Global Healthcare Analyst

Tina Banerjee

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

<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> reported double-digit growth in revenue and EBITDA in Q2FY26, led by substantial recovery in Kerala, strong growth in international revenue, and better case mix.</li>
<li>In Q2FY26, Kerala delivered its highest-ever quarterly revenue of INR6B, growing 24% increase over Q4 FY25. Profitability improved sharply, with EBITDA margins expanding to 26.8% from 22.3% in Q4FY25.</li>
<li>Since our initiation of Aster DM as ‘2025 High Conviction’ idea in last November, shares rose ~55%. Main investment thesis of margin improvement still holds good.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) reported double-digit growth in revenue and EBITDA in Q2FY26, led by substantial recovery in Kerala, strong growth in international revenue, and better case mix.
In Q2FY26, Kerala delivered its highest-ever quarterly revenue of INR6B, growing 24% increase over Q4 FY25. Profitability improved sharply, with EBITDA margins expanding to 26.8% from 22.3% in Q4FY25.
Since our initiation of Aster DM as ‘2025 High Conviction’ idea in last November, shares rose ~55%. Main investment thesis of margin improvement still holds good.


2025 High Conviction Update: Aster DM (ASTERDM IN)- Stable Q2 Show on Continued Business Recovery

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Mitsubishi UFJ Financial (MUFG) / Technical Analysis

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI (since our April 23, 2026 Int’l Compass).</li>
<li>With that said, the market is going through a short-term consolidation; the first clue was that a bullish gap finally got filled at $156-$157.20 on ACWI-US.</li>
<li>We've maintained that pullbacks to the 50-day MA on ACWI-US would be infrequent (~once every 1-2 months), but that they'd be buying opportunities, and that's what we believe is happening.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI (since our April 23, 2026 Int’l Compass).
With that said, the market is going through a short-term consolidation; the first clue was that a bullish gap finally got filled at $156-$157.20 on ACWI-US.
We've maintained that pullbacks to the 50-day MA on ACWI-US would be infrequent (~once every 1-2 months), but that they'd be buying opportunities, and that's what we believe is happening.


Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate?

Manipal Health Enterprises / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-limited" target="_blank" data-smartkarma-citation="entities:57525:1" rel="noopener">Manipal Health Enterprises (MANIPALH IN)</a> has redeemed the outstanding NCDs worth of INR53B, using the IPO proceeds. The debt reduction is expected to support the company's focus on profitable growth.</li>
<li>Manipal Health has other strong margin drivers. The integration of Sahyadri Hospitals, increasing contribution of high-acuity specialties, and ramping-up of greenfield expansions are key margin drivers.</li>
<li>With long-term structural factors supporting growth of the Indian healthcare delivery market, as a large player with Pan-India presence, Manipal Health is well-positioned to leverage on the growth opportunity.  </li>
</ul>



Manipal Health Enterprises (MANIPALH IN) has redeemed the outstanding NCDs worth of INR53B, using the IPO proceeds. The debt reduction is expected to support the company's focus on profitable growth.
Manipal Health has other strong margin drivers. The integration of Sahyadri Hospitals, increasing contribution of high-acuity specialties, and ramping-up of greenfield expansions are key margin drivers.
With long-term structural factors supporting growth of the Indian healthcare delivery market, as a large player with Pan-India presence, Manipal Health is well-positioned to leverage on the growth opportunity.  


Manipal Health Enterprises (MANIPALH IN): Debt Repayment Done; What Are Next Margin Levers

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above/below the insider buying price.</li>
</ul>


51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.
We highlight large and small cap companies that experienced significant insider buying during September 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above/below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – September 2026

United Arab Emirates

Aster DM Quality Care is an India-based integrated healthcare provider, offering multi-specialty healthcare services through a network of hospitals, clinics, pharmacies, and diagnostic centers across several Indian states. The company focuses on providing primary, secondary, tertiary, and quaternary care, with specialized centers of excellence in various medical fields. It was founded in 1987 as a single doctor clinic in Dubai, with India operations commencing in 2001, and is headquartered in Bengaluru, Karnataka, India.

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Aster DM Quality Care (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

2025 High Conviction Update: Aster DM (ASTERDM IN)- Stable Q2 Show on Continued Business Recovery

Aster DM reported double-digit revenue and EBITDA growth in Q2FY26, led by substantial recovery in Kerala and better case mix. Kerala delivered its...

Tina Banerjee

Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate?

Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate? Normal Pullback to 50-day MA on $ACWI. Bullish Outlook Intact

Vermilion Research

Manipal Health Enterprises (MANIPALH IN): Debt Repayment Done; What Are Next Margin Levers

Manipal redeemed outstanding NCDs worth of INR53B, using IPO proceeds. Debt reduction should support profitable growth. Integration of Sahyadri...

Tina Banerjee

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – September 2026

Insight on insider buying in Sep 2026 — the broadest monthly cohort in recent months -highlighting key sectors along with names which have moved...

Sreemant Dudhoria

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