Indraprastha Medical Corporation Limited (INDRAMEDCO) AI Stock Analysis

• Market Cap: ₹36.44B
• Dividend Yield: 0.96%
• Average Volume (3M): 33.92K
• Price to Earnings (P/E): 25.1
• Beta (1Y): 1.59
• Revenue Growth: 6.51%
• EPS Growth: 18.24%
• Country: IN
• Employees: 2,977
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 4.80
• Shares Outstanding: 91,673,000
• 10 Day Avg. Volume: 18,340
• 30 Day Avg. Volume: 33,918
• PEG Ratio: 0.75
• Price to Book (P/B): 6.04
• Price to Sales (P/S): 2.66
• P/FCF Ratio: 29.92
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 19.7
• Revenue Forecast (FY): ₹14.46B

• Rating: 64 Neutral
• Price Target: ₹452.00 ▼(-0.89% Downside)
• Action: Reiterated Date: 01/21/26
• Date: Action: Reiterated 01/21/26

The score is supported primarily by strong multi-year financial performance (revenue growth and improving margins) and a solid, low-leverage balance sheet. However, very weak technical momentum (below key moving averages with negative MACD and extremely low RSI/Stoch) and softer 2025 cash flow trends materially reduce the overall rating.

Positive Factors

Multi-year revenue growth

Sustained top-line expansion more than doubled revenue over four years, indicating durable demand for tertiary/quaternary hospital services. This broad revenue base supports reinvestment capacity, scale benefits in procurement and clinician attraction, and underpins medium-term growth prospects.

Improving profitability margins

Rising gross and net margins demonstrate improving operational efficiency and pricing mix, reducing sensitivity to volume swings. Higher margins enhance cash generation potential and resilience to input-cost inflation, supporting sustainable earnings and internal funding for strategic investments.

Low leverage, strong equity position

A conservative capital structure with low leverage and a strong equity base preserves financial flexibility for capacity expansion or capex. Low debt reduces interest burden and refinancing risk, enabling management to pursue strategic initiatives without jeopardizing solvency over the medium term.

Negative Factors

Decline in cash balances

Lower cash reserves reduce the company's buffer against cyclical patient volumes or unexpected capex, increasing reliance on operating cash flow and short-term financing. Over 2–6 months this could constrain discretionary spending or delay strategic investments if cash generation weakens further.

Weaker 2025 operating/free cash flow

A drop in operating and free cash flow, despite healthy accounting profits, signals potential timing or working-capital pressures. Persisting cash-flow softness can limit dividend capacity, capex funding, and bulk-negotiation leverage, reducing financial resilience over the medium term.

Geographic/partner concentration

Concentration in a single major hospital and reliance on an Apollo brand association concentrates operational and reputational risk. Undefined contractual terms with the brand/partner may expose margins or referral flows to renegotiation or operational constraints, limiting diversification.

Indraprastha Medical Corporation Limited Business Overview & Revenue Model

Company Description

Indraprastha Medical Corporation Limited provides hospital services in India. It offers services primarily in the areas of anesthesiology, pediatric, elder care, genomic medicine, health check, sugar, bariatric and metabolic surgery, bone marrow transplant, cancer, cardiac and cardiology, dermatology, dietetics and clinical nutrition, emergency care, endovascular surgery, endocrinology/diabetes care, ENT, fetal medicine, gastroenterology and hepatology, laparoscopic surgery, gynecology and obstetrics, hyperbaric oxygen therapy, IVF, internal medicine, laboratory services, neonatology, nephrology, neurosciences, nuclear medicine, ophthalmology, orthopedic, pediatric urology and pediatric surgery, physiotherapy and rehabilitation, psychiatry and clinical psychology, radiology/radio diagnosis, respiratory sleep medicine and critical care, rheumatology, robotic surgery, spine surgery, transfusion medicine, transplant, and urology and andrology. The company operates cosmetic and dental clinics. Indraprastha Medical Corporation Limited was incorporated in 1988 and is based in New Delhi, India.

How the Company Makes Money

INDRAMEDCO generates revenue through several key streams, primarily from the sale of its medical devices and equipment to hospitals, clinics, and healthcare providers. The company may also engage in contracts for supplying medical products to government and private healthcare institutions, which can provide a steady revenue source. Additionally, INDRAMEDCO could derive income from partnerships with other healthcare companies for co-development of products and distribution agreements that expand its market reach. The focus on expanding its product portfolio and entering new markets contributes significantly to its earnings.

Indraprastha Medical Corporation Limited Financial Statement Overview

Summary

Strong income statement performance driven by multi-year revenue growth and improving profitability margins. Balance sheet is stable with low leverage and improving ROE, but declining cash levels and weaker 2025 operating/free cash flow temper the score.

Income Statement

Indraprastha Medical Corporation Limited has demonstrated strong revenue growth over the years, increasing from 5,960 million INR in 2021 to 13,563 million INR in 2025. The gross profit margin has improved significantly, indicating strong operational efficiency, and the net profit margin has also shown consistent improvement, reaching 11.87% in 2025. The EBIT and EBITDA margins reflect healthy profitability, contributing to a robust income statement performance.

Balance Sheet

The company maintains a solid equity position with a debt-to-equity ratio consistently low, indicating low leverage risk. Return on equity has improved, reflecting efficient use of equity capital. The equity ratio is strong, showing financial stability; however, the decrease in cash and cash equivalents from 2024 to 2025 indicates potential liquidity considerations.

Cash Flow

The cash flow statements reveal stable operational cash flows, though there was a decline in free cash flow in 2025 compared to the previous year. The free cash flow to net income ratio is healthy, suggesting effective cash generation relative to profit. However, the decline in operating cash flow in 2025 needs monitoring to ensure continued liquidity.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	13.74B	13.56B	12.45B	10.99B	8.88B	6.13B
Gross Profit	3.69B	3.50B	3.13B	6.25B	4.79B	3.47B
EBITDA	2.69B	2.44B	2.07B	1.61B	1.17B	409.48M
Net Income	1.68B	1.61B	1.24B	861.50M	586.20M	23.30M
Balance Sheet
Total Assets	0.00	8.52B	7.23B	5.55B	4.62B	4.32B
Cash, Cash Equivalents and Short-Term Investments	3.22B	3.19B	2.24B	1.36B	660.10M	296.10M
Total Debt	0.00	327.60M	339.50M	24.80M	53.10M	78.18M
Total Liabilities	-5.97B	2.55B	2.45B	1.76B	1.36B	1.59B
Stockholders Equity	5.97B	5.97B	4.78B	3.79B	3.25B	2.73B
Cash Flow
Free Cash Flow	0.00	1.20B	1.31B	998.90M	418.10M	69.35M
Operating Cash Flow	0.00	1.57B	2.00B	1.44B	712.90M	278.98M
Investing Cash Flow	0.00	-1.11B	-1.58B	-1.08B	-511.00M	-201.62M
Financing Cash Flow	0.00	-458.80M	-323.80M	-260.40M	-33.70M	-31.47M

Indraprastha Medical Corporation Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 456.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDRAMEDCO, the sentiment is Negative. The current price of 456.05 is above the 20-day moving average (MA) of 404.50, above the 50-day MA of 411.16, and below the 200-day MA of 462.57, indicating a bearish trend. The MACD of -3.14 indicates Positive momentum. The RSI at 40.13 is Neutral, neither overbought nor oversold. The STOCH value of 19.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDRAMEDCO.

Indraprastha Medical Corporation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PFIZER	69 Neutral	₹220.06B	40.22	―	0.69%	6.13%	35.83%
CONCORDBIO	66 Neutral	₹125.79B	54.58	―	0.80%	3.63%	-1.21%
INDRAMEDCO	64 Neutral	₹36.44B	25.06	―	0.96%	6.51%	18.24%
BIOCON	63 Neutral	₹626.03B	91.56	―	0.12%	10.62%	-66.88%
GLAXO	63 Neutral	₹419.81B	35.44	―	2.16%	4.17%	41.51%
METROPOLIS	61 Neutral	₹92.88B	60.35	―	0.21%	15.41%	5.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%