Royal Care Hospitals | Unlisted Share Research Report
Sector: Healthcare / Hospitals
Company: Royalcare Super Speciality Hospital Limited
Brand: Royal Care Hospitals
CIN: U85100TZ2012PLC018984
ISIN: INE02C801010
Face Value: ₹10 per share
Registered Office: Neelambur, Coimbatore, Tamil Nadu
Status: Unlisted Public Limited Company
1. Company Overview
Royalcare Super Speciality Hospital Limited operates Royal Care Super Speciality Hospital, a tertiary and multi-specialty healthcare institution based in Coimbatore, Tamil Nadu.
The company was incorporated in December 2012 and began hospital operations in 2015–16. It started as a 50-bed multi-specialty hospital and subsequently expanded into a large tertiary-care facility at Neelambur. The company’s official history describes the Neelambur project as a 750-bed facility, while its current corporate/operating material describes the presently functioning hospital as a 500-bed tertiary-care centre. The difference appears to relate to planned/ultimate capacity versus currently operational capacity.
Royal Care Hospitals – Official Website
The company focuses on high-acuity healthcare, including cardiac sciences, oncology, neurosciences, transplant medicine, nephrology, orthopaedics, emergency medicine and critical care.
2. Business Model
Royal Care follows a tertiary-care hospital model where revenue is generated from:
- In-patient treatments
- Out-patient consultations
- Surgeries
- ICU and critical care
- Cardiology
- Oncology
- Neurology and neurosurgery
- Organ transplantation
- Orthopaedics
- Diagnostics
- Pharmacy
- Dietary services
- Medical tourism
The FY25 audited accounts identify one reportable segment: healthcare and related activities. Revenue from operations consisted primarily of inpatient revenue, outpatient revenue, pharmacy sales and dietary sales.
3. Key Specialties
Royal Care has developed a broad tertiary-care specialty portfolio.
Major centres of excellence include:
| Specialty | Key Areas |
|---|---|
| Cardiac Sciences | Interventional cardiology, cardiac surgery, MICS |
| Oncology | Medical, surgical & radiation oncology |
| Neurosciences | Neurology, neurosurgery, spine |
| Transplantation | Liver, kidney, bone marrow and heart/lung-related care |
| Nephrology | Kidney care and renal transplantation |
| Gastroenterology | Medical & surgical gastroenterology |
| Orthopaedics | Joint, spine and trauma care |
| Critical Care | ICU, emergency and trauma |
| Pulmonology | Interventional pulmonology & sleep medicine |
| Women’s Health | Obstetrics, gynaecology & fetal medicine |
| Paediatrics | Pediatrics & neonatology |
| Urology | Advanced urological procedures |
| Radiology | Imaging and interventional radiology |
The official website currently lists a very broad set of departments and specialist institutes.
4. Medical Technology & Differentiation
Royal Care has invested significantly in advanced medical technology.
MRgFUS
The hospital introduced MRI-Guided Focused Ultrasound (MRgFUS) for movement disorders such as essential tremor and tremor-dominant Parkinson’s disease. Royal Care describes this as an important technology-led milestone in its neurology/neurosurgery programme.
Biplane Cath Lab
In March 2026, Royal Care inaugurated an Advanced Biplane Cath Lab using Philips Azurion R3 technology, intended to strengthen cardiac, neuro, neurosurgical and vascular interventions.
Robotic & Advanced Surgery
The hospital also lists robotic surgery, minimally invasive procedures, advanced cardiac surgery and transplant-related services among its capabilities.
5. Accreditations
Royal Care has obtained multiple healthcare quality and accreditation credentials.
The company reports:
- NABH accreditation
- JCI accreditation
- SRC accreditation
- CARF accreditation
- CAHO membership/accreditation
Royal Care received JCI accreditation in October 2024 and describes itself as the first hospital in Tamil Nadu outside Chennai to achieve the accreditation.
JCI accreditation is particularly relevant for a hospital targeting international patients and medical tourism.
6. FY2025 Financial Performance
The FY25 audited annual report provides the following financial picture:
| ₹ Crore | FY24 | FY25 | Change |
|---|---|---|---|
| Revenue from Operations | 332.73 | 352.57 | +6.0% |
| Other Income | 5.19 | 8.52 | +64% |
| Total Income | 337.93 | 361.08 | +6.9% |
| PAT | 24.48 | 15.05 | -38.5% |
| EPS | ₹1.46 | ₹0.84 | Decline |
The company’s FY25 Board report confirms turnover of ₹361.08 Cr versus ₹337.93 Cr in FY24, while profit declined to ₹15.05 Cr from ₹24.48 Cr.
Important observation
Revenue continued to grow, but profitability declined.
This is an important point for investors because Royal Care was simultaneously undertaking a major capacity-expansion programme.
7. Revenue Mix
FY25 revenue from operations of ₹352.57 Cr consisted of:
| Revenue Stream | FY25 ₹ Cr |
|---|---|
| In-patient Revenue | 257.06 |
| Out-patient Revenue | 52.56 |
| Pharmacy Sales | 32.17 |
| Dietary Sales | 10.78 |
| Total | 352.57 |
In-patient services therefore accounted for approximately 73% of operating revenue, making occupancy, case mix and average revenue per occupied bed important valuation variables.
8. Profitability
FY25 profitability was affected by higher operating costs and finance costs.
The audited cash-flow statement shows:
- Depreciation & amortisation: ₹24.96 Cr
- Finance cost: ₹19.74 Cr
- Operating profit before working-capital changes: ₹57.09 Cr
- Profit before tax after exceptional items: ₹15.68 Cr
- PAT: ₹15.05 Cr
The lower PAT needs to be viewed alongside the company’s expansion cycle rather than as a simple deterioration in the underlying hospital franchise.
9. Phase III Expansion
One of the most important parts of the Royal Care investment story is its large Phase III expansion.
The FY25 annual report describes a project involving approximately:
6.51 lakh sq. ft.
with additional capacity of:
537 beds
The overall construction contract value was approximately ₹505.58 Cr, with up to ₹250 Cr of related-party transactions contemplated during FY26.
State Bank of India also sanctioned approximately:
₹275 Cr
toward Phase III Stage II expansion.
This expansion is potentially transformative for the hospital’s future revenue capacity, but it also creates execution, capex and financing requirements.
10. Capital Raising
During FY25, the company’s paid-up share capital increased from approximately ₹171.02 Cr to ₹188.66 Cr.
The annual report states that Royal Care issued:
- 68.41 lakh shares through rights issue
- 108 lakh shares through private placement
during FY25.
The company also recorded approximately ₹90.36 Cr addition to securities premium during FY25.
Current private-market databases report approximately 20.60 crore shares outstanding, indicating further capitalisation after FY25.
11. Debt & Credit Rating
Royal Care’s FY25 debt-equity ratio was reported around 1.34x by private-market research sources.
This is materially higher than some asset-light hospital businesses because Royal Care is investing heavily in physical infrastructure.
The company’s FY25 annual report states that Infomerics affirmed its long-term bank-facility rating at:
IVR BBB / Stable
Investors should therefore monitor the relationship between:
New beds → Revenue growth → EBITDA → Interest cost → Cash flow
rather than looking at debt in isolation.
12. Shareholding
The FY25 annual report showed:
| Category | Holding |
|---|---|
| Promoters | 15.39% |
| Public | 84.61% |
as of 31 March 2025.
A more recent FY26 private-market database reports promoter ownership at approximately 13.70%, with 86.30% classified as others.
The relatively low promoter percentage is noteworthy for an unlisted hospital company and reflects the company’s history of capital raising from external shareholders.
13. Management
Dr. K. Madeswaran
Chairman & Managing Director
Dr. Madeswaran is the founder/chairman associated with the development of Royal Care and is a neurosurgeon.
The FY25 annual report identifies him as Chairman-cum-Managing Director.
Other board/key management positions include:
- Dr. K. Chockalingam – Director
- K.P. Alagesan – Director
- T. Balachander – Director Finance & CFO
- K. Rangasamy – Company Secretary
14. Current Hospital Footprint
Royal Care’s current network includes:
- Neelambur flagship hospital
- Gandhipuram city unit
- Vellalore centre
- Senjerimalai 24×7 hospital
- Mettupalayam expansion/association
The official website also reported the inauguration of Royal Care KPS Hospitals, Mettupalayam, on 17 September 2026, adding another regional healthcare presence.
15. Medical Tourism
Royal Care is actively targeting international patients.
The company says it serves patients from:
Asia
Middle East
Africa
Other international markets
and positions its JCI accreditation, advanced diagnostics, specialist doctors and tertiary-care infrastructure as part of its medical-tourism proposition.
This can potentially improve utilisation and revenue mix, although the actual financial contribution from international patients should be monitored.
16. Current Unlisted Share Price
Royal Care is currently not listed on NSE or BSE.
Current September 2026 private-market references are approximately:
| Source | Indicative Price |
|---|---|
| Moneycontrol | ₹154.33 |
| WWIPL | ₹154 |
| Planify via Moneycontrol | ₹149 |
| Altius via Moneycontrol | ₹160 |
Moneycontrol reports a current indicative price of ₹154.33, with a 52-week range of ₹126–₹159.67.
WWIPL reports ₹154 and approximately 20.60 crore shares outstanding.
Indicative OTC Range
₹149–₹160 per share
These are private-market reference prices, not exchange-traded quotations.
17. Current Valuation
At approximately ₹154 per share and 20.60 crore shares:
Indicative Market Capitalisation ≈ ₹3,170 Cr
Moneycontrol currently reports market capitalisation of approximately ₹3,172.5 Cr.
The platform currently reports:
- P/E: ~211x
- P/B: ~10x
- P/S: ~8.8x
- EPS: ~₹0.73–₹0.84 depending on data source
- Book Value: ~₹15.43
Important valuation warning
There is a data-basis discrepancy among private-market platforms: Moneycontrol currently reports EPS of ₹0.84 in one field but a P/E of 210.96x, which corresponds to an EPS of roughly ₹0.73. WWIPL similarly reports EPS ₹0.73.
Therefore, investors should use the latest audited FY26 financial statements and updated share count before relying on a precise P/E calculation.
Using the FY25 audited EPS of ₹0.84, ₹154 represents approximately 183x FY25 earnings.
This is a very high earnings multiple, meaning the current valuation depends heavily on future earnings growth from the hospital expansion.
18. IPO / Listing Status
As of September 2026:
DRHP: No
IPO price band: Not announced
IPO date: Not announced
NSE/BSE listing: No
Current unlisted-market sources confirm that no DRHP has been filed.
Therefore, Royal Care should currently be treated as an unlisted healthcare expansion story, not as a confirmed pre-IPO listing opportunity.
19. Key Growth Drivers
1. 537-bed Phase III expansion
The planned 537 additional beds provide substantial future capacity.
2. Higher occupancy
As new infrastructure gets utilised, fixed-cost absorption could potentially improve margins.
3. High-acuity procedures
Cardiac surgery, oncology, transplantation, neurosurgery and robotic procedures can generate higher revenue per patient than basic healthcare services.
4. Advanced technology
MRgFUS, robotic surgery, advanced cath-lab infrastructure and transplant capabilities help differentiate the hospital.
5. JCI accreditation
International accreditation can support medical tourism and strengthen the hospital’s positioning among patients seeking international-standard healthcare.
6. Regional expansion
Mettupalayam and other peripheral centres can expand the catchment area and feed higher-acuity cases into the flagship hospital.
7. Rising healthcare spending
Growing health-insurance penetration and increasing demand for organised tertiary care provide a structural opportunity for private hospitals.
20. Key Risks
Valuation Risk
At around ₹3,170 Cr market value against FY25 PAT of ₹15 Cr, the valuation is extremely dependent on future earnings growth.
Expansion Execution
The Phase III project involves substantial construction and capital expenditure.
Debt & Interest Cost
The company already carries meaningful leverage, and additional borrowing for expansion can increase interest costs.
Occupancy Risk
New beds do not automatically translate into profits. The key is how quickly additional capacity becomes occupied.
Doctor Dependency
Specialised healthcare depends heavily on experienced consultants and surgeons.
Competition
Royal Care competes with established hospital groups across Tamil Nadu and South India.
Regulatory Risk
Healthcare pricing, insurance reimbursement, clinical standards, licensing and medical regulations can affect profitability.
Unlisted Liquidity
There is no continuous NSE/BSE market. OTC transactions may have wide spreads and limited availability.
Dilution Risk
The company has already raised capital through rights issues and private placements. Further expansion may require additional equity or debt.
21. What Investors Should Track
For Royal Care, the most important indicators are:
- Occupancy rate
- ARPOB – Average Revenue Per Occupied Bed
- Revenue growth
- EBITDA margin
- PAT growth
- Phase III commissioning
- Number of operational beds
- Debt/EBITDA
- Interest cost
- Operating cash flow
- Capex requirements
- High-value procedure mix
- International patient revenue
- Future capital raising
- Any DRHP/IPO development
22. UnlistedCart Takeaway
Royal Care Super Speciality Hospital is essentially a regional tertiary-care expansion story built around Coimbatore, advanced specialties and significant incremental hospital capacity.
The business has several notable characteristics:
JCI + NABH accreditation
Advanced tertiary-care specialties
Strong technology adoption
Large Phase III expansion
537 additional planned beds
Growing regional footprint
Medical-tourism opportunity
The challenge is valuation.
At approximately ₹149–₹160 per share, current private-market references imply an equity value of roughly ₹3,000–3,300 Cr.
Against FY25 PAT of approximately ₹15 Cr, this represents a very high earnings multiple.
Therefore, the investment thesis is not primarily based on current earnings.
It is based on the expectation that:
537 new beds + higher occupancy + specialty-care growth + improved operating leverage = significantly higher future earnings.
The most important catalyst to watch is therefore the successful commissioning and utilisation of the Phase III expansion.
If additional capacity is efficiently utilised, Royal Care could potentially move from a regional hospital with moderate profitability toward a much larger tertiary-care platform.
On the other hand, if capacity utilisation or margins fail to scale in line with the current valuation, the high earnings multiple becomes an important risk.
Important Sources
Royal Care Hospitals – Official Website
Royal Care – Official Annual Reports
Royal Care – FY2024-25 Annual Report
Royal Care – Accreditations & Awards
Royal Care – Moneycontrol Unlisted Share Page
Royal Care – Indicative Unlisted Share Price & Financials
Disclaimer: This report is for educational and informational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell securities. Unlisted-share prices are indicative OTC references and may differ materially based on liquidity, transaction size and availability. Financial data from different private-market platforms can use different periods/share counts; investors should verify the latest audited FY2025–26 annual report and capital structure before making any investment decision.
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