Lakeshore Hospital & Research Centre Ltd
Kochi's 350-bed quaternary-care hospital, debt-free, CARE A rated and controlled by VPS Healthcare's Dr Shamsheer Vayalil.
Market cap
₹890 Cr
10.00 Cr shares
P/E ratio
22.82
Sector average 40
Book value
₹41.00
P/B 2.17
1-year return
-19.00%
52w ₹89 – ₹120
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
-17.20% ₹107 → ₹89
52-week band in this window: ₹87.33 – ₹109.87. Weekly indicative marks, not exchange-traded prices.
Key highlights
- 350-bed quaternary-care hospital in Kochi with leading liver-transplant and oncology programmes.
- Revenue about ₹408 Cr in FY25 (₹359 Cr in FY22); PAT ₹57 Cr in FY23, ₹44 Cr in FY24, about ₹39 Cr in FY25.
- Debt-free with CARE A / A1 ratings reaffirmed in December 2025; promoters Dr Shamsheer Vayalil (42.6%) and M.A. Yusuff Ali (18.8%).
About VPS Lakeshore
Lakeshore Hospital and Research Centre Ltd runs VPS Lakeshore, a 350-bed multi-speciality hospital at Nettoor on the Kochi backwaters. Opened in 2003, it is known for liver and multi-organ transplantation, gastroenterology, oncology, cardiac sciences and nephrology, and draws patients from across Kerala, the Lakshadweep islands and the Gulf diaspora. The campus includes a research centre and nursing college.
The hospital was founded by a group of Kerala doctors and NRI investors; in April 2016 Abu Dhabi-based VPS Healthcare acquired a majority stake and Dr Shamsheer Vayalil became Chairman and Managing Director. He holds about 42.6% directly and Lulu Group's M.A. Yusuff Ali holds 18.8%, with the balance spread among the founding doctors and several thousand small investors – the reason the stock is available in the unlisted market.
Revenue has grown steadily from ₹359 Cr in FY22 to about ₹408 Cr in FY25, but profitability has moderated: PAT fell from ₹57 Cr in FY23 to ₹44 Cr in FY24 and roughly ₹39 Cr in FY25 as staff costs, depreciation on new equipment and tax rose. The balance sheet carries virtually no debt and CARE reaffirmed a CARE A / A1 rating on ₹60 Cr of bank facilities in December 2025. Book value is about ₹41 a share, so the current quote of ₹89 is about 2.2x book and roughly 23x FY25 earnings.
Figures come from dealer financial summaries, CARE Ratings and registry snippets. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- In-patient services62%
Surgeries, transplants, ICU and room charges
- Out-patient & diagnostics23%
Consultations, laboratory and imaging
- Pharmacy12%
In-house pharmacy sales
- Academics & other3%
Nursing college, research and rentals
Products & services
Multi-organ transplantation
Liver, kidney and multi-visceral transplant programme, among the busiest in Kerala.
Oncology and gastro sciences
Medical, surgical and radiation oncology plus advanced GI and hepatology services.
Cardiac and neuro sciences
Cath labs, cardiac surgery, neurology and neurosurgery.
Nursing college and research
Lakeshore College of Nursing and clinical research centre on the same campus.
What works
- • Debt-free balance sheet with consistent double-digit net margins and a CARE A rating.
- • Strong clinical franchise in liver transplants and oncology that attracts referrals from across Kerala and the Gulf.
- • Backing of VPS Healthcare and Lulu Group's Yusuff Ali gives access to capital and NRI patient flows.
What to watch
- • PAT has declined for two straight years (₹57 Cr to about ₹39 Cr) as costs outpaced revenue growth of 3–5%.
- • Single-hospital company in a competitive Kochi market (Aster Medcity, Amrita, Rajagiri) with limited expansion so far.
- • Unlisted price has drifted from ₹120 to ₹89 over the past year; the stock is thinly traded and there is no listing plan.