Krishna Institute of Medical Sciences Ltd

- Current debt stands at around INR 2,800 crores, expected to come down quarter-on-quarter as INR 600 crores is receivable from government creditors. - The company currently holds INR 200 crores cash, and no incremental debt is anticipated moving forward unless new large expansions are announced. - For new expansions or opportunities, other means of funding besides debt will be explored. - Capex for FY '27 is estimated around INR 500-600 crores mainly for the full closure of the old hospital and related investments; no major capex planned for FY '28 yet. - No major new fundraising through equity or debt has been announced; existing expansions are being scaled using internal funds and manageable debt levels. - Management is cautious about debt ratios and confident about growth without additional leverage in the near term.

- For FY '27, an incremental capex of INR 500-600 crores is planned, primarily related to completing the full closure and setup of new facilities (Page 17). - No concrete capex plans for FY '28 yet, as no new hospitals are currently scheduled for commissioning (Page 17). - Post current major expansions, further expansions or new hospital additions may require exploring non-debt funding sources (Page 19). - Expansion focus includes operationalizing and scaling existing new hospitals, especially large facilities like Kondapur (Page 16-17). - Additional capacity additions in Bangalore planned on existing land already owned (Page 16). - Possible future strategic expansions in Mumbai involve owning land and building, rather than asset-light models, due to high rentals (Page 17). - No significant M&A in the near term, only small potential acquisitions under evaluation (Page 17). Overall, major capex peaks expected to be completed soon with measured future investments focused on scaling and selective strategic opportunities.

- Management expects to double the top line within 3 years, and currently is performing better than that target (Page 19). - Growth is anticipated from expanding specialties at existing hospitals without additional capex, contributing incremental revenue (Page 19). - New hospitals like Thane and Bangalore clusters (Mahadevapura, Electronic City) are ramping up, with break-even expected by early to mid FY '27, supporting revenue growth (Pages 12-13). - Telangana market is mature; expected occupancy growth to around 75-80% over 3-4 years with addition of beds boosting volume growth (Page 11). - Tier 2 markets like Nashik had slower ramp-up due to payer mix but are now EBITDA positive with improved corporate empanelments expected to drive growth (Page 14). - Maharashtra expansion (Mumbai, Thane, Nagpur, Nashik) viewed as large opportunity with potential to consolidate and scale over long term (Page 17). - Overall, next few years expected to have better growth than last 2 years, driven by addition of specialties, hospital expansions, and improved operational efficiencies (Page 19).

- Management expects no incremental debt going forward; debt to reduce quarter-on-quarter (Pg.19). - Expansion primarily involves adding specialties in existing facilities with minimal capex, enabling incremental revenue (Pg.19). - Target to double top-line within 3 years, currently outperforming previous guidance (Pg.19). - Hospitals like Kondapur to see 20-25% year-on-year growth post new facility commissioning (Pg.18). - Break-even expected in new units: Thane and Mahadevapura by Q1 FY '27; Electronic City by Q3 FY '27 (Pg.13). - Capex for FY '27 expected to be INR 500-600 crores; minimal further capex planned for FY '28 (Pg.18). - EBITDA and profitability to improve as new hospitals stabilize and occupancy increases (Pg.13). - Focus on ramping up occupancy and expanding volumes, especially post bed capacity additions in Telangana by FY '27 (Pg.12). - Management confident of better growth in next few years compared to last two years benefiting investors (Pg.19).

Based on the transcript of the KIMS Hospitals Q3 FY 2026 earnings call: - No explicit mention of a current or expected order book or pending orders was made during the call. - Expansion plans currently remain limited to previously announced hospitals with no new hospitals added beyond those already disclosed. - There are mentions of ongoing expansion through adding new specialties at existing facilities without additional capex. - Small acquisition opportunities have been considered but none considered sizable or significant at this time. - Focus is primarily on scaling up and operationalizing existing hospitals like Thane, Bangalore (Mahadevapura and Electronic City), and Telangana cluster. - No new large-scale projects or orders have been announced beyond what was already disclosed. In summary, KIMS is concentrating on optimizing current projects with no fresh pending orders or major new contracts indicated in the call.