KIMS Hospitals: Telangana Delivered 72% of H1 FY27 EBITDA

KIMS Hospitals reported earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 518.7 crore in H1 FY27, and Telangana contributed Rs 373.4 crore, or 72% of that total. Telangana generated Rs 1,325.3 crore of revenue and a 28.2% EBITDA margin, while Karnataka recorded a Rs 24.6 crore EBITDA loss.

How concentrated was KIMS EBITDA in Telangana in H1 FY27?

KIMS EBITDA was concentrated in Telangana, which delivered Rs 373.4 crore in H1 FY27 against group EBITDA of Rs 518.7 crore. This equals 72.0% of group EBITDA, calculated from the presentation’s regional and group figures. Telangana also generated Rs 1,325.3 crore of revenue, or 51.8% of group revenue of Rs 2,558.9 crore.

The regional figures include intercompany eliminations adjusted in Telangana, according to the presentation. Telangana’s EBITDA increased by Rs 39.6 crore from Rs 333.8 crore in H1 FY26, while revenue rose by Rs 223.9 crore from Rs 1,101.4 crore. Its EBITDA margin, however, declined to 28.2% from 30.3% over the same comparison.

Which regions changed KIMS earnings mix year on year?

Maharashtra and Kerala changed KIMS earnings mix by moving from EBITDA losses in H1 FY26 to positive EBITDA in H1 FY27. Maharashtra reported EBITDA of Rs 40.3 crore on revenue of Rs 329.4 crore, compared with a Rs 16.1 crore loss on revenue of Rs 194.9 crore a year earlier. Its EBITDA margin moved to 12.2% from negative 8.3%.

Kerala reported EBITDA of Rs 18.0 crore in H1 FY27, compared with a Rs 1.7 crore loss in H1 FY26, as revenue rose to Rs 160.9 crore from Rs 76.5 crore. Its margin reached 11.2%, compared with negative 2.2% a year earlier. Together, Maharashtra and Kerala contributed Rs 58.3 crore of EBITDA after a combined loss of Rs 17.8 crore in the earlier half year.

Andhra Pradesh remained the second-largest positive EBITDA contributor, with Rs 111.6 crore in H1 FY27, but this was Rs 5.5 crore below the Rs 117.1 crore reported in H1 FY26. Revenue increased by Rs 84.0 crore to Rs 551.7 crore, while EBITDA margin declined to 20.2% from 25.0%. The presentation does not provide regional cost lines to explain the margin movement.

Karnataka remained loss-making despite a larger operating base and revenue of Rs 191.6 crore in H1 FY27. Its EBITDA loss narrowed by Rs 0.6 crore to Rs 24.6 crore from Rs 25.2 crore in H1 FY26, and its margin improved to negative 12.8% from negative 812.9%. Karnataka’s H1 FY26 revenue was only Rs 3.1 crore, reflecting its small base at that stage.

How did KIMS capacity and occupancy change by region?

KIMS increased total bed capacity by 1,345 beds to 7,459 in H1 FY27 from 6,114 in H1 FY26, while operational beds increased by 1,045 to 5,605. Telangana added 787 beds of capacity to reach 2,669, Karnataka added 350 to reach 800, and Kerala added 208 to reach 717. Maharashtra remained at 959 beds and Andhra Pradesh at 2,314 beds.

Telangana’s operational beds rose by 450 to 2,009, but occupancy fell to 46.8% from 57.6% as occupied beds increased by 42 to 940. Inpatient volume rose to 52,599 from 47,395 and outpatient volume increased to 508,087 from 472,839. KIMS defines occupancy as occupied beds divided by operational beds.

Andhra Pradesh raised operational beds to 1,952 from 1,813 and increased occupancy to 59.6% from 57.6%, the highest regional occupancy in H1 FY27. Maharashtra increased operational beds by 58 to 695 and occupancy by 12.1 percentage points to 58.1%. Kerala increased operational beds by 208 to 609 and occupancy by 10.2 percentage points to 47.1%.

Karnataka expanded operational beds to 340 from 150 and increased occupied beds to 110 from 10, taking occupancy to 32.4% from 6.7%. Its inpatient volume rose to 7,071 from 160 and outpatient volume to 107,569 from 2,503. At group level, inpatient volume increased 26.8% to 154,161 and outpatient volume increased 25.7% to 1,389,627.

What do KIMS regional margins and unit results show?

KIMS regional margins ranged from Telangana’s 28.2% to Karnataka’s negative 12.8% in H1 FY27. Telangana’s average revenue per occupied bed, or ARPOB, increased to Rs 76,327 from Rs 67,465, although occupancy declined by 10.8 percentage points. Its average length of stay, or ALOS, declined to 3.27 days from 3.47 days.

Andhra Pradesh increased ARPOB to Rs 25,791 from Rs 24,300 and inpatient volume to 58,948 from 52,617, while its margin declined by 4.8 percentage points to 20.2%. Maharashtra increased ARPOB to Rs 44,405 from Rs 37,753, and Kerala increased it to Rs 30,302 from Rs 27,880. These figures show that revenue per occupied bed rose across these three regions despite their different margin outcomes.

In Q2 FY27, Maharashtra reported Rs 179.0 crore of revenue and Rs 29.0 crore of EBITDA, compared with a Rs 9.6 crore EBITDA loss in Q2 FY26. Kerala reported Q2 FY27 revenue of Rs 83.3 crore and EBITDA of Rs 10.5 crore, compared with Rs 42.5 crore of revenue and Rs 0.7 crore of EBITDA in Q2 FY26.

Karnataka’s Q2 FY27 revenue reached Rs 110.6 crore and its EBITDA loss narrowed to Rs 5.4 crore, from a Rs 19.2 crore loss in Q1 FY27. Within Karnataka, Mahadevapura reported Q2 FY27 EBITDA of Rs 5.2 crore on Rs 69.6 crore of revenue, while Electronic City recorded a Rs 10.6 crore EBITDA loss on Rs 41.0 crore of revenue. The presentation identifies Bengaluru Mahadevapura and Electronic City as the Karnataka locations.

Conclusion

KIMS grew group revenue by Rs 715.3 crore and EBITDA by Rs 110.8 crore year on year in H1 FY27, but Telangana remained the principal earnings contributor. Its Rs 373.4 crore EBITDA accounted for 72% of the group total, while Andhra Pradesh contributed Rs 111.6 crore and Maharashtra and Kerala together moved into positive EBITDA territory.

The next measure to watch is the conversion of added beds into occupancy and earnings. KIMS had 1,345 more beds of capacity in H1 FY27, and the Secunderabad unit had 250 beds under construction within its 1,000-bed total capacity. Karnataka’s H1 FY27 occupancy was 32.4% and it reported a Rs 24.6 crore EBITDA loss, while Telangana occupancy was 46.8% after its capacity expansion.