Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Rainbow Children's Medicare Pvt. Ltd.
NSE: RAINBOWHealthcareMedical Care Facilities
- Last close
- ₹1,169.60
- Day change
- −₹30.10 (−2.51%)vs
- Market cap
- ₹12,670 crIndian rupees
- Research updated
- 1 report
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About Rainbow Children's Medicare Pvt.
Rainbow Children's Medicare Pvt. Ltd. is a specialized healthcare company focusing on pediatric services and maternity care. Operating a chain of hospitals primarily in India, the company is committed to providing state-of-the-art medical treatments and comprehensive healthcare services for children and mothers. Rainbow's facilities are equipped with advanced medical technology and staffed by highly skilled professionals, ensuring a high standard of care. With a strategic presence in urban areas, the company addresses a critical segment of the healthcare market that addresses both preventative and curative needs for young families. As healthcare demands continue to grow, particularly in emerging markets, Rainbow Children's Medicare plays a crucial role in expanding accessibility and improving healthcare outcomes within these communities. The company's operations contribute significantly to the hospital sector, supporting related industries such as pharmaceuticals, medical equipment, and healthcare IT. By focusing on specialized services and patient-centered care, Rainbow Children's Medicare stands out as a key player in the healthcare industry, fostering both social responsibility and operational excellence.
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Listing
- NSE: RAINBOW
- Next results
- Employees
- 4,724
- Headquarters
- Hyderabad, India
- ISIN
- INE961O01016
- Website
- rainbowhospitals.in
Public research · Report of
Business model & financial foundation
Rainbow Children's Medicare (NSE: RAINBOW), Hospitals - paediatric, perinatal and women's care: revenue of ₹1,703 crore in FY26 (+12.4% on FY25), an EBITDA margin of 32.0%, net profit of ₹278.3 crore and net cash of ₹594.2 crore.
- Revenue, FY26 (₹ crore)
- 1,703
- consolidated
- Revenue growth, FY26
- +12.4%
- on FY25
- Net profit, FY26 (₹ crore)
- 278.3
- to owners
- Return on equity, FY26
- 17.7%
- on average equity
- Market capitalisation (₹ crore)
- 14,783
- at the close of 17 Oct 2026
Company profile
Rainbow Children's Medicare runs India's largest chain of specialist paediatric, neonatal and perinatal (mother-and-child) hospitals, founded by Dr. Ramesh Kancharla in Hyderabad in 1999. It operates a hub-and-spoke network across Hyderabad, Bengaluru, Chennai, Delhi/NCR, Visakhapatnam, Vijayawada, Warangal, Rajahmundry and other cities, with a full-time doctor engagement model. Revenue is roughly 70% paediatrics and 30% mother care, with a growing IVF line; the payor mix is roughly half insurance, half cash.
| Item | Value |
|---|---|
| Legal name | Rainbow Children's Medicare Limited (formerly Rainbow Children's Medicare Private Limited) |
| Exchange and ticker | NSE: RAINBOW; BSE: 543524 |
| ISIN | INE961O01016 |
| CIN | L85110TG1998PLC029914 |
| Sector | Healthcare |
| Industry | Hospitals - paediatric, perinatal and women's care |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Market capitalisation | ₹14,783 crore (17 Oct 2026) |
| Shares outstanding | 10.15 crore shares (FY26) |
| Price | ₹1,249 (close, 17 Oct 2026) |
| 52-week range | ₹1,084 - ₹1,610 (to 17 Oct 2026) |
| Website | https://www.rainbowhospitals.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Rainbow Children's Hospital Private Limited | 100% | Subsidiary (AOC-1); business not described individually |
| Rainbow Speciality Hospitals Private Limited | 78.81% | Operates cardiac hospital (Rainbow Children's Heart Institute) in Hyderabad |
| Rainbow Women & Children's Hospital Private Limited | 100% | Subsidiary (AOC-1); business not described individually |
| Rosewalk Healthcare Private Limited | 100% | Boutique maternity hospital in Delhi (Rosewalk, 24 beds) |
| Rainbow Fertility Private Limited | 100% | Fertility services subsidiary (AOC-1) |
| Rainbow C R O Private Limited | 100% | Clinical research subsidiary (AOC-1) |
| Prashanthi Medicare Private Limited | 76% | 100-bed women & child hospital, Warangal; acquired 1 Jul 2025 (plus 100% NCRPS) |
| Pratiksha Women & Child Care Hospital Private Limited | 76% | 150-bed women & child hospital, Guwahati; acquired 18 Aug 2025 (plus 100% NCRPS) |
| Super Prime Medical Care LLP | 64% | Partnership interest acquired 14 Aug 2026; business not retrieved |
Six subsidiaries per FY25 AOC-1 (S37 p103); Warangal and Guwahati 76% subsidiaries added in FY26 and Super Prime Medical Care LLP (64%) in Aug 2026 from exchange filings. FY26 AOC-1 not retrieved. Madhukar Rainbow Children's Hospital (Delhi) is not a subsidiary; Rainbow provides medical services there.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 49.84% | 49.84% | 49.84% | 49.83% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 19.23% | 17.24% | 16.03% | 14.66% |
| Domestic institutions | 19.49% | 21.13% | 22.56% | 23.28% |
| of which mutual funds | 15.49% | 17.46% | 18.53% | 18.84% |
| Retail | 11.40% | 11.67% | 11.39% | 11.83% |
| Other | 0.04% | 0.12% | 0.18% | 0.40% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Rainbow Children's Medicare Limited (NSE RAINBOW) is a specialist paediatric/perinatal chain, not a private company notwithstanding the queue name. Hub-and-spoke referrals support neonatal, paediatric ICU and quaternary care. Full-time retainer doctors support 24/7 emergencies but create semi-fixed costs. Consolidated scope includes Warangal and Guwahati (76%), Nellore LLP (64%) and existing subsidiaries. All money INR crore. ARPOB is TOTAL operating revenue / occupied bed-days; adding outpatient revenue again would double-count it.
| Peer | Why the dossier compares them |
|---|---|
| Apollo Hospitals Enterprise (APOLLOHOSP) | |
| Max Healthcare Institute (MAXHEALTH) | |
| Narayana Hrudayalaya (NH) | South India hospital chain with significant paediatric cardiac care |
| Krishna Institute of Medical Sciences (KIMS) | Telangana/AP-centred hospital chain overlapping Rainbow's core Hyderabad market |
| Global Health (Medanta) (MEDANTA) | NCR-focused chain; comparator for Rainbow's Gurugram expansion |
| Aster DM Healthcare (ASTERDM) | South India hospital chain, overlapping Bengaluru market |
| Jupiter Life Line Hospitals (JLHL) | Mid-cap hospital chain in a bed-addition phase; size comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 973.8 | 1,161 | 1,297 | 1,516 | 1,703 |
| Cost of revenue (vendor classification) * | 194.7 | 158.3 | 165.3 | 194.9 | 227.0 |
| Other operating costs (vendor classification) * | 389.5 | 165.8 | 179.2 | 208.4 | 221.4 |
| EBITDA (vendor classification) * | 323.8 | 427.9 | 452.8 | 505.0 | 556.4 |
| EBIT * | 240.6 | 336.4 | 353.9 | 402.5 | 435.9 |
| Finance costs | 53.2 | 54.6 | 59.1 | 72.5 | 77.6 |
| Profit before tax | 187.4 | 281.8 | 294.8 | 330.0 | 358.2 |
| Total tax expense | 48.7 | 69.4 | 76.5 | 85.8 | 76.7 |
| Profit after tax | 138.7 | 212.4 | 218.3 | 244.2 | 281.5 |
| Diluted EPS (₹) | 13.62 | 20.89 | 21.38 | 23.84 | 27.41 |
| Other income | 37.1 | 51.0 | 43.8 | ||
| Medical consumables and pharmacy items consumed | 165.3 | 194.9 | 227.0 | ||
| Employee benefits expense | 176.2 | 206.4 | 233.5 | ||
| Professional fees to doctors | 305.4 | 369.0 | 418.8 | ||
| Other expenses | 221.2 | 255.7 | 279.5 | ||
| EBITDA post Ind AS 116 excl other income (company) | 428.9 | 489.9 | 544.2 | ||
| Depreciation and amortisation | 112.1 | 138.4 | 150.6 | ||
| Exceptional items (negative = charge) | 0.00 | 0.00 | -1.54 | ||
| PAT attributable to owners | 217.0 | 243.4 | 278.3 | ||
| PAT attributable to non-controlling interests | 1.29 | 0.80 | 3.22 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 606.3 | 1,065 | 1,265 | 1,475 | 1,664 |
| Borrowings * | 580.9 | 570.3 | 765.3 | 763.6 | 891.0 |
| Cash and cash equivalents * | 9.98 | 17.0 | 10.1 | 20.3 | 33.9 |
| Trade receivables * | 28.6 | 63.0 | 75.5 | 79.4 | 99.9 |
| Inventories * | 14.8 | 18.8 | 24.0 | 27.6 | 41.6 |
| Trade payables * | 64.4 | 78.9 | 81.5 | 91.0 | 100.6 |
| Net property, plant and equipment * | 152.7 | 182.8 | 231.2 | 255.5 | 311.2 |
| Capital work in progress * | 20.8 | 48.1 | 183.9 | 51.1 | 111.8 |
| Total assets * | 1,296 | 1,771 | 2,170 | 2,377 | 2,775 |
| Net debt excl. leases (borrowings less cash, FDs, mutual funds) | -515.9 | -698.9 | -594.2 | ||
| Ind AS 116 lease liabilities, current plus non-current | 891.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Consolidated operating cash flow after income tax | 186.5 | 296.5 | 321.4 | 395.7 | 419.7 |
| Free cash flow (vendor definition) * | 161.5 | 187.5 | -32.2 | 250.0 | 203.2 |
| Dividends paid (the provider's sign: an outflow is negative) * | -9.25 | -20.3 | -30.8 | -30.5 | -30.5 |
| Cash PPE and intangible capex (outflow negative) | -62.2 | -141.1 | -353.6 | -145.7 | -216.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 10.15 | 10.10 | 10.15 | 10.15 | 10.15 |
| Ind AS 116 impact on EBITDA (post less pre Ind AS 116) | 72.5 | 87.3 | 95.6 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 417.5 | 398.1 | 370.1 | 352.9 | 444.8 | 445.5 | 459.9 | 470.0 |
| Cost of revenue (vendor classification) * | 51.7 | 53.7 | 47.0 | 47.5 | 62.2 | 60.3 | 57.0 | 64.5 |
| Other operating costs (vendor classification) * | 69.7 | 66.3 | -38.2 | 58.4 | 68.6 | 70.0 | 82.5 | 80.1 |
| EBITDA (vendor classification) * | 158.4 | 147.6 | 129.3 | 123.6 | 157.1 | 157.5 | 149.8 | 147.4 |
| EBIT * | 123.5 | 112.4 | 95.1 | 89.5 | 121.2 | 117.9 | 107.3 | 105.2 |
| Finance costs | 18.1 | 18.1 | 18.1 | 18.1 | 18.9 | 20.2 | 20.5 | 21.2 |
| Profit before tax | 105.4 | 94.3 | 77.0 | 71.4 | 102.4 | 97.7 | 86.8 | 84.0 |
| Total tax expense | 26.4 | 25.4 | 20.4 | 17.6 | 26.8 | 23.8 | 8.57 | 21.4 |
| Profit after tax | 79.0 | 68.9 | 56.6 | 53.8 | 75.6 | 73.9 | 78.2 | 62.5 |
| Diluted EPS (₹) | 7.77 | 6.76 | 5.55 | 5.27 | 7.41 | 7.14 | 7.59 | 5.97 |
| Exceptional items (negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.54 | 0.00 |
| PAT attributable to owners | 78.9 | 68.7 | 56.3 | 53.5 | 75.3 | 72.5 | 77.0 | 60.6 |
| PAT attributable to non-controlling interests | 0.14 | 0.25 | 0.22 | 0.31 | 0.37 | 1.37 | 1.18 | 1.97 |
| Other income | 11.3 | 13.3 | 14.5 | 20.0 | 8.20 | 10.5 | 5.06 | 12.7 |
| Medical consumables and pharmacy items consumed | 51.7 | 53.7 | 47.0 | 47.5 | 62.2 | 60.3 | 57.0 | 64.5 |
| Employee benefits expense | 53.8 | 49.3 | 54.3 | 51.6 | 58.8 | 60.1 | 63.1 | 66.9 |
| Professional fees to doctors | 95.2 | 94.4 | 94.5 | 91.8 | 106.3 | 108.1 | 112.7 | 123.8 |
| Other expenses | 69.7 | 66.3 | 59.6 | 58.4 | 68.6 | 70.0 | 82.5 | 80.1 |
| EBITDA post Ind AS 116 excl other income (company) | 147.1 | 134.4 | 114.7 | 103.6 | 148.9 | 147.0 | 144.7 | 134.7 |
| Depreciation and amortisation | 34.9 | 35.2 | 34.2 | 34.2 | 35.8 | 39.6 | 40.9 | 42.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 52.2% | 19.2% | 11.7% | 16.9% | 12.4% |
| EBITDA margin | 33.1% | 32.3% | 32.0% | ||
| Net margin | 16.7% | 16.1% | 16.3% | ||
| Return on equity | 18.6% | 17.8% | 17.7% | ||
| Return on capital employed | 22.3% | 23.8% | 19.3% | 18.9% | 18.2% |
| Return on assets | 11.0% | 10.7% | 10.8% | ||
| Net debt (₹ crore) | -515.9 | -698.9 | -594.2 | ||
| Net debt / EBITDA | -1.20x | -1.43x | -1.09x | ||
| Interest cover | 4.52x | 6.16x | 5.99x | 5.55x | 5.62x |
| Asset turnover | 0.82x | 0.76x | 0.66x | 0.67x | 0.66x |
| Receivable days | 11 | 20 | 21 | 19 | 21 |
| Inventory days (on revenue) | 6 | 6 | 7 | 7 | 9 |
| Payable days (on revenue) | 24 | 25 | 23 | 22 | 22 |
| Cash conversion | 1.48x | 1.63x | 1.51x | ||
| Capex intensity | 6.4% | 12.2% | 27.3% | 9.6% | 12.7% |
| Free cash flow (₹ crore) | 124.4 | 155.4 | -32.2 | 250.0 | 203.2 |
| Dividend payout | 14.2% | 12.5% | 10.9% | ||
| EPS, diluted (₹) | 13.62 | 20.89 | 21.38 | 23.84 | 27.41 |
| Book value per share (₹) | 59.72 | 105.5 | 124.6 | 145.3 | 163.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA post Ind AS 116 excl other income (company) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excl. leases (borrowings less cash, FDs, mutual funds); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA post Ind AS 116 excl other income (company).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Rainbow Children's Medicare Pvt.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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