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

Global Healthcare Analyst

Tina Banerjee

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

Equity Bottom-Up

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?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

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)

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

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

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...