July 2026
Largest Hospitals & Clinics Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Apollo Hospitals, Max Healthcare Institute, Fortis Healthcare, Aster DM Quality Care and Narayana Health.
 | Apollo Hospitals Enterprise Ltd operates a network of private hospitals in India through primary, secondary, and tertiary care facilities. The firm's tertiary care hospitals provide complex care in a variety of specialties that include cardiology, oncology, neuroscience, orthopedics, radiology, and gastroenterology. Apollo Hospitals also operates primary care and diagnostics clinics as well as telemedicine units and offers consulting, health insurance, education and training, and research services. Its reportable operating segments are; Healthcare Services (represents hospitals and hospitals services); Retail Health and Diagnostics (includes clinics and diagnostics); Digital Health and Pharmacy Distribution; and Others. Maximum revenue is generated from its Healthcare Services segment. | $91 | +13% | $13B | $14B | 5.3x | 33.4x | ||
| Max Healthcare Institute Ltd is a health care service provider. The company's facilities include third-party healthcare providers with whom the company has entered long-term service contracts for providing clinical, radiology, and pathology services. Its hospitals provide the full range of services through its Outpatient, Day Care, Emergency Room, and In-Patient departments to accommodate medical specialties such as orthopedics, internal medicine, general surgery, cardiac sciences, oncology, neurosciences, and obstetrics, as well as diagnostics. The group derives revenue from India. | $11 | -16% | $11B | $11B | 12.7x | 42.0x | ||
| Fortis Healthcare Ltd provides integrated healthcare delivery services in India. The company manages healthcare centers including hospitals, diagnostics, and day care specialty facilities. The company's key specialty in its hospital business is cardiac sciences. It is predominantly engaged in the business of healthcare services which is the only reportable segment. The company's key hospitals include Fortis Escorts Heart Institute in Dehli, Fortis Mulund in Mumbai, and Fortis Hospital in Bengaluru. The majority of the company's revenue is derived from India. | $10 | +6% | $7.4B | $7.7B | 8.1x | 35.1x | ||
| Aster DM Quality Care Ltd is an India-based integrated healthcare provider. The group is bringing together four healthcare brands - Aster DM, CARE Hospitals, Evercare, and KIMSHEALTH, creating a scaled and diversified healthcare platform. It has a presence across South and Central India; the merged entity will deliver comprehensive healthcare services spanning primary, secondary, tertiary and quaternary care, supported by centres of excellence across key specialties including oncology, cardiac sciences, neurosciences, gastro sciences, orthopaedics, nephrology, organ transplantation, mother and child care, and critical care. | $8 | -- | $7.4B | $7.5B | 15.3x | 75.4x | ||
| Narayana Hrudayalaya Ltd is an India-based medical and healthcare service provider. The company is engaged in the business of running and operating hospitals, clinics, health centers, nursing homes, and other related activities. The Company’s sole operating segment is Medical and Healthcare Related Services. It also provides surgery services such as Cardiac Surgery, nephrology, urology, neurology, neurosurgery, endocrinology, orthopaedics, internal medicine, obstetrics, gynaecology, paediatrics, neonatology, gastroenterology, and oncology. It has business operations in India and the Rest of the world, of which the maximum revenue is generated from the business operations in India. | $21 | +1% | $4.3B | $4.6B | 5.5x | 26.6x | ||
| Global Health Ltd operates as a private multi-specialty tertiary care provider operating in the North and East regions of India, with key specialties of cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopedics, liver transplant, and kidney and urology. Under the Medanta brand, it has a network of hospitals in operation (Gurugram, Indore, Ranchi, and Lucknow), a hospital that is under construction with an operational outpatient facility (Patna), and a hospital (Noida) planned for development. The Group operates Healthcare services as a single business segment in India, constituting a single geographical segment. | $14 | -4% | $3.7B | $3.7B | 8.0x | 34.8x | ||
| Krishna Institute of Medical Sciences Ltd is a healthcare group in Secunderabad and Telangana. It offers a comprehensive range of healthcare services, including oncology, cardiac sciences, neurosciences, gastric sciences, orthopedics, renal sciences, organ transplantation, mother and child care, and many more. The firm generates key revenue from Hospital services and Pharmacy. | $8 | +2% | $3.3B | $3.8B | 9.2x | 44.2x | ||
| Inventurus Knowledge Solutions Ltd is a technology enabled healthcare solutions provider, serving the U.S healthcare market. The group offer a comprehensive care enablement platform that supports healthcare enterprises across outpatient and inpatient care settings. It is operates in in Care Enablement, empowering healthcare organizations to deliver high-quality care efficiently and sustainably through an integrated platform that combines technology and deep human expertise. The Company operates in one reportable segment which is Healthcare. Its solutions are Revenue Cycle Management, Clinical Support, and Value-Based Care. | $20 | +14% | $3.3B | $3.3B | 9.9x | 29.0x | ||
| Dr Agarwal’s Health Care Ltd is engaged in eye care services, including cataract, refractive and other surgeries; consultations, diagnoses and non-surgical treatments; and sell opticals, contact lenses and accessories, and eye care related pharmaceutical products. It offer services such as Surgeries, Cataract surgeries, Refractive surgeries, Other surgeries, and Consultations, diagnoses and non-surgical treatments, Its products services include Sale of opticals and Sale of eye care-related pharmaceutical products. The company is engaged in single segment that is eye care and related services provided from its hospitals which are located in India and Africa. It generates maximum revenue from India. | $5 | +2% | $1.6B | $1.7B | 7.8x | 26.3x | ||
| Park Medi World Ltd is a private hospital chain in North India with an aggregate bed capacity of 3,000 beds, and a private hospital chain in terms of bed capacity in Haryana with 1,600 beds. The company operates a network of 14 NABH accredited multi-super specialty hospitals under the Park brand, of which eight hospitals are also NABL accredited, with eight hospitals in Haryana, one hospital in New Delhi, three hospitals in Punjab and two hospitals in Rajasthan, each committed to providing high-quality and affordable medical services across a diverse range of specialties. It offers over 30 super specialty and specialty services, including internal medicine, neurology, urology, gastroentereology, general surgery, orthopedics and oncology. | $3 | -- | $1.2B | $1.2B | 6.9x | 24.7x | ||
| HealthCare Global Enterprises Ltd operates in oncology, providing comprehensive cancer diagnosis and treatment services including medical oncology, radiation therapy, and surgical oncology. It also offers fertility treatment services under the Milann brand, along with multi-specialty hospital care in key medical disciplines. The company’s operations span many metropolitan and non-metro cities across India and extend internationally with cancer care centers in Africa. HCG generates revenue through patient services in oncology, fertility treatments, diagnostics, and multi-specialty hospital care, leveraging technology and a networked business model to deliver patient-centric healthcare. | $7 | +1% | $1B | $1.1B | 4.3x | 23.7x | ||
| Suraksha Diagnostic Ltd offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services to its customers through its extensive operational network, consisting of its flagship central reference laboratory, satellite laboratories, and customer touchpoints which include diagnostic centres and sample collection centres across the states of West Bengal, Bihar, Assam, and Meghalaya. | $3 | -18% | $140M | $150M | 4.7x | 14.7x | ||
| Amwill Health Care Ltd is a derma-cosmetic development company. Its focus is on development of problem solving dermatological, cosmeceutical and aesthetical products. The product portfolio is divided into two categories, namely, development and contract manufacturing of generic dermatological solutions; and developing and formulating solutions to specific The company operates in only one segment which is dealing in pharma products. | $0 | -31% | $9M | $8M | 1.6x | 5.7x | ||
| Median | $8 | +1% | $3.3B | $3.7B | 7.8x | 29.0x |
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