Rating Rationale

Brickwork Ratings has assigned the long-term rating of BWR BBB-/Stable and the short-term rating of BWR A3 for the bank loan facilities aggregating to Rs. 49.91 Crs of Savelife Institute of Medical Sciences Pvt. Ltd.

For assigning the ratings, BWR has relied on the audited financials for FY24 and FY25, provisional financials for FY26 and projected financials for FY27-FY28 of the company, and clarification provided by the company. 

The rating derives strength from the experienced promoters with established medical expertise, modern hospital infrastructure, improving scale of operations, increasing patient footfall, empanelment with TPAs/CGHS, and improving financial performance support the rating. The company has also demonstrated healthy operating performance and an established presence in the healthcare segment. 

The ‘Stable’ outlook indicates a low likelihood of rating change over the medium term. BWR believes Savelife Institute of Medical Sciences Pvt. Ltd.’s business and financial risk profile will be maintained over the medium term. The outlook may be revised to Positive if a sustained increase in the scale of operations and higher-than-envisaged profitability result in an improved financial risk profile, leading to stronger cash accruals and improved leverage. The outlook may be revised to Negative if lower-than-expected revenue or profitability, deterioration in leverage indicators, or any stress in servicing debt obligations occur.

The terms of the sanction include standard covenants normally stipulated for such facilities.

• Improving financial performance: :

  The company has witnessed an improvement in profitability, with management indicating continued growth in profits during the current financial year, which is expected to support the overall financial profile.

• Diversified healthcare service offerings: :

  Presence across various medical specialties supports diversification in revenue streams and reduces dependence on a single specialty.

• Experienced and qualified medical professionals: :

  The hospital is supported by a team of experienced doctors and medical professionals across various specialties, which supports the quality of healthcare services and helps in maintaining patient confidence.

• Intense industry competition : :

  Faces competition from established multi-speciality hospitals and needs continuous investment in doctors, technology and infrastructure

• High dependence on continued patient inflows: :

  The hospital's operating performance remains dependent on maintaining adequate patient footfall and occupancy levels to support revenue generation and profitability.

Positive Triggers:

• A sustained improvement in the scale of operations, with TOI sustained above Rs. 150 crore, supported by healthy patient occupancy and improvement in operating profitability.

• Strengthening of debt protection metrics, with net margin sustained above 20%, DSCR above 3.10x, and moderation in leverage (Total Debt/TNW below 1.40x).

Negative Triggers:

• TOI remaining below Rs. 35 crore, coupled with a significant decline in operating margins or weakening in profitability.

• DSCR below 1.2x on a sustained basis, or Total Debt/TNW increasing above 2.5x.

• Significant increase in working capital requirements or deterioration in liquidity, adversely impacting the company's overall credit risk profile.

Bank limit utilization averaged 43.96% during the past 12 months ended 18 September 2026. Gross cash accruals are Rs. 10.68 crores annually, which is more than adequate against the yearly repayment obligations of  4.27 Crores in FY 26. The current ratio is around 0.67 times; the ISCR and DSCR ratios of the company stand at 5.55 times and 1.67 times as of March 31, 2026. 

The company's ESG profile demonstrates an evolving profile across environmental, social, and governance dimensions, aligned with the operational characteristics of the services sector.

Environmental: The company focuses on complying with applicable environmental regulations for healthcare facilities, including biomedical waste management through authorized agencies and adherence to statutory environmental norms. Further, no material environmental non-compliance or penalties were reported

Social: Ensuring the safety and well-being of patients, staff, and the community is paramount in healthcare waste management. By prioritizing proper handling procedures, facilities can significantly reduce the risk of spreading infections and diseases. To achieve this, it is essential to conduct regular training and awareness programs for healthcare staff that focus on effective waste segregation and disposal. Employee capability development remains a priority, supported by training programmes and structured career progression initiatives.

Governance: Governance considerations highlight the institution’s adherence to regulatory and ethical standards.

Save Life Institute of Medical Sciences Private Limited was incorporated in October 2021 under the Companies Act, 2013, with Dr. Vijay Kumar Gupta and Ms. Mamta Gupta as founding directors. The leadership team was subsequently expanded with the appointment of Dr. Utkarsh Gupta and Dr. Shobhita Gupta to the Board of Directors.

The entity operates a multi-specialty facility located at DLF Skycourt, Sector 87, Gurugram. It offers full-scale tertiary care, providing comprehensive medical and surgical services across more than eight super-specialties.

The facility is NABH-accredited and aligns its care protocols with the WHO Patient Safety Guidelines. Additionally, the hospital is empanelled with major government healthcare schemes—including CGHS, ECHS, ESIC, and the Haryana Government—enabling accessible healthcare coverage for eligible beneficiaries and government employees.

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural,transactional or legal aspects. Details on the complexity levels of the instruments are available on BWR's website Complexity Levels.

Not Applicable

BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI]. BWR is the 5th agency to get a credit rating registration in India in 2009 and its corporate office in Bengaluru. It has a country-wide presence with representatives in 150+ locations. Canara bank is an institutional investor in Brickwork.

Brickwork offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. BWR has also rated NGOs, Educational Institutions, Hospitals, Urban Local Bodies and Municipal Corporations.

Nature of Ratings & Information: BWR ratings are opinions on the relative ability of an entity/instrument to meet its financial obligations and are based on information obtained from issuers and other sources believed to be reliable. BWR does not conduct audits, due diligence, or independent verification of such information and does not guarantee its accuracy, adequacy, or completeness.Ratings are current only as of the date of publication and may be revised based on new or unavailable information.

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