Ladies and gentlemen, good day and welcome to Fortis Healthcare Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Anurag Kalra, Head of Investor Relations. Thank you. Over to you, Mr. Kalra. Thank you, Anju. A very good morning and good afternoon, ladies and gentlemen, and thank you indeed for taking the time to join us on our Quarter four FY 2026 and FY 2026 earnings call. The call is being chaired by our MD and CEO, Dr. Ashutosh Raghuvanshi. With him, we have our Chief Financial Officer, Mr. Vivek Goyal. From Agilus, we have the CEO, Mr. Anand, and the CFO, Mr. Akshay Tiwari. We will start the call with some opening remarks on the performance by Dr. Raghuvanshi, post which Anand will take you through certain key highlights of the diagnostics business, and then we can open the floor for question answers. Over to Dr. Raghuvanshi. Thank you, Anurag. Good morning and good afternoon, everyone. Thank you for taking the time to join us on our Q4 FY 2026 and FY 2026 earnings call today. To begin with, I'm pleased to inform you that our board has recommended a dividend of INR 1 per share, which is equivalent to 10% of the face value, for the fourth consecutive year, subject to the approval of shareholders. This underscores the continued strength of the company's fundamentals and earnings trajectory. We witnessed a steady performance across both the hospitals and the diagnostic business, enabling us to conclude the financial year on a healthy note. Coming to the financial performance of the company, I shall comment on the year as a whole and then move on to quarter four. For the FY 2026, consolidated revenues for the company stood at INR 9,128 crore, a growth of 17.3% over the FY 2025. Our hospital business revenue have grown 19.1% to INR 7,773 crore in FY 2026, while diagnostic business net revenues were at INR 1,355 crore in FY 2026, a growth of 8%. Our consolidated operating EBITDA increased 31.3% to INR 2,085 crore, which translates into a margin of 22.8% in FY 2026 versus 20.4% in FY 2025. For the hospital business, operating EBITDA margins have improved from 20.5% in FY 2025 to 22.2% in FY 2026. The hospital business now contributes approximately 85% to our consolidated revenues and our consolidated EBITDA. Our consolidated profit after tax for the year increased 31.5% to INR 1,064 crore in FY 2026, compared to INR 809 crore in FY 2025. Now, on the performance for the quarter. We reported a consolidated top line of INR 2,365 crore, a growth of 17.8% over the quarter four of FY 2025. The hospital business grew 19% to INR 2,023 crores, while the diagnostic business net revenue stood at INR 341 crores in quarter four of FY 2026 compared to INR 306 crores in quarter four of FY 2025. The consolidated operating EBITDA margins were at 22.5% versus 21.7% in Q4 of FY 2025. Operating EBITDA for the hospital business in Q4 FY 2026 grew to 19.9%, INR 446 crores with a margin of 22.1%, compared to operating EBITDA of INR 372 crore in quarter four of FY 2025. Our consolidated profit after tax for the quarter increased 44.2% to INR 271 crores. Coming to the balance sheet side, the company's net debt stands at INR 2,334 crores, with a net debt to EBITDA of 1.09X as on 31 March, 2026, as against 0.93 on 31 March, 2025. The increase in debt was primarily due to acquisition undertaken during the year, amongst other investments which we made. Let me now briefly touch upon the hospital business. Our hospital occupancy in financial year 2026 was 68% compared to 69% in financial year 2025. However, the number of occupied beds increased by 15% from 3,270 beds in financial year 2026 up to 2,838 beds in financial year 2025. Our hospital business recorded a 3.4% increase in ARPOB, reaching INR 2.51 crores per annum in financial year 2026. Each procedure volumes across four focused specialties such as radiation therapy, robotic surgeries witnessed steady growth during the year, increasing by 19% and 66% respectively. Revenue from focused specialties comprising oncology, neurosciences, cardiac sciences, gastroenterology, orthopedics, and renal sciences grew 18.9% and contributed 62% to overall hospital business revenue. Revenue from international patients grew by 18.5% during the year to reach INR 639 crores, contributing 7.8% to overall hospital business revenue. In financial year 2026, 13 of our facilities reported operating EBITDA margin above 20%, collectively contributing 76% of the hospital revenue. In comparison, in financial year 2025, we had 10 of our facilities with operating EBITDA margin of 20%, contributing 73% of the hospital revenues. This clearly reflects the growing strength of the business and the result of various initiatives and investments we have undertaken over the past few years. The year gone by has also been marked by significant progress and strategic development across the company, including the addition of approximately 800 beds to our network through a combination of brownfield expansion and inorganic acquisitions. In January 2026, the company acquired a 125-bedded People Tree Hospital in Yeshwanthpur, Bangalore along with an adjacent land parcel enabling future expansion to over 300 beds. In September 2025, the company strengthened its NCR presence with a long-term lease arrangement for a 200-bedded multi-specialty hospital in Greater Noida. In July 2025, the company consummated the acquisition of 228-bedded Shrimann Super Specialty Hospital in Jalandhar, along with an adjacent land parcel enabling future expansion to over 450 beds. As you can see, all these acquisitions or arrangements are focused on our key growth clusters and will further enable us to leverage our existing strength and position in these geographies. Let me also briefly touch upon our focused emerging care segment. In November 2025, the company launched Adayu, a 36-bedded specialized mental health care facility in Gurugram. We believe that mental health will increasingly demand more care and dedicated infrastructure distinct from the multi-specialty hospital space hence our foray through Adayu. During the year, the company also expanded capacity across its existing network by adding approximately 250 beds through brownfield expansion, primarily in Manesar, Noida and Faridabad. Over the next four years, we plan to ramp up bed capacity further through brownfield expansion by adding around 1,800 beds. Of these, in FY 2027, we expect to add capacity of more than 400 beds. With the new tower at FMRI expected to be operationalized within weeks and balanced bed addition at Noida, Manesar, and Amritsar, as well as FHKI Kolkata coming during the year. In FY 2026, the company further augmented its medical infrastructure by commissioning several high-end equipment, which included among others soft tissue surgical robots, MRI machines, cath labs, and PET CT. This reaffirms our commitment to offering advanced treatment options and delivering physician-based care across our network. To highlight, our capital expenditure in FY 2026 stood at approximately INR 700 crores, reflecting our confidence to further scale up operations both in terms of capacity expansion and enhancement of medical infrastructure. Turning to our diagnostic business, we witnessed a steady improvement in top line and margins for FY 2026. Gross revenue stood at INR 1,527 crores in FY 2026 compared to INR 1,407 crore in FY 2025. Operating EBITDA margins excluding one-off stood at 23.2% in FY 2026 as compared to 22% in FY 2025. For the quarter, gross revenue stood at INR 387 crores compared to INR 348 crores in Q4 FY 2025. The operating EBITDA margin excluding the one-off stood at 20.1% in Q4 FY 2026, as against 23.4% in Q4 FY 2025. I will let Anand take you through further details on the diagnostic business. With this, I conclude my remarks. Our business remains well-positioned to sustain this momentum, supported by strategic initiatives and investments that we believe will drive long-term growth and further strengthen our position in the healthcare sector. Thank you, and I will hand over to Mr. Anand for his comments now. Thank you, Dr. Raghuvanshi. Good morning, everyone, and thank you for joining us today. On behalf of Agilus Diagnostics, I'm pleased to welcome you all for our Q4 FY 2026 and FY 2026 results conference call. During the quarter, Agilus reported gross revenues of INR 387 crores compared to INR 348 crores in Q4 of FY 2025, reflecting 11.1% year-on-year growth. Operating EBITDA stood at INR 85 crores in Q4 of FY 2026 compared to INR 63 crores in the corresponding quarter last year, resulting in operating EBITDA margin of 22% in Q4 of FY 2026 versus 18% in Q4 of FY 2025. We processed around 10 million tests in Q4 of FY 2026 versus 9.5 million tests in Q4 of FY 2025, reflecting a 5% volume growth supported by the gross additions of our 125 customer touchpoints with the B2C, B2B ratio fixed at 53 to 47. For the full year ending March 2026, revenue stood at INR 1,527 crores, up by 8.5% from INR 1,407 crores last year, while operating EBITDA rose to INR 360 crores in FY 2026 from INR 249 crores in FY 2025. Operating EBITDA margins stood at 23.6% in FY 2026 compared to 17.7% in FY 2025. During the year, we conducted 40.8 million tests versus 39.2 million tests last year. The B2C to B2B revenue ratio remains stable at 52- 48 in FY 2026, reflecting balanced traction across both the channels. We expanded our network with gross additions of over 625 customer touchpoints and gross addition of 20 plus laboratories, including 10 hospital lab management laboratories, strengthening Agilus' footprint and improving accessibility across focus cities as well as emerging micro markets. Growth remained well spread across segments. We continue to see healthy growth in our preventive health and wellness portfolio, supported by increasing awareness and adoption of preventive panels and corporate wellness programs. This preventive health revenues contributed 13% of the overall mix in FY26 versus 11% during the last year, reinforcing its position as a key long-term growth driver. During the year, we expanded our portfolio with 50+ new tests across oncology, molecular diagnostics, prenatal care, immunology, infectious diseases, gastroenterology, and neuro-oncology, cementing our advanced diagnostic capabilities. We also advanced our genomic capabilities with the operationalization of the Illumina NovaSeq X at our global reference laboratory in Mumbai. During the quarter, we enabled routine clinical use of the platform. We also completed validations across key areas including hereditary cancer panels, whole exome sequencing, carrier screening, and genetic disorder panels. Our continued investments in automation, digital tracking, and workflow optimization have enhanced efficiency, improved turnaround times, and elevated the overall customer experience. We rolled out geospatial phlebotomist assignment and strengthened nearby lab visibility to drive better organic traffic. We further enhanced the website with disease-wise test categories and a real-time loyalty points ledger while enabling automated follow-ups to improve cart conversion. Overall, the FY 2026 revenues and performance reflects a steady year-on-year improvement in both revenue and profitability, supported by disciplined execution, network expansion, and operational enhancements. We remain committed to delivering consistent and high-quality growth. Thank you, and over to you, Anand. Thank you, Anand. Ladies and gentlemen, we shall now open the floor for question and answers. Can I please request the moderator to begin? Thank you. We will now begin the question and answer session. Participants are requested to use headsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Neha Manpuria with Bank of America. Please go ahead. Yeah, thanks for taking my question. Based on the annual data that we have given- Ms. Manpuria, sorry for interrupting. We cannot hear you. Can you speak a little louder? Yeah, sorry about that. Is this better now? Yes, please go ahead. Okay, sorry about that. Based on the hospital-wise information that we've given for the larger hospitals, it seems like we've seen occupancy dropping in a lot of our larger hospitals like FMRI, BG Road, Faridabad, etc. I think Faridabad Institute indicated that it's because of the expansion. How should we think of occupancy improvement, particularly in the larger hospitals as we go ahead? That's my first question. Yeah. Hi, Neha. Vivek this side. Occupancy drop in some of the hospital attributed towards the drop in the international business to some extent. If you see our international business growth in this quarter is around 11%, while for a year it has grown around 18, 20%. That is the main reason for occupancy drop. Another reason for the occupancy drop in some of our hospital in north side, Punjab side is because of the medico onco drug capping. That has also led to drop in the revenue and occupancy to some extent. Neha, how much impact would this discontinuation of onco treatment have on our revenue? Is there a number that we have? In your view, do you think there is a possibility that this gets resolved and therefore that business comes back? Neha, most of the drop is coming where we have larger share of ECHS and CGHS business, mostly in Punjab region, okay, where the share of ECHS and CGHS business is higher. As you know, the drug prices are capped at 30% to the MRP. That has led to some of the drugs where we are not earning that type of margin. We have stopped taking those patients, and we have asked patients to take drugs from either CGHS stores or to procure from the market, and that has led to drop in some business. I don't have immediate number of the drop, but most of the drop is coming in that region. Understood. Okay. My second question is, given that we are seeing new capacity come in both in Gurgaon and in Noida also we've seen, any comment that you can make in terms of doctor attrition or doctor cost in these markets? How we should think about that given these are both crucial markets for Fortis. Yeah. As far as, Neha, doctor costs are concerned, there has been a slight increase as you would notice when you go through the details. We don't expect anything further to happen because I think we have already taken the necessary steps in this direction. Minimum number of movements we can expect in terms of senior clinicians, we are not expecting any major changes. As far as occupancy with the enhanced bed capacity in the region is concerned, I don't think it is a concern because currently all these hospitals are operating at very high occupancy figures. FMRI, for instance, its occupancy is almost close to 90%. On some of the days it is up to 95%, which is almost unmanageable. Luckily, we are having the new beds getting commissioned over the next week or so. We don't expect that there will be any lag in absorption of this new capacity which we are creating. We are fairly comfortable in terms of our clinician pool as well. Okay. Sorry, one last question if I may, Dr. Govindan. What is your view on margins for next year in the hospital business? I know we've guided for 25% being the target by FY 2028, how should we think about margin expansion given the fact that there is new capacity, wide brownfield that's coming in as well as this doctor dynamic that you mentioned? Yeah. I think we have been very much tracking on our plans, and that guidance remains absolutely intact. If at all, we are more confident now that we can continue to deliver this progress every year at least to 1.5%-2% year-on-year. Understood. Thank you so much. Thank you. Next question comes from the line of Shyam Srinivasan with Goldman Sachs. Please go ahead. Good morning. Thank you for taking my question. Just Vivek, on the technical point on this discontinuation of some of the CGHS business, right. Why were they getting counted in occupancies in the first place? Because they could be daycare, right? Chemos. This was, I understand, but not necessarily occupancy, right? Right. No, sometimes, Shyam, some of the elective business also we lose, isn't it? That is having impact, and that is resulting into some sort of occupancy pressure in some of the units. Most of the occupancy drop is attributed in the larger unit which Neha has pointed out, like FMRI and all is because of the international business. Understood. When do you think this gets resolved, this CGHS issue, or how does this pan out now? What happens next? It is very difficult, Shyam, to give any timeline for this because government had CGHS and ECHS has already issued a circular toward that. Industry has given their representation. I don't know how it will go forward. Having said that, we are moving on alternate business opportunities. As Dr. Govindan mentioned, most of our hospitals are operating at a very high occupancy level, and this drug price is having a negative impact on the revenue, but not on the margin to some extent, because margin wise we are quite okay. Understood. That brings me to my second question. Just an overall guidance, Dr. Govindan, Vivek Goyal on FY 2027 for hospitals and maybe for Anand on just on diagnostics business as well. Yeah. Like Dr. Govindan mentioned for hospital business, we can. You're talking revenue guide? Yes, sir. Both, sir. All what you can give us. The revenue wise, we are well poised to see on hospital side, 15%+ revenue growth. EBITDA side, we expect another 150 basis point margin improvement for the current financial year. For diagnostic, Anand, if you want to Shyam, for diagnostics, as we had guided earlier, this year we said that we'll be around 22%-23% in terms of EBITDA, so we are there. I think for the coming year as well, we'll be around 23%-24% kind of EBITDA margins. We are making further investments into new centers and all this year. In terms of revenue, I think from where we were, we have improved quite well, and we have come to about 8.5% now. We will definitely improve and touch about double digits this year is what we are hoping. Sorry, if I can squeeze in last question, Anand. Many of your peers have talked about better volume development. Some of them have raised their volume guidance as well. Anything to kind of double-click on your revenue? How does that double digit split out into, say, mix and volume? This year, we are seeing roughly about 5 plus 3 kind of volume to value relationship, so 5% growth in volume. We expect that next year it would be similar, about 70% coming from volume and 30% coming from value. Got it. Thank you, and all the best. Thank you. Thank you. Next question comes from the line of Amit Chakkare with JM Financial Yeah, thank you so much for taking my question, and congrats on the margin. Good number. First question was on top 10 hospitals. First half of the question already answered on the larger hospital. If you look at the smaller hospitals which have done well, particularly FEHI and Jaipur, they have been doing well for last two, three quarters. What is going right here? Also, is this growth a profitable one or is it the margins remain in the low teens only for these hospitals? Thank you so much. Yeah. FEHI has improved a lot. If you see the EBITDA margin has improved, and we expect there is a further scope of improvement in the EBITDA margin in FEHI because of the operational efficiency and new specialties which we are putting in FEHI and new clinical talent team which we have put there. As regard Jaipur is concerned, Jaipur has also shown last year very good progress. We expect Jaipur to grow around 15% plus next financial year with EBITDA margin in the range of 13%-14% going forward. Sure. The second question I have on the FMRI tower expansion. You mentioned in the opening remarks that the tower is likely to get opened in coming weeks. Do you expect the entire capacity to start in one go? Also, what is the current capacity utilization of FMRI? FMRI, the capacity utilization is quite healthy. We are operating at around 85%, 90% occupancy level. We are actually facing bed shortage. We expect to operationalize this new tower in a one week time. Our initial plan is to operationalize in a phased manner. We don't want to open all the beds immediately because it is having impact on the cost also. As we move on the occupancy ramp-up curve, we will open the further beds. In the current financial year, our plan is to open around 100 beds. If the occupancy ramps up fast, we can open all the beds also. Considering once this entire tower is fully operationalized, FMRI is already operating at healthy margins. Is there a scope for further margin improvement on account of this brownfield expansion? Yes, of course. As I mentioned in my earlier calls, this brownfield expansion, our experience is quite good. We able to ramp up the capacity quite fast, and with the economy of scale, we able to ramp up the margin also. This we have seen in our Faridabad unit where we added 50 beds last year. We have also seen the same phenomena in our Noida hospital, where we have added around 100 beds last year. We expect a similar and rather better thing in FMRI. Sure. Last question, if I can squeeze in. On the diagnostic business, the business has started doing well in terms of growth as well as margins. Is there any thought on the demerger front on the diagnostic side and just keeping the hospital business as a standalone business going ahead? Yeah, currently our focus is more on improving the profitability margin. The business has start showing good result and getting full potential out of the business. We'll continue to strengthen the business performance, and I think this is not the right time to do any sort of value-locking at this point. Once the business mature and start performing as per the market, as per competition, then I think we can look for some alternatives. Sure. Thank you so much. I will jump in. Thank you. Next question comes from the line of Toshiya with BNP Paribas Exane Research. Please go ahead. Good morning, everyone. Thanks for the opportunity. On your BG Road, we have seen the occupancy levels dipping to 55%, while earlier you highlighted that some of the occupancy dip is mainly because of international patients and on co-capping. I guess Bangalore market does not have these dynamics. Any colors on the same could be helpful on the Bangalore market and BG Road. BG Road is one of the unit on our target where the occupancy level is low, and there we have ground rent expansion in pipeline. This unit, the occupancy level is low because, one, we are not taking a lot of government business here, so it is more of the TPA and cash business. Secondly, there is intense competition around that region. In that region, generally, the occupancy level remain low, around 63%-64%. We are at 55%, so our immediate endeavor is to bring it above 60% level and operationalize on the enhanced base, and then look forward to increasing the occupancy level there. I think currently on occupancy front, this unit is performing suboptimal, and this is on our radar for the improvement. Okay, that is helpful. Can you provide us the revenue contribution from 800 new beds we added this year, a breakup between acquired asset and ground rent expansion, that would be helpful. Yeah. If we take out for the current quarter, the reported revenue for the hospital business is INR 2,000 crore. As if the net revenue, if we take out the new unit, which is the TMI People Tree, basically, Adayu and Jalandhar, then it will be INR 1,928 crore. There is very little revenue contribution, actually. Also, last one, if I can ask, what is our revenue and EBITDA Gleneagles for the full year? Gleneagles. Gleneagles, we don't have full number right now. They are trending around INR 70 million, around this per annum. Yeah, we don't have number for Gleneagles right now because it is not getting consolidated with us, so we don't track that way. Okay, that's helpful. Thank you. Next question comes from the line of Damayanti Kerai with HSBC. Please go ahead. Hi. Thank you for the opportunity. My first question is on your CGHS and international patient business, where some of the issues have created some turbulence. You mentioned about working on some risk mitigation strategy. In the CGHS part, I just wanted to understand, while we don't know whether the ONCO price cap will be removed or not, but considering the price increase happening in that part of the portfolio, how do you see this business moving in say, 2027, 2028 in terms of growth? First on the onco side, as I mentioned, there is no clarity, first of all, with us. However, CGHS and ECHS has gone ahead in increasing the prices for almost all their specialties. The full impact of that has still not come because the super specialty category which they have created, the registration is in progress, and there is lot of clarity which is needed on the billing side. Having said so, this is an important player for us, and we are in the growth phase, so we want to explore maximum out of this business. As regard international business is concerned, we are tracking well. We are broadening our market base. We are concentrating more on Africa and other countries to mitigate this international business dip which we have witnessed in the last quarter. The domestic business growth has more or less taken care of what we have lost in the international business. Okay. In international business, till say COVID situation, et cetera, normalize, maybe we will see similar trends, and at the same time, the domestic growth should be taking care of any loss happening on the international business part. Yes. This is what we are seeing currently. Okay. My second question is, earlier you discussed about your parent, IHH, increasing stake in the company, et cetera, or investing more. Any update or any timeline could look there? Yeah. Recently, the group CEO of IHH has given an interview where he has mentioned that there is a plan to increase their stake to 50%, and they have also mentioned some amount around INR 10,000 crore for executing vision in the company for meeting the growth aspiration. Whatever we are hearing from IHH, I think India is a focus market for them, and they want to increase their footprint in India through Fortis only. That is the plan, and I think as and when we need the capital, they are with us, That will be happening as we need the growth capital. Okay, good to hear. We don't have any specific timeline, right? When these investments will come in? No. As of today, there's no specific timeline I can give you, but it will happen over a period of time as and when the company needs the capital. Okay. Thank you. I'll get back in touch with you. Thank you. Next question comes from the line of Tushar Manudhane with Motilal Oswal Financial Services Limited. Please go ahead. Thanks for the opportunity, sir. Sir, firstly, on the number of doctors that got added in FY 2026 on the organic basis, if I exclude the acquisition-led addition of doctors, if you could share the number. I don't think, Tushar, we have that number offhand. This is an ongoing thing. We don't really track it that way. I don't have that number. No worries. We'll take it offline. We can take it offline. Sure. Secondly, for your guidance for the revenue growth in FY 2027, the growth is on organic basis, or are you including certain acquisitions which you think are sort of close to completion? No, that guidance is for ongoing basis. We have not considered any acquisition there. The acquisition will be over and above that. Understood. Just to dig deeper into EBITDA margin guidance, as I see the hospitals which are 20%+ sort of a margin are already running at 70%+ sort of an occupancy, probably addition of beds will definitely drive the EBITDA, given the strong scale-up of the additional beds. Purely from a margin point of view, just wanted to understand what will drive the EBITDA margin in across- Sure while we have very less number of hospitals into the category of, say, less than 15% EBITDA margin. Sure. I think it is a very important question to deliberate on. You rightly said that some of the hospitals are already operating at a decent occupancy level, but there are large hospitals which are not operating at that level. Like we have discussed about BG Road, Mulund is operating at around 65% plus. That can also be ramped up to 70% type of occupancy. There is a scope in the existing big hospitals where we can increase the occupancy. Secondly, where in some of the new unit where we were incurring losses during the last financial year, like Manesar, like Greater Noida, and Ludhiana 2. These units have started contributing positively. Looking at the current trend, we feel that these units will start earning handsomely in the EBITDA margin side. These units which are on the lower part of the pyramid, these units will move up further. That is another lever which we are looking for. Thirdly, as you rightly mentioned about the brownfield expansion which we have done, that will lead to margin improvement. Last but not the least, the acquisition which we have done last year, that process of integration was on. As we complete that process, we hope those units will also start contributing in the overall pie of the revenue as well as EBITDA. All put together, along with our focus on optimizing the cost and optimize our occupancy, I think we are quite confident the guidance which Dr. Rohit just has given will be met. Got it. Thanks a lot for the deliberate answer. Just lastly, to understand, or maybe I'm missing the initial remarks or the earlier conversation in terms of timeline for this Gleneagles transaction. Yeah. Actually, we can't give timeline for this. This is under deliberation. We will come back to you people because if this happens, it will be required majority of minority approval. We will come back to you as and when we are ready with the proposal. It is under deliberation and evaluation stage right now. Sure, sir. This is helpful. Thanks a lot for addressing my questions. Thank you. The next question comes from the line of Aman Goyal with IIFL Capital. Please go ahead. Yeah, thank you. Thank you for taking my question. Congratulations on great set of numbers. Sir, my first question is related to the Manesar facility. Can you please throw some color on what is the revenue run rate and the KPIs for Manesar? Is there any effect on the FMRI units from Manesar facility? Not really. Manesar is doing quite well in terms of revenue. It is exceeding our expectation also, whatever number we have taken over this unit. The revenue-wise it is doing quite well, and it is having a rather positive impact on the FMRI unit because doctor has got larger base to operate with, and it is having perfect synergy with our FMRI unit. As I mentioned earlier, last year, there was a EBITDA loss over this unit because it is a new unit for us. It has already breakeven. It has start contributing to the EBITDA, we hope that this unit should do well in the current financial year for us. How much revenue did Manesar reported in FY 2026? We have the numbers. Yeah, INR 140 crores is the revenue number for last financial year for Manesar. The occupancy-wise? It is around 48%, but it is quite effective because during the year we have opened up new beds also. We are opening beds as we are moving on the occupancy radar. Sir, my question is on the flagship unit, since we have witnessed some occupancy dip due to the international business and all, but there is a huge ARPA growth for FMRI fee. What is the driver for this ARPA growth? ARPA for FMRI. Year-on-year basis, I am saying, let's say in FMRI, we have reported INR 4.7 cr ARPA versus INR 4.2 cr. It's a significant jump. Similarly, MC almost INR 3 cr from INR 2.4 cr. One reason for FMRI ARPA increase is the international business itself. If you see in a year, we have grown by 20%, and this ARPA is on the gross basis. International business generally include markup, and that leads to the higher ARPA when we see at a gross level. That is one reason for the ARPA increase in this business. We have added a lot of new technology in this unit, like MR-Linac was started in this unit. Gamma Knife was started. This unit is having very good onco business, and with onco business, there a lot of daycare business comes, and all these factors lead to ARPA increase in this hospital. Sir, my next question. In the last quarter only, there was a dip in the international business, which was when you see year-over-year number, it is looking all right. Sir, my next question is on the Bangalore cluster. Since you mentioned this call, Bangalore has a very high competition market. What is the driver to introduce new hospital, like we recently added PeopleTree. I think margin is under 10% for that hospital. What is the main motivation behind adding new hospital in a market where the competition is already at an intense level? Yeah. There are micro markets within any large city, and this is a new micro market, and also at the same time, this micro market is not as highly competitive as the one in BG Road. BG Road boundary wall is shared by another one large major hospital of the city. Whereas here, there is a large drainage area which is grossly underserved at the moment. We believe that there is a huge opportunity here. This area is also seeing a lot of large residential developments of high-end coming as well. This is a more of a futuristic opportunity, we believe. In a city like Bangalore, multiple positioning is very important because if you don't have a cluster and you don't have that kind of presence, then you are not in the competition. You have to have a network in order to be a significant player over there. Okay, understood. Sir, my last question is on the bed expansion plan. We have moved some beds from FY 2020 to 2029 now. Any particular reason and what is the CapEx guidance for FY 2027 to 2029? Only FMRI unit has been moved to the 2027 financial year. It was supposed to be starting in the last quarter of the last financial year. We are moving quite well in our brownfield expansion program. Next year, we are targeting around 500+ bed expansion, commissioning of 500+ beds on the brownfield side. As regards the CapEx guidance, we expect to incur around INR 900 crore annually on the CapEx, which may include 60% towards the maintenance CapEx and balance is the growth CapEx. Okay, sir. My question was basically in the January PPT, we have dedicated for 65 beds for FY 2028. In the latest PPT, we are guiding on 73 beds. That 300-bed deviation is largely now in FY 2029. Which facilities are they in the defer of 300 beds? It's mainly Shalimar Bagh, if I can mention. One is the Shalimar Bagh, which is the big expansion, and we are expecting some approval related issue to be sorted out. Once it is sorted out, we will move fast on this expansion. Shalimar Bagh, definitely there is a delay in the expansion. Yeah. Thank you, sir. Thank you for taking up my questions. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Sanjay Shah with KSA Shares & Securities Private Limited. Please go ahead. Good morning, gentlemen. Thanks for the opportunity. My question was regarding Indian hospital- Mr. Shah, sorry for interrupting. Can you speak a little louder? Sure. Sir, Indian hospital sector is seeing aggressive expansion by large players. How do management view increasing PE-backed competition and asset-light model? How differentiates Fortis most today among others? Yeah. I think, Sanjay, the main differentiator is going to be the clinical quality outcome, patient satisfaction. We are continuing to remain focused on it. As far as the payback platforms are concerned, I think that is a future opportunity for the legacy players who are strategic in the market. This would give future opportunities for us. There are concerns about the valuations, et cetera, being driven by these transactions, but that, I think, will be something which market will take care of over a period of time. That's great. Sir, what is the normal maturation cycle for a hospital to move from loss-making to EBITDA to mature 20%+ EBITDA? Yeah. typically, the cash break-even happens at 18-24 months, and then after that, it takes about maybe a year to get to about 18%-20% EBITDA. That is for brownfield or greenfield? No, that's for greenfield. About brownfield, sir? Brownfield will depend on the already existing operation. For example, in most of our brownfields, the capacity absorption was immediate. That is just a hospital becoming larger, so it rises in economy of scale, then the profitability of the hospital becomes better immediately. Thank you, sir. Very helpful. Thank you very much. Thank you. Next question comes from the line of Justin George, an individual investor. Please go ahead. Thank you for the opportunity. Our major brownfield expansion like [uncertain] FMRI, Noida, and Shalimar Bagh is over. How many beds starting in BG Road and Mulund? Is there any other new brownfield expansion tower coming in any other hospitals? Yeah. Mr. George, we are having new towers coming up in Mohali and Shalimar Bagh, which will take about two and a half, three years near about. These are large expansions, and also in Amritsar. These three large ones are going to come. There is some brownfield capacity in Bangalore, which we are yet to commission. As we discussed earlier, the occupancy levels currently are lower, we are waiting for that to improve before we add more capacity. We have about 100 beds more over there. Mulund, we have already built the new capacity a few years back, and that is well absorbed now. We are currently at about 65% occupancy levels over there. There is a possibility of adding another tower in Mulund facility, which we are in the process of planning. These are some of the areas where we are looking to expand further. In BG Road brownfield expansion, new tower or in the same building? It's a brownfield in the same building, yeah. The building is already constructed. Once the occupancy numbers improve, we will commission more beds. Okay. Thank you, sir. Thank you. A reminder to all the participants, dial number star and one to ask a question. Next question comes on the line of Atul Minocha, an individual investor. Please go ahead. Hello. Thanks, everyone. My question is more towards Dr. Gowrishankar. The strategic plan will be moving towards the preventive healthcare in future for Fortis. What I have, in my individual capacity, observed is there are a lot of online players who are going in that category, and kind of, if I say it politely, they're kind of eating their lunch. There are many players who are doing online consultations and everything. What is going to be a strategy to be available at the places where your customer is? While I do understand we have our own digital platform, myFortis app, but the kind of presence those other platforms have and the way they're capturing, I feel like the patient base is quite getting captured. A thought on that side. Yeah. You're right that there are a lot of platforms which are providing these primary consultations. Those primary consultations don't really always lead necessarily into hospitalization, and the channels are not well-formed. We do understand the importance of that space, but our whole operation is primarily focused on tertiary, quaternary, and critical care. With those facilities will always be provided in hospital. This doesn't form a very large segment of patient, but it is very important for the patient. We understand that. We will gradually develop our digital presence with our app, which you're already aware of. We will enhance those offerings and increase our presence in the primary space. That is not a focus area right now because it is a business where initially there is a lot of cash burn if you focus that on and if you compare to whatever the examples you are giving. We will be very mindful of this and gradually keep on enhancing our digital presence through our app and other means. My question is, if I add to it, are there possibilities to collaborate with these platforms on the preventive side and also to explore the tertiary possibility coming out of these engagements? Ultimately, when you're available at a customer touch point, based on those interactions, there might be the models which might ultimately drive some patient revenue towards the tertiary healthcare which might be required. If you're not present on the customer side itself, these routes where they're happening, these customer routing, they're happening, you might not be aware in those situations. What my experience has been, my personal experience is we are a little bit lagging on the IT side of the things, platform, app usage, and other aspects also in patient journeys. That whole digital experience of capturing, converting from preventive to tertiary and those dimensions, I think are important. Yeah. I already said that we do realize the importance of that space, but collaborating with these platforms is not an option we will consider. We have had experiences earlier on. We believe that is dilutive to our presence and. Okay We are not at the moment looking to go on that direction. We do understand the importance of this, and we will continue to develop our platform, which requires a lot of improvement. Perfect. Thank you. I appreciate it. Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question and answer session. I now hand the conference over to Anurag Kalra for closing comments. Thank you, Anju. Ladies and gentlemen, thank you for your time today. If there are any follow-up queries or clarifications, me and my colleague, Amit, are available. Please do feel free to reach out to us over phone or email. Thank you very much again, and have a good day. Thank you. On behalf of Fortis Healthcare Limited, that concludes this conference. Thank you for joining us. You may now disconnect your line.