New Delhi: Maintaining a “positive outlook” for the listed corporate hospital entities in India, credit rating agency ICRA has pegged industry revenue to grow by 16–18 per cent through the ongoing fiscal year.
For its sample set of hospital chains, ICRA has projected bed occupancy levels to range between 62–64 per cent, compared with 63.5 per cent recorded in FY25, while average revenue per occupied bed (ARPOB) is expected to rise by 6–8 per cent.
“The performance of the Indian hospital industry is expected to remain strong in FY2026 on the back of healthy occupancy and ARPOB,” Mythri Macherla, Vice President and Sector Head, Corporate Ratings, ICRA, said.
According to the credit agency, the positive growth forecast for FY26 follows a strong first half, where the sample set posted a 16 per cent revenue growth, with bed occupancy of 63.3 per cent and a 7.8 per cent expansion in ARPOB.
Additionally the operating profit margin (OPM) in H1 FY2026 remained at 23.7 per cent.
Amid the ongoing greenfield and brownfield expansion push by leading chains, the agency expects their credit profile ot remain healthy on account of “strong accrual expectations”
Meanwhile, for the pharmaceutical sector, ICRA maintained a stable outlook, forecasting revenue growth in the range of 9–11 per cent.
In FY26, the operating profit margin (OPM) for the sample set is expected to remain stable at 24-25 per cent.
While the agency expects moderation in revenue from the US due to price erosion in certain therapies, domestic and European markets are likely to remain strong, with growth of 8 per cent and 15 per cent at the lower end, respectively.>
