We recently hosted in Mumbai the Indraprastha Medical management for an NDR. Key takeaways: a) discussion with the Delhi government for a stake sale in progress; timelines not defined, b) capacity increase with 350 beds at existing location likely to commence by mid-CY28, c) plans for further capacity expansions in place; awaiting board approvals, d) next SC hearing on scrutiny regarding EWS slated for 30th Jul’25. The stock is our top Buy in the space with a Rs590 TP (16x FY27e EBITDA) as we believe the (part or entire) stake likely to be sold by the Delhi government in the medium term, which should result in a re-rating for the name-opening avenues for further growth at old and new locations
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