Analysts predict that healthcare service providers in India will enjoy another healthy quarter in the first half of FY27. Hospital chains are expected to benefit from stronger patient footfall, improved case mix, and fresh capacity additions during the April‑June period.
ICICI Securities estimates that the hospital coverage universe will post 22.1 % year‑on‑year revenue growth and 23.4 % EBITDA growth in June quarter. The demand environment remains robust, with visits to Max Healthcare, Medanta, and Fortis in Lucknow and Noida confirming sustained demand for tertiary and quaternary care.
Apollo Hospitals is likely to be among the top performers, with ICICI projecting about 18 % revenue growth. Healthy occupancy, new bed additions, and momentum in its pharmacy and digital arm HealthCo will drive the growth, although operating costs from new hospitals may offset some gains.
Fortis Healthcare is expected to post nearly 19 % revenue growth, supported by bed capacity expansion and occupancy ramp‑up. Max Healthcare may see a muted growth of around 10 % in Delhi, but its EBITDA could rise 18 % thanks to a favourable base. Global Health, owner of Medanta, is projected to grow 13 % in revenue, though losses from the new Noida facility will weigh on profitability. Aster DM Quality Care, after merging with Quality Care India, is expected to deliver 16‑17 % revenue growth, driven by occupancy gains and strong cluster traction.
Diagnostic chains are forecast to deliver another quarter of double‑digit growth. ICICI estimates 14.3 % revenue growth and 18.7 % EBITDA growth for the diagnostic coverage universe, driven by healthy test and patient volume growth, improved test mix, and network expansion. Aggregate EBITDA margins are expected to rise by about 110 basis points.
Dr Lal PathLabs is likely to report 11‑14 % revenue growth, supported by recent lab additions and scaling of suburban diagnostics. Metropolis Healthcare is expected to stand out with 16 % revenue growth, fueled by higher patient volumes, better realization, and a shift to specialty testing and the TruHealth wellness segment. Thyrocare and Vijaya Diagnostics are also expected to record high‑teen growth rates.
Overall, the Indian healthcare sector is set for a solid first quarter of FY27, with hospitals and diagnostics both benefiting from rising patient demand, expanding capacity, and improved profitability. Investors and stakeholders should watch the performance of leading chains, as they are positioned to capture the growing market.