India's Hospital Boom: Record Growth, IPO Fever, and the Squeezed Middle

India's hospital sector is running hot. Medanta operator Global Health just posted record revenue of ₹1,304 crore in Q1, up 26.5% year-on-year, with inpatient volumes surging 27.7%. They're not alone—Rainbow Children's Medicare saw revenue jump 33.2% to ₹470 crore, with profit up 13.2%. The numbers tell a clear story: patients are flowing, and private hospital chains are scaling fast.

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This isn't just quarterly earnings chatter—it's a...