💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: healthcare services and products. Consolidated revenue for H1 FY26 was INR 23.92 Cr, representing a 2.57% decline compared to INR 24.55 Cr in H1 FY25. Standalone revenue for FY25 was INR 44.41 Cr, a 5% decrease from INR 46.75 Cr in FY24.

Geographic Revenue Split

Revenue is primarily generated in Gujarat, India, with core operations in Surat and a new multi-specialty hospital being established in Valsad. Geographic contribution is 100% from the state of Gujarat.

Profitability Margins

Consolidated net margin significantly declined from 6.8% in H1 FY25 to -0.15% in H1 FY26. Standalone net margin for FY25 was 4.2% compared to 6.7% in FY24, reflecting a 250 bps compression due to rising operational costs and government scheme impacts.

EBITDA Margin

EBITDA margin trends indicate compression; the company moved from a consolidated net profit of INR 1.67 Cr in H1 FY25 to a net loss of INR 0.036 Cr in H1 FY26, a 102.16% YoY decline in bottom-line performance.

Capital Expenditure

The company utilized INR 7.50 Cr from IPO proceeds for equity investment in its subsidiary, Maitreya Hospital Private Limited, to set up a new hospital at Valsad, Gujarat. In December 2025, the company entered an agreement to purchase immovable property in Valsad for further expansion.

Credit Rating & Borrowing

Not disclosed in available documents. Consolidated long-term borrowings stood at INR 3.86 Cr as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Primary inputs include medicines and medical implants, which are critical for multi-specialty hospital operations.

Import Sources

Sourced primarily from within Gujarat and other states in India to support hospital units in Surat and Valsad.

Capacity Expansion

Current capacity is centered in Surat; planned expansion includes a new multi-specialty hospital in Valsad, Gujarat, funded by INR 7.50 Cr of IPO proceeds and a property acquisition finalized in December 2025.

Raw Material Costs

Costs for medicines and implants have been stepped up to maintain quality standards, though specific percentage of revenue is not disclosed. These costs are a major driver of the 40.3% decline in standalone net profit in FY25.

Manufacturing Efficiency

Not applicable as a service provider; however, the company focuses on responsibility accounting to improve operational oversight.

📈 Strategic Growth

Growth Strategy

Growth is driven by geographic expansion into Valsad, Gujarat, through a new multi-specialty hospital. The strategy involves utilizing IPO proceeds (INR 14.89 Cr total) for capital expenditure (INR 7.50 Cr) and working capital (INR 5.00 Cr) to scale healthcare service delivery.

Products & Services

Multi-specialty healthcare services, surgical procedures, medicines, and medical implants.

Brand Portfolio

Maitreya Hospitals.

New Products/Services

New multi-specialty hospital services at the Valsad facility are expected to contribute to future revenue once operational.

Market Expansion

Expansion into the Valsad district of Gujarat with a new facility at 'The Crossroads', Dharampur Chokdi, Atak Pardi.

Strategic Alliances

Operates through wholly owned subsidiaries: Maitreya Hospital Private Limited, Maitreya Lifescience Private Limited, and Tulip Agility Private Limited.

🌍 External Factors

Industry Trends

The healthcare industry is seeing increased penetration of government insurance schemes which increases volume but compresses margins. There is a shift toward formal risk management and responsibility accounting within hospital chains.

Competitive Landscape

Competes with other private multi-specialty hospitals and government facilities in the Gujarat region.

Competitive Moat

Moat is based on localized multi-specialty expertise in South Gujarat and a robust internal control system. Sustainability is challenged by regulatory margin caps.

Macro Economic Sensitivity

Highly sensitive to government fiscal policy regarding healthcare spending and price controls on medical devices and implants.

Consumer Behavior

Increased reliance on government-sponsored healthcare schemes for surgical and inpatient treatments.

Geopolitical Risks

Minimal direct impact as a domestic healthcare provider, though global supply chains affect the pricing of imported medical equipment.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily regulated by State and Central Healthcare coverage schemes which dictate pricing for various medical procedures and products.

Taxation Policy Impact

The company provided for a consolidated current tax expense of INR 0.073 Cr for H1 FY26.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the continued impact of government healthcare schemes on margins, which contributed to a move from profit to a net loss of INR 0.036 Cr in H1 FY26.

Geographic Concentration Risk

100% of revenue and assets are concentrated in Gujarat, making the company vulnerable to regional economic or regulatory shifts.

Third Party Dependencies

Dependent on medical equipment and implant suppliers; rising costs in these areas directly squeeze hospital margins.

Technology Obsolescence Risk

Risk of medical equipment becoming obsolete; the company manages this through capital investments in new facilities like Valsad.

Credit & Counterparty Risk

Consolidated trade receivables stood at INR 14.43 Cr as of September 30, 2025, representing approximately 60% of H1 revenue, indicating high counterparty risk from insurance providers and government agencies.