52-week range
Price risk
Balance sheet & cash
Was the rally earned?
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 48.6x to 109.8x); per-share earnings added 0 points.
- The share count barely moved.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 31.6x to 109.8x); per-share earnings added 0 points.
- The share count barely moved.
What do "pts" mean?
"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.
Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.
Not shown for 1 year: earnings were negative at one end, or there is not enough history.
Net profit is trailing twelve months as reported with a 60-day lag.
Is it expensive against its own past and its peers?
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How to read this
Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).
Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.
What is the price implying?
At normalised P/E (five-year average earnings) of 143.4x, a holder earning 12%/yr needs earnings to grow about 40.1%/yr for 10 years, then trade at 15x.
Over time
Implied growth by month (solid) and delivered growth (dashed).
Change the assumptions
| Exit P/E / return | 11% | 12% | 13% |
|---|---|---|---|
| 12x | 42.0% | 43.2% | 44.5% |
| 15x | 38.9% | 40.1% | 41.4% |
| 20x | 35.0% | 36.2% | 37.4% |
“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.
What prices imply across Health Services The market-wide Expectations lists
What changed?
- Aug '26Volume reached 5.8x its 50-day median on 2026-08-11; price -4.8% that day.
- Jun '26Volume reached 11.8x its 50-day median on 2026-06-23; price +6.2% that day.
- Apr '26P/E crossed above the 90th percentile of its own history to date (106.8x).
- Aug '23P/E crossed above the 90th percentile of its own history to date (50.4x).
- Jul '23Volume reached 13.4x its 50-day median on 2023-07-03; price +0.3% that day.
- Jun '23Moved into the top quartile of Health Services on ROCE (from the 2nd quartile).
- Jun '23Volume reached 10.4x its 50-day median on 2023-06-21; price +4.4% that day.
- Feb '23Regained the 2022-01 peak, 8 months after the low.
Show 7 earlier events
- Feb '23Volume reached 72.3x its 50-day median on 2023-02-21; price -0.9% that day.
- Nov '22Volume reached 30.5x its 50-day median on 2022-11-16; price +6.5% that day.
- Jun '22Fell 28% from the Jan 2022 peak to the Jun 2022 low.
- Jun '22Volume reached 11.4x its 50-day median on 2022-06-13; price +3.7% that day.
- Jan '22Volume reached 15.4x its 50-day median on 2022-01-20; price +2.3% that day.
- Nov '21Volume reached 8.4x its 50-day median on 2021-11-17; price +5.5% that day.
- Sep '21Slipped to the 2nd quartile of Health Services on ROCE (from the top quartile).
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Are profits backed by cash?
4 of 4 checks are within range.
Tap a check to see how it is measured.
Other income reliance9%Within range
Other income as a share of pre-tax profit (trailing twelve months): 9.0%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate—Not enough data
Not enough reported data to compute this.
Cash conversion1.71xWithin range
Operating cash flow divided by net profit over the last three fiscal years: 1.71x (cash from operations ₹272 cr, net profit ₹159 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow4 of 5 yrsWithin range
Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress3% of fixed assetsWithin range
Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days—Not enough data
Not enough reported data to compute this.
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-27.9% (2022-01 peak to 2022-06 low, recovered 2023-02)
Most recent volume spikes
2026-08-11: 5.8x the 50-day median, price -4.8% that day
2026-06-23: 11.8x the 50-day median, price +6.2% that day
Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).
Where does it rank among Health Services peers?
Each cell is the company's percentile rank among its Health Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Health Services sector page Watch it move against Health Services in the Observatory
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| BAYER CROPSCIENCE (BAYERCROP) | Process Industries | 53% | revenue growth, EPS growth |
| PRECISION WIRES INDIA (PRECWIRE) | Producer Manufacturing | 52% | revenue growth, EPS growth |
| CAMPUS ACTIVEWEAR (CAMPUS) | Consumer Non-Durables | 50% | revenue growth, EPS growth |
| V MARC INDIA (VMARCIND) | Producer Manufacturing | 48% | volatility, debt/equity |
| APCOTEX INDUSTRIES (APCOTEXIND) | Process Industries | 44% | revenue growth, EPS growth |
| RAINBOW CHILDRENS MEDICARE (RAINBOW) | Health Services | 26% | debt/equity, market cap |
| METROPOLIS HEALTHCARE (METROPOLIS) | Health Services | 22% | market cap, P/E |
| VIJAYA DIAGNOSTIC CENTRE (VIJAYA) | Health Services | 12% | P/E, ROCE |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
Monthly history (63 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 109.8x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2026-09 | 113.4x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2026-08 | 114.6x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2026-07 | 111.5x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2026-06 | 113.2x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2026-05 | 101.2x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2026-04 | 106.8x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2026-03 | — | — | — | — | — |
| 2026-02 | — | — | — | — | — |
| 2026-01 | — | — | — | — | — |
| 2025-12 | — | — | — | — | — |
| 2025-11 | — | — | — | — | — |
| 2025-10 | — | — | — | — | — |
| 2025-09 | — | — | — | — | — |
| 2025-08 | — | — | — | — | — |
| 2025-07 | — | — | — | — | — |
| 2025-06 | — | — | — | — | — |
| 2025-05 | — | — | — | — | — |
| 2025-04 | — | — | — | — | — |
| 2025-03 | — | — | — | — | — |
| 2025-02 | — | — | — | — | — |
| 2025-01 | — | — | — | — | — |
| 2024-12 | — | — | — | — | — |
| 2024-11 | — | — | — | — | — |
| 2024-10 | — | — | — | — | — |
| 2024-09 | — | — | — | — | — |
| 2024-08 | — | — | — | — | — |
| 2024-07 | — | — | — | — | — |
| 2024-06 | — | — | — | — | — |
| 2024-05 | — | — | — | — | — |
| 2024-04 | — | — | — | — | — |
| 2024-03 | — | — | — | — | — |
| 2024-02 | — | — | — | — | — |
| 2024-01 | — | — | — | — | — |
| 2023-12 | — | — | — | — | — |
| 2023-11 | — | — | — | — | — |
| 2023-10 | 48.6x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-09 | 49.0x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-08 | 50.4x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-07 | 50.9x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-06 | 42.3x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-05 | 40.3x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-04 | 37.0x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-03 | 34.8x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-02 | 36.3x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2023-01 | 33.1x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-12 | 31.8x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-11 | 33.6x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-10 | 28.3x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-09 | 28.5x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-08 | 28.2x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-07 | 28.5x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-06 | 27.6x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-05 | 26.7x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-04 | 31.5x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-03 | 30.0x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-02 | 29.1x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2022-01 | 33.2x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2021-12 | 32.2x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2021-11 | 31.4x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2021-10 | 31.6x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2021-09 | 31.9x | ₹592 cr | 20.1% | 24.0% | 0.7x |
| 2021-08 | 33.0x | ₹592 cr | 20.1% | 24.0% | 0.7x |