Platform-level financial model for the $40M NASA Hospitals roll-up. 5-year path to 1,000 beds via ~2 acquisitions per year, integrated with NASA's five-lever playbook. Platform revenue, EBITDA build, return scenarios (Base / Upside / Downside), and IPO exit math.
| Year | Beds | Acquisitions | Revenue (₹ Cr) | EBITDA (₹ Cr) | Margin |
|---|---|---|---|---|---|
| FY26 | 150 (Remedy) + 300 (NASA existing) | Remedy close | 85 | ~18 | 21% |
| FY27 | +80 (1 acq) = 530 beds | 1 acquisition | 130 | ~25 | 19% |
| FY28 | +150 (2 acq) = 680 beds | 2 acquisitions | 185 | ~38 | 21% |
| FY29 | +160 (2 acq) = 840 beds | 2 acquisitions | 265 | ~58 | 22% |
| FY30 (Exit) | 1,000 beds | 1 final acq | 350 | 80 | 23% |
Platform-level revenue is consolidated across all hospitals in the portfolio. EBITDA margin dips during acquisition/integration years and recovers as hospitals mature into NASA's playbook.
| Scenario | FY29 EBITDA (₹ Cr) | Exit Multiple | Exit EV (₹ Cr) | Equity Value (₹ Cr) | MOIC | IRR |
|---|---|---|---|---|---|---|
| Downside | 20 | 14x | 280 | 120 | 2.2x | 21% |
| Base | 24 | 16x | 384 | 160 | 2.9x | 27% |
| Upside | 27 | 18x | 486 | 210 | 3.8x | 33% |
1. Fragmented market, few institutional buyers. India has 10,000+ independent 50–150-bed secondary-care hospitals, many under distress. Corporate chains (Apollo, Max) focus on 300+ bed tertiary multi-specialty — leaving the mid-market specialty segment structurally under-professionalised and available at deep discount.
2. Arbitrage between entry and exit multiples. Distressed secondary-care trades at 8–10x EBITDA; stabilised specialty platforms trade at 15–18x. The consolidation arbitrage alone produces ~2× value creation before any organic EBITDA growth.
3. Asset-light posture. Leasing real estate rather than owning it preserves capital for operations and M&A, supporting the 25–30% ROCE target vs 15–18% for traditional hospital operators.
4. Clear exit pathway. Dual-path exit — IPO (Medanta precedent: ₹500 Cr pre-IPO at 16x) or strategic sale to Apollo / Max / Fortis / Manipal — provides optionality on the exit market and timing.
Full strategy, operating playbook, specialty verticals, M&A roadmap, leadership model, and IPO exit path on the Platform Business Plan page.