Ladies and gentlemen, good day and welcome to Rainbow Children's Medicare Limited's Q4 FY 2026 earnings conference call hosted by IIFL Capital Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Jeewani from IIFL Capital Services. Thank you, and over to you, Mr. Jeewani. Hi. Good morning, everyone. This is Rahul from IIFL Capital. I welcome you all to the fourth quarter earnings conference call of Rainbow Hospitals being hosted by IIFL. From Rainbow, we have with us today Dr. Ramesh Kancharla, Chairman and Managing Director, Mr. Abrar Ali Dalal, Group CEO, Mr. Vikas Maheshwari, Group CFO, and Mr. Saurabh Bhandari, Head of Investor Relations. Over to you, sir, for your opening comments. Thank you, Rahul. Good morning, everyone, and thank you for joining us for Rainbow Children's Medicare Limited earnings call for Q4 and the financial year ending March 31st, 2026. As I reflect on the year gone by, I would like to start with a few key strategic and operational updates for the quarter as well as the year. FY 2026 has been the landmark year for Rainbow with the company adding nearly 500 beds, the highest annual capacity addition in its history, significantly strengthening our platform for long-term growth across key markets. The investments made over the last two years are now beginning to reflect on our performance with Rainbow delivering its highest-ever quarterly revenue and achieving 20% year-on-year growth. Our key operating metrics include outpatient footfalls, inpatient discharges, and deliveries continue to witness healthy growth across both mature as well as the new hospitals. Importantly, the occupancies remain stable despite substantial bed addition. The acquired hospitals at Warangal and Guwahati have integrated seamlessly into the Rainbow network and continue to scale up well operationally. In addition, the newly commissioned hospital at [Agaramri], HRBR Layout in Bangalore, Electronics City in Bangalore, and Mahadevpura IVF Center in Bangalore are witnessing good patient traction. We are pleased with the response in Bengaluru, where we managed to onboard highly reputed consultants across pediatrics, obstetrics, neonatal, and fertility specialties. Today, Rainbow is the largest pediatric and perinatal care provider in Bangalore City. As we enter the next phase of growth, our focus firmly is centered on improving occupancies, clinical excellence, and patient experience. Mr. Abrar Ali Dalal has transitioned seamlessly into the role of CEO, Chief Executive Officer position, and is actively driving day-to-day and strategic operations across the organization. I'm also extremely proud to share that Rainbow has once again been recognized as a great place to work, making sixth recognition in the last seven years with outstanding employee satisfaction score of 90%. Coming to financials, for Q4 FY 2026, the company reported a revenue of INR 459.9 crores, a growth of 24%, EBITDA of INR 144.7 crores with a growth of 26%, and a PAT of INR 78.2 crores, a growth of 38% compared to Q4 of the last financial year. Occupancy for the quarter stood at 45.3%. Coming to projects, we have further strengthened our projects team with onboarding of director of the projects for timely execution of our projects. The regional hub hospital in Coimbatore of 130 beds is in active construction phase now. We expect to commence operations in H2 FY 2028. We continue to make significant good progress in our Gurugram projects, where we are trying to fast track the Sector 56 of 125 beds to commence operations in H2 FY2028 and a large super specialty hub in Sector 44 of 325 beds is expected to commence operations in Q1 FY 2029. We have received all statutory approvals for regional greenfield hospital in Pune of 150 beds. Excavation work is in progress now. We have also signed a lease agreement for a greenfield spoke hospital of 80 beds in Bangalore city. A micro market is called Seegehalli, which is very close to ITPL and Hoskote. This is a rapidly growing micro market. This will be our seventh hospital in the city. We have entered into an agreement for build to suit 100-bed hospital in central Indore, and it is in the permission stage. We have also entered into MOU to run pediatric and obstetric services in 200-bed multi-specialty hospital, which is owned by the same owner. This multi-specialty belongs to the same owner, and he would be building for us a 100-bed hospital in the neighboring site. Therefore, it would allow us to transfer our practice seamlessly into a time in the near future. With the current expansions what we have are nearly 900+ beds in the execution phase, which are all likely to complete in about 2.5 years' time. As I conclude, I want to reiterate the strategic priorities as we enter into the next phase of growth. My role will be working very closely with the CEO and senior management personnel to drive growth, service excellence, and consultant engagement. Strengthening Rainbow clinical offerings significantly in all our hub hospitals and other regional spoke hospitals, and also focus on clinical outcomes. With the success of two acquisitions, which have been done last two years' time, we are very excited about looking at the acquisitions which are aligned to our philosophy and also where we can add the scale. Also, we are looking at some new spoke hospital in existing cities, and we are forming our plans for the new geographies as well. With that, I now hand over the mic to Mr. Abrar Ali Dalal before Mr. Vikas Maheshwari's financial update. Thank you. Thank you, Dr. Ramesh. Good morning, everyone, and thank you for joining us today. It has been a little over four months since I joined Rainbow, and I'm extremely pleased with the depth of clinical excellence, quality culture, and strong organizational foundation that the company has built over the years. Rainbow today are a highly differentiated and scalable platform women and children healthcare, supported by strong brand, full-time consultant-led model, and an outstanding clinical team across the network. Over the last few months, I've spent good time engaging closely with our unit leadership teams, clinicians, and functional heads across the organization. One of the key opportunities ahead of us is to further improve occupancies, consultant engagement, service mix, patient experience, and operating leverage across the network, particularly as the recent capacity additions mature over the coming years. I am now deeply involved in our operating review cadence and transformation initiatives and are building a more data-driven and execution-focused organization. This includes strengthening dashboarding and performance tracking systems, institutionalizing structured review mechanisms, and improving accountability across units for sharper execution at hospital level. In parallel, we are making meaningful investments in sales and marketing, doctor engagement, and patient conversion initiatives to accelerate growth momentum and improve asset utilization across the network. I'm looking forward to working closely with the leadership team to drive aspirational yet achievable growth of 20% in the current year while maintaining margins. I remain highly optimistic about Rainbow's long-term growth opportunity and our ability to create a sustainable value for all stakeholders. Thank you so much, and I'd like to hand over the call to Vikas. Thanks. Thank you, Mr. Abrar. A very good morning to all of you, and thank you for attending this investors' conference. I am pleased to brief on the financial performance and the key developments of Rainbow Hospitals for the fourth quarter and the financial year ended 31st March 2023. Our operating revenue for the quarter stood at INR 460 crore, reflecting a growth of 24% compared to the corresponding quarter of the previous financial year. For the full year FY 2026, our revenue stood at INR 1,703 crore, reflecting a growth of 12% compared to FY 2025. Our EBITDA for the quarter amounted to INR 145 crore, marking a growth of 26% compared to the same period last year. For the FY 2026, our EBITDA stood at INR 544 crore, reflecting a growth of 11% compared to the previous financial year. Our EBITDA margin for the current quarter stood at 31.5%, while for FY 2026, our EBITDA margin stood at 32%. Profit after tax for the quarter stood at INR 78.2 crores, reflecting a growth of 38%. Ex of deferred tax adjustment, the PAT growth is at around 17% over the corresponding quarter of the previous financial year. For the FY 2026, our PAT stood at INR 282 crores, registering a growth of 15.3% compared to FY 2025. In terms of operational performance- Inpatient discharges, outpatient volumes, and the deliveries witnessed a very healthy growth of 18%, 19%, and 22% respectively during the quarter, reflecting a strong demand momentum across both mature and newly commissioned hospitals. Our payer mix continued to remain very robust and balanced, with insurance and cash contributions remaining broadly stable during the quarter and for the full year. We had 47.5% cash business for the quarter, while the insurance business was at around 52%. I am pleased to inform that the company continued to maintain a strong balance sheet and healthy liquidity position of INR 594 crore, which provides adequate flexibility to support our ongoing capital expenditure plans, growth initiatives, and the potential inorganic opportunities. With our current cash position and anticipated internal accruals, we remain well-positioned to fund all planned expansions through the internal resources. Our operating cash flow to pre-Ind AS EBITDA is at around 40.8%, reflecting a strong cash conversion post-tax payment. During the quarter, we invested INR 61 crore on the ongoing CapEx plans, and for the full year, we have invested close to INR 217 crore CapEx towards expanding and strengthening capabilities across existing and upcoming hospitals in line with our long-term growth strategy. With these insights, I conclude my financial update. I now invite questions and suggestions from the participants. Thank you. Thank you very much. Ladies and gentlemen, we will now begin with the question- and- answer session. Anyone who wishes to ask questions may please press star and one on the touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only hands-free while asking your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Sukrit D. Patel from ICICI FinTrade Private Limited. Please go ahead. Good morning to the team. I have two questions. My first question to Mr. Dalal is: Looking ahead, how do you see Rainbow's operational model evolving to balance scale with efficiency? What measures are being taken to strengthen hospital network resilience, automation, and patient delivery standards across the diverse geography? That's my first question. I have a second question after it. Thank you. I think to answer your first question, operationally, we're getting a lot of tech into place. We are getting a new CRM software, which we're working on. I think at this point, Rainbow has a lot of leads which come in because of the various activities we deal with. We are centering our operational capabilities to convert these leads. One is tech, and that is going to play a large role in centering the operational capabilities. My second question to Mr. Vikas is from a technical standpoint, how is the company optimizing its capital structure to balance growth investment in new hospitals and technologies with keeping the debt under control, especially given the capital-intensive nature of the business? Can you elaborate in detail on the framework being used for cash flow forecasting, interest rate risk management, and working capital efficiency to ensure liquidity while still maintaining the profits above the green zone? Thank you. That's a great question. Actually, if you look at our balance sheet, we have been a cash-rich company, so we don't have any debt investments right now. Our balance sheet has close to INR 700 crore cash right now while we speak. Whatever the CapEx we have done so far has been funded through internal accrual. Whatever the pipelines we have of close to 900 beds, which we have just announced in our presentation, all will be funded through our internal accruals, and we are not forcing any borrowings from that. Thank you, and best wishes. Thank you. Thank you. Participants who wish to ask questions may please press star and one. We'll take the next question from the line of Damayanti Kerai from HSBC. Please go ahead. Hi. Thank you for the opportunity. Two questions. First, can you elaborate on your M&A strategy? Now you mentioned you are looking to expand meaningfully with assets which are aligned to your philosophy. Which will be the market where you are mainly looking to acquire assets, and what kind of hospital in terms of size or ticket size which you are intent to look for? Yeah, Damayanti. Right now, what we have as said is about 900 beds. They're all kind of various stages of building coming into operations. It is now moving forward with our great experience of two acquisitions. Both have turned extremely well. What we are again looking at some of the acquisitions, definitely we would look at the size of the operations and also the scope of what we can build on top of it. I would optimistically look at anything, nothing less than about at least to have a 50 beds to scale up to 100 beds. The smaller ones are going to be a difficult first, and this is how we look at it. Where there is scalability and alignment and also where the micro market is good, we would definitely be looking at it. Also, of course, larger players or multi unit players, we definitely welcome about it. We will look at it proactively and see how we can actually look at them as an acquisition. That's one strategy. Another one is a new geography. Which are the geographies which probably are going to be cities which are evolving cities, which have got a growth potential. I think work in progress, probably about three months time, we'll come out with our growth plan. If I understand correctly, you intend to look assets pan India. As you mentioned, wherever opportunities are good where there is attractive micro markets, you will look to add assets there. Absolutely. Okay. That's good to hear. Sir, the Indore arrangement, so you mentioned 200 beds, which is existing hospital. It is an operational and management contract for you. Is that right? No, it's a 200-bed is a multi-specialty hospital, which is being built by a doctor entrepreneur. He's building for us in the next neighborhood site, 100-bed of a specialty children's hospital with women services. Meanwhile, since it's a new hospital of 200 beds, he invited us to do a pediatric and obstetric service business in that hospital exclusively. We felt it's a good opportunity so that our entry becomes much faster, and we can build our business from this [Acreage] itself and transfer it to the new premises in two years' time whenever the new unit is ready. That is very clear arrangement which we have made. Under this arrangement, you will be booking revenue. What are those financial arrangements, very broadly, if you can highlight? Yeah, Damayanti, thanks for this question. The arrangement will be that we will be given a space in the existing operational hospital where we will have the admission being done at our name. We will discharge the patient. We will deploy our doctors and the nurses to that area to handle the pediatrics and the mother care and the prenatal care and ICU. We will deploy our team. It will be a subset till time the new facility at the adjacent gets operational. The revenue will accrue to Anna Nagar? Yes. Revenue will be in our name. Yes. It is not an OM contract. Okay. In this 200 bed is the total capacity. Out of that, how many will be for the pediatric care part which you will manage? I think we have about a designated beds about for the newborn pediatric intensive care. When it comes to the rooms and all, it's very open and it could be about 50 or 60 or 70 beds. It doesn't really matter, really. As much as we can do. That's how we position it. Yeah. There are about 25 beds in the intensive care services. 25 beds in the intensive care. Okay. Yeah. Okay. Thank you, sir. Yeah. Thanks, Damayanti. Thank you. Yes. Sorry, sir, you were saying something? No, I was just checking, Damayanti Kerai, whether the clarity is there or any follow-up questions there on that. Sir, thank you for answering those questions. She has left the queue, sir. Sure. Thank you. A reminder to all the participants that you may please press star and one to ask questions. We'll take the next question from the line of Alankar Garude from Kotak Institutional Equities. Please go ahead. Hi. Good morning, everyone. Sir, out of this 18% growth in IP discharges in the fourth quarter, how much was organic? Yeah, Alankar. Around 9% has come from our acquired units, acquired includes the new units, and the rest is organic. It's 9%-10%. Okay. If I strip off the acquired units only, how much would the growth be, the mature plus the existing units? Acquired units contributing between 7%-8%, depending upon the month which we are calculating. At around 8% of the revenue is coming from the acquired unit, which is Guwahati and the Warangal. This is revenue, Alankar, not volumes. Okay. Will the mix and volumes be any significantly different? Sir, almost it should be in the same line, Alankar. The question is, we have seen an improvement in the organic growth after a few quarters. Just wanted to understand the sustainability of it. How much of this improvement can be attributed to the digital initiatives as well as the marketing initiatives you had talked about in the previous call? If you can elaborate on where are we now in this journey of enhancing, you mentioned about technology in the opening remarks, but on digital marketing, where are we in the journey right now? Alankar, I think, as I said, we will be doing a lot of tech initiatives. The tech initiatives will be targeted towards operations, as I said in the earlier remark, and towards a lot of promotional sales and marketing activities. I think we're looking at two new things. One I said is the CRM software, and second is a new hospital information software. I think what we need to do is as we digitally and promotionally increase our bandwidth in terms of investments, talk more about our doctors, create more visibility about our doctors. I think as and when the patient funnel starts inquiring about Rainbow, we will use the tech to convert. I think we have started this journey somewhere a couple of months back, and of course, a long way to go, but we are seeing some improvement. Some of the improvement that we see in the volume could be attributed to this, but I will not really bet all my money on that. Going forward in the next two or three months, I think you'll see a big difference, and which maybe we'll talk about in the end of the first quarter. Got it, sir. The second question is, if you look at ALOS for us, it's somewhere around 2.7, 2.75 days. Is there any scope to reduce ALOS further? I think, Alankar, we are industry best, right, because at 2.7, and consistently for the last three years, if you look at quarters, we are in the same range, ± 0.1. I think this is where we stand right now. Okay. Difficult to go significantly beyond this number. I'll give my perspective, Alankar, about the ALOS. In a children's hospital, in women's hospital, the recovery is always faster with women or children because they're young people, and it's really not in your hands. Whether you want to increase ALOS, it's not in your hands. You want to decrease their ALOS, it's not in your hands. It's very natural. I think the case mix change will probably influence to an extent as we move forward because there are lot of chronic cases which are going to stay, the long-term ICU stays and those things. If the obstetrics is going up, definitely ALOS will come down further. I think that is where the balance is. It's very natural in building a business that way. We will know over a period of kind of next couple of years on how things are going to be. I think we are very comfortable with ALOS of 2.7, 2.8. Got it, sir. That's helpful. The other question was, can you qualitatively talk about your performance across the key clusters, specifically Hyderabad, Bangalore, Chennai, and even if you can talk about Madhukar. How's been the performance, say, in FY 2026 fourth quarter? What are your expectations over the coming year? Thank you. I think of whatever we've been already talking about the seasonal backdrops and those things, and actually if you look at the year, it's kind of very straight line of performance. Perhaps if we're peaking towards the Q4, that's all because of the quality mix as we're improving the quality mix of the patients. Also that we have substantially increased our complexities and case mix, and also there is a certain increase in the fertility business. Obstetrics have come from earlier it used to be about 28% to 30%. Now it has shifted to 32%. There is a dynamics are changing. The other important thing is we'll move probably kind of shift away from the little bit of seasonal dependency to a kind of a more of to drive the business 360 degrees. Of course, seasons will play out for every organization, but I think it's become a less seasonal dependent and also try to improve. That's why one of the points I said is that improving our clinical mix and also strengthening our clinical model at all the hub hospital as well as the regional spokes, kind of onboarding the specialty doctors, trying to do more complex cases. Sir, if you can help break your response across the three main clusters, Hyderabad, Bangalore, Chennai, and even Madhukar. Any qualitative comments on the performance? Where are we in the journey of taking Bangalore closer to Hyderabad levels or even Chennai closer to Bangalore? Any color on that would be really helpful, sir. Definitely. When it comes to ICU services got a lot more strengthened in both Bangalore and Chennai. That's number one. Also speciality services have actually strengthened further, especially in Bangalore, our Marathahalli hub. Number of doctors and also the overall service mix has improved and the number of BMTs, the liver transplants going on in Chennai. These are all things which we are trying to get Bangalore and Chennai more closer to it. Of course, it will take time. For example, Chennai is kind of a. We have first year itself we had number of transplants. With that, we can actually have a kind of a government tie-up and do more transplants in Chennai. That will improve the intensity rates as well. Similarly in Bangalore, we have a complete stack of all the speciality doctors. Driving kind of a next advanced care is more important in Bangalore. Mind you, the pediatric specialty hospital takes its own time, and I think how we nurtured Hyderabad is I'm very happy that things are panning out very well in Bangalore as well as in Chennai. Got it, sir. One final question with your permission. We have seen some consolidation, actually consolidation of the top two players, at least on the maternity side last week in the mother and child segment. From a competition standpoint, can it change anything at all for Rainbow? I think we are. Well, let's put it this way. We are the largest children's healthcare player, both in terms of size as well as what we can deal with, and there's no one in the country which have come anywhere close to us in terms of deliverables and specialties, advancements, what we do. That's absolutely it. We are undisputed leader. Number two is the mother care, which is the obstetrics perinatal, what we call the perinatal services, which is more scientific, and the delivery specialized. We do about 20,000 deliveries, and we don't really overstate it all the time because at the same time, probably we are the second or third largest maternity chain. Also, now in the last two years, we have started fertility. It is fairly fast-growing. I do not want to compare ourselves or match ourselves with any of the boutique chains, which are more of a mom-and-pop stores because their sizes are less than 50 beds, or 25 to 30, 40 beds. We don't do any hospital which is less. The lowest is 50 beds. Even the lowest 50 beds are only 10% of the hospitals. We are more and more pushing towards larger hospital spaces and also stronger offerings, wider offerings, and also stronger clinical strength within the organizations. That is how we want to position ourselves to be. This is being driven by the medical entrepreneurs, so we always look for the clinical excellence and also building the healthcare for the country in the space of children and women. Understood, sir. Thank you, and all the best. Thanks, Alankar. Thank you. The next question is from the line of Rahul Jeewani from IIFL Capital. Please go ahead. Yeah, sir. Just a few clarifications again on the Indore hospital. Sir, this incremental, let's say 100-bed new pediatric unit which is being built, I am assuming that the CapEx for that unit will be done by the partners. What would be Rainbow's investment if we have to do anything there? If you can also talk about what kind of revenue sharing arrangement we have with the partner. Okay. First of all, the project which he's going to build is basically he would do the base building with a semi warm shell and give it to us on the lease. It is like any other hospitals which we lease it in the long term, 20-30 years lease. It's the same model. All the CapEx which is going to be for the interiors and the medical CapEx will be done. The revenue share is. There is no- The lease. Is a lease rental payment only. I think there's a lease rental payment to be done with a bonus. As of now, the arrangement is for the 200-bed existing multi-specialty hospital. You are just managing the pediatric unit for them, and once you move to this new 100-unit, this would function as a normal leased hospital for you. Exactly. We're trying to confirm that with Indore. Sure, sir. Because obviously this is not part of the expansion plan which you have put out in the PPT. What kind of a spend do you envisage for this 100-bed Indore hospital? It's early days, but probably like any other regional spoke hospital, about INR 65 lakhs-INR 70 lakhs per bed will incur. Okay, sure, sir. Commissioning, you said, over the next two-year period. Yeah. I think likely two years. Sure, sir. Sir, my second question is with respect to performance across the mature and new hospitals. While on the new hospital side, we saw a very significant increase in capacity to the tune of 80%. Despite that, we were able to hold on to occupancies in new hospitals. If we look at the mature hospitals for the full year, we have seen a decline in occupancy, while on the ALOS as well on the mature hospitals, there has been some decline. Can you qualify in terms of what led to the decline in occupancies for the mature hospitals, apart from, let's say, a weaker seasonal business, which we might have seen last year? I think we have discussed in the last two quarters in earnings calls as well. I think one of the main reasons is seasonal hospitals. When there is a seasonal hit comes, the mature hospitals are the ones which actually the occupancy drops because of the seasonal top-up was not there. That was primarily reason of the Q2 and Q3 were the ones. With Q4, we are actually turned positive, and I think we are clocked about- About 52% occupancy there. occupancy in the Q4. Yes. Q4. I think some of the things which we have already addressed it, as I said earlier, I think it's not that the seasonal dependency is something which we are looking at it. We have to come out of the seasonal dependency and also build a wider spectrum and a larger stack of things. Also, definitely the obstetrics share has also increased, and also fertility share is increased. Also, the specialty mix is going to increase. Seasons will make a difference, there's no doubt about it. I think as we move forward in future, I think we would actually see a significant independence from the season. Sure, sir. Just on the seasonal business, in the past, the seasonal business has contributed around 10%-12% of our overall top line. Let's say, what would have been the contribution in FY 2026 for the seasonal business? If you can also call out the contribution from the IVF segment and the international business for last year. Okay. If you see that we have grown 12% last year, growth overall. Had seasonal business been there, it would have been about 18%-20% growth overall. That was not there. That's how we say that. As Abrar was earlier saying about it, with the current quarter performance, we would expect it to clock 20% growth for the upcoming financial year. That is taking all these into consideration of whatever the growth initiatives we are doing it. One important thing is that, as you said, international business really has taken a hit last year as well because of geopolitical situations. Dominantly, we used to get patients from Bangladesh and some of the- Somalia. Yeah. Yeah. A lot of deporting has happened, Somalians and Nigerians and those people. Okay. Therefore, the local coordinators were not really available. There is a significant dip. International international business to the expected level. Yeah. In fact, in Q4, you have seen the war also escalate. That has also affected the flight from Middle East. That has also impacted the international business in the Q4, Rahul. Sure. Can you call out the number just for bookkeeping purposes, both international patient and the IVF revenue contribution? Rahul, the revenue from the international patient remained almost flat than the last year. It was at around INR 30 crore. To be precise, INR 28.9 crore for the financial year FY 2026. As far as the IVF is concerned, it's almost for the full year. It is 3.7% of the total revenue, but it is increasing quarter-on-quarter. For the quarter four, it was 4.1%. For the full year it is 3.7%. Yeah. In absolute number terms, IVF business for full year was INR 60 crores. INR 61.4. Yeah. Sure, sir. I will join back the queue. Thank you. Thanks for answering my questions. Thank you. Thank you. The next question is from the line of Mahesh, an individual investor. Please go ahead. Hi, good morning, everyone. I'm a return investor and also a customer of Rainbow, and I have seen the different experience between Hyderabad and Vizag branches. As we are entering into new cities, so how are we ensuring the same quality standards maintained at new branches or new spoke hospitals? Yeah. Mahesh, I think what you said is very right. That's something which we are really working on. Actually, as a big initiative, the One Rainbow culture and where there's a lot of clinical inputs. We have a team of people working on it and trying to ensure that protocolization and also the SOPs for the medical, how we operate across the group. Children's hospital is a very medical hospital. We need to have a standardization, SOPs, and protocolization, something which we, the Hyderabad, Vijayawada, Bangalore working very similar. Definitely we need to expand it across the board because now we have 25 hospitals. This has been a significant initiative from my side to my senior doctor team, which we have been actively working on that. Yeah, because I have observed this pattern, like most of the jobs are in urban cities, and they come to hometowns and they prefer Rainbow because same quality they prefer. They are experiencing little bit quality gaps. That's why. Yeah. Thanks for bringing that. We'll definitely ensure that this is going to be addressed very soon. Thank you. The next question is from the line of Anubhav Singhal from Anand Rathi. Please go ahead. Good morning, sir. Could you provide the revenue numbers for pharmacy for full year of FY 2025-2026 and Q4? Sorry, Anubhav, there was disturbance. Can you please repeat your question? Sir, could you provide the pharmacy revenue numbers for Q4 as well as FY 2026? Pharmacy numbers. As a process, right, we don't disclose this amount. In the reverse way, if you want to calculate, if you look at our pharmacy sales, is at around 12% and 13% is the cost. Right. On that, there will be some margins. Based on that, you can calculate what is the revenue share on that. We don't disclose it separately. Sure, sir. Thank you. Thank you. Anyone who wishes to ask questions may please press star and one now. The next question is from the line of Vedant Nilekar from ICICI Securities. Please go ahead. Yeah. Am I audible? Yes. Yes, you are. Thank you for the opportunity and congratulations to the management for the excellent numbers. My first question is on the dedicated IVF center we have at Mahadevpura, Bangalore. Now that we have our full year revenues from IVF at around 3.7%, how are we charting the ramp-up and what would be the drivers for it in the next two-three years? I think most of our fertility facilities are within the main hospitals so far. We've got two standalones in Bangalore and one in Hyderabad. How we look at our fertility business is to see that mainly under the quality of the doctors and also the framework of ethics, and also how the internal doctors support our fertility business and B2C. So far, we've been very happy with the debate that fertility is actually the growth of the fertility and in the last two years' time. I would expect that our growth would definitely be a 25% year-over-year for at least next three years' time. Okay. Thank you for that. My second question is on the CapEx. Can you please help us with the figure of CapEx for the next two years, along with the bifurcation of maintenance and growth? Vedant, our CapEx, as you have told correctly, is we can bifurcate into two. The maintenance CapEx is close to INR 45 crore per year on overall units of 25 units, which we have. As far as the CapEx is concerned, again, you can bifurcate into two parts. The major part of the CapEx is our Gurgaon facility, where we are building it ourself. We have acquired the land, and we have already spent some of the amount on that. We expect that another INR 400 crore to go on building up the whole hospital at Gurgaon. As far as the balance Coimbatore, Pune, and other facility, you can take it around INR 70 lakhs per bed for the CapEx. INR 70 lakhs per bed. Yeah, at around INR 65 lakhs-INR 70 lakhs per bed, you can take that. Okay. Is there any CapEx included regarding Indore in this? Indore you can add 100 beds. Right now we have a pipeline of 900 beds inclusive of our Gurgaon project. Excluding that, there will be a 450 beds. On that you can take INR 70 lakhs per bed, so roughly INR 300 crore-INR 350 crore will go towards Coimbatore, Pune, and Indore, other Seegehalli facility, et cetera. The balance around INR 400 crore-INR 500 crore will go for our Gurgaon projects in the next three years' time. Okay. Thank you so much. Thank you. Thank you. The next question is from the line of Vishal Manchanda from Systematix. Please go ahead. Yeah. Hi, good morning, everyone, and thanks for the opportunity. I have a question on the occupancy. In your opening remarks, you highlighted that improving occupancy and service mix is one of the areas that you are working on. Can you highlight some near-term and medium-term levers for the occupancy improvement and service mix improvement? I think the occupancies, what we look at is that to drive our budgets and those things, the desirable occupancies is anyway about a 56%-58% at a group level. I think we will deliver every single number. That's what is expected of our model. Where we have a kind of the peaks of occupancy some months and also off-peaks because of holidays and various holiday seasons. If we do a blended occupancy about 56%-58%, and we deliver every single number, that's how we look at it. In terms of service mix changes, yes, of course our parts will be different and scope hospitals will be different. Scope hospitals will definitely be more you're looking at a volume-driven business group and our hospitals both as well as volumes as well as a kind of service mix. In terms of specialty mix, in terms of more numbers doing it, surgical number or in more intensive care admissions, more specialty patients to be treated. For example, some of the super specialties like liver transplants. We predicted significant ramp-up on liver transplants for the current year. All these things are going to play out for the achievement with our clients. Are there segments within healthcare, like within the pediatric care that you currently do not have presence in and are intending to build presence in those categories? We have a complete stack of all the specialties in Hyderabad, and we have got almost 60%-70% in Bangalore, which we are trying to build more and more in Bangalore as well as in Chennai. Children's super specialties are something which takes its own time because these are the new-age specialties, which are kind of new to the country, which we are building over a period of time. We built it very well in Hyderabad, which we bring it fast-paced in Bangalore and Chennai. That's how our intent is to build up. It is like we are a mirror image of multispecialty hospital of adult, where it is focused on children's specialty. That's what we have been doing, and we've been pretty successful in that. Sir, would you able to share some number as to what in your core hubs like Hyderabad, what would be our market share in the super specialty services? Would we have a very dominant share, like most of the cases coming to Rainbow? Definitely most of coming. It's difficult to establish the market share because we don't know how, where, and when things happens. Obviously that now, among the pediatric players, nobody else does anything significant. Although we shall recently be engaged with CRISIL for the industry report on the pediatrics and others on the market which we stand. That work is in progress. Once that report is finalized, we will share that more authentically with the data with you. Right now the data is very fragmented. It is not available. We have taken the help of CRISIL. They're building it up, that stack for us. Great. Thank you very much. This will be very helpful. Thank you. Thank you. Bye. Thank you. The next question is from the line of Rahul Jeewani from IIFL Capital. Please go ahead. Yes, sir. Just on this geographic expansion which you are targeting now with, let's say the Delhi hospitals, we would have a presence in North. Pune provides us an entry into Maharashtra. Now we have announced this Indore hospital as well into Central India. Let's say how many opportunities which you are looking at would largely be focused in these three clusters or you are looking at outside as well? I forgot about Guwahati as well. You have Guwahati, Northeast. If you can talk about the geographic expansion which you are targeting in some of these newer markets. Rather than looking at what the specificity of the market, I think that's more important is that what kind of opportunities available and in what markets, and how would we look at those markets. I think that is how we look at it. I think we have been looking around to see what exactly opportunities we have and which would work out for us. I don't think we are specific about geographies, and we are fine to do across the country anywhere. Sure, sir. Why I was asking because, let's say in our core clusters of Hyderabad, Bangalore, and Chennai, we have adopted this hub-and-spoke model where we have a larger hub hospital and the spokes feed into the hub. In these, obviously Delhi has the hub and one hub and one spoke, but for some of these other markets, wouldn't you want to have a similar kind of a hub-and-spoke approach to expansion? No. Eventually, once we have an opportunity, for example, Guwahati, we have acquired a hospital, and I think it is seamlessly integrated. We are building up more and more specialties over there, and also we will possibly look at what else to be done in the Northeast market. We are just kind of working on it, how do we address the other areas. Our vision is to see that wherever we go, offer the pediatric care through the hub-and-spoke model based on the city and the size of the city, and also accessibility of your hospital. Not necessarily we go on hub-and-spoke every area. For example, place like Indore, you don't need a spoke. If you go into other cities, smaller cities like the Raipur, you may not need a one. You need one hospital is good enough. Place like Pune, definitely you would look at hub-and-spoke model. Based on the city and population and accessibility, traffic conditions, various other factors influence us to take decision on hub-and-spoke. Sure, sir. Maybe within some of these smaller cities where you might expand, we might have just one or two hospitals without necessarily having a hub. Yeah, sure. Sure, sir. That's it from my side. Thank you. Thank you. Thank you. We will take the next question from the line of Uttam Purohit from VDB Asset Management. Please go ahead. Good morning. Congratulations on a good set of numbers. My question was on the ARPB. If you could give some color on the drivers of ARPB this quarter and for the whole year as well, how much of that was it price driven and how much of it was it mix driven? I think the ARPB is about 8% growth. Isn't it 8% ARPB growth now? ARPOB in our case is dominantly a kind of case mix. Case mix. Also some tweaking is increasing ARPOB because of the fertility also definitely adds to the ARPOB. Correct. These are the two reasons, mainly two ARPOB to grow and also pricing also plays an ARPOB year-on-year. How do we see this number two-three years down the line? I think we have to look at both ARPOB as well as ARRP together and see that when you look at the growth, I would say ARRP, because it's difficult to say quarter to quarter ARPOB. ARPOB yearly we can look at it, and ARRPs are the ones, I think gives a better visibility, which we always say about 5%, 6% of growth of ARRP. And- Annually. Yeah. Thank you. On the growth side, if I see this quarter, a good chunk of growth came from the maturing hospitals. If you could give some sense like which geographies were the key drivers and where are we seeing a quick ramp-up other than Hyderabad? I think we've seen the growth across the group, which is Hyderabad, Bangalore, Chennai, and Andhra Pradesh as well. Those are the dominant markets for us. On the matured side, for a long time, we have seen the occupancy has been range bound near the 54%, 55%, 56% kind of number. Historically, it was around 60%, 61%. Do you think we could get back to those figures? I think it's been long since we have got such figures in mature side. Yeah, I'm sure. I think that's what we expect it to be at 60% mature hospitals for the coming year. I think that's what is if we need to drive our budgets and the numbers, we'll have to do a 60% of mature units and blended about 56%, 57%. Okay, thanks. That's all my time. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you and over to you, sir. Thank you, analysts, for joining the conference call and giving your views and asking the thoughtful questions. Thank you very much for this. If you have any questions, you can reach out to Investor Relations at Rainbow Hospitals, or you can email us directly. Thank you very much. Thank you. Thank you. Thank you, sir. Thank you, members of the management. On behalf of IIFL Capital Services, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.