Q2 operating revenue surged 73% year‑on‑year to ₹2,844 crore, a jump largely driven by the UK acquisition, while EBITDA climbed 37.6% to ₹553.8 crore. EBITDA margin, however, slipped to 19.5% from 24.5% a year earlier, reflecting higher operating costs.
Excluding the UK arm, underlying revenue grew 22.6% YoY to ₹2,015.6 crore; EBITDA rose 27.8% to ₹545.2 crore, and the margin expanded to 27.0% from 25.9%. PAT on this base stood at ₹335.9 crore, a margin of 16.7%, signalling stronger domestic profitability.
India‑only numbers paint a brighter picture: revenue hit ₹1,440.2 crore, up 16.6% YoY, while EBITDA leapt 30.8% to ₹354.8 crore and PAT jumped 36.2% to ₹189.9 crore. The EBITDA margin for India hospitals rose 26.8% from 23.8% a year ago, driven by higher patient volumes and a 75.7% surge in international patient revenue.
The company is scaling up capacity, targeting more than 7,800 beds by FY27 through six projects that will add roughly 1,555 beds at a cost of ₹2,990 crore. Construction is progressing in Bengaluru, Raipur, and Rajarhat, with a new 120‑bed facility opening in Kolkata this month.
The UK unit remains a drag: revenue fell 0.9% sequentially to £64.4 million, EBITDA after IFRS 16 dropped to £4.7 million (7.2% margin), and the business logged a net loss of £2.7 million. Analysts are watching whether the UK arm can rebound before the next quarterly report.