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Swing Capital

Indraprastha Medical Corporation Ltd

NSE: INDRAMEDCO BSE: 532150Healthcare

Incorporated in 1988 as a JV between Apollo Hospitals Enterprise Ltd. (AHEL) and the Delhi Government, Indraprastha Medical Corporation Ltd. is a super speciality tertiary care hospital in New Delhi. The Co. currently has 52 speciality departments. [1]

₹358
52W: ₹342 — ₹641
PE 18 · Book ₹80.8 · +343% vs book
Market Cap₹3,283 Cr
Stock P/E18Price to Earnings
ROCE35.8%Return on Capital
ROE27.5%Return on Equity
Div. Yield1.23%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 132% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 28.8%
  • +Company has been maintaining a healthy dividend payout of 26.3%

Shareholding Pattern

Promoters51%
FIIs2.43%
DIIs0.87%
Public45.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51%51%51%51%51%51%51%51%
FIIs1.7%2.64%▲0.92.88%▲0.22.94%▲0.12.73%▼0.22.41%▼0.32.72%▲0.32.43%▼0.3
DIIs3.14%3.19%▲0.03.18%▼0.03.56%▲0.43.56%3.51%▼0.10.82%▼2.70.87%▲0.1
Public44.14%43.16%▼1.042.91%▼0.342.5%▼0.442.74%▲0.243.08%▲0.345.43%▲2.445.69%▲0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales306315348350325334365381372365
Expenses259266281286273272292310310304
Operating Profit47486764526173716261
OPM %15%15%19%18%16%18%20%19%17%17%
Net Profit29314542334151494142
EPS ₹3.213.44.884.633.584.475.615.44.474.55

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,483Cr, up 9.4% YoY. OPM at 18%.

Debt Position

Borrowings at ₹37Cr. Debt-to-equity ratio: 0.06x. Healthy balance sheet.

Capex Cycle

CWIP at ₹3Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.87% (+0.87pp change). FIIs: 2.43% (+2.06pp change). Promoters hold 51%.

Margin & Efficiency

ROCE improving from 23% (Mar 2015) to 36% (Mar 2026). Working capital days: -4.

Valuation

PE 18x with 35.8% ROCE. Price is 343% above book value of ₹80.8. Dividend yield: 1.23%.

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