The call has ended.

Key takeaways

Revenue grew a healthy 23.5%, but adjusted EBITDA lagged and H1 margin fell about 80bps to 23%. Management deflected on pricing, FX and margin detail, relying on 'healthy range' language and long-term guidance.

Highlights
Revenue growth	Q2 revenue +23.5% YoY to ₹303 Cr; 97% non-forex, per CFO.
Margins	Adj EBITDA margin 22.7% Q2, 23.0% H1 vs 23.8% FY26; ~80bps down.
Demand visibility	Treatments +12% YoY; guests 38,814 (+10%); no forward demand figures.
Management confidence	Overall upbeat; margin and pricing questions deflected to 'healthy range' language.

Growth

Q2 revenue +23.5% YoY; adj EBITDA only +3.3% at 22.7% margin. Adj PAT +34.7% helped by finance cost cut.

Outlook

Reiterates 15-20% revenue growth over 3-4 years; no annual guidance. FY27 capex to exceed ₹165 Cr.

Risks

Margin dilution from new-country investment, listed-company costs and rising ECL; Saudi tender binary; Philippines competition building.

Last quarter's promises, checked

Delivered

15-20% rev growth → Q1 +23.7%, Q2 +23.5% (= BEAT)
New intl market per 12-18mo → Kazakhstan entered, 2 clinics (= BEAT)

Partly delivered

India 40-50 clinics/yr → 19 Q1 + 13 Q2 net (= PARTIAL)
Philippines 10-15 clinics/yr → +7 Q1, +5 Q2 (= PARTIAL)
NIDA first batch Q3 → launched; batch start unreported (= PARTIAL)

Missed

Margin expansion via op leverage (Q1 23.1%) → Q2 22.7%, H1 23.0% vs FY26 23.8%; adj EBITDA +3.3% vs rev +23.5% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 4:02 PM IST. Open it on ALFA Filings ›