Whalesbook
Naye Centers ka Funda: Thoda loss, par execution zabardast!
Dekho, Prabhudas Lilladher ki report bata rahi hai ki KIMS apne expansion phase ko mast manage kar raha hai. Company ne 4% year-on-year EBITDA growth dikhaya hai, lekin haan, naye greenfield units par shuruati kharchein thodi thi. Jaise ki Electronic City wala unit, woh fourth quarter mein full commercial ho gaya, dikhata hai ki company naye facilities launch karne mein kitni fast hai. Brokerage ne in naye ventures ki speed ko highlight kiya hai, KIMS ki execution capabilities ko bhi.
Growth Kahan se aayegi? Aur Future Profit ki kya baat hai?
Report mein Karnataka aur Kerala mein naye leadership hires ki bhi details hain, jo in areas mein growth ko aur tez karne ka signal de raha hai. Isse KIMS ki operational efficiency badhegi, aur woh apne core regions Andhra Pradesh aur Telangana se aage badh payega. Lean cost structure aur local medical teams ke saath partnerships se, Prabhudas Lilladher ko lagta hai ki KIMS jaldi breakeven points cross kar lega. Brokerage ka forecast hai ki Maharashtra, Karnataka, aur Kerala clusters mein agle 3-4 saal mein 25% se zyada Operating Profit Margins (OPM) aa sakte hain.
Valuation Aur Recommendation Kya Hai?
FY27E aur FY28E ke liye EBITDA projections stable hain, lekin depreciation aur interest costs ke zyada hone ki wajah se Profit After Tax (PAT) ko 7-10% tak revise kiya gaya hai. Aage dekhte hue, brokerage ko umeed hai ki KIMS FY26 se FY28E tak 32% ka EBITDA Compound Annual Growth Rate (CAGR) achieve karega. Iss growth prospect ke basis par, Prabhudas Lilladher ne KIMS par apna 'Buy' rating maintain rakha hai aur price target ₹800 per share set kiya hai. Yeh target 28x FY28E Enterprise Value to EBITDA multiple par based hai.