Unihealth Hospitals Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Unihealth Hospitals Ltd trades at ₹712, in a confirmed uptrend and 70 weeks into that stage. That is +40.2% against its own 200-day average. It sits at 87% of a 52-week range of ₹158 to ₹793. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 49 straight weeks.

Today the stock is in a confirmed uptrend — week 70 of stage 2, confirmed. At ₹712 it trades +40.2% versus its 200-day average and sits at 87% of its 52-week range (₹158–₹793).

Against the market, two honest reads. Cumulative: over the last 3.0 years the stock moved +446% while the NIFTY 500 moved +32% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 49 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Unihealth Hospitals Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: Not stated in the research file.

Our read, 31 May 2026. Africa-to-India pivot in year one — Uganda cash engine funds India greenfield, but India ramp will drag near-term margins for 4–6 quarters.

What is proven. Africa-to-India pivot in year one — Uganda cash engine funds India greenfield, but India ramp will drag near-term margins for 4–6 quarters.

What is not proven yet. H2 FY26 EBITDA margin at 36% vs H1's 48% — a 12pp gap. If Navi Mumbai occupancy stays below 30% through FY27, Nashik commissioning adds another fixed-cost tranche before India revenue scales.

The test written in advance. India Ramp Execution Risk — Margin Dilution Extends Beyond 4 Quarters — India Ramp Execution Risk — Margin Dilution Extends Beyond 4 Quarters H1 FY27 India-segment EBITDA margin (must show positive, even small, to validate ramp) by the next result.

The test written in advance. Receivables / Cash Flow Risk (Debtor Days 306 in FY25) — Receivables / Cash Flow Risk (Debtor Days 306 in FY25) CFO/OP ratio for H1 FY27 (FY25 was −6%; FY24 was +41%) by the next result.

The test written in advance. Currency / Geopolitical Concentration (Uganda 74% of Revenue) — Currency / Geopolitical Concentration (Uganda 74% of Revenue) UGX/INR exchange rate trend; Uganda political stability indicators by the next result.

What the company does. FY26 consolidated revenue ₹132 Cr (+136% YoY) and PAT ₹46 Cr (+207% YoY) driven almost entirely by the Uganda hospital at 48% EBITDA margins; see,,. Bed capacity doubled from 200 to 400 in FY26 (Entebbe Uganda acquired + Navi Mumbai commissioned); Nashik 200-bed lease finalized — 600+ beds targeted by FY27-end; see,. H2 FY26 EBITDA margin compressed 374 bps to 36% vs H1's 48% — India ramp costs (depreciation, staff) loading on a small revenue base; the H1/H2 divergence is the key read on execution risk; see,.

Lever 1 · Operating leverage — BUILDING. UMC Victoria Hospital EBITDA margin reached 48% in H1 FY26 — the Uganda 10-year tax holiday (0% corporate tax for exports) is the structural driver; margin compressed to 36% in H2 FY26 as India ramp diluted consolidated EBITDA. What proves it keeps working: Uganda Operating Leverage (Tax Holiday + Mature Capacity). It stops working if H1 FY27 India-segment EBITDA margin (must show positive, even small, to validate ramp).

Lever 10 · New geographies — BUILDING. Navi Mumbai 60-bed hospital commissioned in FY26; Nashik 200-bed lease finalized. Together targeting 500 beds in India within 24 months. ARPOB and occupancy at Navi Mumbai in FY27 H1 is the first real read. What proves it keeps working: India Greenfield Ramp (Navi Mumbai + Nashik). It stops working if H1 FY27 India-segment EBITDA margin (must show positive, even small, to validate ramp).

Lever 7 · Consolidation — BUILDING. First successful IVF twin birth at UMC Victoria Hospital in FY26 marks new specialty service activation. Higher per-procedure ARPOB from specialty services vs general hospital. What proves it keeps working: Super-Specialty Expansion in Uganda (IVF, Cardiac, Ophthalmology). It stops working if H1 FY27 India-segment EBITDA margin (must show positive, even small, to validate ramp).

Lever 6 · Order-book wins — BUILDING. UniHealth Uganda Limited importing and distributing pharma/medical consumables; product registrations pipeline for Reliance Life Sciences products and others — incremental high-margin revenue expected in 12–24 months. What proves it keeps working: Distribution Vertical Scale (Pharmaceutical Products in Uganda). It stops working if H1 FY27 India-segment EBITDA margin (must show positive, even small, to validate ramp).

Sources: our stock research file (31 May 2026) · quarterly results through Mar 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Unihealth Hospitals Ltd reported ₹65.0 Cr of revenue in the Mar 26 quarter, +16.1% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 34.8% a year. The last full year, FY26, came in at ₹132 Cr. The last four reported quarters add to ₹231 Cr.

Why this happened. The India entry is the swing factor for the next 2–3 years. Management guided 400–500 beds across 4–5 India facilities in 3 years (Nov 2024 concall). Phase 1 = Maharashtra Golden Triangle: Navi Mumbai (60 beds, commissioned FY26), Nashik (200 beds, lease signed FY26), and Pune (evaluation stage). India hospitals in the 50–125 bed format target ARPOB of ~₹1 Cr/year per bed. At 60% occupancy on 60 Navi Mumbai beds, that implies ~₹36 Cr annual run-rate from a single unit — but achieving 60% occupancy in Year 1 is unlikely. The risk is India diluting consolidated EBITDA margins for 4–8 quarters while Uganda cash flow funds the capex.

FY26 revenue came in at ₹132 Cr (+33.3% on the year), capping 6 years at 34.8% compound. The latest quarter (Mar 26) printed ₹65.0 Cr, +16.1% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +68.7% growth against the decade's 34.8% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Unihealth Hospitals Ltd's operating margin is 34.0% in the Mar 26 quarter, −4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved −5.0 percentage points. Across 7 fiscal years the operating margin has ranged 10.0% to 41.0%.

Why this happened. Uganda contributes 73–74% of revenue at EBITDA margins structurally above 40%. The 10-year Uganda corporate tax holiday (available to exporters meeting the 80% export threshold) provides a direct margin floor unavailable to Indian competitors. Uganda patient volumes grew: 1,31,850 patients in FY25 vs 1,10,000 in FY24. The H1/H2 FY26 divergence (48% vs 36% EBITDA) is not Uganda-driven — it is the India ramp loading depreciation and staff costs on near-zero India revenue. Uganda's EBITDA contribution is stable; the margin compression is a denominator effect from India.

The latest quarter's operating margin is 34.0%, −4.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 10.0%–41.0%, and FY26's 41.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −5.5 pp year on year while gross margin went −4.6 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Unihealth Hospitals Ltd earned ₹17.0 Cr of net profit in the Mar 26 quarter, −5.6% year on year. Full-year FY26 profit was ₹46.0 Cr. That is 26.2% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr.

Mar 26 profit was ₹17.0 Cr, −5.6% year on year. On the full year, FY26 printed ₹46.0 Cr (+70.4%).

🚨 Why profit moved: revenue contributed +16.1% and the margin −4.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +135.4% vs revenue +68.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 17% of Unihealth Hospitals Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹6.0 Cr of operating cash against ₹46.0 Cr of profit. After ₹31.0 Cr of capital spending, ₹−25.0 Cr was left as free cash.

FY26: operating cash of ₹6.0 Cr against reported profit of ₹46.0 Cr, leaving free cash of ₹−25.0 Cr after ₹31.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 17% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 17%: the cash cycle stretched 112 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 112 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Unihealth Hospitals Ltd's cash conversion cycle runs 304 days in FY26, up from 192 days in FY21. Capital spending ran ₹75.0 Cr over the last 3 years. At FY26 sales of ₹132 Cr each day of that cycle holds about ₹0.4 Cr, so roughly ₹110 Cr sits inside the business at any moment.

FY26: debtors at 341 days, inventory at 100 days — roughly 3.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 304 days, looser than FY21's 192.

The full loop: cash goes out to suppliers and production on day 0; stock waits 100 days to sell; customers pay about 341 days after that; and suppliers themselves are paid at 138 days — netting out to the 304-day cycle.

In money terms: at FY26 sales of ₹132 Cr, each day of the cycle holds about ₹0.4 Cr — so the 304-day loop keeps roughly ₹110 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹75.0 Cr over the last 3 fiscal years against ₹18.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹10.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Unihealth Hospitals Ltd earns a ROCE of 24% in FY26. That is up from a trough of 14% in FY21. Return on invested capital clears the cost of that capital by +7.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 34.8% net margin on 0.52× asset turns.

FY26 ROCE is 24%, recovered from a FY21 trough of 14% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 34.8% net margin × 0.52× asset turns × 1.84× balance-sheet leverage ≈ 33.3% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 19.4% − 12.0% = a +7.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Unihealth Hospitals Ltd carries total debt of ₹33.0 Cr against shareholder equity of ₹198 Cr as of Mar 26, a debt-to-equity of 0.17 — effectively unlevered. On the annual view that ratio went from 0.18 in FY24 to 0.17 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹33.0 Cr against shareholder equity of ₹198 Cr — a debt-to-equity of 0.17. On the annual view, debt-to-equity went from 0.18 (FY24) to 0.17 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 5.6 points of Unihealth Hospitals Ltd over 5 quarters, the biggest move on the register. That takes foreign institutions to 0.0% of the company. Domestic institutions moved −2.8 points over the same window, to 0.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −5.6 points over 5 quarters to 0.0%; Domestic institutions: −2.8 points over 5 quarters to 0.5%; Promoters: +0.7 points over 5 quarters to 69.5%.

🚨 Why the register moved: foreign institutions drove it (−5.6 points), alongside domestic institutions (−2.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Unihealth Hospitals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Unihealth Hospitals Ltd trades at 44.2× P/E, against too little history to rank. Its long-run median P/E is 37.5×, measured across 0.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 44.2× is against too little history to rank, against a long-run median of 37.5× measured over 0.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Unihealth Hospitals Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

67.6/100 — rank 1 of 7 in Hospitals/Medical Services · 56% evidence confidence

Unihealth Hospitals Ltd scores 67.6 out of 100 against the 7 companies it is compared with in Hospitals/Medical Services, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 19 + 18.6 + 10 + 20 = 67.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Unihealth Hospitals Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

🚨 Timeline Shift for the 1000-Bed Capacity Target · 30 June 2026. In the Nov 2023 call, management stated they targeted reaching a 1000-bed capacity from their then-current 200-bed capacity by the end of fiscal year 2025-2026. However, in the June 2026 call, having missed this timeframe and only reached 400 commissioned beds, management extended the target completion period significantly, stating that their goal is to achieve the 1000-bed capacity by the end of the calendar year 2028.

Geographic Concentration De-risking Target Delay · 30 June 2026. In the May 2024 call, management outlined a clear risk-mitigation strategy stating that by fiscal year 2025-2026, the revenue contribution from any single geography would not exceed 25% to 30% of the consolidated financials. However, in the June 2026 call, management revealed that Uganda still contributes 82% of the company's topline, showcasing a stark deviation from their previously committed de-risking timeline and targets.

Tanzania Syringe Manufacturing Plant Timeline Abandoned · 30 June 2026. In the Nov 2023 call, management stated they were constructing a syringe manufacturing facility in Tanzania, with commissioning expected around June 2024. However, in the June 2026 call, there is no mention of this operational manufacturing plant, and the Mwanza location is instead characterized as part of their hospital bed expansion territory.

🚨 Timeline of Bed Expansion Rewritten · 3 June 2026. Management significantly delayed their 1,000-bed expansion target from fiscal year 2025-26 to calendar year 2028. Critically, in the latest call, they incorrectly stated that this pushed-back timeline was exactly what they had guided to since 2023, attempting to rewrite their original, much more aggressive timeline without acknowledging the multi-year delay.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions