Global Healthcare Analyst

Tina Banerjee

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>
<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 8% revenue growth in Q1FY26, driven by a 14% rise in ARPOB and 4% reduction in ALOS. EBITDA margin expanded 230bps to 20.0%.</li>
<li>Kerala revenue grew 5% as compared with 4% decline in Q4FY25, driven by 6% QoQ increase in-patient volumes and 200 bps QoQ increase in occupancy, reflecting early signs of recovery.</li>
<li>Q1FY26 results ensure that the momentum is back. With strong base business, proposed merger with QCIL, and expansion plan, Aster DM is well-positioned for 20%+ revenue growth through FY28.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) reported 8% revenue growth in Q1FY26, driven by a 14% rise in ARPOB and 4% reduction in ALOS. EBITDA margin expanded 230bps to 20.0%.
Kerala revenue grew 5% as compared with 4% decline in Q4FY25, driven by 6% QoQ increase in-patient volumes and 200 bps QoQ increase in occupancy, reflecting early signs of recovery.
Q1FY26 results ensure that the momentum is back. With strong base business, proposed merger with QCIL, and expansion plan, Aster DM is well-positioned for 20%+ revenue growth through FY28.


2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Record Medanta Q1FY26 Performance: Medanta reported revenue of Rs 1,031 Cr, exceeding estimates by 7%, supported by a 4% YoY increase in ARPOB to Rs 66,584 and a 13% YoY growth in occupied bed days, with occupancy at ~63%. </li><li>EBITDA Margins Growth: EBITDA margins stood at 22.0%, down 265 bps QoQ and 190 bps YoY, impacted by annual salary increments and start-up costs related to the Noida unit. </li><li>Encouraging PAT Growth: Reported PAT stood at Rs 159 Cr, up 44.9% YoY and 20% above estimates. </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.

Record Medanta Q1FY26 Performance: Medanta reported revenue of Rs 1,031 Cr, exceeding estimates by 7%, supported by a 4% YoY increase in ARPOB to Rs 66,584 and a 13% YoY growth in occupied bed days, with occupancy at ~63%. EBITDA Margins Growth: EBITDA margins stood at 22.0%, down 265 bps QoQ and 190 bps YoY, impacted by annual salary increments and start-up costs related to the Noida unit. Encouraging PAT Growth: Reported PAT stood at Rs 159 Cr, up 44.9% YoY and 20% above estimates. 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.

Global Health Ltd - Reports Record Growth; Expansion Momentum

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for global indices, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

<ul><li>Medanta Q4FY25 Performance: Medanta reported revenue of Rs 921 Cr, in line with our expectations, driven by a flat ARPOB and a moderate increase in occupancies.</li><li>The ARPOB increased to Rs 63,629, up 0.9% YoY, while occupancies improved by 186 bps YoY.</li><li>EBITDA Margins and PAT: EBITDA margins were 24.7%, down 54 bps QoQ, but showed an annual improvement of 102 bps.</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.

Medanta Q4FY25 Performance: Medanta reported revenue of Rs 921 Cr, in line with our expectations, driven by a flat ARPOB and a moderate increase in occupancies.The ARPOB increased to Rs 63,629, up 0.9% YoY, while occupancies improved by 186 bps YoY.EBITDA Margins and PAT: EBITDA margins were 24.7%, down 54 bps QoQ, but showed an annual improvement of 102 bps.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.

Global Health Ltd - On the Expansion Path; Maintain BUY

India

Global Health Limited (Medanta) is an India-based multi-specialty tertiary care provider, primarily operating in the North and East regions of India. The company delivers a comprehensive range of healthcare services across various medical specialties, including cardiac sciences, neurosciences, oncology, orthopaedics, liver transplants, and kidney and urology care. Global Health Limited was incorporated on August 13, 2004, and is headquartered in New Delhi, India.

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Global Health (MEDANTA IN)

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

2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

Aster DM reported 8% revenue growth in Q1FY26, driven by increased ARPOB and reduced ALOS. Strong performance indicates momentum is back, with...

Tina Banerjee

Global Health Ltd - Reports Record Growth; Expansion Momentum

Medanta reported revenue of Rs 1,031 Cr, exceeding estimates by 7%, supported by a 4% YoY increase in ARPOB to Rs 66,584 and a 13% YoY growth in...

Axis Direct

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Global Health Ltd - On the Expansion Path; Maintain BUY

Medanta Q4FY25 Performance: Medanta reported revenue of Rs 921 Cr, in line with our expectations, driven by a flat ARPOB and a moderate increase in...

Axis Direct

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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

2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

​Aster DM reported 8% revenue growth in Q1FY26, driven by increased ARPOB and reduced ALOS. Strong performance indicates momentum is back, with...

Tina Banerjee

Global Health Ltd - Reports Record Growth; Expansion Momentum

Medanta reported revenue of Rs 1,031 Cr, exceeding estimates by 7%, supported by a 4% YoY increase in ARPOB to Rs 66,584 and a 13% YoY growth in...

Axis Direct

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Global Health Ltd - On the Expansion Path; Maintain BUY

Medanta Q4FY25 Performance: Medanta reported revenue of Rs 921 Cr, in line with our expectations, driven by a flat ARPOB and a moderate increase in...

Axis Direct

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

Aster DM reported 8% revenue growth in Q1FY26, driven by increased ARPOB and reduced ALOS. Strong performance indicates momentum is back, with...