Revenue (FY26 Ann.)
₹457 Cr
YTD ₹381 Cr (10m) · FY25: ₹410 Cr
▲ +11.6% vs FY25
ADR (Daily Revenue)
₹1.47 Cr
FY25: ₹1.31 · FY24: ₹1.21
▲ +21.5% over 2 years
ARPOB (Bed Yield)
₹35,188
FY25: ₹33,414 · FY24: ₹31,898
▲ +10.3% over 2 years
Insurance Mix
26%
FY25: 24% · FY24: 22%
▲ +3.8 ppt improvement
Occupancy
52%
FY25: 52% · FY24: 54%
▼ -2.4 ppt vs FY24
Intl Revenue
9.2%
FY25: 7% · FY24: 5%
▲ +4.2 ppt — Gulf corridor
🔍 Board Summary — 3-Year Performance Trajectory
The hospital is on an inflection point. Revenue has grown from ₹397 Cr (FY24) to annualized ~₹457 Cr (FY26), a 15.1% 2-year CAGR. More importantly, the quality of revenue is improving: ARPOB up 10.3% (₹32K→₹35K), insurance penetration up 3.8 ppt (22%→26%), international revenue nearly doubled (5%→9.2%), and ALOS improved from 4.47 to 4.06 days. The challenge: occupancy has stagnated at 52% — 11 ppt below the 63% budget. Each 5 ppt occupancy gain = ~₹13 Cr additional revenue at current ARPOB. Jan'26 ADR of ₹1.66 Cr (highest ever) signals strong momentum entering FY27.
Revenue Trajectory — FY24 to FY26 (₹ Crore)
FY24 FY25 FY26 10m · Monthly IP + OP
Year-on-Year Growth Bridge (₹ Crore)
What drove the revenue change each year
Consolidated KPI Scorecard — FY24 vs FY25 vs FY26
All FY26 figures are 10-month YTD (Apr'25–Jan'26). Annualized where noted.
| Metric | FY24 | FY25 | FY26 YTD* | FY26 Ann. | Δ FY24→26 | Trend |
|---|
| Total Revenue ₹Cr | 397.2 | 409.7 | 381.1 | 457.0 | ▲ +15% | 📈 |
| IP Revenue ₹Cr | 298.0 | 299.3 | 263.9 | 317.0 | ▲ +6% | 📈 |
| OP Revenue ₹Cr | 99.2 | 110.4 | 102.8 | 123.0 | ▲ +24% | 📈 |
| ADR ₹Cr/day | 1.21 | 1.31 | 1.47 | 1.47 | ▲ +21% | 📈 |
| IP Discharges | 20,932 | 21,023 | 18,476 | 22,171 | ▲ +6% | 📈 |
| OP Visits | 371,866 | 374,796 | 328,984 | 394,781 | ▲ +6% | 📈 |
| ARPP-IP ₹ | 142,600 | 142,387 | 142,822 | 142,822 | → +0.2% | ➡️ |
| ARPOB ₹/day | 31,898 | 33,414 | 35,188 | 35,188 | ▲ +10% | 📈 |
| ALOS days | 4.47 | 4.3 | 4.06 | 4.06 | ▲ -9% | 📈 |
| Occupancy % | 54.4 | 52.0 | 52.0 | 52.0 | ▼ -2.4pp | 📉 |
| Cash Payor % | 73.3 | 70.0 | 66.0 | 66.0 | ▲ -7.3pp | 📈 |
| Insurance % | 22.2 | 24.0 | 26.0 | 26.0 | ▲ +3.8pp | 📈 |
| Government % | 2.0 | 3.5 | 6 | 6 | ▲ +4pp | 📈 |
| International % | 5 | 7 | 9.2 | 9.2 | ▲ +4.2pp | 📈 |
Monthly Total Revenue — 34-Month Overlay
FY24 (blue) vs FY25 (purple) vs FY26 (green) · ₹ Crore per month
IP vs OP Revenue Split — Annual
OP share grew from 25% to 27% as outpatient services expanded
Average Daily Revenue (ADR) — Monthly Trend
Jan'26 ADR of ₹1.66 Cr is 37% above Apr'24. Structural revenue density improvement.
Revenue Seasonality Pattern
Indexed to annual average (100). Shows consistent Q1 weakness and Q3/Q4 strength.
💡 Revenue Intelligence
Jan 2026 (₹43.1 Cr) was the highest single-month revenue ever, driven by ADR ₹1.66 Cr — 37% above Apr 2024 baseline. The revenue trajectory shows consistent improvement with each successive year's curve sitting above the prior. Key structural drivers: (1) ARPOB improvement (+10% over 2 years), (2) OP revenue growth (+24% from ₹99→₹123 Cr annualized), (3) Insurance penetration driving higher-value cases. The risk: occupancy at 52% caps absolute growth — fixing this single metric would add ₹50-80 Cr annually.
Department Revenue Comparison — FY24 vs FY25 vs FY26 (₹ Crore)
FY26 is 10-month YTD. Sorted by FY25 full-year revenue. Color intensity = year.
Department Performance Scorecard — 3-Year View
Revenue in ₹ Crore. FY26* = 10-month YTD. Growth = FY25 vs FY24 full year.
| # | Department | FY24 | FY25 | FY26* | Growth | ARPOB FY24 | ARPOB FY26 | ALOS FY26 | Signal |
|---|
| 1 | Nephrology | 66.2 | 55.0 | 45.3 | ▼17% | ₹35,385 | ₹36,929 | 8.5d | 🟡 |
| 2 | Medical Oncology | 54.9 | 53.5 | 53.2 | ▼3% | ₹23,113 | ₹32,714 | 2.2d | 🟢 |
| 3 | Neuro Surgery | 28.3 | 31.9 | 28.8 | ▲13% | ₹38,361 | ₹43,438 | 6.4d | 🟢 |
| 4 | GI Surgery | 26.2 | 27.2 | 22.4 | ▲4% | ₹30,587 | ₹35,072 | 5.7d | 🟡 |
| 5 | Surgical Oncology | 22.7 | 22.9 | 10.7 | ▲1% | ₹38,631 | ₹35,328 | 4.0d | 🔴 |
| 6 | Gastroenterology | 20.1 | 22.8 | 18.4 | ▲13% | ₹27,176 | ₹28,285 | 3.5d | 🟡 |
| 7 | Cardiology | 17.5 | 22.5 | 20.4 | ▲29% | ₹49,496 | ₹49,396 | 3.0d | 🟢 |
| 8 | Urology | 21.3 | 21.6 | 16.4 | ▲1% | ₹47,635 | ₹51,379 | 3.2d | 🟡 |
| 9 | Joint Replacement | 16.4 | 18.3 | 21.1 | ▲11% | ₹71,066 | ₹79,779 | 4.0d | 🟢 |
| 10 | Liver Care | 13.8 | 13.6 | 9.7 | ▼1% | ₹54,688 | ₹41,012 | 9.5d | 🔴 |
| 11 | Min Invasive Surgery | 13.3 | 14.2 | 12.5 | ▲7% | ₹63,184 | ₹67,331 | 2.7d | 🟢 |
| 12 | Neurology | 13.2 | 12.8 | 10.9 | ▼4% | ₹21,714 | ₹22,567 | 4.2d | 🟡 |
| 13 | General Medicine | 9.8 | 9.1 | 7.5 | ▼6% | ₹14,009 | ₹16,947 | 4.7d | 🟡 |
| 14 | Radiation Oncology | 6.0 | 5.3 | 5.8 | ▼11% | ₹13,611 | ₹18,603 | 4.9d | 🟢 |
| 15 | Head & Neck Oncology | 0.0 | 0.0 | 8.7 | ▼0% | ₹0 | ₹54,682 | 5.4d | 🟢 |
🔍 Department Signals
Winners: Cardiology (+29% FY24→25), Joint Replacement (+12%), Gastroenterology (+13%) — all showing volume + ARPOB growth. Concerning: Nephrology revenue dropped from ₹66→₹55 Cr (-17%) despite being the #1 department — Abi Abraham's reduced contribution is the driver. New entrant: Head & Neck Oncology (₹8.7 Cr in 10m FY26) is a cancer transformation signal. FY26 pace: Medical Oncology annualizing to ₹64 Cr (vs ₹54 Cr FY25) — the cancer specialization thesis is working.
Top Doctor
₹52.9 Cr
Gangadharan VP · 12.9% of FY25
Top 2 Share
20.7%
FY25 · Down from 27.4% in FY24
Top 5 Share
33.7%
FY25 · Down from 45.4% in FY24
Concentration Δ
-11.7pp
Top 5 share improved FY24→FY25
Biggest Change
-41%
Abi Abraham: ₹54→₹32 Cr
Top 10 Doctors — Revenue Comparison FY24 vs FY25
Horizontal bars: blue=FY24, orange=FY25. Arrow shows direction of change.
Doctor Revenue Table — FY24 vs FY25
| # | Doctor | Department | FY24 ₹Cr | FY25 ₹Cr | Change | % of FY25 |
|---|
| 1 | Gangadharan VP | Medical Oncology | 54.6 | 52.9 | -3% | 12.9% |
| 2 | Abi Abraham M | Nephrology | 54.4 | 31.9 | -41% | 7.8% |
| 3 | Sudish Karunakaran | Neuro Surgery | 27.4 | 23.4 | -15% | 5.7% |
| 4 | Ramesh H | GI Surgery | 22.6 | 16.9 | -25% | 4.1% |
| 5 | George P Abraham | Urology | 21.3 | 13.1 | -38% | 3.2% |
| 6 | Padmakumar R | Min Invasive Surgery | 13.3 | 12.5 | -6% | 3.0% |
| 7 | Jacob Varghese | Joint Replacement | 12.2 | 8.2 | -33% | 2.0% |
| 8 | Chitrathara K | Surgical Oncology | 11.8 | 10.7 | -10% | 2.6% |
| 9 | Fadl H Veerankutty | Liver Care | 3.5 | 9.5 | +167% | 2.3% |
| 10 | Shawn T Joseph | Head & Neck Oncology | 10.9 | 6.8 | -38% | 1.7% |
🚨 Key-Person Risk Alert
Abi Abraham M's revenue dropped 41% (₹54.4→₹31.9 Cr) — the single largest revenue event in FY25. This drove Nephrology's overall decline. Despite this, hospital revenue still grew 3.1%, showing resilience. However, Gangadharan VP at ₹52.9 Cr (12.9%) remains the #1 key-person risk. The positive: concentration reduced from 45.4% to 33.7% for top 5 doctors — diversification is working. New entrants like Fadl Veerankutty (Liver Care: ₹3.6→₹9.5 Cr, +168%) are building depth.
Cash
66%
FY26 · Down from 73% in FY24
▼ -7.3pp (positive!)
Insurance
26%
FY26 · Up from 22% in FY24
▲ +3.8pp
Government
6%
FY26 · Up from 2% in FY24
▲ +4pp (ECHS)
International
9.2%
FY26 · Up from 5% in FY24
▲ +4.2pp — Gulf corridor
Payor Mix Evolution — FY24 to FY26
Cash declining, insurance + government growing — healthier revenue base
Insurance Revenue — Monthly Trend FY25 vs FY26
FY26 insurance consistently above FY25 — structural shift confirmed
💰 Payor Transformation Progress
The payor mix shift is the most structurally significant change in the 3-year trajectory. Cash dropped from 73.3% to 66% while insurance grew from 22.2% to 26% and government from 2% to 6%. This is exactly the playbook for premium positioning. Insurance patients typically have 15-25% higher ARPP and lower bad debt. Government (ECHS) provides volume stability. Next milestone: insurance at 30% by FY28 would match Aster Medcity and add ₹15-20 Cr at current volumes. International at 9.2% is ahead of most Kerala peers and validates the Gulf corridor strategy.
Monthly Occupancy — 3-Year Overlay
Target: 63%. Actual: 52% average. The single biggest revenue gap.
IP Discharges — Monthly Trend
FY26 showing improvement: Jan'26 = 2,022 (highest ever)
Capacity Utilisation Waterfall — Revenue Impact of Occupancy Gap
At ₹35,188 ARPOB and 470 beds, each 1% occupancy = ~₹6 Cr/year additional revenue
| Scenario | Occupancy | Bed Days/Year | Revenue (₹Cr) | vs Current |
|---|
| Current FY26 | 52% | 89,180 | ₹457 Cr | — |
| Budget Target | 63% | 108,045 | ₹531 Cr | +₹74 Cr |
| Apollo Benchmark | 68% | 116,620 | ₹567 Cr | +₹110 Cr |
| IHH Benchmark | 72% | 123,480 | ₹599 Cr | +₹142 Cr |
ARPOB Benchmark — ₹/Occupied Bed/Day
Detailed Peer Benchmark — LHRC FY26 vs Industry
| Metric | LHRC FY24 | LHRC FY26 | IHH India | Apollo | Aster Medcity | LHRC Gap |
|---|
| ARPOB (₹/day) | ₹31,898 | ₹35,188 | ~₹47,100 | ₹60,588 | ~₹42,000 | 42% below Apollo |
| Occupancy | 54.4% | 52% | 72% | 68% | 65% | -16pp vs Apollo |
| ALOS (days) | 4.47 | 4.06 | 4.2 | 3.32 | 3.8 | 0.7d above Apollo |
| Insurance % | 22% | 26% | ~35% | 45% | ~32% | -19pp vs Apollo |
| International % | 5% | 9.2% | ~25% | ~8% | ~12% | Above Apollo! |
| EBITDA Margin | ~19% | ~20% | 18% | 24.6% | ~16% | -4.6pp vs Apollo |
🎯 Closing the Gap
LHRC's ARPOB improved 10% (₹32K→₹35K) but remains 42% below Apollo (₹61K). However, LHRC now leads Apollo on international revenue (9.2% vs ~8%). The 2 biggest gaps: (1) Occupancy — 52% vs 68%, worth ₹110 Cr if closed; (2) Insurance — 26% vs 45%, worth ₹15-25 Cr if halfway closed. ALOS improvement (4.47→4.06d) is closing the gap to IHH (4.2d) but still 0.7d above Apollo.
Revenue Concentration — Top 5 Doctors Share
Declining concentration = improving resilience
Key-Person Revenue at Risk (₹ Crore)
Revenue attributed to single doctors with no backup
Risk Register — Board Level
| Risk | Current Exposure | Trend | Probability | Mitigation |
|---|
| Key Person — Gangadharan VP | ₹52.9 Cr = 12.9% of FY25 revenue | Stable | High | Recruit 2nd medical oncologist. Build team-based care model. |
| Key Person — Abi Abraham M | ₹31.9 Cr (FY25) — dropped 41% from FY24 | Declining | High | Already materialized. Jithin Kumar + Kartik Ganesh building Nephrology depth. |
| Occupancy at 52% | ₹74 Cr revenue gap vs 63% target | Flat | High | Marketing investment, insurance empanelment, OP-to-IP conversion protocols. |
| Budget Underperformance | FY25: 85.3% achievement (₹70.6 Cr gap) | Improving | Medium | FY26 at 94.2% YTD — significant improvement in budget discipline. |
| Cash Payor Concentration | 66% cash (down from 73%) | Improving | Medium | Insurance growing steadily. Target 30% by FY28. |
🚀 FY25 Baseline ₹410 Cr → FY28 Target ₹600 Cr (+46%) | Cancer Transformation Thesis
The 3-year trajectory confirms the strategic thesis: specialization drives premium revenue. Medical Oncology annualizing at ₹64 Cr in FY26 (vs ₹55 Cr FY24). Head & Neck Oncology (new) already at ₹8.7 Cr in 10m. Radiation Oncology up 9%. The cancer cluster (Med Onco + Surg Onco + Rad Onco + H&N Onco) = ₹78 Cr YTD, annualizing to ₹94 Cr — making cancer the single largest revenue vertical.
Revenue Bridge — FY25 to FY28 (₹ Crore)
Cancer Cluster Revenue — FY24 to FY26
Medical Oncology + Surgical Oncology + Radiation Oncology + Head & Neck
Strategic Priorities — Board Action Items
| Priority | Initiative | 3-Year Evidence | Revenue Potential | Timeline |
|---|
| P1 | Occupancy from 52% to 63% | Stagnant at 52% for 2 years despite revenue growth. Each 5pp = ₹37 Cr at ₹35K ARPOB. | +₹74 Cr | 12-18m |
| P1 | Cancer Centre of Excellence | Cancer cluster grew from ₹83 Cr to ₹94 Cr (ann). Tomotherapy + BMT pipeline. H&N Oncology = new vertical. | +₹30-50 Cr | 6-18m |
| P2 | Insurance to 30% | 22%→26% in 2 years. Structural shift confirmed. Need 10 more TPA empanelments. | +₹15-25 Cr | 12m |
| P2 | International to 15% | 5%→9.2% in 2 years. Gulf corridor working. VPS network synergy untapped. | +₹20-30 Cr | 12-24m |
| P2 | Nephrology Stabilisation | ₹66→₹55→₹45 Cr declining trajectory. Abi Abraham dependency reducing. Need volume recovery. | Protect ₹55 Cr | 6-12m |
| P3 | ARPOB from ₹35K to ₹42K | +10% over 2 years. Case mix upgrade through cancer + transplant specialization. | +₹25-35 Cr | 18-24m |
| P3 | Doctor Recruitment — Reduce Concentration | Top 5 share dropped from 45% to 34%. Need to continue with 2-3 senior hires per year. | Risk mitigation | Ongoing |