High certainty pickBased on the estimated 2026 EBITDA of 76 Crs INR and Forward EV/EBITDA multiple of 21x, I think the stock may have an FV of 94 INR (upside of 20% from 79 INR).
The EBITDA projection stems from assuming higher capacity utilization in 2026. The current capacity of the hospital is sitting around 71%, due to their recent expansion. I am of the view that as they market the hospital further they will get back to the 85% - 90% utilization range. To be conservative, I have modeled 85% OPD utilization in 2026, however, there may be a good shot their capacity may reach 90% in which case the stock could rally >100 INR. For OPD/IPD revenue, I have assumed no growth in 2026. If I add even below-average growth, the FV jumps >100 INR.
Thus, considering the recent sell-off of 25% from its high, and decent upside in a conservative scenario, this could be an inflection point for the stock.
This is not investment advice, this is what I AM GOING TO DO.
