UNIHEALTH - Unihealth Hosp

📊 NSE: UNIHEALTH 🏢 Healthcare 📅 Last Updated: 12/14/2025 14:43

💰 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.