NH

Cayman operations are a standout, delivering a robust 70% revenue jump, largely thanks to strong insurance product uptake. Hospital margins there hold steady at an impressive 43-44%, with the insurance arm steadily approaching breakeven despite some quarterly swings. India's business demonstrated impressive resilience, achieving 20% EBITDA growth without significant bed additions. This was driven by operational optimization, a favorable payer mix, and a focus on high-end procedures, resulting in healthy 23.8% hospital margins. Mumbai's facility, though still slightly in the red, improved in October, with adult programs expected to push it to profitability by Q3. The UK acquisition, financed by £40 million from Cayman equity and target-serviced debt, looks strategically sound. Its revenue base is largely secured by NHS contracts, with incremental growth from private payers and efficiencies. However, the integration timeline remains uncertain. India's future plans include a substantial ₹3,000 crore CapEx over three years, including a Bangalore expansion by Q1 FY27, and potential government rate adjustments offer a solid revenue upside. Opinion: This data largely presents a positive outlook for investors. Robust growth in Cayman and India, coupled with strategic UK expansion and clear future CapEx, signals strong momentum. While Mumbai's turnaround and UK integration need careful observation, core operations show solid execution and promising revenue drivers. A business with encouraging prospects.