India’s hospital beds sit at 15 per 10,000 people, half the global average of 35, and only 120 in Japan/Korea—
Last two regulatory rounds—2017 stent pricing and 2019 kneecap/mid‑market drug caps—illustrate the government’s willingness to intervene, yet the sector has historically rebounded—
Khemka points to a 15‑20% ROE across listed chains versus a 15% discount‑rate, implying that margin compression on a single line item may be absorbed elsewhere—
Medical‑tourism corridors are already drawing patients from China, Gulf, and Europe, with the Ministry pushing for dedicated hubs to leverage India’s cost advantage—
Khemka sees the current dip as a tactical entry rather than a structural threat, encouraging long‑term investors to target the 2027‑28 fiscal cycle when capacity expansion is projected.