Operating Leverage Inflection
Expected: CurrentHIGH confidence
What: EBITDA Margin: 49.76%
Impact: 1,212 bps expansion
“once the revenues start growing, these fixed costs remain the same... That allows a very high EBITDA margin.”
Unihealth Hospitals Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +49.8%Strong10w Streak
In , Unihealth Hospitals Ltd (Hospitals/Medical Services) is outperforming Nifty 500 with +49.8% relative strength. Fundamentals: Strong. On a 10-week streak.
Unihealth Hospitals Ltd Key Facts
- PE Ratio
- 28.7x
- Market Cap
- ₹692 Cr
- PAT Growth YoY
- +222%
- Revenue Growth YoY
- +56%
- OPM
- 48.0%
- RS vs Nifty 500
- +49.8%
What's Happening
📊Debt increased 38% YoY — leverage rising
💰Trading 274% below estimated fair value — significant discount
Earnings Acceleration Triggers
1. Operating Leverage Inflection
CurrentHIGH
2. Regulatory Approval Or License Win
10 yearsHIGH
3. Geographical Expansion
FY 2026-27MEDIUM
Key Risks
1. Nigerian Naira depreciation of more than 50% led to a move out of operating the
HIGH2. Delays in statutory approvals for Indian hospitals pushed back commissioning dat
MEDIUM3. Concentration of 90% revenue in Uganda creates geopolitical risk
LOWSector-Specific Signals
Total Operational Beds172 beds-28 beds
Average Occupancy (Uganda)72%+9.5%
ARPOB (Uganda)₹40,000++60%
Trade Receivable Days (Uganda)240-250 days
Key Numbers
PAT Growth YoY
+222%
Stable
Revenue YoY
+56%
Stable
Operating Margin
48.0%
+1300 bps YoY
PE Ratio
28.7
Current Price
₹441
Fundamental Score
63/100
Strong
3Y PAT CAGR
+55%
Market Cap
692 Cr
Valuation
Significantly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Unihealth Hospitals Ltd's Earnings Accelerating?
Based on Q2 FY26 earnings • Updated Apr 18, 2026
Regulatory Approval Or License Win
Expected: 10 yearsHIGH confidence
What: Tax Rate: 0%
Impact: Significant tax saving
“the company received an income tax holiday for a period of 10 years for its Uganda business.”
Geographical Expansion
Expected: FY 2026-27MEDIUM confidence
What: Bed Capacity: 250 beds
Impact: ₹125 Cr revenue target
“we will be looking at revenue streams coming in from two hospitals or 250 beds in India.”
Interest Cost Reduction Deleveraging
Expected: CurrentMEDIUM confidence
What: Debt Status: Debt Free (Uganda)
Impact: Negligible debt on books
“with the company having completely repaid its bank debts in Uganda as of 30th September 2025.”
Value Added Product Mix Shift
Expected: CurrentMEDIUM confidence
What: ARPOB: ₹40,000+
Impact: 60% increase
“last year, it was somewhere around 24,000-25,000. This first half of the year, it was just about 40,000 plus.”
EBITDA Margin at 49.76%
HIGH confidence
What: EBITDA Margin at 49.76%
“once the revenues start growing, these fixed costs remain the same... That allows a very high EBITDA margin for the increased revenue.”
What Are the Key Risks for Unihealth Hospitals Ltd?
Earnings deceleration risks from management commentary
Nigerian Naira depreciation of more than 50% led to a move out of operating the
HIGHTrigger: Currency depreciation makes further investments unviable and eats into profitability.
Monitor: fx
Delays in statutory approvals for Indian hospitals pushed back commissioning dat
MEDIUMTrigger: Government offices being in festive mode delayed the processing of necessary papers.
Monitor: regulatory
Concentration of 90% revenue in Uganda creates geopolitical risk
LOWTrigger: Management aims to limit any single overseas country to one-third of total revenue to mitigate this.
Monitor: geopolitical
What Is Unihealth Hospitals Ltd's Management Saying?
Key quotes from recent conference calls
“Our 60-bed tertiary care hospital in Navi Mumbai is nearing readiness and is expected to begin operations by July 2025. [Previous Navi Mumbai Operational Timeline guidance]”
“we will be having a commissioned somewhere around December or latest by early January 2026. [Previous Nashik Operational Timeline guidance]”
“considerable margin addition will also happen because these patients... will be charged higher than a domestic patient. [Initiative: Medical Value Travel]”
“the Nigerian Naira further depreciated by more than 50%. So, the currency depreciation... does not allow us to make further investments. [Risk (fx): HIGH]”
What Did Unihealth Hospitals Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹70 crore
YoY +55%
Why: Driven by healthy traction across hospital operations and allied businesses including clinical programs and consultancy services.
Revenue growth was significantly aided by the expansion of capacity and addition of new clinics in the African segment.
EBITDA
₹35 crore
YoY +100%Margin 49.76%
Why: EBITDA more than doubled due to an expansion of 1,212 basis points in the margin as revenues grew while fixed costs remained stable.
The margin expansion reflects strong operating leverage as the company hit a critical break-even point in its mature facilities.
PAT
₹28.6 crore
YoY +200%
Why: Net profit more than tripled due to a 10-year income tax holiday in Uganda and the repayment of bank debts.
The tax holiday in Uganda, the most profitable unit, resulted in significant tax savings for the group.
Other Highlights
• EPS improved to INR9.8 reflecting profitability strength.
• Standalone total income grew by 80% with EBITDA rising 127%.
• Uganda unit completely repaid bank debts as of September 30, 2025.
What Sector Metrics Matter for Unihealth Hospitals Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Operational Beds
172 beds
YoY -28 beds
Why: Added 52 beds in Navi Mumbai but exited 80 beds in Nigeria.
Average Occupancy (Uganda)
72%
YoY +9.5%
Why: Increased patient volumes and addition of new clinical programs.
ARPOB (Uganda)
₹40,000+
YoY +60%
Why: Addition of super-specialties like IVF and spine surgery which bill higher.
Trade Receivable Days (Uganda)
240-250 days
Why: Cyclical payment modality from the Ugandan Ministry of Defense.
Uganda Revenue Contribution
90%
YoY +15.5%
Why: Uganda remains the only fully operational major facility while India is just starting.
Standalone EBITDA Margin
69%
YoY Significant
Why: Strong operational discipline and scale benefits in the consultancy and export verticals.
Beds Under Consultancy
1,300 beds
YoY 0%
Why: Capacity has been constant as some projects completed while new ones were added.
FY27 India Revenue Target
₹125 Cr
YoY New Target
Why: Expected full-year contribution from Navi Mumbai and Nashik facilities.
What Is Unihealth Hospitals Ltd's Management Guidance?
Forward-looking targets from management for FY 2026-27
OPM Guidance
17.5%
Capex Plan
₹75 Cr
Revenue Outlook
₹125 crore
Margin Outlook
Targeting EBITDA between 15% to 20% for new Indian units.
Capex Plan
₹50 to ₹75 crore
Capacity expansion in Nashik and East Africa.
Volume
Targeting 1,000-bed capacity by end of calendar year 2027.
Management Tone: BULLISH
Guidance Changes
LOWERED
Nashik Commissioning: December 2025 → January/February 2026
How Fast Is Unihealth Hospitals Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +56% | +15% | Stable |
| PAT (Net Profit) | +222% | +55% | Stable |
| OPM | 48.0% | +1300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Hospitals/Medical Services Stocks Beating Nifty 500
Frequently Asked Questions: Unihealth Hospitals Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Unihealth Hospitals Ltd's latest quarterly results?
Unihealth Hospitals Ltd's latest quarterly results (Sep 2025) show
- PAT Growth YoY: +222.2% (stable)
- Revenue Growth YoY: +55.8%
- Operating Margin: 48.0% (volatile)
Is Unihealth Hospitals Ltd's profit growing or declining?
Unihealth Hospitals Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +222.2% (latest quarter)
- PAT Growth QoQ: +61.1% (sequential)
- 3-Year PAT CAGR: +55.4%
- Trend: Stable — consistent growth pattern
What is Unihealth Hospitals Ltd's revenue growth trend?
Unihealth Hospitals Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +55.8%
- Revenue Growth QoQ: +19.6% (sequential)
- 3-Year Revenue CAGR: +14.8%
How is Unihealth Hospitals Ltd's operating margin trending?
Unihealth Hospitals Ltd's operating margin is volatile.
- Current OPM: 48.0%
- OPM Change YoY: +13.0% basis points
- OPM Change QoQ: +10.0% basis points
What is Unihealth Hospitals Ltd's 3-year profit and revenue CAGR?
Unihealth Hospitals Ltd's long-term compounding rates
- 3-Year Profit CAGR: +55.4%
- 3-Year Revenue CAGR: +14.8%
Is Unihealth Hospitals Ltd's growth accelerating or decelerating?
Unihealth Hospitals Ltd's earnings growth is stable with positive momentum on a sequential basis.
- YoY Acceleration: 0.0% bps
- Sequential Acceleration: 0.0% bps
Is Unihealth Hospitals Ltd overvalued or undervalued?
Unihealth Hospitals Ltd appears significantly undervalued based on our fair value analysis.
- Valuation Signal: Significantly Undervalued
- Current PE: 28.7x
- Price-to-Book: 5.5x
What is Unihealth Hospitals Ltd's current PE ratio?
Unihealth Hospitals Ltd's current PE ratio is 28.7x.
- Current PE: 28.7x
- Market Cap: 692 Cr
How does Unihealth Hospitals Ltd's valuation compare to its history?
Unihealth Hospitals Ltd's current PE is 28.7x.
- Current PE: 28.7x
- Valuation Assessment: Significantly Undervalued
What is Unihealth Hospitals Ltd's price-to-book ratio?
Unihealth Hospitals Ltd's price-to-book ratio is 5.5x.
- Price-to-Book (P/B): 5.5x
- Book Value per Share: ₹81
- Current Price: ₹441
Is Unihealth Hospitals Ltd a fundamentally strong company?
Unihealth Hospitals Ltd is rated Strong with a fundamental score of 63/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +55.8% (10% weight)
- PAT Growth YoY: +222.2% (10% weight)
- PAT Growth QoQ: +61.1% (10% weight)
- Margins stable (10% weight)
Is Unihealth Hospitals Ltd debt free?
Unihealth Hospitals Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹18 Cr
What is Unihealth Hospitals Ltd's return on equity (ROE) and ROCE?
Unihealth Hospitals Ltd's return ratios over recent years
- FY2023: ROCE 22.0%
- FY2024: ROCE 20.0%
- FY2025: ROCE 17.0%
Is Unihealth Hospitals Ltd's cash flow positive?
Unihealth Hospitals Ltd's operating cash flow is negative (FY2025).
- Cash from Operations (CFO): ₹-3 Cr
- Free Cash Flow (FCF): ₹-11 Cr
- CFO/PAT Ratio: -20% (weak cash conversion)
What is Unihealth Hospitals Ltd's dividend yield?
Unihealth Hospitals Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹441
Who holds Unihealth Hospitals Ltd shares — promoters, FII, DII?
Unihealth Hospitals Ltd's shareholding pattern (Mar 2026)
- Promoters: 69.5%
- FII (Foreign): 0.0%
- DII (Domestic): 0.5%
- Public: 30.0%
Is promoter holding increasing or decreasing in Unihealth Hospitals Ltd?
Unihealth Hospitals Ltd's promoter holding has increased recently.
- Current Promoter Holding: 69.5% (Mar 2026)
- Previous Quarter: 69.1% (Sep 2025)
- Change: +0.39% (increasing — positive signal)
How long has Unihealth Hospitals Ltd been outperforming Nifty 500?
Unihealth Hospitals Ltd has been outperforming Nifty 500 for 10 consecutive weeks, indicating consistent outperformance.
Is Unihealth Hospitals Ltd a new momentum entry or an established outperformer?
Unihealth Hospitals Ltd is an established outperformer with 10 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Unihealth Hospitals Ltd?
Unihealth Hospitals Ltd has 6 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Fixed costs are being absorbed by rising revenues from increased occupancy and super-specialty additions.
- Regulatory Approval Or License Win — Uganda business received a 10-year income tax holiday effective July 2024.
- Geographical Expansion — Commissioning of Navi Mumbai and Nashik hospitals will diversify revenue away from Uganda.
- Interest Cost Reduction Deleveraging — Complete repayment of bank debts in Uganda allows reallocation of cash flows for expansion.
What are the key risks in Unihealth Hospitals Ltd?
Unihealth Hospitals Ltd has 3 key risks worth monitoring
- [HIGH] Nigerian Naira depreciation of more than 50% led to a move out of operating the — Currency depreciation makes further investments unviable and eats into profitability.
- [MEDIUM] Delays in statutory approvals for Indian hospitals pushed back commissioning dat — Government offices being in festive mode delayed the processing of necessary papers.
- [LOW] Concentration of 90% revenue in Uganda creates geopolitical risk — Management aims to limit any single overseas country to one-third of total revenue to mitigate this.
What did Unihealth Hospitals Ltd's management say in the latest earnings call?
In Q2 FY26, Unihealth Hospitals Ltd's management highlighted
- "Our 60-bed tertiary care hospital in Navi Mumbai is nearing readiness and is expected to begin operations by July 2025. [Previous Navi Mumbai Operati..."
- "we will be having a commissioned somewhere around December or latest by early January 2026. [Previous Nashik Operational Timeline guidance]"
- "considerable margin addition will also happen because these patients... will be charged higher than a domestic patient. [Initiative: Medical Value Tr..."
What is Unihealth Hospitals Ltd's management guidance for growth?
Unihealth Hospitals Ltd's management has provided the following forward guidance for FY 2026-27
- Revenue outlook: ₹125 crore
- OPM guidance: 17.5%
- Capex plan: ₹75 Cr for Capacity expansion in Nashik and East Africa.
- Management tone: bullish
- Milestone: [LOWERED] Nashik Commissioning: December 2025 → January/February 2026
What sector-specific metrics matter most for Unihealth Hospitals Ltd?
Unihealth Hospitals Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Operational Beds: 172 beds (YoY -28 beds) — Added 52 beds in Navi Mumbai but exited 80 beds in Nigeria.
- Average Occupancy (Uganda): 72% (YoY +9.5%) — Increased patient volumes and addition of new clinical programs.
- ARPOB (Uganda): ₹40,000+ (YoY +60%) — Addition of super-specialties like IVF and spine surgery which bill higher.
- Trade Receivable Days (Uganda): 240-250 days — Cyclical payment modality from the Ugandan Ministry of Defense.
- Uganda Revenue Contribution: 90% (YoY +15.5%) — Uganda remains the only fully operational major facility while India is just starting.
- Standalone EBITDA Margin: 69% (YoY Significant) — Strong operational discipline and scale benefits in the consultancy and export verticals.
Is Unihealth Hospitals Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Unihealth Hospitals Ltd may be worth studying
- Earnings growing at +222.2% YoY
- Valuation: appears significantly undervalued
What is the investment thesis for Unihealth Hospitals Ltd?
Unihealth Hospitals Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +55.8% YoY
- Appears significantly undervalued
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Key risk: Nigerian Naira depreciation of more than 50% led to a move out of operating the
What is the future outlook for Unihealth Hospitals Ltd?
Unihealth Hospitals Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Undervalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Nigerian Naira depreciation of more than 50% led to a move out of operating the
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.