Real but regional moat — pan-India brand depth held back by sub-scale and unproven cycle.

FY27 base-case growth 35-40%

Occupancy rate (operational beds) — Occupancy improved significantly from FY23 to FY25, reflecting better utilization of added capacity. The step-up in FY25 and further progression in 9MFY26 indicate successful demand generation despite rapid bed additions, with management targeting 70-80% in th