Unihealth Hospitals Limited (UNIHEALTH)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Unihealth Hospitals' revenue was ₹65.0 Cr (+104.6% year on year, -3.0% on the previous half-year), and net profit ₹17.0 Cr (+71.5% year on year); the operating margin was 33.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹65.0 | +104.6% | -3.0% |
| Operating profit | ₹22.0 | +109.2% | -31.2% |
| Net profit | ₹17.0 | +71.5% | -41.4% |
| EPS (₹) | 6.83 | +6.1% | -29.9% |
| Operating margin | 33.8% | — | — |
UNIHEALTH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 70.0% of the UNIHEALTH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.74%. That is close to its usual level. Turnover was only ₹28 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 57.5% · 58.3% · 75.9% · 68.4% · 70.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Unihealth Hospitals Limited has allotted 2,00,000 equity shares of face value ₹10 each at an issue price of ₹151 per share (₹141 premium) following the conversion of convertible warrants. The total value of this conversion tranche stands at approximately ₹3.02 crore, representing under 0.3% of the company's ₹1,206 crore market capitalization. The shares were allotted equally (1,00,000 each) to Dr. Akshay M. Parmar and Dr. Anurag Shah, subject to statutory lock-in requirements.
- Allotment of 2,00,000 equity shares pursuant to warrant conversion
- Conversion price of ₹151 per share (face value ₹10 + premium of ₹141)
- Total capital raised in this tranche is approximately ₹3.02 crore
- Allottees include Dr. Akshay M. Parmar (1,00,000 shares) and Dr. Anurag Shah (1,00,000 shares)
- Allotted shares are subject to SEBI ICDR lock-in provisions
Unihealth Hospitals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Transfer Agent Bigshare Services Pvt. Ltd. on October 08, 2026, confirms the processing of dematerialization requests. Bigshare confirmed that security certificates received were processed, mutilated, and cancelled within 15 days of receipt. This is a purely procedural regulatory filing with no operational or financial impact.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by Registrar and Transfer Agent Bigshare Services Pvt. Ltd. dated October 08, 2026
- Confirmed security certificates mutilated and cancelled within 15 days of receipt
Unihealth Hospitals Limited has issued a Postal Ballot notice seeking shareholder approval for three key resolutions. These include migrating 1,73,49,952 equity shares from the NSE Emerge SME platform to the Main Board of NSE and BSE after completing 3 years of listing. The company is also proposing to convert outstanding loans up to ₹26.00 crore payable by subsidiary UMC Hospitals Private Limited into 2.60 crore equity shares, alongside a variation in unutilised IPO proceeds. The remote e-voting window runs from September 29, 2026, to October 28, 2026.
- Proposed migration of up to 1,73,49,952 equity shares from NSE Emerge to the Main Board of NSE and BSE.
- Conversion of outstanding loans payable by subsidiary UMC Hospitals into equity shares up to ₹26.00 crore.
- Company market capitalization cited in excess of ₹1,061.40 crore as of September 17, 2026.
- Remote e-voting period opens on September 29, 2026, and closes on October 28, 2026, based on a cut-off date of September 25, 2026.
Unihealth Hospitals has approved a variation in its IPO proceeds utilisation, subject to shareholder approval. The company is reallocating ₹1.69 Cr of unutilised funds out of ₹4.60 Cr originally earmarked for UMC Global Health Limited in Nigeria towards UMC Hospitals Private Limited in India. The shift comes as direct hospital operations at UMC Zhahir Hospital in Nigeria are being discontinued due to severe Naira currency depreciation, grid electricity shortages, and fuel subsidy removals. Going forward, Nigeria operations will pivot to an asset-light medical travel model, redeploying capital toward Indian hospital capex.
- Reallocating ₹1.69 Cr unutilised IPO funds out of ₹4.60 Cr originally earmarked for Nigeria subsidiary UMCGHL
- Discontinuing direct hospital operations at UMC Zhahir Hospital in Nigeria
- Funds redirected to Indian subsidiary UMC Hospitals Private Limited for hospital expansion capex
- Nigeria strategy shifting to asset-light medical value travel and OPD camps
Unihealth Hospitals Limited has approved migrating its equity shares from the NSE SME Emerge platform to the Main Boards of both NSE and BSE, subject to shareholder and regulatory approvals. The Board also approved the conversion of Rs 26.00 crore in loans into equity shares by its subsidiary, UMC Hospitals Private Limited. Additionally, the company is seeking shareholder approval to vary the terms of IPO proceeds utilization outlined in its September 14, 2023 prospectus. A Postal Ballot notice has been authorized to seek shareholder consent for these proposals.
- Approved migration from NSE SME Emerge platform to the Main Board of both NSE and BSE
- Sanctioned conversion of Rs 26.00 crore loans into equity shares by subsidiary UMC Hospitals Private Limited
- Approved variation in the utilization terms of IPO proceeds from the September 14, 2023 Prospectus
- Authorized Postal Ballot notice to obtain shareholder approval for all proposed businesses
Unihealth Hospitals Limited has notified the stock exchange of a scheduled virtual group investor meet on Tuesday, September 22, 2026, at 3:00 PM IST. The interaction will involve company officials discussing publicly available information with no unpublished price-sensitive information (UPSI) to be shared. The company currently has a market capitalization of Rs 1,648 Cr and TTM revenue of Rs 188 Cr. Such investor interactions are standard compliance disclosures under Regulation 30(6) of SEBI LODR.
- Investor meet scheduled for Tuesday, September 22, 2026
- Meeting timing fixed at 03:00 p.m. IST
- Format specified as a virtual group meeting
- Discussions strictly limited to publicly available information with no UPSI
Unihealth Hospitals has allotted 12,50,000 equity shares on a preferential basis at an issue price of ₹520.31 per share, representing an aggregate deal value of ₹65.04 Cr. The allotment is executed via a share swap arrangement for consideration other than cash to acquire 2,55,544 ordinary shares of Victoria Hospital Limited. The shares were allotted equally (6,25,000 shares each) to non-promoter individuals Dr. Chirag Jagdish Kotecha and Mr. Bhaskerkumar Prabhudas Khimji Kotecha. The ₹65.04 Cr transaction represents ~34.6% of Unihealth's TTM revenue of ₹188 Cr.
- Allotted 12,50,000 equity shares at ₹520.31 per share (face value ₹10 + premium ₹510.31)
- Total transaction value stands at ₹65,03,87,500 (~₹65.04 Cr)
- Acquisition of 2,55,544 ordinary shares of Victoria Hospital Limited via share swap
- Allottees are non-promoter individuals receiving 6,25,000 shares each
Unihealth Hospitals Limited has completed the acquisition of an additional 2,55,544 Ordinary Shares (49.81% paid-up capital) in Victoria Hospital Limited, Uganda (VHL). The acquisition was executed via a share swap arrangement with existing shareholders, without cash outflow. Following this transaction, Unihealth's aggregate holding in VHL increased from 50.00% to 99.81%, converting VHL from a joint venture into a full subsidiary.
- Acquired 2,55,544 Ordinary Shares representing 49.81% of Victoria Hospital Limited (VHL), Uganda
- Total shareholding in VHL increased from 50.00% to 99.81%
- Transaction settled via a Share Swap Arrangement for consideration other than cash
- Victoria Hospital Limited transitions from a joint venture to a consolidated subsidiary
UniHealth Hospitals Limited has received in-principle approval from the National Stock Exchange of India (NSE) for the listing of up to 12,50,000 equity shares of face value ₹10 each issued under a preferential issue. The approval, granted under Regulation 28(1) of SEBI LODR on August 25, 2026, is subject to standard regulatory filings, statutory compliance, and strict monitoring of trades by proposed allottees. This procedural approval clears the pathway for the company to finalize allotment and raise equity capital.
- NSE granted in-principle approval for listing up to 12,50,000 equity shares of face value ₹10/- each.
- Approval issued vide NSE letter Ref: NSE/LIST/56177 dated August 25, 2026, under Regulation 28(1) of SEBI LODR.
- Company required to obtain undertakings from proposed allottees confirming no intra-day or sale trades prior to allotment.
Unihealth Hospitals Limited announced that its new 200-bed tertiary care multi-specialty hospital, UMC Hospitals, Nashik, will commence patient services from September 1, 2026. This operationalization follows the receipt of official hospital registration in June 2026 and transitions the facility from capex/pre-operative stages to revenue-generating operations. The facility includes 4 modular operating theatres with robotic surgery capabilities, cardiac cath lab, adult/neonatal ICUs, and advanced diagnostics. The expansion aligns with the group's long-term objective of scaling past 1,000 commissioned beds across India and East Africa.
- 200-bed tertiary care facility scheduled to commence patient services from September 1, 2026.
- Facility features 4 modular operating theatres including a dedicated Robotic Surgery OT and Cardiac Catheterization Lab.
- Registration was officially received in June 2026, enabling commercial launch in North Maharashtra.
- Company aims to build a network exceeding 1,000 commissioned beds across India and Africa.
Unihealth Hospitals Limited reported the conclusion of its virtual Analyst/Investor meeting held on August 19, 2026, from 11:00 AM to 11:35 AM. The session included interactions with 8 institutional investors and analysts, including Oculus Capital Growth Fund, Pi Square Investments, BP Wealth, and others. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the meeting.
- Meeting conducted virtually on Zoom on August 19, 2026, between 11:00 AM and 11:35 AM
- Attended by 8 entities including institutional funds, securities firms, and HNIs
- Confirmed no Unpublished Price Sensitive Information (UPSI) was disclosed during interactions
Unihealth Hospitals Limited has submitted compliance documents following NSE's query letter dated August 13, 2026, regarding its application for in-principle approval for a proposed preferential issue of equity shares of face value ₹10 each. The company made available a Revised Valuation Report by an Independent Registered Valuer on its website. Additionally, it clarified that a reference to Regulation 166A of SEBI ICDR Regulations in the AGM notice was inadvertent and does not alter the issue price, share swap ratio, number of shares, or proposed allottees.
- Responded to NSE letter No. NSE/LIST/56177 dated August 13, 2026, regarding in-principle approval
- Uploaded Revised Valuation Report by an Independent Registered Valuer to its website
- Clarified that reference to Regulation 166A of SEBI ICDR Regulations in the AGM Notice was inadvertent
- Confirmed zero changes to issue price, number of shares, swap ratio, or proposed allottees
Unihealth Hospitals Limited has scheduled a virtual group meeting with investors and analysts for August 19, 2026, at 11:00 a.m. The company currently holds a market capitalization of Rs 1,655 Cr and reported a TTM revenue of Rs 188 Cr with a strong operating margin of 38.6%. The discussion will be limited to publicly available information, ensuring no unpublished price-sensitive information is shared. This meeting comes amid a period of significant stock performance, with a 12-month price return of 341.8%.
- Virtual group meeting scheduled for August 19, 2026, at 11:00 a.m.
- Company reported TTM revenue of Rs 188 Cr and TTM PAT of Rs 61 Cr.
- Operating profit margin (OPM) remains high at 38.6% as per latest TTM data.
- Promoter holding is stable at 69.53% as of March 2026.
- Discussions will strictly adhere to publicly available information per SEBI regulations.
Unihealth Hospitals Limited announced a successful clinical milestone at its UMC Hospitals, Navi Mumbai facility, involving a complex 2-hour minimally invasive laparoscopic procedure for pancreatic necrosis. This follows other recent advanced interventions including robotic knee replacements and IVUS-guided coronary procedures at the same unit. While this specific case does not have a disclosed financial value, the Navi Mumbai and Nashik facilities are key growth drivers, with management targeting a combined top-line contribution of Rs 125 Cr in the next financial year. The company reported a consolidated total income of Rs 137.01 Cr for FY26, indicating these new units are critical for doubling revenue.
- Successfully treated a 33-year-old patient for large walled-off pancreatic necrosis using a 2-hour laparoscopic procedure.
- Management targets a top-line revenue of Rs 125 Cr from new Navi Mumbai and Nashik facilities in the next financial year.
- Reported FY26 consolidated Total Income of Rs 137.01 Cr and Net Profit of Rs 25.83 Cr.
- Recent clinical milestones include Navi Mumbai's first robotic knee replacement and IVUS-guided coronary intervention.
Unihealth Hospitals Limited announced the successful completion of a complex Coronary Artery Bypass Grafting (CABG) surgery on a 35-year-old patient at its Navi Mumbai facility. The procedure involved managing a life-threatening intraoperative cardiac event, demonstrating the hospital's capability in high-risk tertiary care. This facility is part of the company's expansion strategy, which targets a combined top-line contribution of ₹125 Cr from Navi Mumbai and Nashik units. While clinically significant for brand building, this is a routine operational update for a healthcare provider.
- Successfully treated a 35-year-old patient with critical multi-vessel coronary artery disease via CABG.
- Managed a rare and life-threatening intraoperative cardiac event during the procedure.
- Patient was discharged in stable condition after a hospital stay of approximately 10 days.
- Management targets a top-line revenue of ₹125 Cr from new facilities in Navi Mumbai and Nashik.
Financial Performance
Revenue Growth by Segment
Consolidated operating income grew 14.01% YoY from INR 48.75 Cr in FY 2024 to INR 55.58 Cr in FY 2025. Standalone revenue is derived from Medical Tour Operations, Health Consultancy, and Medical Equipment Trading, though specific segment-wise percentage splits were not disclosed.
Geographic Revenue Split
The company operates in India and East Africa (specifically Uganda). While specific percentage splits are not provided, the Uganda operations are described as 'mature' with sustainable margins, while Indian operations are in a 'rapid expansion' phase.
Profitability Margins
Consolidated PAT margins improved significantly from 20.5% in FY 2024 to 25.9% in FY 2025. Standalone Net Profit Before Tax decreased 15.22% from INR 3.79 Cr to INR 3.21 Cr due to expansion costs.
EBITDA Margin
Management targets a sustainable EBITDA margin of 18% to 30% for mature units. New facilities in Navi Mumbai and Nashik are expected to operate at a lower initial EBITDA of 15% to 20% during the first 12-18 months of gestation.
Capital Expenditure
Standalone purchase of fixed assets was INR 0.34 Cr in FY 2025, down from INR 1.82 Cr in FY 2024. However, the company invested INR 12.12 Cr in subsidiaries and associates to fund geographic expansion.
Credit Rating & Borrowing
The group maintains a strong financial profile with an Interest Coverage Ratio of 11.87x in FY 2025 (up from 5.43x in FY 2024) and a low Adjusted Debt/Networth ratio of 0.14x.
Operational Drivers
Raw Materials
Medical consumables and medical equipment represent the primary cost of goods sold, though specific percentage of total cost was not disclosed.
Import Sources
The company is significantly dependent on imported medical equipment and consumables from international markets to service its African and Indian hospitals.
Capacity Expansion
Current expansion includes new tertiary care hospitals in Navi Mumbai and Nashik (50 to 200 bed segment). Management targets a top-line revenue of INR 125 Cr from these new facilities in the next financial year.
Raw Material Costs
Dependence on imported consumables makes the company vulnerable to a 1.5% to 2% deviation in margins due to supply chain fluctuations and foreign exchange volatility.
Manufacturing Efficiency
The company focuses on a high-margin model where revenue jumps result in less than 50% proportional increase in expenses due to fixed-cost absorption.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be achieved through the operationalization of new 50-200 bed tertiary care hospitals in India (Navi Mumbai and Nashik) and expanding facilities in East Africa. The company utilizes a model where fixed costs are covered early, allowing for high EBITDA margins on incremental revenue.
Products & Services
Medical tourism services, health consultancy, medical equipment trading, and hospital management services (tertiary care).
Brand Portfolio
UMC Hospitals, Unihealth.
New Products/Services
New tertiary care hospital facilities in Navi Mumbai and Nashik with an expected combined top-line contribution of INR 125 Cr.
Market Expansion
Expansion into the Indian tertiary healthcare market (Navi Mumbai, Nashik) and deepening presence in the East African healthcare sector.
External Factors
Industry Trends
The healthcare industry is shifting toward tertiary care in 50-200 bed formats. Unihealth is positioning itself to capture this by targeting 15-20% EBITDA in new units and scaling to 30% as they mature.
Competitive Landscape
Competes with local and international hospital chains in the 50-200 bed tertiary care segment.
Competitive Moat
The company's moat is built on its 15-year track record of achieving operational breakeven within one year and its dual presence in medical tourism and physical hospital management.
Macro Economic Sensitivity
High sensitivity to healthcare spending trends and regulatory changes in both India and African nations.
Consumer Behavior
Increasing reliance on insurance for healthcare payments, which currently allows for a 30-35 day cash flow cycle.
Geopolitical Risks
Operations across multiple geographies (India and Africa) expose the company to diverse regulatory regimes and potential political instability in emerging markets.
Regulatory & Governance
Industry Regulations
Subject to diverse regulatory regimes across India and Africa, including healthcare compliance standards and medical equipment import regulations.
Taxation Policy Impact
Standalone total tax expense for FY 2025 was INR 0.88 Cr (87.58 Lakhs) on a pre-tax profit of INR 3.21 Cr, representing an effective tax rate of approximately 27.3%.
Legal Contingencies
The company has disclosed pending litigations in Note 27 of the Standalone Financial Statements, though specific INR values for these contingencies were not provided in the summary.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 12-18 month gestation period for new facilities, which is expected to temporarily depress consolidated EBITDA margins.
Geographic Concentration Risk
High concentration in East Africa (Uganda) and specific Indian clusters (Mumbai/Nashik).
Third Party Dependencies
Dependence on insurance providers for timely payments (30-35 day cycle) and international vendors for medical equipment.
Technology Obsolescence Risk
The company amortizes software licenses over 6 years, indicating a moderate cycle for digital infrastructure updates.
Credit & Counterparty Risk
Trade receivables increased in FY 2025; however, management maintains 'strong collection practices' to mitigate credit risk.
