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

Thematic (Sector/Industry)

<ul>
<li>Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.</li>
<li>Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.</li>
<li>Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.</li>
</ul>


Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.
Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.
Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.


SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Agilus Diagnostics Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/agilus-diagnostics-limited" target="_blank" data-smartkarma-citation="entities:40210:1" rel="noopener">Agilus Diagnostics Limited (SRLL IN)</a> is looking to raise around US$200m in its upcoming India IPO.</li>
<li>Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO.
Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
In this note, we look at the company’s past performance.


Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Max Healthcare Institute / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> has entered into a share purchase agreement for acquisition of a 550-bedded Sahara Hospital in Lucknow, Uttar Pradesh for an enterprise value of INR9.4B (~$113M).</li>
<li>The Hospital currently serves ~2 lakh patients every year, with FY24 revenue run rate of INR2B. It has a renowned center of excellence for Neurosciences.</li>
<li>The Hospital has a potential to quickly ramp up beds in existing building and expand medical programs such as oncology, transplants, robotics, etc.  </li>
</ul>



Max Healthcare Institute (MAXHEALT IN) has entered into a share purchase agreement for acquisition of a 550-bedded Sahara Hospital in Lucknow, Uttar Pradesh for an enterprise value of INR9.4B (~$113M).
The Hospital currently serves ~2 lakh patients every year, with FY24 revenue run rate of INR2B. It has a renowned center of excellence for Neurosciences.
The Hospital has a potential to quickly ramp up beds in existing building and expand medical programs such as oncology, transplants, robotics, etc.  


Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

<ul>
<li>In Q2FY24, <a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> reported revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and occupied bed days.</li>
<li>EBITDA grew 21% YoY and 14% QoQ to INR4.5B, leading to a 100 basis point YoY and 190 basis point QoQ margin expansion to 28.7%.</li>
<li>MHIL expect greenfield 300 bed hospital in Dwarka, South-west Delhi will be commissioned in later half of Q4FY24. It was originally expected to be commissioned in Q2FY24.</li>
</ul>


In Q2FY24, Max Healthcare Institute (MAXHEALT IN) reported revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and occupied bed days.
EBITDA grew 21% YoY and 14% QoQ to INR4.5B, leading to a 100 basis point YoY and 190 basis point QoQ margin expansion to 28.7%.
MHIL expect greenfield 300 bed hospital in Dwarka, South-west Delhi will be commissioned in later half of Q4FY24. It was originally expected to be commissioned in Q2FY24.


Max Healthcare (MAXHEALTH IN): Robust Financial Performance in Q2; Expansion Projects Are On Track

Jupiter Life Line Hospitals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jupiter-life-line-hospitals-ltd" target="_blank" data-smartkarma-citation="entities:39814:1" rel="noopener">Jupiter Life Line Hospitals (0372574D IN)</a> has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS portion.</li>
<li>The company is a multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area and western region of India. It intends to use the IPO proceeds for debt repayment.</li>
<li>In FY23, revenue increased 22% YoY to INR8.9B, while EBITDA margin expanded 210bps to 23.45%. Ramping up of Indore facility and upcoming greenfield hospital in Maharashtra are major growth drivers.</li>
</ul>



Jupiter Life Line Hospitals (0372574D IN) has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS portion.
The company is a multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area and western region of India. It intends to use the IPO proceeds for debt repayment.
In FY23, revenue increased 22% YoY to INR8.9B, while EBITDA margin expanded 210bps to 23.45%. Ramping up of Indore facility and upcoming greenfield hospital in Maharashtra are major growth drivers.


Jupiter Life Line Hospitals (0372574D IN) IPO: A Niche Regional Play with Strong Track Record

India

Narayana Hrudayalaya Limited operates a network of hospitals. The Company offers cardiac surgery, cardiology, diabetes and endocrinology, gastroenterology, general surgery, neuroscience, facial surgery, nephrology, obstetrics and gynecology, orthopedics, oncology, pediatrics, transplant, and urology services. Narayana Hrudayalaya serves patients worldwide.

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Narayana Hrudayalaya Ltd (NARH IN)

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. In this note, we talk about the company's past...

Sumeet Singh

Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Robust Financial Performance in Q2; Expansion Projects Are On Track

Max Health reported Q2 revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and OBDs. EBITDA grew 21% YoY and 14% QoQ to...

Tina Banerjee

Jupiter Life Line Hospitals (0372574D IN) IPO: A Niche Regional Play with Strong Track Record

Jupiter Life Line Hospitals has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS. The company...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

​Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. In this note, we talk about the company's past...

Sumeet Singh

Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

​Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Robust Financial Performance in Q2; Expansion Projects Are On Track

​Max Health reported Q2 revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and OBDs. EBITDA grew 21% YoY and 14% QoQ to...

Tina Banerjee

Jupiter Life Line Hospitals (0372574D IN) IPO: A Niche Regional Play with Strong Track Record

Jupiter Life Line Hospitals has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS. The company...

Tina Banerjee

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Max Health reported Q2 revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and OBDs. EBITDA grew 21% YoY and 14% QoQ to...