# Hospitals/Medical Services — company-by-company sector analysis

> Hospitals/Medical Services: Dr Agarwals Health Care Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Hospitals/Medical Services has outperformed NIFTY 500 by 153.3% over 52 weeks and 23.9% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. Dr Agarwals Health Care Ltd leads with revenue of ₹2,080 crore, based on 3 of 7 comparable companies through Mar 2026.

### Is the Hospitals/Medical Services sector outperforming NIFTY 500?

Hospitals/Medical Services has outperformed NIFTY 500 by 153.3% over 52 weeks and 23.9% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.

### Which Hospitals/Medical Services company is largest by revenue?

Dr Agarwals Health Care Ltd leads with revenue of ₹2,080 crore, based on 3 of 7 comparable companies through Mar 2026.

### Which Hospitals/Medical Services company is growing fastest?

Dr Agarwals Health Care Ltd has the fastest current revenue growth at 21.6%, across 1 of 7 comparable companies.

### Which Hospitals/Medical Services company has the strongest 4-Factor Sector Score?

Unihealth Hospitals Ltd ranks first at 65.8/100 with 55.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Hospitals/Medical Services company reports the most CAPEX?

Nephrocare Health Services Ltd reports the largest latest CAPEX at ₹31 crore, with 4 of 7 companies comparable.

### Which Hospitals/Medical Services company has the least gross debt?

KRM Ayurveda Ltd has the lowest comparable gross debt at ₹0 crore. Dr Agarwals Health Care Ltd has the highest at ₹1,066 crore.

### Which Hospitals/Medical Services company has the lowest comparable PEG?

Nephrocare Health Services Ltd has the lowest comparable Guarded PEG at 0.04, among 1 of 7 companies that pass the metric’s comparability rules.

### How much history does this Hospitals/Medical Services comparison include?

The page compares up to 15 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Hospitals/Medical Services has outperformed NIFTY 500 by 153.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 23.9%. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Unihealth Hospitals Ltd is the strongest against the sector itself at +56.2%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 24%
52-week sector return versus NIFTY 500: 153%
Stocks leading NIFTY: 2/2
Stocks leading sector: 1/2

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 7
Combined market value: ₹38.0K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Unihealth Hospitals Ltd (UNIHEALTH): 66/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.8/35 | Capital efficiency 17.0/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 18.8 + 17 + 10 + 20 = 65.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Nephrocare Health Services Ltd (NEPHROPLUS): 56/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 17.6/35 | Capital efficiency 14.6/25 | Valuation 14.0/20 | Relative strength 10.0/20
   - Exact sum: 17.6 + 14.6 + 14 + 10 = 56.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Dr Agarwals Health Care Ltd (AGARWALEYE): 51/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 27.1/35 | Capital efficiency 8.7/25 | Valuation 8.5/20 | Relative strength 6.8/20
   - Exact sum: 27.1 + 8.7 + 8.5 + 6.8 = 51.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -38.8% and the one-year return is 9.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. KRM Ayurveda Ltd (KRMAYURVED): 59/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 18.1/35 | Capital efficiency 19.5/25 | Valuation 11.5/20 | Relative strength 10.0/20
   - Exact sum: 18.1 + 19.5 + 11.5 + 10 = 59.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): 56/100 — Thin evidence · provisional; evidence 40%
   - Growth & earnings 17.4/35 | Capital efficiency 17.2/25 | Valuation 11.0/20 | Relative strength 10.0/20
   - Exact sum: 17.4 + 17.2 + 11 + 10 = 55.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Park Medi World Ltd (PARKHOSPS): 54/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 18.7/35 | Capital efficiency 14.4/25 | Valuation 10.5/20 | Relative strength 10.0/20
   - Exact sum: 18.7 + 14.4 + 10.5 + 10 = 53.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Gujarat Kidney & Super Speciality Ltd (GKSL): 43/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 11.4/35 | Capital efficiency 12.4/25 | Valuation 9.5/20 | Relative strength 10.0/20
   - Exact sum: 11.4 + 12.4 + 9.5 + 10 = 43.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Dr Agarwals Health Care Ltd is the scale leader at ₹2,080 crore, 106.1% ahead of Nephrocare Health Services Ltd. Dr Agarwals Health Care Ltd's growth is 21.6% from a ₹2,080 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Dr Agarwals Health Care Ltd is the scale benchmark; Dr Agarwals Health Care Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Dr Agarwals Health Care Ltd's growth falls below Dr Agarwals Health Care Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Dr Agarwals Health Care Ltd · ₹2,080 crore | 106.1% versus #2 · Nephrocare Health Services Ltd | 6/6 recent comparable periods | 3/7 companies · 43 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Dr Agarwals Health Care Ltd (AGARWALEYE): ₹2.1K Cr
2. Nephrocare Health Services Ltd (NEPHROPLUS): ₹1.0K Cr
3. Gujarat Kidney & Super Speciality Ltd (GKSL): ₹82 Cr

### Revenue growth — fastest growers
1. Dr Agarwals Health Care Ltd (AGARWALEYE): 22%

### 15-quarter Revenue history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 ₹333 Cr | Mar 2024 ₹349 Cr | Jun 2024 ₹403 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹431 Cr | Mar 2025 ₹460 Cr | Jun 2025 ₹487 Cr | Sep 2025 ₹499 Cr | Dec 2025 ₹530 Cr | Mar 2026 ₹564 Cr
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹348 Cr | Mar 2025 ₹354 Cr | Jun 2025 — | Sep 2025 ₹410 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹460 Cr
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹197 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹237 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹266 Cr
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 ₹22 Cr | Dec 2023 — | Mar 2024 ₹27 Cr | Jun 2024 — | Sep 2024 ₹43 Cr | Dec 2024 — | Mar 2025 ₹56 Cr | Jun 2025 — | Sep 2025 ₹67 Cr | Dec 2025 — | Mar 2026 ₹65 Cr
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹32 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹27 Cr | Jun 2025 — | Sep 2025 ₹32 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹30 Cr
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹9 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹31 Cr
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹41 Cr | Jun 2025 — | Sep 2025 ₹48 Cr | Dec 2025 — | Mar 2026 ₹53 Cr

### 15-quarter Revenue growth history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 29% | Mar 2025 32% | Jun 2025 21% | Sep 2025 20% | Dec 2025 23% | Mar 2026 23%
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 18% | Mar 2026 30%
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32% | Mar 2026 21%
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 95% | Dec 2024 — | Mar 2025 107% | Jun 2025 — | Sep 2025 56% | Dec 2025 — | Mar 2026 16%
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -0.8% | Dec 2025 70% | Mar 2026 13%
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 37% | Dec 2025 97% | Mar 2026 213%
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 29%

## Operating Economics & Margin Trend

What the numbers say: Gaudium IVF and Women Health Ltd leads opm at 40.1%; KRM Ayurveda Ltd leads margin change at +12 percentage points.

Investor read: Gaudium IVF and Women Health Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Gaudium IVF and Women Health Ltd · 40.1% | 17.9% versus #2 · Unihealth Hospitals Ltd | 2/3 recent comparable periods | 7/7 companies · 45 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): 40%
2. Unihealth Hospitals Ltd (UNIHEALTH): 34%
3. KRM Ayurveda Ltd (KRMAYURVED): 33%
4. Dr Agarwals Health Care Ltd (AGARWALEYE): 29%
5. Park Medi World Ltd (PARKHOSPS): 28%

### Margin change — fastest expanders
1. KRM Ayurveda Ltd (KRMAYURVED): +12.0 pp
2. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): +7.7 pp
3. Park Medi World Ltd (PARKHOSPS): +3.0 pp
4. Dr Agarwals Health Care Ltd (AGARWALEYE): +1.0 pp
5. Nephrocare Health Services Ltd (NEPHROPLUS): −4.0 pp

### 15-quarter OPM history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 26% | Dec 2023 27% | Mar 2024 31% | Jun 2024 26% | Sep 2024 26% | Dec 2024 27% | Mar 2025 28% | Jun 2025 26% | Sep 2025 27% | Dec 2025 27% | Mar 2026 29%
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 27% | Dec 2024 24% | Mar 2025 25% | Jun 2025 — | Sep 2025 27% | Dec 2025 24% | Mar 2026 28%
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 22% | Mar 2025 23% | Jun 2025 15% | Sep 2025 26% | Dec 2025 23% | Mar 2026 19%
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 32% | Dec 2023 — | Mar 2024 39% | Jun 2024 — | Sep 2024 35% | Dec 2024 — | Mar 2025 38% | Jun 2025 — | Sep 2025 48% | Dec 2025 — | Mar 2026 34%
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 40% | Dec 2024 39% | Mar 2025 32% | Jun 2025 — | Sep 2025 43% | Dec 2025 27% | Mar 2026 40%
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 52% | Dec 2024 39% | Mar 2025 27% | Jun 2025 56% | Sep 2025 40% | Dec 2025 30% | Mar 2026 21%
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 21% | Jun 2025 — | Sep 2025 27% | Dec 2025 — | Mar 2026 33%

### 15-quarter Margin change history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 0.0 pp | Mar 2025 −3.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −0.4 pp | Dec 2025 0.0 pp | Mar 2026 +3.0 pp
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +1.0 pp | Mar 2026 −4.0 pp
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 +13.0 pp | Dec 2025 — | Mar 2026 −4.0 pp
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +3.4 pp | Dec 2025 −12.5 pp | Mar 2026 +7.7 pp
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −12.1 pp | Dec 2025 −9.3 pp | Mar 2026 −6.1 pp
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +12.0 pp

## Profit Scale & Acceleration

What the numbers say: Dr Agarwals Health Care Ltd leads with ₹168 crore of TTM profit, 180% above Nephrocare Health Services Ltd. Dr Agarwals Health Care Ltd shows 52.7% growth from a ₹168 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Dr Agarwals Health Care Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Dr Agarwals Health Care Ltd · ₹168 crore | 180% versus #2 · Nephrocare Health Services Ltd | 6/6 recent comparable periods | 3/7 companies · 43 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Dr Agarwals Health Care Ltd (AGARWALEYE): ₹168 Cr
2. Nephrocare Health Services Ltd (NEPHROPLUS): ₹60 Cr
3. Gujarat Kidney & Super Speciality Ltd (GKSL): ₹17 Cr

### Profit growth — fastest growers
1. Dr Agarwals Health Care Ltd (AGARWALEYE): 53%

### 15-quarter Net profit history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 ₹23 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹50 Cr
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹46 Cr | Mar 2025 ₹52 Cr | Jun 2025 — | Sep 2025 ₹79 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹77 Cr
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹20 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹30 Cr
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 ₹4 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹9 Cr | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 ₹17 Cr
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹8 Cr
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹5 Cr
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹12 Cr

### 15-quarter Profit growth history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 22% | Mar 2025 4.9% | Jun 2025 111% | Sep 2025 71% | Dec 2025 57% | Mar 2026 16%
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 15% | Mar 2026 48%
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 60% | Mar 2026 20%
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 125% | Dec 2024 — | Mar 2025 200% | Jun 2025 — | Sep 2025 222% | Dec 2025 — | Mar 2026 -5.6%
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 17% | Dec 2025 6.8% | Mar 2026 29%
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -2.7% | Dec 2025 46% | Mar 2026 260%
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 140%

## Capacity Spending & Returns On It

What the numbers say: Nephrocare Health Services Ltd reports ₹31 crore of CAPEX; Unihealth Hospitals Ltd has the highest covered intensity at 33.8%. Coverage is only 4 of 7 companies and 14 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Nephrocare Health Services Ltd · ₹31 crore | 40.9% versus #2 · Unihealth Hospitals Ltd | 2/2 recent comparable periods | 4/7 companies · 14 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Nephrocare Health Services Ltd (NEPHROPLUS): ₹31 Cr
2. Unihealth Hospitals Ltd (UNIHEALTH): ₹22 Cr
3. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): ₹0 Cr
4. Gujarat Kidney & Super Speciality Ltd (GKSL): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Unihealth Hospitals Ltd (UNIHEALTH): 34%
2. Nephrocare Health Services Ltd (NEPHROPLUS): 13%
3. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): 0.0%
4. Gujarat Kidney & Super Speciality Ltd (GKSL): 0.0%

### 15-quarter CAPEX history
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹31 Cr | Sep 2025 ₹31 Cr | Dec 2025 — | Mar 2026 —
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹22 Cr
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —

### 15-quarter CAPEX intensity history
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 13% | Sep 2025 13% | Dec 2025 — | Mar 2026 —
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 7.4% | Jun 2024 — | Sep 2024 7.0% | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 34%
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Nephrocare Health Services Ltd has the clearest covered balance-sheet capacity with ₹346 crore net cash and gross debt of ₹80 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: KRM Ayurveda Ltd · ₹0 crore | 100% versus #2 · Gaudium IVF and Women Health Ltd | Not enough history | 7/7 companies · 56 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. KRM Ayurveda Ltd (KRMAYURVED): ₹0 Cr
2. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): ₹25 Cr
3. Gujarat Kidney & Super Speciality Ltd (GKSL): ₹29 Cr
4. Unihealth Hospitals Ltd (UNIHEALTH): ₹33 Cr
5. Nephrocare Health Services Ltd (NEPHROPLUS): ₹80 Cr

### Net debt — lowest net debt
1. Nephrocare Health Services Ltd (NEPHROPLUS): ₹-346 Cr
2. Gujarat Kidney & Super Speciality Ltd (GKSL): ₹-27 Cr
3. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): ₹16 Cr
4. Unihealth Hospitals Ltd (UNIHEALTH): ₹23 Cr

### 15-quarter Gross debt history
- AGARWALEYE: Mar 2020 ₹162 Cr | Mar 2021 ₹185 Cr | Mar 2022 ₹633 Cr | Mar 2023 ₹857 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹966 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹961 Cr | Jun 2025 — | Sep 2025 ₹983 Cr | Dec 2025 — | Mar 2026 ₹1.1K Cr
- PARKHOSPS: Mar 2020 — | Mar 2021 ₹292 Cr | Mar 2022 ₹517 Cr | Mar 2023 ₹576 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹687 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹682 Cr | Jun 2025 — | Sep 2025 ₹734 Cr | Dec 2025 — | Mar 2026 ₹364 Cr
- NEPHROPLUS: Mar 2020 — | Mar 2021 ₹140 Cr | Mar 2022 ₹119 Cr | Mar 2023 ₹200 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹271 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹261 Cr | Jun 2025 ₹261 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹80 Cr
- UNIHEALTH: Mar 2020 ₹41 Cr | Mar 2021 ₹39 Cr | Mar 2022 ₹38 Cr | Mar 2023 ₹39 Cr | Sep 2023 ₹29 Cr | Dec 2023 — | Mar 2024 ₹15 Cr | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 — | Mar 2026 ₹33 Cr
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 ₹6 Cr | Mar 2023 ₹12 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹25 Cr
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹20 Cr | Dec 2025 — | Mar 2026 ₹29 Cr
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 ₹20 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹23 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹31 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr

### 15-quarter Net debt history
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹70 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹-346 Cr
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 ₹-22 Cr | Dec 2023 — | Mar 2024 ₹-14 Cr | Jun 2024 — | Sep 2024 ₹-14 Cr | Dec 2024 — | Mar 2025 ₹-2 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹23 Cr
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹14 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹16 Cr
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹-27 Cr

## Return On Capital Employed

What the numbers say: KRM Ayurveda Ltd leads ROCE at 35.3%, 6 percentage points above Gaudium IVF and Women Health Ltd. Unihealth Hospitals Ltd has the strongest latest improvement at +5.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: KRM Ayurveda Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: KRM Ayurveda Ltd · 35.3% | 20.5% versus #2 · Gaudium IVF and Women Health Ltd | Not enough history | 7/7 companies · 20 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. KRM Ayurveda Ltd (KRMAYURVED): 35%
2. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): 29%
3. Unihealth Hospitals Ltd (UNIHEALTH): 25%
4. Park Medi World Ltd (PARKHOSPS): 19%
5. Nephrocare Health Services Ltd (NEPHROPLUS): 15%

### ROCE change — fastest improvers
1. Unihealth Hospitals Ltd (UNIHEALTH): +5.3 pp
2. Nephrocare Health Services Ltd (NEPHROPLUS): +3.6 pp
3. Dr Agarwals Health Care Ltd (AGARWALEYE): +1.0 pp
4. Park Medi World Ltd (PARKHOSPS): −1.0 pp
5. KRM Ayurveda Ltd (KRMAYURVED): −7.0 pp

### 15-quarter ROCE history
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 8.3% | Jun 2025 11% | Sep 2025 16% | Dec 2025 — | Mar 2026 12%
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 5.5% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 16% | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 19%
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 13% | Sep 2024 25% | Dec 2024 — | Mar 2025 49% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 20%
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 29% | Dec 2024 — | Mar 2025 39% | Jun 2025 44% | Sep 2025 41% | Dec 2025 55% | Mar 2026 8.2%

### 15-quarter ROCE change history
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +3.6 pp
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +10.5 pp | Dec 2024 — | Mar 2025 −1.4 pp | Jun 2025 — | Sep 2025 +2.7 pp | Dec 2025 — | Mar 2026 +5.3 pp
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −29.2 pp
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +12.5 pp | Dec 2025 — | Mar 2026 −31.2 pp

## Valuation Against Growth & Quality

What the numbers say: Nephrocare Health Services Ltd has the lowest comparable Guarded PEG at 0.04×. Only 1 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Nephrocare Health Services Ltd · 0.04× | Not enough peers | 0/2 recent comparable periods | 1/7 companies · 1 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Nephrocare Health Services Ltd (NEPHROPLUS): 0.0

### P/E — lowest P/E
1. KRM Ayurveda Ltd (KRMAYURVED): 27.0
2. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): 45.2
3. Park Medi World Ltd (PARKHOSPS): 46.9
4. Unihealth Hospitals Ltd (UNIHEALTH): 49.2
5. Gujarat Kidney & Super Speciality Ltd (GKSL): 65.2

### 15-quarter Guarded PEG history
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0 | Mar 2026 —

### 15-quarter P/E history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 150.5 | Sep 2025 202.0 | Dec 2025 137.8 | Mar 2026 169.3
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 27.3 | Mar 2026 35.4
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.5 | Mar 2026 1.6
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 46.5 | Dec 2023 — | Mar 2024 20.2 | Jun 2024 — | Sep 2024 22.0 | Dec 2024 — | Mar 2025 14.2 | Jun 2025 — | Sep 2025 9.9 | Dec 2025 — | Mar 2026 21.6
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 22.9
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 62.0 | Mar 2026 52.8
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2

## Enterprise Value & Book Value

What the numbers say: Unihealth Hospitals Ltd leads ev/ebitda at 10.6×; Gujarat Kidney & Super Speciality Ltd leads p/bv at 4×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Unihealth Hospitals Ltd · 10.6× | 42.7% versus #2 · Gaudium IVF and Women Health Ltd | 0/6 recent comparable periods | 7/7 companies · 19 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Unihealth Hospitals Ltd (UNIHEALTH): 10.6
2. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): 18.5
3. KRM Ayurveda Ltd (KRMAYURVED): 20.0
4. Park Medi World Ltd (PARKHOSPS): 20.9
5. Dr Agarwals Health Care Ltd (AGARWALEYE): 28.0

### P/BV — lowest P/BV
1. Gujarat Kidney & Super Speciality Ltd (GKSL): 4.0
2. KRM Ayurveda Ltd (KRMAYURVED): 4.7
3. Park Medi World Ltd (PARKHOSPS): 6.0
4. Nephrocare Health Services Ltd (NEPHROPLUS): 6.1
5. Gaudium IVF and Women Health Ltd (GAUDIUMIVF): 7.3

### 15-quarter EV/EBITDA history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 38.6 | Jun 2025 34.3 | Sep 2025 30.9 | Dec 2025 30.2 | Mar 2026 28.0
- PARKHOSPS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 16.9 | Mar 2026 20.9
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 26.8 | Mar 2026 28.7
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 33.1 | Dec 2023 — | Mar 2024 10.6 | Jun 2024 — | Sep 2024 12.7 | Dec 2024 — | Mar 2025 10.9 | Jun 2025 — | Sep 2025 6.1 | Dec 2025 — | Mar 2026 10.6
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 18.5
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 49.5 | Mar 2026 34.7
- KRMAYURVED: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 20.0

### 15-quarter P/BV history
- AGARWALEYE: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 6.8 | Sep 2025 8.4 | Dec 2025 8.3 | Mar 2026 6.7
- NEPHROPLUS: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.6 | Mar 2026 4.6
- UNIHEALTH: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 2.5 | Dec 2023 — | Mar 2024 2.4 | Jun 2024 — | Sep 2024 2.7 | Dec 2024 — | Mar 2025 2.0 | Jun 2025 — | Sep 2025 1.4 | Dec 2025 — | Mar 2026 4.7
- GAUDIUMIVF: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.4
- GKSL: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 23.8

## Market action

Unihealth Hospitals Ltd has the strongest one-year price move in Hospitals/Medical Services at +369.1%. It also leads on Mansfield relative strength against NIFTY at +134.6%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Unihealth Hospitals Ltd (UNIHEALTH): 369%
2. Dr Agarwals Health Care Ltd (AGARWALEYE): 9.3%

### Strongest relative strength versus NIFTY 500
1. Unihealth Hospitals Ltd (UNIHEALTH): 135%
2. Dr Agarwals Health Care Ltd (AGARWALEYE): 2.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Dr Agarwals Health Care Ltd (AGARWALEYE) — market value ₹15.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Park Medi World Ltd (PARKHOSPS) — market value ₹12.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Nephrocare Health Services Ltd (NEPHROPLUS) — market value ₹6.8K Cr; latest fundamentals Mar 2026
- Unihealth Hospitals Ltd (UNIHEALTH) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Gaudium IVF and Women Health Ltd (GAUDIUMIVF) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Gujarat Kidney & Super Speciality Ltd (GKSL) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- KRM Ayurveda Ltd (KRMAYURVED) — market value ₹543 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 4. Withheld: 2. Graded companies: 7.

3 of 7 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 7 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Dr Agarwals Health Care Ltd (AGARWALEYE) — its two data sources disagree by up to 31% on reported income across 10 comparable periods, so its derived ratios are withheld; Park Medi World Ltd (PARKHOSPS) — its two data sources disagree by up to 16% on reported income across 5 comparable periods, so its derived ratios are withheld.

- WITHHELD | AGARWALEYE | Dr Agarwals Health Care Ltd | diff_gt_2pct | disagreement up to 30.67% over 10 comparable periods
- WITHHELD | PARKHOSPS | Park Medi World Ltd | diff_gt_2pct | disagreement up to 15.81% over 5 comparable periods

- UNVERIFIED | UNIHEALTH | Unihealth Hospitals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GAUDIUMIVF | Gaudium IVF and Women Health Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GKSL | Gujarat Kidney & Super Speciality Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 15 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Hospitals/Medical Services index?

The Nifty Hospitals/Medical Services index tracks India's listed Hospitals/Medical Services companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Hospitals/Medical Services sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Hospitals/Medical Services stocks in India?

Ranked by this page's four-factor score, Unihealth Hospitals Ltd places first among 7 listed Hospitals/Medical Services companies, followed by Nephrocare Health Services Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Hospitals/Medical Services stocks are listed in India?

This comparison covers 7 listed Hospitals/Medical Services companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Hospitals/Medical Services company is the biggest?

Dr Agarwals Health Care Ltd is the largest, with trailing-twelve-month revenue of ₹2,080 crore, ahead of Nephrocare Health Services Ltd at ₹1,009 crore. That covers 3 of 7 companies with comparable reporting through Mar 2026.

### Which Hospitals/Medical Services company is growing fastest?

Dr Agarwals Health Care Ltd has the fastest revenue growth at 21.6% year on year, across 1 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Hospitals/Medical Services company has the best profit margins?

Gaudium IVF and Women Health Ltd has the highest operating margin at 40.1%, from 7 of 7 comparable companies. KRM Ayurveda Ltd shows the biggest recent improvement, at +12 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Hospitals/Medical Services company makes the most profit?

Dr Agarwals Health Care Ltd earns the most, at ₹168 crore of trailing-twelve-month net profit, from 3 of 7 comparable companies. Dr Agarwals Health Care Ltd has the fastest profit growth at 52.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Hospitals/Medical Services company earns the highest return on capital?

KRM Ayurveda Ltd leads on return on capital employed at 35.3%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Hospitals/Medical Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Nephrocare Health Services Ltd screens cheapest at 0.04×. Only 1 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Hospitals/Medical Services company has the strongest balance sheet?

KRM Ayurveda Ltd carries the lowest comparable gross debt at ₹0 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Hospitals/Medical Services company is investing most in new capacity?

Nephrocare Health Services Ltd reports the largest capital spending at ₹31 crore, across 4 of 7 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Hospitals/Medical Services sector beating the market?

Hospitals/Medical Services has outperformed NIFTY 500 by 153.3% over the last 52 weeks and 23.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Hospitals/Medical Services stock has the strongest price momentum?

Unihealth Hospitals Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Hospitals/Medical Services company scores highest for research priority?

Unihealth Hospitals Ltd scores 65.8 out of 100 with 55.8% evidence confidence, from 18.8 points on growth and earnings, 17 on capital efficiency, 10 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Hospitals/Medical Services companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 15 reported quarters of fundamentals and 7 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Hospitals/Medical Services sector?

The 7 Hospitals/Medical Services companies on this page carry ₹37,976 crore of combined market value. Dr Agarwals Health Care Ltd is the largest at ₹15,182 crore, about 40% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Hospitals/Medical Services sector's P/E ratio?

The median price-to-earnings ratio across the 7 Hospitals/Medical Services companies on this page is 49.2×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Hospitals/Medical Services sector performing?

2 of the 2 covered Hospitals/Medical Services companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 153.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/hospitals-medical-services