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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
Crisil A-/Stable/Crisil A2+
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 30 May 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY2024-25)
Source: CRISILInvestment Thesis
Regency Hospital Limited is Kanpur's pioneering multi-specialty tertiary care corporate hospital, operating since 1987 under the Regency Health brand. Despite limited public financial disclosure, its long-standing presence and brand loyalty in UP's second-largest city provide a strong foundation. Investors should note the lack of transparent financials and increasing competition from national chains as key considerations before investing in the unlisted shares.
Pros
Cons
Business Segments
Multi-Specialty Tertiary Care Hospitals
First multi-specialty tertiary care corporate hospital in UP; ~300 beds in Kanpur; NABH + NABL accredited; specialties: cardiology, nephrology, oncology, critical care; Kanpur + Lucknow + Gorakhpur.
Revenue Model
Regency Hospital generates revenue through inpatient admissions (bed charges, surgical fees, ICU charges), outpatient consultations, diagnostic services, pharmacy, and medical procedures. Revenue is driven by Average Revenue Per Occupied Bed (ARPOB) and occupancy rates across its facility in Kanpur.
Detailed Analysis
Growth Plans
Growing health insurance penetration in UP driving organised hospital visits.
Ayushman Bharat scheme increasing patient volumes for empanelled hospitals.
Potential capacity expansion to meet growing healthcare demand in Kanpur region.
Industry Tailwinds
Growing health insurance penetration in UP driving organised hospital visits.
Recent Developments
Regency Hospital Limited reported revenue of ₹562 Cr for FY2024-25; 1-year EBITDA CAGR 18%; 2,051 employees as of December 2024.
FY2024-25Largest disclosed borrowing: ₹232 Cr from HDFC Bank; total borrowings across 22 loans exceed ₹730 Cr; funds growth and expansion.
November 2023Regency Healthcare expanding beyond Kanpur flagship to Lucknow, Varanasi, and Gorakhpur — targeting Uttar Pradesh healthcare gaps.
OngoingComparable Companies
Frequently Asked Questions
About Regency Hospital
Regency Hospital Limited is one of Uttar Pradesh's most prominent private healthcare institutions, incorporated on 8 June 1987 in Kanpur. With 37 years of operational history and operating revenue in the Rs. 100–500 crore range for FY2023, Regency Hospital is among UP's largest multi-specialty hospitals by revenue. The hospital is located at A-2, Sarvodaya Nagar, Kanpur — 208005, in the city's established medical district. Kanpur, UP's largest city and an important commercial hub, has a large patient catchment area spanning the Bundelkhand region, rural UP, and neighbouring Madhya Pradesh. Regency Hospital serves as a tertiary care referral centre for patients from smaller towns and cities across the region. With a substantial authorized share capital of Rs. 205 crore and paid-up capital of Rs. 146.88 crore, Regency Hospital has a well-capitalized balance sheet for a regional private hospital. The board includes experienced directors: Rajesh Shroff, Atul Kapoor, Yogi Srivastava, Abhishek Kapoor, Anil Wadhwa, Rajiv Bakshi, Anil Kumar Khemka, and Rashmi Kapoor — including the Kapoor family as apparent key promoters. India's private healthcare sector is growing rapidly — the Indian hospital market is projected to reach $200 billion by 2028. UP represents a significant opportunity given the state's low public healthcare capacity and rising middle-class healthcare expenditure. Regency Hospital's established Kanpur position, multi-specialty capabilities, and Rs. 100–500 crore revenue make it an important regional healthcare player.
Key Milestones
Incorporated June 8, 1987 in Uttar Pradesh (CIN: U85110UP1987PLC008792) — Kanpur; first multi-specialty tertiary care corporate hospital in UP
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Ayushman Bharat scheme increasing patient volumes for empanelled hospitals.
Potential capacity expansion to meet growing healthcare demand in Kanpur region.
Industry Headwinds
Entry of large national hospital chains into Kanpur market.
Regulatory pricing pressure on key procedures.
Doctor retention challenges in Tier 2 geographies.
Upward Factors
than-expected net cash accrual Stabilisation of operation in all the hospitals, leading to positive operating profitability for each hospital Sustenance of healthy financial risk profile and liquid
Downward Factors
overrun in the planned capex, impacting the financial risk profile
Healthcare sector is subject to price regulation (clinical establishment acts, CGHS rates) that can cap revenue realisation.
Source: Company Financial Filings
National chains like Apollo, Fortis, and Max Healthcare are aggressively expanding into Tier 2 cities including Kanpur, intensifying competition.
Source: AlphaHub Research
Hospitals require continuous capex for equipment modernisation, facility upgrades, and technology adoption.
Source: AlphaHub Research
Retention of specialist doctors is a persistent challenge for Tier 2 city hospitals that compete with metro hospitals for talent.
Source: AlphaHub Research
Healthcare sector is subject to price regulation (clinical establishment acts, CGHS rates) that can cap revenue realisation.
National chains like Apollo, Fortis, and Max Healthcare are aggressively expanding into Tier 2 cities including Kanpur, intensifying competition.
Hospitals require continuous capex for equipment modernisation, facility upgrades, and technology adoption.
Retention of specialist doctors is a persistent challenge for Tier 2 city hospitals that compete with metro hospitals for talent.
APOLLOHOSP · ~90,000 Cr
PE: ~60xx
FORTIS · ~35,000 Cr
PE: ~45xx
MAXHEALTH · ~90,000 Cr
PE: ~70xx
NABH + NABL accredited; ~300 beds; IFC backed; revenue ₹562 Cr (FY2024-25); CAGR 16%
Institutional funds 41.42%; founders 18.61%; 2,051 employees (Dec 2024)
Total borrowings >₹730 Cr; expanding to Lucknow, Varanasi, Gorakhpur
Registered at A-2 Sarvodaya Nagar, Kanpur, UP 208005; website: regencyhealthcare.in