Unihealth Hosp (UNIHEALTH) May 2025 Filing Analysis

The company has successfully scaled IVF and fertility services and is in the process of adding ophthalmology and cardiology. (1 met across 1 tracked commitment)

Management reported that they doubled their overall bed capacity from approximately 200 beds at the beginning of FY26 to around 400 beds by June 2026, surpassing the previous target of 300. (1 exceeded, 2 missed, 2 met across 5 tracked commitments)

The manufacturing unit in Mwanza, Tanzania is still listed as part of the expansion plan and 'active pursuits' rather than operational, with the timeline approaching June 2025. (3 in progress, 1 met across 4 tracked commitments)

While revenue grew, EBITDA margins saw a significant contraction in H2 FY25 compared to H2 FY24, dropping by 525 basis points. (1 missed across 1 tracked commitment)

While total income grew, consolidated EBITDA margins saw a slight contraction from 38.29% in FY24 to 36.49% in FY25, likely due to pre-operative expenses for new facilities and higher raw material costs. (1 contracting, 3 expanding)

India revenue grew in absolute terms (₹7.87 Cr to ₹9.23 Cr) but its share of the total revenue mix remained relatively stable at approximately 15.8%. The upcoming Navi Mumbai hospital launch in June 2025 is the key catalyst for future share expansion. (1 stable, 1 expanding, 1 contracting)

While the company currently enjoys high margins in Africa (36.5% consolidated), management expects a slight normalization as they ramp up new Indian facilities, though still targeting a healthy 30-35% range. (1 steady across 1 signal)

Geographic concentration remains very high and stable. Uganda's contribution to total revenue was 74.45% in FY25 (₹43.49 Cr out of ₹58.41 Cr). While India's share grew to 15.81%, the African market as a whole still accounts for over 83% of revenue. (2 stable)