Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Thematic (Sector/Industry)

<ul>
<li>The Indian hospital sector is entering an aggressive expansion phase with top hospitals adding 32% to their bed base by FY27E, supported by brownfield and stronger return ratios.</li>
<li>With medical tourism offering 67–91% cost arbitrage versus global peers and insurance penetration gradually deepening, hospitals are positioned to capture both domestic and international demand profitably.</li>
<li>From being seen as defensive and “boring,” hospitals are transforming into high-growth, cash-generating businesses. Robust balance sheets and rising ARPOBs suggest that hospital chains are entering a golden growth cycle.</li>
</ul>


The Indian hospital sector is entering an aggressive expansion phase with top hospitals adding 32% to their bed base by FY27E, supported by brownfield and stronger return ratios.
With medical tourism offering 67–91% cost arbitrage versus global peers and insurance penetration gradually deepening, hospitals are positioned to capture both domestic and international demand profitably.
From being seen as defensive and “boring,” hospitals are transforming into high-growth, cash-generating businesses. Robust balance sheets and rising ARPOBs suggest that hospital chains are entering a golden growth cycle.


Thematic Report on Indian Hospitals - Boring but Beautiful?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production</li>
<li>Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth</li>
<li>The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% YoY</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil &amp; gas production
Q1FY26 reported EBITDA at INR ~187bn (+0.2% YoY, -1.8% QoQ) and PAT at INR ~80bn (-10.2% YoY, +24.4% QoQ), both above our estimate due to higher-than-expected crude oil realization. Apollo Hospitals Enterprise: EBITDA (+20% YoY) was 6% ahead of consensus estimates, led by a 15% YoY sales growth
The hospital business grew 11% YoY (ARPP +9% YoY), HealthCo grew by 19% YoY (offline/online sales up 18%/26% YoY) and AHLL grew 19% YoY

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

<ul><li>The India Pharma and Healthcare sector is expected to see steady revenue growth</li><li>However, EBITDA margins are expected to show a decline for Q1FY26E</li><li>We project sales/EBITDA growth of 11%/9% YoY for our coverage universe</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma and Healthcare sector is expected to see steady revenue growthHowever, EBITDA margins are expected to show a decline for Q1FY26EWe project sales/EBITDA growth of 11%/9% YoY for our coverage universeContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharma and Healthcare: Q1FY26: Steady Revenues, Margins Under Pressure

<ul>
<li>Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.</li>
<li>WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.</li>
<li>Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.</li>
</ul>


Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.
WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.
Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.


APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

India

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

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Apollo Hospitals Enterprise (APHS IN)

Thematic Report on Indian Hospitals - Boring but Beautiful?

Indian hospitals are aggressively expanding, with strong growth potential driven by medical tourism and insurance penetration, transforming into...

Nimish Maheshwari

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Pharma and Healthcare: Q1FY26: Steady Revenues, Margins Under Pressure

he India Pharma and Healthcare sector is expected to see steady revenue growth. However, EBITDA margins are expected to show a decline for Q1FY26E

HDFC Securities

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on Indian Hospitals - Boring but Beautiful?

​Indian hospitals are aggressively expanding, with strong growth potential driven by medical tourism and insurance penetration, transforming into...

Nimish Maheshwari

HSIE Results Daily: ONGC, Apollo Hospitals Enterprise, Jindal Steel..

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q1FY26...

HDFC Securities

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Pharma and Healthcare: Q1FY26: Steady Revenues, Margins Under Pressure

he India Pharma and Healthcare sector is expected to see steady revenue growth. However, EBITDA margins are expected to show a decline for Q1FY26E

HDFC Securities

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

Indian hospitals are aggressively expanding, with strong growth potential driven by medical tourism and insurance penetration, transforming into...