GPT Healthcare Ltd

Financial Performance

• Q1 FY27 revenue: INR126.2 crores; EBITDA: INR26.2 crores; EBITDA margin: 20.4%.
• PAT for the quarter: INR12.7 crores; PAT margin: 9.9%.
• Total income rose 18.2% YoY; PAT rose 66% YoY.
• Overall occupancy 45.5%; ARPOB INR42,350.
• Excluding Raipur, mature-hospital occupancy 58.07%.

Operational Highlights

• Salt Lake occupancy 62%; ARPOB INR45,300; robotic procedures >800.
• Dumdum: occupancy 65%; ARPOB INR43,041; renal transplants >700.
• Agartala: July occupancy 51%; ARPOB INR41,573; cancer center with PET/Linear Accelerator; 700+ radiations.
• Howrah: revenue up 31% YoY; occupancy up 16%.
• Raipur: occupancy 17%; liver transplant performed; on track to breakeven.
• Jamshedpur: 155-bed hospital to be commissioned in Q4 FY27.
• 7th hospital shortlist: Cuttack, Ranchi, Patna, Banaras, Prayagraj.
• Asset-light model: Raipur and Jamshedpur rent-based; reduces real estate investment.
• Rentals for Raipur and Jamshedpur around mid-30s INR.
• Jamshedpur debt around INR25 crores to be raised in FY27.
• Exit Raipur occupancy target around 30% by year-end.
• Raipur breakeven expected in about 20 months.
• Jamshedpur breakeven expected in about 24 months.
• Tariff increase generally in October; current quarter had no tariff hike.
• Bangladesh inbound: visa policy linked to targeted hospitals; expect pre-disruption levels in 6 months.
• Attrition: doctors in Calcutta single digits; Agartala/Raipur around 10%.

Outlook and Capital Allocation

• Long-term ROE/ROCE target around 25%.
• Seventh hospital planned to lift network to over 1,000 beds in 2 years.

Q&A Highlights

• Raipur exit occupancy target by year-end ~30%.
• Jamshedpur breakeven ~24 months.
• Tariff hikes: October; no current quarter increase.
• Bangladesh inflows improving; visas tied to targeted hospitals; recovery in 6 months.
• Attrition: doctors Calcutta low single digits; Agartala/Raipur ~10%.
• Eastern India focus on Tier 1–2 cities for future expansion.

AGM details

• Date and time: 6 Aug 2026, 3:00 PM.
• Mode: VC/OAVM.
• Record date: 30 Jul 2026.
• End time: 4:22 PM.

Resolutions and outcomes

• Resolution 1 (Ordinary): Adopt audited financial statements with Board and Auditors; passed.
• Resolution 2 (Ordinary): Interim dividend paid; final dividend proposed; passed.
• Resolution 3 (Ordinary): Director re-appointment by rotation; passed.
• Resolution 4 (Ordinary): Ratify remuneration of Cost Auditors; passed.
• Resolution 5 (Ordinary): Increase in remuneration of Vice President; passed.
• Resolution 6 (Ordinary): Approve professional fees to consultant relative; passed.
• Resolution 7 (Special): Re-appoint Independent Director; passed.
• Resolution 8 (Special): Re-appoint Independent Director; passed.
• Resolution 9 (Special): Continue Independent Director beyond age 75; passed.
• Resolution 10 (Special): Approve Doctor consultancy fees to Non-Executive Director; passed.

Directors and governance changes

• Rotation-based re-appointment approved for one director.
• Two independent directors reappointed for a second five-year term.
• Continuation of a non-executive independent director beyond age 75.

Auditors

• Cost Auditor remuneration ratified for the upcoming year; approved basis and expenses.
• Authority given to executives to file necessary forms.

Material related party transactions

• Remuneration increases to relative of directors approved.
• Consultancy payments to relatives of directors approved.
• Fees for director-related doctor consultancy approved.

AGM Details

• AGM held on August 6, 2026 at 3:00 PM IST via VC/OAVM.
• Record (Cut-off) date for voting: July 30, 2026.
• Meeting duration: 3:00 PM to 4:26 PM IST, including e-voting.

Key Resolutions

• Ordinary: Adopt audited financial statements and Reports of Directors and Auditors.
• Ordinary: Approve interim dividend and declare final dividend for FY 2025-26.
• Ordinary: Re-appoint Dr. Aruna Tantia, who retires by rotation.
• Special: Ratify Cost Auditor remuneration for FY 2026-27.
• Special: Approve increased remuneration for Dr. Mridul Tantia, Vice President.
• Special: Approve payment of professional fees to Dr. Niharika Tantia.
• Special: Re-appoint Hari Modi as Independent Director.
• Special: Re-appoint Dr. Tapti Sen as Independent Director.
• Special: Continue Amrendra Verma as Non-Executive Independent Director beyond age 75.
• Special: Approve Doctor Consultancy Fees to Dr. Ghanshyam Goyal.

Director Changes

• Aruna Tantia retires by rotation; eligible for re-appointment.
• Hari Modi re-appointed as Independent Director.
• Tapti Sen re-appointed as Independent Director.
• Amrendra Verma to continue as Non-Executive Independent Director beyond 75.

Meeting Details

• Date and time: August 4, 2026 at 11:00 IST
• Meeting type and mode: conference call, group, virtual
• Organizer: GPT Healthcare Limited

Participants

• Key company participants: Group CFO, Executive Director, CFO

Purpose

• Discuss Un-Audited Q1 FY27 results for quarter ended June 30, 2026

Meeting Details

• Date of meeting: Monday, August 3, 2026.
• Time not disclosed.
• Location not disclosed.

Key Agenda Items

• To approve unaudited Q1 FY2026 results and Limited Review Report for quarter ended June 30, 2026.

Other Notes

• Trading Window remains closed till August 5, 2026.

Dematerialisation/rematerialisation status

• No dematerialisation/rematerialisation requests were received during the reporting quarter.

AGM notice and dividend details

• 37th AGM scheduled Aug 5, 2026 at 3:00 PM IST via VC/AVM.
• Deemed venue: registered office.
• Electronic copies of Notice and Annual Report sent to registered-email holders; others receive web link.
• Final dividend for FY2025-26: 15% per share (₹10 face value).
• Record date for final dividend: 30 July 2026.
• Last date for submission of TDS exemption forms: 30 July 2026.
• Final dividend payment date: on or before September 4, 2026.
• E-voting: cut-off July 30, 2026; start Aug 3, 2025; end Aug 5, 2026.
• KYC reminder; update PAN, address, mobile, bank details; nomination forms ISR-1/2/3, SH-13/14.
• Documents available on company site and MIIPL; links provided.

AGM Details

• AGM scheduled for 6 August 2026 at 3:00 PM IST via VC/OAVM.
• Deemed venue: GPT Centre, Salt Lake, Kolkata.
• Record date for final dividend: 30 July 2026.
• Final dividend ₹1.50; Interim dividend ₹1.00 per equity share.
• Register of Members closed 31 July–6 August 2026 for AGM/dividend eligibility.
• E-voting window: 3–5 August 2026; cut-off 30 July 2026.

Dividend

• Final dividend of ₹1.50 per share; interim dividend already paid at ₹1.00 per share.

Resolutions

• Ordinary: Adopt audited financial statements for the year ended 31 March 2026.
• Ordinary: Confirm interim dividend and declare final dividend for FY2025-26.
• Ordinary: Re-appoint Dr. Aruna Tantia as Director (retiring by rotation).
• Ordinary: Ratify remuneration of Cost Auditors for FY2026-27.
• Ordinary: Approve remuneration increase for Dr. Mridul Tantia as Vice President.
• Ordinary: Approve payment of professional fees to Dr. Niharika Tantia.
• Special: Re-appoint Hari Modi as Independent Director for second five-year term.
• Special: Re-appoint Dr. Tapti Sen as Independent Director for second five-year term.
• Special: Continue Amrendra Prasad Verma as Non-Executive Independent Director beyond age 75.
• Special: Approve Doctor Consultancy Fees to Dr. Ghanshyam Goyal for 2026-27.

Voting status

• Voting outcomes not disclosed in this filing.

Director changes

• Dr. Aruna Tantia: Re-appointment as Director.
• Hari Modi: Re-appointment as Independent Director for second term (2026–2031).
• Dr. Tapti Sen: Re-appointment as Independent Director for second term (2026–2031).
• Amrendra Prasad Verma: Continuation as Non-Executive Independent Director beyond age 75.

Auditors

• Cost Auditor remuneration ratification for FY2026-27.

Material related party transactions

• Mridul Tantia remuneration: proposed up to ₹5.0 lakh/month within ₹10.0 lakh cap.
• Niharika Tantia: professional fees up to ₹2.0 lakh/month; radiology sharing.
• Ghanshyam Goyal: doctor consultancy fees up to ₹300 lakh/year.

Financial highlights

• Revenue from operations ₹47,254.70 lakh; up 16.1% YoY.
• EBITDA ₹9,013.42 lakh; EBITDA margin 19.07%.
• PAT ₹4,222.05 lakh; lower due to Raipur ramp-up.
• ARPOB ₹39,243; up 5.5% YoY.
• Mature hospital occupancy 55.9%; previous year 53.0%.
• Salt Lake occupancy 62.41%; Dum Dum 66.16%; Howrah 43.64%.
• Net debt-free balance sheet; debt‑equity 0.34x.
• CRISIL rating reaffirmed: LT A-/Stable, ST A2+.
• Dividend for FY26: ₹2.50 per share (₹1.00 interim, ₹1.50 final).
• Five hospitals across three states; 719 beds.
• Raipur ramp-up caused ₹13.8 crore EBITDA loss; mature margins ~23.06%.

Operational milestones

• Raipur hospital commissioned May 2025; 158 beds; asset-light expansion.
• Salt Lake: 85 beds; 800+ robotic surgeries performed.
• Agartala: 205 beds; PET+Linear Accelerator; 40-seat nursing school.
• Dum Dum: 155 beds; CTVS unit; 700+ renal transplants; 3D imaging.
• Howrah: 116 beds; robotic knee surgery program underway.
• Robotics across network: 239 surgeries in FY26; Salt Lake 198, Howrah 41.
• Asset-light expansion: Raipur and Jamshedpur via rental model.
• MyHealth app, SPARSH home healthcare, and fully digital HMIS deployed.

Expansion and geographies

• Raipur launched in central India; MoU for 155-bed Jamshedpur hospital.
• Total planned network capacity 874 beds; target 1,000 beds in two years.
• Current network: five hospitals across West Bengal, Tripura, and Chhattisgarh.

Capital structure and liquidity

• Total debt ₹1,610.99 lakh; cash ₹413.32 lakh; net debt ₹1,197.67 lakh.
• Gearing ratio 4.45%; within targeted 10% threshold.
• Promoter stake 65.57% via GPT Sons Private Limited.

Dividends and capital allocation

• Final dividend ₹1.50 per share; interim ₹1.00; total ₹2.50 per share.
• Dividend payout ₹2,051.37 lakh for FY26.
• No change in share capital during the year.

Governance and board changes

• Late Dwarika Prasad Tantia, Executive Chairman, passed away on 17 Aug 2025.
• Dr. Om Tantia elevated to Chairman & Managing Director from 8 Nov 2025.
• Shree Gopal Tantia appointed Director from 24 Sep 2025; became Vice Chairman 8 Nov 2025.
• Board comprised 10 directors; 2 executive, 5 independent, 3 non-independent.
• Independent Directors' separate meeting held 11 May 2025; all present.
• Audit Committee and NRC consist entirely of independent directors.

Audit, risk and controls

• Statutory Auditor: S.R. Batliboi & Co. LLP; 5-year term 2024–29.
• Internal auditors: ARVS & Associates; RSM Astute Consulting; reassigned for FY27.
• Secretarial Auditor: Ashok Kumar Daga; MR-3 annexed.
• Unmodified Auditor’s Report; internal controls deemed adequate with no material weaknesses.

CSR and ESG

• CSR expenditure ₹128.69 lakh; 128.05 lakh required; excess ₹0.64 lakh not carried forward.
• CSR activities: healthcare, education, disaster relief; includes donations to Govardhan Foundation.
• CSR committee: 3 directors; chaired by Late Tantia until Sep 24, 2025; then Dr. Om Tantia.
• Unspent CSR balance: nil.

Outlook and risks

• Six strategic priorities: operating leverage, capacity expansion, robotics, diverse specialty mix, asset-light growth.
• FY27 guidance: revenue growth ~15%; EBITDA margin ~20.2%; ARPOB ~8%.
• Occupancy targets FY27: Salt Lake 70-73%; Dum Dum 71-74%; Raipur ~30%.
• Network target: 1,000 beds within two years; Raipur and Jamshedpur expansions ongoing.
• Industry tailwinds: rising insurance penetration, digitization, and medical value travel.