RoE is not a great way to look at this. ROCE is since capital is equity + debt and all hospitals can very well take on some debt instead of diluting. For FY24, their ROCE was 32% – much more than their annual revenue growth (29%).
Also, the business overall has significant op leverage in 4 of its 5 hospitals (excluding Noida), because of which profit growth should be higher than revenue growth and hence they should be able to maintain if not improve upon their ROCE.
I don’t think dilution is or will be a concern.