Two operating businesses — retail care at the clinics, and insurance — plus two assets carrying ₹1.60 Cr of assigned value and no revenue today: the clinical software and the health records.
₹1.78 → ₹1.94 → ₹2.36 Cr
₹12.32 → ₹12.48 → ₹6.88 Cr
The B2B2C corporate partnership (Rapido) has been cancelled. It was ₹7.25 Cr of FY26 revenue; FY27E carries ₹1.48 Cr of residual tail. Total revenue −37% (₹14.71 → ₹9.24 Cr); excluding that line the rest grows — retail +22%, insurance commission +263%, Retail & MSME −6.5%.
| Revenue, ₹ Cr | FY25 | FY26 | FY27E | FY26→27E |
|---|---|---|---|---|
| Retail — clinics | 1.78 | 1.94 | 2.36 | +21.6% |
| COCO health hubs | 1.78 | 1.71 | 1.69 | −1.2% |
| FOCO health hubs | — | 0.23 | 0.67 | +191% |
| Insurance | 12.32 | 12.48 | 6.88 | −44.9% |
| Corporate partnerships (B2B2C) cancelled | 7.00 | 7.25 | 1.48 | −79.6% |
| Retail & MSME | 5.32 | 5.04 | 4.71 | −6.5% |
| Insurance commission | — | 0.19 | 0.69 | +263% |
| Ancillary | 0.34 | 0.29 | 0.01 | −96% |
| Total revenue | 14.43 | 14.71 | 9.24 | −37.2% |
| Gross margin | 7.52 | 7.77 | 4.34 | −44.1% |
| Gross margin % | 52.1% | 52.8% | 47.0% | −5.8pt |
FY27E = company full-year estimate (Apr 2026 – Mar 2027): 4 months actual + 8 months forecast. Trailing twelve months confirms the trend — ₹16.02 Cr to Jul 2025 vs ₹11.81 Cr to Jul 2026, −26%.
| ₹ Cr | FY25 | FY26 | FY27E | Apr–Jul '26 actual |
Aug '26–Mar '27 borne by Practo |
|---|---|---|---|---|---|
| Revenue | 14.43 | 14.71 | 9.24 | 3.07 | 6.17 |
| Gross margin | 7.52 | 7.77 | 4.34 | 1.47 | 2.88 |
| Total operating cost | 13.24 | 12.48 | 5.92 | 2.34 | 3.59 |
| of which HQ / G&A | 6.56 | 5.89 | 2.34 | 1.05 | 1.29 |
| Burn | (5.72) | (4.71) | (1.58) | (0.87) | (0.71) |
| Deferred — incl. future founder salaries | — | 0.65 | 1.92 | 0.59 | 1.34 |
| One-time | — | 0.27 | 0.44 | 0.17 | 0.27 |
| Final EBITDA | (5.72) | (5.62) | (3.94) | (1.63) | (2.31) |
FY27E splits into four months already incurred by Clinikk (Apr–Jul 2026) and the remaining eight months. Operating cost is derived as gross margin less burn.
Burn is the cash operating loss — ₹1.58 Cr in FY27E. Final EBITDA adds deferred expenses, which include future founder salaries, plus one-time items — giving ₹3.94 Cr.
The FY27E bridge is ₹1.58 Cr burn + ₹1.92 Cr deferred + ₹0.44 Cr one-time. ₹1.34 Cr of the deferred amount falls in Aug '26–Mar '27, which is why EBITDA for that stretch (₹2.31 Cr) is more than three times its burn (₹0.71 Cr).
| Asset | Basis of value | Value | Revenue |
|---|---|---|---|
| Software | Engineer cost and time to rebuild the equivalent stack in-house | ₹1.25 Cr | nil |
| Health records | ~90,000 patients · 224,924 encounters | ₹0.35 Cr | nil |
| Total assigned value | One-time, outside the operating P&L | ₹1.60 Cr | nil |
Both values are one-time and sit outside the revenue and burn figures above. Further detail on the software stack and the record set is still to come.
Read directly from all twelve Google Maps listings, 5 September 2026. Recurring review themes: friendly doctor (69), polite staff (27), clear explanations (24).
| Health hub | Rating | Reviews |
|---|
Bannerghatta Road currently shows a temporarily-closed status on its listing.
| Asset | Revenue FY27E | vs FY26 | Gross margin | One-time value |
|---|---|---|---|---|
| Operating businesses | ||||
| Retail — clinics | ₹2.36 Cr | +21.6% | ₹1.43 Cr 61% | — |
| Insurance | ₹6.88 Cr | −44.9% | ₹2.90 Cr 42% | — |
| Assets | ||||
| Software | nil | — | — | ₹1.25 Cr |
| Health records | nil | — | — | ₹0.35 Cr |
| Total | ₹9.24 Cr | −37.2% | ₹4.34 Cr 47% | ₹1.60 Cr |
Total revenue includes ₹0.01 Cr of ancillary income not shown separately. Gross margin percentages are of each line's own revenue. One-time values sit outside the operating P&L: software at engineer cost and time to rebuild, health records as assigned.
Retail and insurance produce all ₹9.24 Cr of revenue and all ₹4.34 Cr of gross margin. Insurance is 74% of revenue but shrinking; retail is 26% and growing. Against ₹5.92 Cr of operating cost, the two together burn ₹1.58 Cr across FY27E — ₹0.87 Cr already incurred and ₹0.71 Cr falling to Practo for the rest of the year. EBITDA of ₹3.94 Cr additionally carries deferred and one-time items.
Software and health records contribute nothing to revenue, margin or burn. Their ₹1.60 Cr is one-time and realised on transfer — ₹1.25 Cr of build cost avoided and ₹0.35 Cr assigned to the record set.
| ₹ Lakh | Amount |
|---|---|
| Assets | |
| Tangible assets — depreciated value | 59.94 |
| Rental deposits | 32.54 |
| Commission receivable | 8.18 |
| Inventory | 7.95 |
| Cash and cash equivalents | 6.35 |
| Receivables | 2.71 |
| Total assets | 117.67 |
| Liabilities | |
| Employee obligations — net of ₹57.00 L not payable | 94.32 |
| Member and customer obligations contingent | 72.66 |
| Borrowings and related-party balances | 55.24 |
| Trade payables and accrued expenses | 39.05 |
| Franchise deposits | 21.47 |
| Insurance and claims obligations | 20.60 |
| Property and lease obligations | 15.33 |
| Statutory and tax dues | 12.38 |
| Total liabilities | 331.05 |
| Net position | (213.38) |
₹57.00 L of employee obligations is not payable and is excluded above. Gross employee obligations are ₹151.32 L; the payable figure is ₹94.32 L, still the largest single line at 28% of liabilities.
₹72.66 L of member and customer obligations is contingent, arising only if the plan business is shut down in one go and customers are refunded for services that can no longer be delivered. Excluding it, the net position is (₹1.41 Cr).
Four exposures are currently carried at nil — contract termination obligations, litigation and regulatory exposure, wind-down and transition costs, and future transition funding.
Source: "Assets and Liabilities" tab. Disputed amounts of ₹54.19 L are excluded from the liabilities above and from the total, as marked in the source, as is ₹57.00 L of employee obligations confirmed as not payable; the tab's own total of ₹442.24 L includes both. Including both lines, the net position would be (₹3.25 Cr).
P&L from the company MIS ("for claude" tab); balance-sheet items from the "Assets and Liabilities" tab. Operating cost is derived as gross margin less burn including HQ. Google ratings read directly from all twelve listings on 5 September 2026. No view on consideration is offered.