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Lakeshore Hospital and Research Centre Unlisted Shares
DRHP Status : Not Filed
104
Fundamentals About Lakeshore Hospital and Research Centre
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Lakeshore Hospital and Research Centre
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 242 | 359 | 419 | 396 |
| Cost of Material Consumed | 70 | 102 | 112 | 111 |
| Gross Margins | 71.07 | 71.59 | 73.27 | 71.97 |
| Change in Inventory | -1 | -2 | -2 | 2 |
| Employee Benefit Expenses | 61 | 63 | 64 | 75 |
| Other Expenses | 80 | 113 | 143 | 135 |
| EBITDA | 32 | 83 | 102 | 73 |
| OPM | 13.22 | 23.12 | 24.34 | 18.43 |
| Other Income | 2 | 3 | 5 | 7 |
| Finance Cost | 4 | 2 | 2 | 1 |
| D&A | 20 | 22 | 23 | 24 |
| EBIT | 12 | 61 | 79 | 49 |
| EBIT Margins | 4.96 | 16.99 | 18.85 | 12.37 |
| PBT | 10 | 62 | 82 | 55 |
| PBT Margins | 4.13 | 17.27 | 19.57 | 13.89 |
| Tax | 2 | 18 | 25 | 11 |
| PAT | 8 | 44 | 57 | 44 |
| NPM | 3.31 | 12.26 | 13.6 | 11.11 |
| EPS | 0.8 | 4.4 | 5.7 | 4.4 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 13.22 | 23.12 | 24.34 | 18.43 |
| Net Profit Margin | 3.31 | 12.26 | 13.6 | 11.11 |
| Earning Per Share (Diluted) | 0.8 | 4.4 | 5.7 | 4.4 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 337 | 340 | 328 | 347 |
| CWIP | 2 | 0 | 5 | 2 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 18 | 20 | 20 | 27 |
| Inventory | 9 | 11 | 13 | 11 |
| Other Assets | 61 | 93 | 134 | 121 |
| Total Assets | 427 | 464 | 500 | 508 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 100 | 100 | 100 | 100 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 195 | 231 | 273 | 300 |
| Borrowings | 38 | 19 | 13 | 0 |
| Trade Payables | 32 | 33 | 34 | 33 |
| Other Liabilities | 62 | 81 | 80 | 75 |
| Total Liabilities | 427 | 464 | 500 | 508 |
About Company
Lakeshore Hospital & Research Centre is a multi-specialty, tertiary-care hospital located in Kochi, Kerala, managed by VPS Healthcare. It was incorporated on 4 April 1996 as a public limited company (CIN: U85110KL1996PLC010260). The hospital has ~ 650 beds, and offers a broad spectrum of specialties: cardiology, oncology, gastroenterology, neurology, organ transplant, and more. It is accredited by NABH and is known for high-quality care, advanced diagnostics, transplant capabilities, and medical education/research.
The following table shows a 10-point analysis of Lakeshore Hospital and Research Centre Limited (VPS Lakeshore Hospital, Kochi). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ₹407–408 Cr · PAT ₹39 Cr · PAT Margin ~9.6% | Multi-specialty tertiary care hospital in Kochi, Kerala (350+ beds); focuses on oncology, nephrology, gastroenterology, cardiology, transplants & critical care. NABH-accredited with strong patient volumes & medical tourism appeal. Managed by VPS Healthcare (majority stake). |
| Industry & Market Position | Leading private multi-specialty hospital in Kerala · Super-specialties contribute ~27% revenue | Strong competitive edge in South India via quality accreditations (NABH, NABL, ISO) & specialty focus. Resilient demand from chronic care & medical tourism. Faces competition from Amrita, Aster & Apollo but maintains strong regional brand & occupancy. |
| Revenue Growth Trend | FY23–FY25 CAGR ~5–8% (₹419 Cr → ₹407–408 Cr) · Slight dip/flat YoY in FY25 | Steady performance driven by patient footfall recovery & specialty mix. Moderated by operational costs & sector pressures. Long-term upside from Kerala healthcare demand & expansion opportunities. |
| Profitability & Margins | Healthy EBITDA · ROE Moderate · PAT Margin ~9–10% | Solid profitability from operational efficiency & cost control. Slight PAT moderation from prior highs but resilient overall. High-quality earnings supported by recurring patient revenue. |
| Cash Flow Quality | OCF Positive · Dividend ₹2/share (~20% payout proposed) | Reliable cash generation from patient inflows & other income. Supports dividends & reinvestment. High earnings quality with stable operations & low volatility. |
| Balance Sheet Strength | Net Worth ~₹422 Cr (Book Value ~₹42/share) · Debt Low/Moderate | Conservative and robust balance sheet with strong liquidity & coverage ratios. Significant downside protection from tangible assets & VPS Healthcare backing. Minimal leverage risk. |
| Valuation Comfort | Unlisted Price ₹100–110 (Feb 2026) · P/E ~25–30x (EPS ~₹3.9) · P/B ~2.5–3x | Reasonable valuation for stable healthcare play. Market cap ~₹1,000–1,100 Cr. Trades at modest premium to book but not excessively priced compared to peers. |
| Management & Governance | VPS Healthcare Majority-Owned · Professional Board · Clean Disclosures | Proven execution in growth & quality standards. Transparent reporting (Annual Reports, AGM). Strong governance with NABH/ISO accreditations and VPS expertise support. |
| Growth Triggers & Catalysts | Patient Volume Growth · Specialty Expansion · Medical Tourism · Infra Push | Organic upside from Kerala healthcare demand, new specialty additions & improved occupancy. Operational efficiencies & accreditations provide incremental gains. No confirmed IPO/DRHP plans currently. |
| Liquidity & Exit Visibility | OTC Liquidity Only · No Confirmed IPO/DRHP Plans | Moderate unlisted trading activity. Exit via OTC or strategic interest possible. Liquidity risk exists but supported by defensive healthcare positioning & strong institutional backing. |
History & Ownership
- Founded by Dr. Philip Augustine.
- VPS Healthcare (led by Dr. V.P. Shamsheer) is deeply associated with Lakeshore; Shamsheer is listed on its board.
- According to 3adeal, promoter holding is ~77.78%.
Research & Training
- Lakeshore commits to clinical research and academic programs.
- It runs postgraduate / DNB courses and has research infrastructure focused on diseases relevant to Kerala.
Financial Performance & Unlisted-Share Metrics
Business Results (FY22-23)
- Total operating income grew ~17% to ₹ 419 crore (from ~₹ 358 crore in FY22).
- PAT rose from ~₹ 42 crore in FY22 to ~₹ 57 crore in FY23.
- They saw ~343,876 out-patients and ~21,087 in-patients in FY23.
- They also did 53 liver transplants and 212 kidney transplants in FY23 (high success rate).
- Foreign patient volume rose substantially: ~20,047 foreign patients in FY23 vs ~6,008 in FY22.
Corporate / Balance Sheet
Paid-up capital: ₹ 100 crore.
- From its 2022-23 annual report: the company follows Ind-AS.
- According to 3adeal, as of 2025: net worth ~₹ 422.24 crore.
Strengths & Growth Drivers
- Strong Brand and Clinical Excellence: With high-end specialties and transplant capabilities, Lakeshore is a marquee hospital in Kerala.
- International Patient Reach: Growing inbound medical tourism, as seen in rising foreign patient numbers.
- Diversified Care Portfolio: Range of super-specialty services (oncology, transplant, cardiology) gives revenue breadth
- Backed by VPS Healthcare: Promoter strength + management credibility helps in scale, investments, and trust.
- Research & Training Focus: Having a teaching / research component adds prestige, recurring value and cost synergies.
- Healthy Financial Scale: Revenue growth + PAT growth in FY23 shows good financial health.
Risks & Challenges
- Unlisted-Share Liquidity Risk: As an unlisted hospital company, ease of exit or finding buyers may be limited.
- Regulatory Risk: Healthcare is subject to regulatory and ethical risks; transplant and high-cost procedures can attract scrutiny.
- Competition: Other large healthcare chains / tertiary hospitals in Kerala and South India can compete strongly.
- Cost Pressure: High cost of medical technology, staff and infrastructure (ICUs, OTs) can squeeze margins if not managed well.
- Volatility in Medical Tourism: Inbound/foreign patient inflow may vary with global conditions, affecting high-margin revenue.
Quick Summary
Lakeshore Hospital & Research Centre Ltd is a well-known, high-quality tertiary care hospital in Kochi under VPS Healthcare. It has demonstrated solid financial growth, strong clinical capabilities (especially in transplant), and a growing international patient base. As an unlisted healthcare company, it offers investors a way to participate in the high-growth hospital sector — but comes with liquidity risk and exposure to regulatory and capital-cost pressures. On balance, it's a premium hospital play with long-term appeal.
Shareholding Pattern of Lakeshore Hospital and Research Centre
| Name | Holding |
|---|---|
| Dr. Shamsheer Vayalil Parambath | 42.60% |
| Mr. Yusuff Ali M A | 18.80% |
| Other Investors | 38.58% |
Promoters of Lakeshore Hospital and Research Centre
| Name | Designation | Notes |
|---|---|---|
| Dr. V.P. Shamsheer | Chairman | Part of VPS Healthcare, driving long-term vision. |
| S. K. Abdulla | Managing Director | Listed as MD in company profile. |
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Frequently Asked Questions
Lakeshore Hospital and Research Centre unlisted shares refer to equity holdings in a private healthcare company operating hospitals and medical facilities, not listed on NSE or BSE. You can invest in these shares through private-market platforms like UnlistedKraft.
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Unlisted shares carry risks such as limited liquidity and fewer public disclosures. However, Lakeshore Hospital is a reputable institution in the healthcare sector, and investing through UnlistedKraft ensures secure, verified, and transparent transactions.
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There is no mandated lock-in period unless the company announces a public listing. Most investors hold these shares until a liquidity event such as an IPO or acquisition for potential long-term gains.
Yes, you may sell your shares through UnlistedKraft’s resale network, subject to buyer availability and prevailing market demand.
Yes. As per SEBI regulations, pre-IPO investors must observe a six-month lock-in period following the listing of the company.
If held for more than two years, gains qualify as long-term capital gains and are taxed at 20 percent with indexation. If sold within two years, gains are treated as short-term and taxed per your income tax slab.
UnlistedKraft offers verified access to private equity in healthcare companies like Lakeshore Hospital and Research Centre, along with transparent pricing, expert guidance, secure transactions, and seamless share delivery to your demat account.
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