GPT Healthcare Limited ($GPTHEALTH)

Good day, and welcome to GPT Healthcare Limited Q4 FY '26 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Sejal Bhattar. Thank you, and over to you, ma'am.

Thank you. Welcome to Q4 and FY '26 Earnings Call of GPT Healthcare Limited. Today on this call, we have with us Mr. Anurag Tantia, Executive Director; Mrs. Kriti Tantia, CFO; and Mr. Atul Tantia, Group CFO. Before we proceed the call, I would like to give a small disclaimer that this conference may contain certain forward-looking statements, which are based on beliefs, opinions and expectations of the company as on date. These statements are not guarantees of future performance and involve risks and uncertainties, which are difficult to predict. A detailed disclaimer has been given in the company's investor presentation, which is uploaded on the stock exchange. Now I would like to hand over the conference to Mr. Anurag Tantia for the opening remarks, and thank you, and over to you, sir.

Thank you. Good morning, everyone, and thank you for joining us today for GPT Healthcare Limited's Q4 and FY '26 Earnings Call. I hope you all are keeping well. Let me begin with a brief overview of the health care industry and the structural trends that continue to support our long-term growth strategy. India's health care sector continues to witness strong structural growth. The sector continues to benefit from rising health care awareness, increasing incidence of chronic and lifestyle diseases, growing insurance penetration and improving affordability levels across the country. At the same time, India continues to face a significant health care infrastructure gap as well with hospitable beds may had approximately 1.3 beds per 1,000 people, well below global averages. This gap remains particularly pronounced in Eastern and Central India, where access to quality tertiary health care Infrastructure Limited increasing preference for organized and technology-led health care providers, along with rising demand for advanced territories across cardiology, oncology, orthopedics and neurology continues to create a strong term opportunity for our hospital operators with capable platforms and regional leadership positions. We are also witnessing increased adoption of our water assisted process minimally initial surgeries and advanced diagnostics and precision retreatment protocols across India's health care ecosystem. As patients today are increasingly prioritizing better clinical outcomes, shorter cover t;echnology-enabled delivery increasing focus and increased focus on penetration, national health care schemes and health care infrastructure and expansion are expected to create positive momentum for the health care industry in the medium to long term. Against this backdrop, GPT Healthcare remains well positioned, driven by its focused presence in undervalued Eastern markets, underserved Eastern markets. Continued investments in advanced tertiary health care in doing robotics, oncology, renal and cardiac sciences and disciplined expansion strategy. Let me walk you through our operational highlights for. During the year, the ARPOB increased from 37,000 (sic) [ 37,180 ] to 39,200 (sic) [ 39,243 ] while network occupancy stood at 55.90%, up from 53% of the period last year, excluding the newly commissioned Raipur facility. Occupancy across all our mature hospitals showed consistent improvement, supported by better realizations and higher contribution from specialized and high-end tertiary procedures. The overall network occupancy stood at 45.87%. However, excluding the Raipur Hospital, the occupancy remained at a healthy 55.9%. Raipur hospital occupancy was l2.35% for the FY and 14.6% for the quarter -- quarter 4 FY '26. Approximately 90% of our revenue continued national insurance patients, connecting the strength of our tertiary capital siting and the robust payer mix. This overall performance was supported by steady progress across our hospital at, starting with Sole hospital. The hospital continued to deliver strong operational performance and remains a flagship tertiary and robotic surgery center. During this year, it witnessed improvements in both occupancy and realizations, driven by favorable specialty mix and increase in traction complex treasury procedures. The occupancy from 58% of last year to 63% in this FY, while maintaining a length of stay of 3.06, the ARPOB will be hopefully improved from 39,300 to 43,800 in Q4, showing significant improvement on a year-on-basis. A key highlight continues to be its robotic surgery program with the hospital performing over 800 robotic surgeries during the year further strengthening its position as a leading advanced surgical center within our network. Moving to ILS Dum Dum. The hospital delivered a significant turnaround for proctoring initiatives aimed at improving the departmental mix and operational efficiency. It witnessed steady improvement in both occupancy and ARPOB and achieved ultimately 71% occupancy during the last quarter of the first quarter. As a part of our strategy is strengthened tertiary care capabilities, we commenced the cardiac surgery program and enhance intervention capabilities with 3G emerging technology for complex neurology procedures as well. All this has been done with continued focus on bringing the length of stay down from 4.59% of last fiscal to 4.47% in this fiscal. These initiatives have significantly trendand the hospital's clinical positioning and supported the return to upon occupancy levels. At ILS Agartala, we continue to strengthen our lines as the leading corporate tertiary care center in Tripura. We had already expanded our clinical offerings through comprehensive oncology care in the hospital, including pets kind of linear accelerator facilities. Now we have received the requisite approval for renal transplants in the state as well and we are hopeful that this clinical service should come as a much-needed offering in the region. Apart from the above, the hospital has also achieved important rent milestones, including the successful dual chamber leadless implantation complex vascular stenting, performed for the first time in Tripla. Operationally, the hospital has grown by almost 18% compared to last year with occupancy improving from 42% to 52% in Q4 FY '26 on a Y-o-Y basis, supported by increased patients across tertiary specialties and oncology services. At ILS Howrah, we further strengthened our advanced treasury care capabilities. The hospital has commenced robotic; knee replacement surgeries, which have seen an encouraging response with the hospital having done almost 100 surges in just over a year. The strategic location near the Howrah station a large number of patients and enhanced cashment area. The occupancy levels improved from 39% to 47% in Q4 FY '26 on a Y-o-Y basis supported by improved specialty mix and a higher patient throughput, both occupancy and Alpha recorded healthy growth during the year. Coming to our newly commissioned Raipur hospitla. This facility has been ramping up steadily since its commissioning in May '25. Equipped with advanced medical infrastructure. It offers a wide variety of tertiary and clinic critical gas services. We have operationalized comprehensive oncology and chemotherapy facilities as well, which are seeing encouraging initial traction. The hospital has successfully completed 6 renal transplants and has also received license for liver transplant services. The hospital has already reached approximately 14% occupancy, reflecting a strong early momentum. Lastly, the Jamshedpur project is progressing in line with the planned time lines. The upcoming 150-bed tertiary care hospital remained aligned with our strategy of expanding high-quality health care infrastructure across underserved yet high potential markets in Eastern India. Let me now move to our financial performance for FY '26. During the year, we delivered a stable and resilient operational performance while continuing to focus on strengthening our clinical capabilities, improving our operational efficiency and driving better asset utilization across the network. Starting with quarter 4 of FY '26, our revenue from operations stood at INR 128 crores a growth of 24% on a Y-o-Y basis. EBITDA for the quarter was INR 25 crores, translating to a margin of 19.5%. Profit after tax was INR 14.7 crores with a PAT margin of 11.4%. Moving to the full year performance. In FY '26, our revenue from operations stood at INR 478.5 crores and EBITDA was INR 90.1 crores with a margin of 18.84%. Profit after tax came in at INR 42.2 crores, translating to a PAT margin of 8.8%. Let me explain to you the impact of the recently commissioned Raipur facility on the overall numbers. The FY '26 EBITDA from the Raipur hospital was negative INR 13.8 crores. And the EBITDA from mature hospitals is INR 103.9 crores, making the overall EBITDA INR 90.1 crores. Similarly, the EBITDA margin, excluding Raipur is 23.6.06%, which is a 94 basis point improvement as against our overall EBITDA margin of 22.1% in FY '25. However, the overall EBITDA margin, including the Raipur hospital has come down to 18.84%. Further that depreciation and finance cost has also increased by INR 12.8 crores towards the Raipur Hospital. This performance was supported by improving occupancies, higher patient throughput and the strongest specialty mix across all our facilities. The impact of the recent commission Raipur hospital was -- has already been stated above. And with further gradual pickup at the hospital, the overall numbers are going to improve. Overall, we remain focused on driving sustainable growth, improving margins and delivering consistent value to all our stakeholders. To conclude, FY '26 has been a significant player for GPT Healthcare. We strengthened our clinical capabilities and expanded our geographic footprint, improved operational performance across key hospitals and continued progressing towards our long-term vision of becoming a 1,000-beded hospital chain. Our strategy remains centered on affordable tertiary care and technology-driven clinical excellence, disciplined capital allocation and expansion into underserved markets across Eastern and Central India. We remain confident that the long-term fundamentals of India's health care sector are highly favorable, and GPT Healthcare is well positioned to deliver sustainable growth with improving operating leverage in the coming years. With that, I conclude my opening remarks and request the moderator to open the floor for questions.

[Operator Instructions] The first question is from the line of Deepak Ajmera from IGE India.

My question is for Raipur Hospital. We have been able to [indiscernible]. And I think 1.5 years has been their commitment. So how soon we can see the occupancy going up to the desired level?

Thank you for your question. I would just like to give you some data. We had commissioned the hospital in middle of May 2025. So it has just been around 10.5 months of operations of this hospital, and we are already at around INR 3.5 crores of revenue at occupancy of around 15%, as you said. We expect optimum occupancy levels to reach by quarter 3 this year. Hospital takes almost 24 to 36 months to breakeven on a monthly basis. We are hopeful that the quarter 3 of this financial year, we should be breaking even on a monthly basis, operational.

Okay. And do we expect similar kind of ramp up from coming from Jamshedpur facility, which is now about the to come?

Generally, that has been the trend we have said historically, and we hope to replicate that in Jamshedpur.

Okay. And sir, last 2, 3 years, overall utilization of our entire set of portfolios have been very, very high. So what has been the reason in that regard? So the optimum occupancy levels for any hospital is around 70%. If you look at our numbers, Salt Lake hospital Dum Dum Hospital are around the 70% mark. Dum Dum went through a restructuring exercise, but now we come back to the 70% mark in hospital. I realize steadily moving towards the number and however also decreasing its utilization every quarter. Hopefully, these 2 hospitals also have the capacity and to move towards that mark very soon.

The next question is from the line of [indiscernible] from Sapphire Capital.

Am I audible.

Yes, please go ahead.

Sir, how many beds are we targeting to add?

Around 150 beds through our Jamshed Hospital, which is expected to be commissioned by quarter 4 of FY '27.

Okay. So can you guide us on the ARPOB growth that we should see in FY '27.

We expect the ARPOB to grow by around 8% through a mix of tariff increase as well as specialty optimization.

And also the CapEx for bed that we'll have for this year?

The CapEx per bed for the Jamshedpur per hospital would be around INR 70 lakhs per bed. That is very similar to the CapEx we've incurred in Raipur facility.

Okay. So Raipur given we are expecting the Q3, right?

Yes, that would be a monthly basis.

The next question is from the line of Dixit Doshi from Whitestone Financial Advisors Private Limited.

So just a question on Raipur Hospital. So you mentioned that by Q3 on a monthly basis, we should break even. So on a full year basis, will it be around breakeven or slightly lost for this year as well?

Thank you for your question. On a full year basis, we will be at a slightly loss which will be almost very, very close to breakeven. Next year, we expect it to be fully positive.

5 Okay. And when we say it will be a slight loss for the full year, we are expecting what, 20%, 25%, what kind of occupancy you are expecting for this year?

We expect to close this year at around 50% occupancy. at around 30% occupancy.

On a full year basis?

Yes.

Okay. Okay. And okay. And regarding the mature hospital. So this year, if I see on an annualized basis, Dum Dum was slightly flat. Other hospitals have grown double digit on a full year basis revenue. So what kind of growth we expect overall for the mature hospital?

So Dum Dum went through a restructuring exercise, which was strategically done to improve our department remix. And if you see overall occupancy level in Dum Dum has improved almost 70% in quarter of FY '27. So there has been a significant improvement in the Dum Dum operating metrics as well. We expect it to grow at around 10% mark. And overall, we expect the company to do a 15% increase on Y-o-Y basis.

15% top line including the Raipur overall? Yes.

The next question is from the line of Vidhi Shah from CRK.

Sir, what kind of occupancy do we expect for the Raipur hospital in FY '27.

FY '27, we expect to close the year at around 30% occupancy levels at the Raipur hospital.

Okay. And for Jamshpur also, do we expect similar kind of occupancy levels as the Raipur like in the range of 10% to 14% in the first year?

Yes. The ramp-up of our hospital is very similar, and we expect the Jamshedpur hospital to follow a similar trend line as well.

Yes. The ramp-up of our hospital is very similar, and we expect the Jamshedpur hospital to follow a similar trend line as well.

Yes. The ramp-up of our hospital is very similar, and we expect the Jamshedpur hospital to follow a similar trend line as well.

And sir, any revenue guidance for FY '27, '28?

We expect a 15% increase in the overall revenue for FY '27, '28 '26, '27...

The next question is from the line of from Investments.

Hello?

Yes, please.

Sir, can you throw some light on your occupancy in 4 and Dum Dum Hospitals in the next year? And where do you see it maturing. So the Salt Lake hospital in this year has already reached a significantly higher occupancy around 68%. We expect occupancy to move towards the 70% to 73% mark for this FY. Dum Dum 2 has moved from almost the mid-60s to 70% occupancy in Q4 of this FY. We expect occupancy level has done them also to move cars to 72% market is FY. And both these hospitals will be at an optimal market and say that much.

The next question is from the line of Abhishek Maheshwari from Skyride fund managers LLP. Just few things. Really happy to see that Agartala has ramped up in occupancies. Can you expect going forward Agartala right now is at 50% to 53% Is the Bangladesh situation stable now?

So the Bangladesh situation is improving as we speak. There has been a significant change in the outlook anatisa we are seeing increased Visa request letters coming from the country. We expect the occupancy level to move up, and we are hopeful that by early next year, we should be hitting the 60% mark.

Second question regarding the Bengal elections. Any pools were impacted during the elections? Or was it covered due to difference?

There was a slight bit of impact in the last quarter of FY '26, but it was nothing very significant.

Okay. So no impact during Q1 this year.

In Q1 in April, there was an impact. But in last FY there was very little impact.

The next question is from the line Aditya Chheda from InCred Asset Management.

The occupancy in Raipur has been flat sequentially. So if you can attribute reasons for the same and since you are already at 14.5% or thereabouts, your view on how you see the ramp-up in Raipur. If there are any reasons which are attributable to the slower ramp up quality? Or is it in line with your expectations? And I have bookkeeping questions with respect to the cash flow, you can see. A loan transaction to what core if you can quantify the nature of the additional.

So Raipur has performed as per our expectations this year. We had expected to close around 15% occupancy, and we have seen significant ramp up throughout the year to this level. We expect this year to double that and go to a 30% occupancy by the end of the year. The performance would be much better, but there has been a delay in the insurance payment in an which we expect to those in terms of an eddy take around 15 months for any new hospital with insurance becoming such a predominant factor in the running of any hospital they are critical to the success of the hospital. We expect the empanelment to be completed in the next quarter, post which we will see significant improvement in the numbers as well. With regards outinnovate body that is an investment which is to company with preset coupon. This will be over the financial side.

Right. So I just wanted to clarify in terms of new group assets that we have, there is no overlap in terms of management bandwidth and investments.

No, no absolutely not. This is a completely independent company with absolutely no related transactions across any of decrements.

Got it, right. And since we will be breaking even at Raipur and I'm assuming there would be some losses in shape by the end of FY '27. The EBITDA growth expectations for FY '27 should be lower than the revenue growth is that the case? Or earlier, we were hoping that the improved flow occupancy across the mature units, we should see some apps. So your outlook on how do you see EBITDA growth for FY.

The EBITDA for this FY will be growing because as you correctly said, there will be an improved contribution from the other hospitals or the impact of Jamshedpur shall be nullified, and we expect the EBITDA to move by around 100 basis points.

The next question is from the line of Parth Kotak from Plus91 Asset Management, please go ahead.

Sir, you mentioned the CapEx number for Ramses Hospital. If you could break that down in the CapEx that we see for FY '27 and '28 as I'm not expecting some of it would have been spent during this year, that would be helpful.

Thank you for the [indiscernible]. For the Jamshedpur hospital, a large portion of the CapEx was done by the developer to now. It is only now that the CapEx cycle for staff and we expect the majority, almost 90% of the CapEx requirement to be deployed in this financial is whatever we that will be on a part of prior because we commissioned -- we're working at commissioning a hospital in the apero whatever will be left for next year will only be on account of creditors to be extent around 10% of the Capex cost.

Sir. And our growth plans post Jamshedpur I am assuming Ranchi is off the table, are we looking at adding any further assets post Jamshedpur.

We are constantly evaluating opportunities across the Eastern market, these are both greenfield and acquisition opportunities. We are hopeful of concluding some things soon to add to our overall portfolio.

Okay, sir. Lastly, on Raipur, sir, if you could help me with the EBITDA loss that we would have incurred for the hospital in Q4 and you did mention to reach breakeven by Q3 of this year, the percentage of breakeven in terms of occupancy would be about 25%.

We expect the hospital breakeven around the 25% mark, you're right. And we incurred an EBITDA loss of around INR 3 crores for the last quarter.

Next question is from the line of Aditya Goel from [indiscernible].

First of all, congrasts on the result. So I just want to talk more about the Raipur hospital and the market. So I'm Raipur see meaningful capacity addition in terms of local players coming in a few of the little players are also coming in. So I just wanted to understand like Raipur and Chattisgarh do you have absorption capacity for new beds to come without occupancy is getting delayed across the board. And when you go your own ramp-up, do you see the growth primarily coming from caputring shares from existing players or the thesis is that more the market is underpenetrated and also will be a growth of supply.

You're right, there is a significant expansion potential in Raipur. There are players coming in, but the market and the adjacent territory was very large, with a very large underserved catchment population which is around 11 1.15 beds per population. There is still a lot of bed requirement in that state. And we are significantly or we are important strategically placed with regards to the time line. And also having commissioned in FY '26, we have want to do the new incumbents as well. We have a good clinical team and technology mix. So we are hopeful that there should not be any problem with regards to the occupancy ramp up. Whatever they don't, there will be significant growth opportunities for others as well.

Okay. So there is enough demand for quality health care and also growth?

Yes.

Got it. My next question is regarding the [indiscernible] hospital if you look at it [indiscernible] with mature at hospital. So I just wanted to understand like what is the current specialty mix there? And what is the payer mix in [indiscernible] hospital.

So at this point, as I mentioned earlier, we are still going through the panel process with other insurance companies and other PSUs. so that is why the ARPOB is slightly higher. Empanelment complete and the corporate commentor on both the ARPOB might produce a bit by around 4% or 5%. That being said, we have a very good mix with regards to our specialty contributions. Bulk of revenues are distributed across major specialties, including cardiology, neurology, GI surgery. So it is a good mix, which is contributing to the overall higher ARPOB, but predominantly most of the patients in cashes.

Okay. So to colocation at mix.

Correct.

So 1 more question. Like is there any issue that you have seen in terms of attrition with new hospital coming in especially in terms of and paramedical staff and how -- what's the strategy if you are taking some attrition to retain the staff.

So with every new incumbent there is bound to be a risk of attrition but we are fairly confident of our metrics and our foundation. We have a good set of clinical team and a good paramedicla team as well. There might be some attrition with regards to the nursing fraternity which generally happens across the country. But apart from that, we are very confident our with our team.

Got it. One last question, like you are doubling your occupancy in the hospital. So just wanted to understand like what are the few things that you are doing in terms of your new in the market. So the market strategies in terms of marketing, cans, et cetera. So if you can highlight that playbook to go from doubling occupancy.

Sure. So the hospital is situated strategically in the horrible city. We've come up with absolutely new infrastructure combined with the high-end medical technology, including the 3 Tesla MRI. We are doing some very unique things in those hospital including cardiac electrophysiology which very few people across the region are doing. Perhaps we are the only 1 doing it. Apart from that, we have already started able to transcon some hospital. We expect to function liver transplant also very soon important the license and we are waiting the first few patients are under look up. So there is a lot of advantage with regards to functioning from a clinical library perspective, which will keep us in good step throughout the lifetime of the hospital. And that acts as a big marketing medium by itself.

Got it. The next question comes from the line of Tania from Sunil Jain from Nirmal Bang Securities.

COngrats on good number. Sir, my question relate to Dum Dum and Howrah. We had seen good improvement in the occupancy in both the hospitals. So are these occupancy which has improved are sustainable and can next year, we can expect a similar occupancy for what we have seen in Q4.

Thank you for your question. So yes, both the hospitals are on a sustainable growth path. Dum Dum, as we said, has been significantly restrategized and optimized our delivery mix. We've come back to our previous occupancy levels of 70% and we expect this to grow down the line as well. Howrah 2 with the change in specialty mix would be addition of new technology and consultants we significantly improved our overall productivity in the hospital, and we expect this to improve even more in FY. We expect the occupancy numbers to go up as well at a good growth rate this year. So last quarter, in Howrah, we had seen over 47%. So we can expect similar or better than this occupancy -- we expect the occupancy to move towards the 60% by Q1 of next year. So this year, we expect to close around the later piece.

Okay. Great. And sir, second thing about the Agartala Hospital, we had seen improvement in ARPOB. So similar so ARPOB still as we see compared to other are a bit lower. So can we expect now sales occupancy has also come over 50%. So that can also start improving from here.

So Agartala is in an area where, obviously, patient affordability is a challenge. So we said we've intentionally discounted the on capital rates lower in that hospital. We expect the ARPOB to increase on a Y-o-Y basis by around 7% to 8%, but that will not match up to the ARPOB of our Calcutta units or other locations. We will keep it at -- intently keep it a lower compared to the other hospitals..

So thank you very much, and all the best for next year.

The next question is from the line of Dhruv Maheshwari from [indiscernible].

So basically I wanted to ask regarding the upcoming strategies for the occupancy increasing the solidly hospital. And if you could just the occupancy guidance for the same.

So the Salt Lake hospital has significantly -- we've significantly removed or reduced the length of stay of that hospital from almost late 3s to now just about 3. So that has opened up additional in that hospital, which we are to increased productivity in the hospital. With that occupancy you already moved from around 65% to almost 69% in this hospital, and we expect it to move towards this to then mark by the end of the year. There have been significant contributions from across a lot of departments. We recently started advanced GI surgeries in this hospital as well, which is complementing our already dominant position as a robotic surgery center. So that should improve the overall occupancy and ARPOB level of the hospital. Apart from that, there is a significant focus on strengthening our hospital care offered in the hospital, which will also ease the overall productivity number.

The next question is from the line of Somil Shah from Bharat investments.

Congrats on a very good set of numbers. So we're not seeing that our overall ARPOB will be increasing by 7% to 8% and our Raipur facility also breaking even by Q3 of this year. But we are adding for a 100 basis points increase in EBITDA. So are we not conservative in our guidance ?

I think 100 basis points will increase after -- in a set up of the initial loss of Raipur is not conservative. We don't expect the full year of Raipur report to be positive. We expect lean expected to just break even. So it is not a conservative number. It is in line with our functioning. And overall increase in volume and profitability.

Okay. Okay. So overall, we are guiding for a 20% EBITDA margin, right?

Correct. It would be around 20.2%.

Okay. Okay. And with respect to Raipur facility, you mentioned to the verious part is even that we are targeting around 30% occupancy level. So that is for Q4 of this year or for full year basis you are getting 30%.

No, that will be for Q4. By the end of the year, we get to 30% occupancy.

The Next question is from the line of Dixit Doshi from Whitestone Financial Advisors.

First question is regarding the 4 mature hospitals, is there a capacity to expand winters.

Across the older hospitals. At this point, there is no real estate available to expand that, especially in the Kate hospitals. In Agartala Hospital, once we reach the optimal occupancy of around 70%, we are in a position to add that beds, there is weakened in the complex where we can add beds.

Okay. How much -- any thought out of the 205 beds as there already, so how much we can increase?

So as I said, once we reach optimum occupancy levels of around 70%, we are in a position to add beds, which would be around 100 beds can be added.

Okay. And my second question is regarding the -- so recently, we have seen the change in government in West Bengal. And now we expect a significant enrollment for the Ayushman Bharat as well. So if you can throw some light, can that impact our ARPU or can help whichever is possible?

The change in government is a very welcome move in the state. We have seen -- there's a lot of positive momentum, which should the overall development of the state. That being said earlier also, there was a replica scheme cost at Sapient this day and which is going to be replaced by shot. So we should not expect a lot of change with regards to the number of skeletons we get to do. So therefore, the impact on the ARPOB also should not be anything.

Okay. Okay. And just 1 clarification in 2, 3 times in the con call, you mentioned the force capacity we have reached around occupancy of 68%, 67%, and expect to cross 70%. But in the presentation, it is mentioned 62.4% for Salt Lake.

Let me check and get back to you on that.

The next is from the line of Vidhi Shah CR Kothari and Sons.Please go ahead.

Could you say the term expectations for occupancy growth across as.

Sure. So FY '27, the Salt Lake hospital, we expect to maintain around the 70% occupancy mark. Agartala should be moving towards the 58% mark. Dum Dum should be also maintaining around the 72%, 73% mark. Well, Howrah should be again moving towards the 50s. Raipur should be ending the year with around 30% occupancy. ARPOB numbers would be similar to what we have had this year, there would be approximately 7% to 8% growth on the ARPOB on account of tariff change as well as Department of manager.

Okay. And sir, regarding Dum Dum hospital. The occupancy has been down, you mentioned that it restructuring could you please elaborate what is happened.

The Dum Dum hospital has gone through a restructuring exercise from a specialty mix perspective, decentralized specialty focus, and we've included a lot more specialty in the function of spray recently commissioned cardiac surgeries in the hospital. And just in a quarter, we won almost 30 cardiac surgeries in tthat hospital. We are also doing increased number of interventional radiology intention ology, the seizures in that hospital as well. So by derisking the hospital from 1 particular specialty, we've been able to optimize the overall function. We expect the occupancy to be increasing around the 70% to 72% market in those. We've gone from almost 65% to 70% occupancy in Q4.

Okay. The next question is from the line of Deepak Ajmera from IGE india.[Operator Instructions].

Am I audible?

Yes please.

Yes. So I want to know about our patient mix, likewise, we see Ayushman cash insurance.

So we work more on a cash and insurance business. We have almost 80% of our revenues coming from cash and insurance patients only. Our corporate and scheme patients combined are giving us around 10% revenues of which corporate might be around 5% and 5% would be scheme patients.

Okay. And how far the bifurcation look like we see cash and insurance.

I said it is almost 50-50 split between two.

[indiscernible] .

Yes, I said that the 50-50 split between cash and insurance.

And how much proportion of our Agartala patients are coming from Bangladesh?

The Bangladesh Hospital -- Bangladesh would contribute around 10% of our volumes and Agartala earlier. At this point, it is down to around 3%. We expect it to move again towards the 10% mark, hopefully soon once the process is auto.

Thank you. The next question is from the line of [indiscernible].

What I want to understand is for things hospital. Could you specify, let's say, the top 2 specialties which are contributing at this point? And similar being in FY '27 which are the specialities that you need to have in each of these markets.

So the specialty mix differs as per different hospitals. For example, Agartala Hospital, at this point, cardiology and are dominant specialties in the hospital. Down the line, we expect oncology to ramp up and become a dominant specialty in GI surgery and gastroenterology or the government specialties, we expect the same to continue with the focus on GI, eye and GI and series, which we are doing, we expect GI surgery to increases as well. At Dum Dum nephrology and critical care government specialties, we expect cardiology and neurology to significantly ramp up in this hospital, including pulmonology. And Howrah this point, orthopedic and laparoscopic surgeries are pretty common are dominant. We expect cardiology also to be added to. In Raipur cardiology and GI surgery are the top 2 specialties. We expect Renal sciences and neurology also to end up joining and contributing evenly in that mix.

Great. And just a clarity on this -- you mentioned a deal as they can call it yes. In Agartala you mentioned the contribution from Bangladesh of 10%.

Bangladesh would earlier contribute around 10% of our revenues. For this FY it has been 3%. We are seeing a Visa request coming in from Bangladesh and we're hopeful that it should move towards the 10% mark soon right?

And any thoughts around M&A? Or do you want to pursue more greenfield.

No we are constantly while we think sort of the M&A opportunities in this part of the country. This part of the country being underserved from a corporate health care point of view, many opportunities are also we have to be very jeweling selecting both real estate assets. So we are evaluating opportunities once suitable one does come in, we would take it.

Any size that you want to limit yourself to?

There is no limitation with regards to the overall from a hospital sector, we look at hospitals around the 150 to 200 bed mark.

Thank you, ladies and gentlemen, we will take that as the last question for today. I'll now hand the conference over to the management for closing comments.

Thank you everyone for the questions, which I hope you are suitably addressed. In case you have any further queries please get in touch with us. Thank you for your continued support and trust in our company's vision and capabilities. Together, we look forward to achieving new milestones and creating lasting value. Thank you, and have a good day.

Thank you. On behalf of GPT Healthcare Limited that concludes this conference. Thank you for joining us, and you may now disconnect your lines.