Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Narayana Hrudayalaya Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.</li>
<li>Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.</li>
<li>Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.
Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.
Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.


Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

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.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> and Quality Care India are merging to form India's third-largest hospital chain with over 10,150 beds. </li>
<li>This merger combines two major players, generating significant scale, diversification, and financial strength. The merged entity will benefit from  synergies and plans to expand to over 13,000 beds by FY27.</li>
<li>The merged entity is expected to be EPS accretive and expected to increase EBITDA by 10-15% through synergies</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) and Quality Care India are merging to form India's third-largest hospital chain with over 10,150 beds. 
This merger combines two major players, generating significant scale, diversification, and financial strength. The merged entity will benefit from  synergies and plans to expand to over 13,000 beds by FY27.
The merged entity is expected to be EPS accretive and expected to increase EBITDA by 10-15% through synergies


Aster DM and Quality Care India: A Deep Dive into the Merger

Thematic (Sector/Industry)

<ul>
<li>InnoCare Pharma granted global rights to Zenas BioPharm to develop and commercialize an experimental drug, orelabrutinib for multiple sclerosis and other autoimmune conditions. The deal is worth of $2B+.</li>
<li>Daiichi Sankyo submitted application for additional indication of Enhertu as first-line therapy for HER2 positive breast cancer in Japan. Celltrion got FDA clearance for its Eylea biosimilar, Eydenzelt.</li>
<li>Mesoblast announced gross revenue of $22M from Ryoncil for the quarter ended September 30, 2025, up 66% QoQ. Lupin will invest $250M for new pharmaceutical manufacturing plant in Florida.</li>
</ul>


InnoCare Pharma granted global rights to Zenas BioPharm to develop and commercialize an experimental drug, orelabrutinib for multiple sclerosis and other autoimmune conditions. The deal is worth of $2B+.
Daiichi Sankyo submitted application for additional indication of Enhertu as first-line therapy for HER2 positive breast cancer in Japan. Celltrion got FDA clearance for its Eylea biosimilar, Eydenzelt.
Mesoblast announced gross revenue of $22M from Ryoncil for the quarter ended September 30, 2025, up 66% QoQ. Lupin will invest $250M for new pharmaceutical manufacturing plant in Florida.


APAC Healthcare Weekly (October 12) – InnoCare, Daiichi Sankyo, Celltrion, Mesoblast, Lupin

Apollo Hospitals Enterprise / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.</li>
<li>Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.</li>
<li>Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.</li>
</ul>



Apollo Hospitals Enterprise (APHS IN) delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.
Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.
Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.


Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

<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?

India

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

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Aster DM Healthcare Ltd (ASTERDM IN)

Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

NHL starts FY26 on muted note, with Q1FY26 revenue from India operation increasing just 8% YoY, EBITDA margin narrowing to 23.9% (Q1FY25: 24.9%),...

Tina Banerjee

Aster DM and Quality Care India: A Deep Dive into the Merger

CCI approved the proposed merger of Quality Care India Limited (QCIL) into Aster DM Healthcare Limited (Aster). Post which Aster will be renamed as...

Nimish Maheshwari

APAC Healthcare Weekly (October 12) – InnoCare, Daiichi Sankyo, Celltrion, Mesoblast, Lupin

InnoCare stuck outlicensing deal with Zenas Bio. Daiichi Sankyo filed for label expansion of Enhertu in Japan. Celltrion got FDA nod for Eylea...

Tina Banerjee

Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

Apollo Hospitals reported strong Q1FY26 performance with double-digit revenue growth across all three business verticals and continuous margin...

Tina Banerjee

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

NHL starts FY26 on muted note, with Q1FY26 revenue from India operation increasing just 8% YoY, EBITDA margin narrowing to 23.9% (Q1FY25: 24.9%),...

Tina Banerjee

Aster DM and Quality Care India: A Deep Dive into the Merger

CCI approved the proposed merger of Quality Care India Limited (QCIL) into Aster DM Healthcare Limited (Aster). Post which Aster will be renamed as...

Nimish Maheshwari

APAC Healthcare Weekly (October 12) – InnoCare, Daiichi Sankyo, Celltrion, Mesoblast, Lupin

InnoCare stuck outlicensing deal with Zenas Bio. Daiichi Sankyo filed for label expansion of Enhertu in Japan. Celltrion got FDA nod for Eylea...

Tina Banerjee

Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

​Apollo Hospitals reported strong Q1FY26 performance with double-digit revenue growth across all three business verticals and continuous margin...

Tina Banerjee

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

Apollo Hospitals reported strong Q1FY26 performance with double-digit revenue growth across all three business verticals and continuous margin...

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