GPT Healthcare Limited

Healthcare — Medical Care Facilities · NSE

₹140.00+₹0.21 (+0.15%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

The 60-second version of GPT Healthcare Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GPT Healthcare Limited owns and operates a chain of hospitals under the ILS Hospitals brand name in India.

IndustryMedical Care Facilities

SectorHealthcare

Employees2,124

Annual revenue₹472 Cr

How does it make money?

Turns over ₹472 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 2,124 employees supports ₹22.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin19.1%

Net margin8.9%

Revenue / employee₹22.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are APOLLO HOSPITALS ENTER. L, SUN PHARMACEUTICAL IND L, CIPLA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

APOLLO HOSPITALS ENTER. LP/E 54.3x · ROE 22.0%

SUN PHARMACEUTICAL IND LP/E 34.9x · ROE 14.5%

CIPLA LTDP/E 31.8x · ROE 9.8%

What is its competitive advantage?Some evidence

ROCE of 16.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE16.2%

ROE15.7%

Peer median ROE14.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +32% while net margin moved -18% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+32%

Margin effect-18%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 9.6% is steady
✗ Profit CAGR of only 2.7%
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

61/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

61/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

24.3x

3Y Median

27.3x

34 monthly readings · mean 27.7x · range 19.0x–42.2x

Sector Median

34.9x

median of 3 sector peers

🟢Current valuation is approximately 11% below its 3y median of 27.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 30% below the peer median of 34.9x.

vs. its own history

Fair

27.3x median over 34 months · -11%

vs. sector peers

Cheap

34.9x median of 3 peers · -30%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

24.3x

P/B

4.26x

EV/EBITDA

13.7x

PEG

9.09

Dividend Yield

2.14%

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from 22.0% to 19.1% over 3 years.
Return on equity is falling
ROE has dropped from 23.6% to 15.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 26.3% to 16.2% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Margins are compressingFinancial
EBITDA margin is down 2.9 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 30% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹39 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 22.0% to 19.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 23.6% to 15.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 17%✓ 19.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 7% a year✓ 9.6% CAGR
Latest reported year was 17.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹39 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 16.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

8 good · 3 neutral · 0 weak

Market Cap

₹1,149 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

24.3x

Fair

Fairly valued against the generic band

P/B Ratio

4.26x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.76

Profitable

Profitable on a per-share basis

ROE

15.7%

Strong

Strong capital efficiency

ROCE

16.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.34x

Low

Conservative leverage

Revenue Growth (YoY)

17.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

64.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

2.14%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹39 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹140

P/E (Forward)

14.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

13.7%

Average

Average margins

Net Margin

9.6%

Average

Average bottom-line conversion

Current Ratio

1.12

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.31

Defensive

Steadier than the market

52W Range Position

42%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

151.1 / 154.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

18.3

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹358 Cr	₹399 Cr	₹406 Cr	₹472 Cr	+9.6%
EBITDA	₹79 Cr	₹94 Cr	₹93 Cr	₹90 Cr	+4.7%
EBITDA Margin	22.0%	23.6%	22.9%	19.1%	—
PAT (Net Profit)	₹39 Cr	₹48 Cr	₹50 Cr	₹42 Cr	+2.7%
EPS	₹4.75	₹5.96	₹6.08	₹5.15	+2.7%
ROE	23.6%	21.9%	20.1%	15.7%	—
ROCE	26.3%	27.8%	23.2%	16.2%	—
Total Debt	₹82 Cr	₹31 Cr	₹35 Cr	₹91 Cr	+3.5%
Free Cash Flow	₹56 Cr	₹49 Cr	₹17 Cr	₹39 Cr	-11.3%

🟢 Revenue has grown at 9.6% a year over 3 years.

🟢 EBITDA has grown at 4.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 22.0% to 19.1% over 3 years (-2.9 pts).

🟢 PAT (Net Profit) has grown at 2.7% a year over 3 years.

🟢 EPS has grown at 2.7% a year over 3 years.

🔴 ROE has fallen from 23.6% to 15.7% over 3 years (-7.9 pts).

🔴 ROCE has fallen from 26.3% to 16.2% over 3 years (-10.1 pts).

🔴 Total Debt has grown at 3.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 11.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹465 Cr

Total Liabilities

₹195 Cr

Total Debt

₹91 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹81 Cr

Capex

-₹42 Cr

Shareholding (proxy)

Institutional Holding

7.4%

Insider Holding

66.8%

Corporate Actions

Dividend Rate

₹3

Ex-Dividend Date

30 Jul 2026

Analyst Consensus

Target Price (Mean)

₹136

-2.9% vs CMP

Target Range

₹136 – ₹136

Peer Comparison

Company	P/E	ROE
APOLLO HOSPITALS ENTER. L	54.3x	22.0%
SUN PHARMACEUTICAL IND L	34.9x	14.5%
CIPLA LTD	31.8x	9.8%

Recent News

2 positive2 mixed2 general

Should You Buy GPT Healthcare Limited (NSE:GPTHEALTH) For Its Upcoming Dividend?

Simply Wall Street, 26 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

GPT Healthcare Share Price Target 2026: Rs 175 Analyst Forecast

Univest, 16 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

GPT Healthcare Q4 Revenue Jumps 26% to ₹126 Cr Amid Margin Pressure

Sahi, 18 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

GPT Healthcare Shares End At 7.66% Premium Over IPO Price

NDTV Profit, 26 Sept

GPT Healthcare Slips 0.90% to ₹151.63: Stock Stays Range-Bound Between Support and Resistance - Mid Cap Momentum

siam.in, 01 Sept

GPT Healthcare Q4 PAT rises 13% YoY to Rs 15 crore

Business Standard, 18 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate11.8/20

🟢Financial HealthStrong16.5/20

🟡GrowthModest9.3/20

🟡ProfitabilityModerate8.4/15

🟢ValuationAttractive9.9/15

🟡RiskModerate6.2/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

This thesis breaks if

✓EBITDA margin holds above 17%19.1%
✓Revenue growth stays above 7% a year9.6% CAGR
✓Free cash flow remains positive₹39 Cr
✓Debt / EBITDA stays below 2x1.0x
✓ROCE stays above 13%16.2%