The road to ₹66.5 crore
of operating margin.

FY26 absorbed the investment. FY27 harvests it.

The overall Care Navigation P&L, as planned. Revenue has compounded, but operating margin dipped in FY26 as we built the Assured engine, the AI stack and the platform base — and FY26 landed short of its own AOP. FY27 takes OM to ₹66.5 Cr, 19% above FY25, on a business 64% larger.

By business: Assured is the engine, POC the volume.

The same view, business by business. Assured GM grows 80% and POC 21%; POC carries the largest topline (₹107 Cr) on a thin margin, so the margin story runs through Assured, not revenue.

Read the miss: Prime GM fell 13% in FY26 and Assured delivered only 68% of its AOP — the two are exactly where FY27's biggest levers sit. What grew — Assured (+67% GM), POC (+16%), Reach (+12%) and organic traffic (−16% → +22%) — is where FY27 doubles down.

Q1 is actual, and on plan. The year compounds from there.

FY27 Q1 delivered GM +17% YoY with OM growth already resuming (+2%) despite the Prime drag. Growth accelerates each quarter — Q4 exits +40% GM and +59% OM — as the people-cost curve inverts from Q2.

The shape: Prime turns positive from Q2 and reaches +15% by Q4; the operating-cost curve inverts from Q2 as automation scales; EBIT-1 turns positive in Q3 (+330) and finishes Q4 at +754.

The OM bridge: ₹52 → 67 Cr, seven levers, one owner each.

This is the spine of the plan. FY26 OM ₹5,205 L grows to ₹6,652 L — a ₹1,446 L delta, 99% of it named below. Assured leads (Lever 1) alone equal 102% of the delta; two levers are deliberate, budgeted investments — not hidden. Every slide that follows sits under one of these levers.

Blended GM per transaction rises 13% — on mix, not price.

GM per monetisable transaction (GMPL) across the three transaction businesses. Blended GMPL climbs ₹221 → 249 because volume shifts toward Assured; within each business, Assured and POC GMPL fall by design as they scale into new, lower-GMPL supply, while Prime recovers.

Where the transactions and relations come from.

The mix shift is structural: Assured transactions nearly double and its relation base grows 2.5×, while Prime runs a smaller, richer book. This is the volume engine behind the GMPL and OM story.

The read: Prime GM per relation recovers +18% even as relations fall 12% — a smaller, better book. Assured's relation base drives its +96% transaction growth. POC grows relations +72%, the fastest after Assured.

Assured Leads: the single biggest lever, 102% of the OM delta.

Over the May base of 67,080 leads/month, four sub-levers — GTM/Relations, Marketing, PEDA and API — add a further ~77K to reach 1,44,395/month by March; GM grows ₹281 → 545 L. Each has a DRI; the next slides walk them. (Every "added" number below is over that May base.)

Relations 6,145 → 9,826: six levers, one bridge.

Every added relation maps to a lever with a universe, a live pipeline and an assumed conversion — 22.6K of pipeline at a blended 43.5%, net of a 3%-monthly churn assumption. FY26 exit was 5,133.

Two structural firsts: the MM (<100-bed) segment enters the plan with GMPL guardrails, and new cities launch for the first time in three years — the base nearly doubles.

KA: only 23% of a 12,000-relation universe is live.

Practo KA spans 55 hospital logos, 1,298 units, 12,011 potential relations — only 31 logos (2,753 relations) live. The two biggest relations levers simply close that gap.

The first new-city launch in three years.

Assured has run almost entirely out of six metros. FY27 opens eleven new markets — a genuinely new growth vector, sized bottom-up from city traffic and doctor ecosystems, worth +985 relations by March.

The long tail: L1 hunting, winback, MM hospitals.

Three levers add 2,144 relations from supply below the KA tier — each with its own funnel discipline and guardrails.

CPW-first: reframe the pitch from take-rate to ROI.

Pitched as IP revenue-share, Practo is benchmarked against 8–9% doctor referrals and looks expensive. Pitched as cost-per-walk-in, Practo is benchmarked against Google and Facebook — and wins by 3–4×. New hunting now leads with CPW; IP is the fallback.

• The sell: flat ₹1,500 per walk-in, no charge on diagnostics or IP revenue — and Assured benefits (priority listing, corporate leads, cashless, surgical campaigns) continue.
• Migration: existing low-GMPL accounts move to CPW compared against FB/Google economics, not against the IP model.

60 accounts, ₹2.24 Cr/month — managed by tier.

The top 60 accounts by trailing GM get a differentiated engagement model — dedicated ownership, earmarked Reach inventory, a fixed review cadence. Classification refreshes quarterly and is published to all DRIs.

Why it matters: these 60 accounts anchor the churn assumption in the relations bridge — proactive co-planning replaces reactive payment-chasing on the accounts that fund the plan.

Marketing FY26: the organic engine turned.

Organic traffic swung from 12 straight months of YoY decline (as deep as −16%) to +6.3% in April, +10.5% in May, +21.9% in June — structural, not seasonal.

FY27: +16% transactions, mix shifting to Assured.

Monetised transactions grow 2.98M → 3.47M on +27% spend, with marketing held at ~2.1% of GMV. On top of BAU, an incremental lever stack ramps from ~2.8K to ~14.6K leads/month by March.

The mix shift: Assured share of paid web rises 34.7% → ~53.5%, taking Assured paid leads 25.2K → 50.3K/month. The SEO content program scales ~15× to 407K pages by Feb-27. The one ask: CMS control (COVEX-58383) — it changes the slope of every organic lever.

PEDA: nine product initiatives, 27K leads/month by March.

Four released, two scaling this quarter, three yet to start. Q1 delivered 7.3K actual; the full portfolio guides to 154K leads over the rest of the year, exiting at a 27K/month run-rate.

Released initiatives already show measured lifts.

The four released initiatives carry proof; the yet-to-start ones are sized on tested hypotheses with unit economics attached.

• Practo Sure — 10-user research validated second-opinion demand (confidence-seeking, in-person, actively-operating surgeons); SEM landing pages go live this month; 16K leads planned for the year.
• Search PLA — canonical treatment taxonomy (MDM) + LLM data pipes (review text, surgery bills, outcome surveys); ~5K leads/month, compounding as data enriches.
• Hospital range pages — 70K monthly traffic at 2% vs 10% for doctor listings; conservative FY27 plan (~500 March leads), with a 16K/month prize the following year.

Conversion: +618 walk-ins/day, run by an AI patient-care team.

Track 2 lifts Lead→Walk-in 33% → 36% across the year — worth +618 walk-ins/day (558 → 1,176). Most of it is the doubling lead base; +96/day comes from conversion levers we own, run by "Ally", the AI that already handles 94% of calls.

The build: +522 walk-ins/day from leads & relations scale, +52 from Booking%, +44 from Book-to-Walk-in — protected and amplified by WhatsApp inbound and PFC compliance. July MTD is already ahead: 1,025 vs the 905 plan.

Four levers we own — each with a measured pay-off per point.

Read: the plan runs 5–19 walk-ins/day above BAU each month — that gap is the ATRP lever build. Inbound contributes +33 net OPD/day across FY27, post-OPD +52, stepping largest in Feb (+14) and Dec (+8).

Shipped through June; committed through September.

The conversion machine is largely already live — the FY27 gain is finishing the rollout, not starting it.

Prime: every transaction earns 14% more by March.

Net PFC per transaction rises ₹238 → 264 through two named sub-levers — an AI fraud program already delivering, and price/mix changes with dates attached.

Prime: a smaller book, deliberately — and a richer one.

Prime's transaction count declines by design, not decay: all future hospital onboardings and key hospital accounts now route to Assured (stronger IP economics), and key Dental / Derma / Psych accounts route to POC. That's the −₹446 L OM lever. The job is to slow the drain and lift the margin on every transaction that remains.

Two steady engines: Reach on productivity, POC on footprint.

Together they add ₹263 L of OM. Reach lifts selling efficiency — accounts closed per warrior; POC — the largest revenue line in Care Navigation — grows its clinic footprint at held unit economics.

Automation absorbs the growth — the cost base holds as volume rises 19%.

The quiet half of the OM walk. As transaction volume grows 19%, the AI stack lets the operational team carry it without scaling up — operational cost falls as a share of GM. Two levers are deliberate investments, not drags.

Where the plan needs watching — and help.

Four structural risks, each visible in the plan's own tables, plus the explicit leadership asks from the document.

The asks: leadership meetings at Fortis (Dr. Ritu Mittal Garg) and Apollo Hospitals (Dr. Nandini); and CMS control (COVEX-58383) — the one engineering dependency that changes the slope of every organic lever.