancy scales and oncology/transplant services ramp up. |
| Occupancy Target | 70% to 75% | Expected for mature assets (Agartala, Howrah) within the next 1-1.5 years through clinical mix optimization. |
| Jamshedpur Commissioning | Q4 FY 2027 | 150-bed facility; expected EBITDA loss of ₹3-4 crores in the initial commissioning phase. |
| Growth Momentum | Double-digit growth | Management expects the current 10-11% growth in existing hospitals to be sustainable into FY27. |
Risks & Constraints
| Risk | Context |
|---|---|
| Regional Concentration | Over-dependence on Eastern India and Bangladesh; Bangladesh patient volumes have not fully recovered, necessitating a shift to local Tripura marketing. |
| New Hospital Drag | Initial EBITDA losses from Raipur (₹12 crores projected for FY26) and upcoming Jamshedpur costs may pressure consolidated margins in the short term. |
| Operational Rebalancing | Success of the Dum Dum hospital depends on the successful transition from traditional departments to high-complexity departments like interventional cardiology. |
Q&A Highlights
Raipur Performance & Breakeven
- Question: What was the EBITDA loss in Raipur this quarter and when will it break even? (Sunil Jain)
- Answer: Raipur lost ₹2.5 crores this quarter (down from earlier periods) and ₹10 crores for 9M; monthly breakeven is expected in 6 months (Atul Tantia).
Dum Dum Restructuring
- Question: Why has occupancy lacked in Dum Dum compared to other hospitals? (Sunil Jain)
- Answer: Throughput has actually increased (inpatients up 8% YoY), but ALOS was reduced from 5 to 4.4 days due to a strategic shift toward high-ARPOB/short-stay departments like cardiac and urology (Anurag Tantia).
Occupancy Targets
- Question: Howrah and Agartala have been at 40-45% occupancy for years; when will they reach 70%? (Rucheeta/Avinash Bala)
- Answer: New departments like oncology in Agartala and robotic orthopedics in Howrah have already pushed occupancy up 5% in 6 months; 70% is targeted within 1.5 years (Anurag Tantia).
Expansion Strategy
- Question: How will you reach the 1,000-bed target by 2027? (Richa Chowdhary)
- Answer: Jamshedpur adds 150 beds; the remaining 150-200 beds will come from inorganic or organic brownfield/greenfield opportunities currently under evaluation in Eastern India (Atul Tantia).
Key Takeaway
GPT Healthcare reported a steady 9M FY26 performance with 12.12% revenue growth, reaching ₹350.5 crores, though margins were slightly tempered by the ramp-up of the Raipur facility. Management is executing a deliberate strategy to upgrade clinical complexity, evidenced by the 750+ robotic surgeries in Salt Lake and the introduction of cardiac/oncology services in Dum Dum and Agartala. This shift is successfully reducing the Average Length of Stay (3.48 days) and improving the case mix, even if it temporarily masks occupancy gains in mature units. With Raipur expected to hit monthly EBITDA breakeven by Q2 FY27 and the Jamshedpur expansion on track, the company remains focused on its 1,000-bed target. Investors should monitor the recovery of Bangladesh patient flows and the successful margin transition at Dum Dum as key drivers for FY27 profitability.
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