Perpetuity Ventures LLP

New Blog Post: Key Learnings from our maiden Health to Wealth Fund; Link Below: perpetuity.co.in/blog/f/learnin… #Health2Wealth #Perpetuity

#BSEHealthcare vs. #BSE500 over the last decade: After a prolonged underperformance by the Healthcare sector during FY16-23 (barring FY20), the trend reversed over last 3 years (FY 24-26), with #BSEHealthcare outperforming meaningfully. In FY26, #BSEHealthcare was up +2%, continuing to outperform #BSE500 (which was down ~3%) on a relative basis. The flattish absolute performance suggests signs of muted market performance after the strong run up. #Health2Wealth #Perpetuity

Average Occupancy Rate for 13 Indian Listed Hospitals stood at ~59% during Q3FY26, wintessing a slight dip YoY albeit on a base on higher number of beds. Highest YoY Occupancy Growth: #Yatharth: ~700 bps #Health2Wealth #Perpetuity

Average #ARPOB per day for 13 Listed Indian #Hospitals in Q3FY26 stood at ~₹57,352, +9% YoY #KIMS witnessed highest ARPOB growth of ~20% led by ramp up of hospitals in higher ARPOB region. #Health2Wealth #Perpetuity

22 Listed Indian #Hospitals reported an Aggregate revenue of ₹17.1K Cr. in Q3FY26 with a growth of +21% YoY Aggregate EBITDA Margin declined by 113bps YoY due to one off labour code impact and capacity expansion, whereas the Aggregate PAT for the 22 Hospitals grew by 7% on YoY basis. Highest YoY Revenue growth : #GujaratKidney: +97% YoY Highest YoY EBITDA Margin expansion: #KMCSpeciality: +407bps YoY #Health2Wealth #Perpetuity

#Q3FY26 Aggregate #Diagnostics Revenue for 7 listed companies was at ~₹2096cr, +15% YoY; while Aggregate EBITDA margin expanded 292bps YoY basis, led by strong gains at SRL & Thyrocare (RoU accounting tailwind). Growth driven by bundled testing; Weight Loss drug monitoring still nascent. Expansion via network scale, M&A, radiology/genomics adjacencies. #Health2Wealth #Perpetuity

Diagnostic Revenue of 7 Listed Indian companies had an uptick in #Q3FY26 with Aggregate Revenue growth of ~15% YoY to ~₹2,096 Cr. Ex-AgilusRevenue growth was ~16% YoY. Aggregate Gross Margin grew by 47bps YoY while EBITDA margin expanded 292bps YoY to ~27% owing to Thyrocare and Agilus. Highest- Revenue growth - #Suraksha Gross margin expansion- #Thyrocare EBITDA margin expansion- #Agilus PAT growth- #Thyrocare #Health2Wealth #Perpetuity

#Q3FY26 Aggregate Revenue of #PharmaDistribution co.s was ~₹6.8K Cr., +21% YoY Aggregate EBITDA Margin expanded to ~5.2%, +132bps YoY Highest Growth YoY: • Revenue: #Zota • EBITDA: #Entero • EBITDA Margin: #Medplus #Health2Wealth #Perpetuity

Hi Folks, Perpetuity Ventures is looking out for enthusiastic interns to join our Investment Research Team. Interested Candidates do apply! Details below: Role: Equity Research Intern Internship Structure: 1 Year Full-Time Internship with Potential Conversion into an Associate Investment Analyst Role Qualification required: Under-Graduation/Post-Graduation with Finance Specialization. Candidates should have cleared Level 2 of CFA Program or About to Complete CA/BTech Primary Responsibilities: - Gathering and analysing macro and industry data - In-depth fundamental research of listed companies including Analysing Financial statements, Reading Annual Reports, Earnings Transcripts, attending Earnings calls and analyzing & condensing public filings, publications etc. - Actively follow developments in equity markets & active news tracking including corporate actions / exchange filings of listed equities - Preparing Detailed Financial models & Updating existing financial models - Actively follow developments in equity markets and news flow of watchlist companies Skills Required: 1. Thorough understanding of Financial Statements, Financial Models & Valuation analysis 2. Strong proficiency in MS Excel, MS Powerpoint, MS Word & AI tools is required 3. Effective verbal /written communication and presentation skills We’re looking out for people who’re passionate about equity research & determined to pursue a career in investing. You should be a proactive self-starter, a supportive & an adaptive team member, Principled and committed to the highest standards of ethical behavior. To apply, you can email your resume to: contact@perpetuity.co.in For more information on Perpetuity, you can visit: Our Website: perpetuity.co.in Check Out our LinkedIn Page: linkedin.com/company/perpet…

#GLP1 Brands cumulatively saw sales growth of +40% YoY & +9% QoQ during #Q4CY25. #GLP1 sales globally has reached ~$88bn on an annualised run-rate basis Highest Growing brand: #Zepbound (Tirzepatide) at +123% YoY & +19% QoQ #Health2Wealth #Perpetuity

#Medplus demonstrates Solid Execution with Scale & Private Label Expansion. At 5000+ store network the company has showcased V-Shaped Recovery with revenue growth back to mid-teens, private label contribution to sales sustaining above 20%. Despite stabilizing private label contribution, margin expansion continues as efficiencies kick-in from scale benefits, thus driving ROCEs towards ~25% #Health2Wealth #Perpetuity

#SunPharma's #GlobalSpecialty #GlobalInnovativeMedicines 
Sun's Q3FY26 Global Innovative Medicines Sales: $423mn, +14.3% YoY, +27% QoQ 
Ex-Milestone income of $55mn during the quarter ($45mn in Q3FY25), Global Innovative Medicines sales grew 13.2% YoY 
Innovative Medicines Sales as % of Sales (US+ROW*): Q3FY26: ~55% vs. ~51% in Q3FY25 
#Health2Wealth #Perpetuity

#BSEHealthcare vs. #BSE500 In CY25, #BSEHealthcare delivered a -4% return, significantly underperforming the #BSE500, which gained +6%. This translates to an underperformance of ~1,000 bps after two consecutive years of strong outperformance by the healthcare sector. Over the last 8 calendar years, BSE Healthcare has outperformed the BSE 500 in only 3 years. However, on an annualised basis, Healthcare has delivered ~14.5% CAGR, outperforming the ~12.2% CAGR of the BSE 500 over the same period. #Health2Wealth #Perpetuity

#Healthcare CY25 snapshot: Healthcare Sector was down ~4% during CY25. Hospitals, API Focused companies & Pharmacy distribution sub sectors were up ~5%, while medical devices & domestic CMOs corrected sharply (-33%/-32% resp.) #Health2Wealth #Perpetuity

#USDMF Filings: Q3CY25: 479; +21% YoY & +15% QoQ 9MCY25: 1337; +20% YoY Out of the total USDMFs filed in 9mCY25, Indian co.s had the highest no. of filings with 567 DMF (~42% of total in 9mCY25 vs. ~38% of total in 9mCY24) followed by China with 535 DMF (~40% of total in 9MCY25 vs. ~43% of total in 9MCY24) #Health2Wealth #Perpetuity

141 #Healthcare companies had a strong #Q2FY26 with Revenue reaching ~₹1.51 Lakh Crores, growth of +13% YoY At EBITDA of ~₹37K Crores, sector had strong margin expansion of +113bps YoY translating to EBITDA margin of ~24% Healthcare IT Services grew its revenue by 22% YoY and saw margin increase of ~229bps YoY, translating to ~26% EBITDA Margin. #Health2Wealth #Perpetuity

#Q2FY26 Aggregate Revenue of #HealthcareIT co.s was ~₹3.2K Cr., +22% YoY & +7% QoQ Aggregate EBITDA Margin expanded to ~26%, +229bps YoY & +120bps QoQ Highest Growth YoY: Revenue: #Sagility EBITDA & EBITDA Margin: #IKS #Health2Wealth #Perpetuity

Average #Occupancy across 13 listed Indian #Hospitals stood at ~62% for Q2FY26, reflecting a YoY moderation of ~300bps as major listed players continue to commission new beds and expand capacity, temporarily diluting occupancy levels. Highest YoY Occupancy Growth: #Yatharth: ~600 bps #Health2Wealth #Perpetuity

Average #ARPOB per day for 13 Listed Indian #Hospitals in Q2FY26 stood at ~₹54.8K with +7% YoY Growth. Highest Growth in ARPOB was witnessed by #AsterDM :+18% YoY #Health2Wealth #Perpetuity

18 Listed Indian #Hospitals reported an Aggregate revenue of ₹15.9K Cr. with a growth of +16% YoY Aggregate EBITDA Margin remained flat, whereas the Aggregate PAT for the 18 Hospitals grew by 27% on YoY basis. Highest YoY Revenue growth : #KMCSpeciality: +33% YoY Highest YoY EBITDA Margin expansion: #KMCSpeciality: +556bps YoY #Health2Wealth #Perpetuity