Reading between the lines in the 2Q26 Management Discussion and Analysis of Ramkhamhaeng Hospital Public Company Limited (RAM): Revenue up 113.1%. Net profit up 28.5%. And a Bt8,000m refinancing that flips the debt structure from short-term to long-term.
The numbers
Consolidation drives the headline; organic growth is much softer
Ramkhamhaeng Hospital’s growth reflects the consolidation of Thonburi Healthcare Group (THG) and Chiangmai Ram Hospital (CMH) as subsidiaries, effective August and December 2025, respectively. In 2Q26, total operating revenue rose 113.1% YoY to Bt5,414.2m, with THG and CMH now accounting for 52.0% of hospital revenue. Excluding both, hospital revenue grew a more modest 1.2% YoY, as growth at Vibharam (+3.2%) offset a decline at Ramkhamhaeng (-0.7%).
Margins compress as costs outrun revenue
Gross margin fell to 21.8% in 2Q26 from 24.3% in 2Q25, as costs rose faster than revenue, while EBITDA margin eased to 21.7% from 25.8%. Net profit rose 42.1% YoY to Bt415.9m before non-controlling interests, aided by higher other income and associate profit share; after non-controlling interests of Bt71.3m, net profit attributable to the parent rose 28.5% to Bt344.6m, a net margin of 6.1% against 9.9% in 2Q25.
Financial assets gain from fair value re-measurement
Total assets edged up 0.2% to Bt63,905.5m since FY25, mainly from a Bt776.0m rise in other non-current financial assets tied to fair value gains on listed equity holdings, while trade and other receivables fell Bt404.3m on debt collection at a THG subsidiary.
What the numbers don’t show
Comparing the 2Q26 MD&A with 1Q26, a few things stand out.
A Bt8,000m refinancing flips the debt structure from short-term to long-term
The 1Q26 MD&A attributed the small decline in debt to “regular repayments of loans from financial institutions,” with no mention of refinancing. On 26 June 2026, the Company refinanced Bt8,000m with five banks, shifting the debt profile from short-term to long-term to align repayments with cash flows and reduce financial risk. The current ratio rose from 0.42 in 1Q26 to 0.72 in 2Q26, as current liabilities fell to Bt9,268.9m from Bt16,787.0m.
Nan-Ram Hospital’s project status is unchanged even after a stake increase to 96.3%
Both the 1Q26 and 1H26 MD&As describe Nan-Ram Hospital in identical terms: a deferred project, with shareholders offered a voluntary share sale and further steps still to be decided. The same 1H26 filing’s key events table reports that, on 27 July 2026, the Board acknowledged the acquisition of a 34.7% stake in Nan-Ram Hospital, taking RAM’s combined shareholding to 96.3%. The project progress table has not been updated to reflect this.
The Ramkhamhaeng 3 Hospital dispute moves from litigation to a court order
The 1Q26 MD&A described the Ramkhamhaeng 3 Hospital land dispute as an active legal proceeding to terminate the lease agreement and recover the security deposit. The 1H26 MD&A reports that on 3 August 2026, the Court ordered the counterparty to pay RAM a security deposit of Bt62.83m and damages of Bt5.0m, with the case now pending the counterparty’s appeal.