Unihealth Hospitals Ltd Q2 FY26 – The African Dream Run Meets Indian Hustle, 195% Profit Jump with 48% Margins!

1. At a Glance

Let’s start with the kind of headline that would make any doctor proud: Unihealth Hospitals Ltd just reported a195% YoY jump in profits, a sizzling48% operating margin, and a120% stock return in the last three months. Not bad for a company that began as a medical tour operator and now manages hospitals acrossUganda, Nigeria, and Tanzania, while building a healthcare empire back home in India.

At amarket cap of ₹549 crore, Unihealth is what happens when a bunch of desi doctors and consultants decided that Africa deserves better hospitals — and that they deserve better valuations. Thecurrent price sits at ₹354, up from ₹120 just six months ago, leaving early investors feeling like they found the vaccine for bad returns. Thestock P/E stands at 22.8, quite a steal compared to the 56x median P/E of Indian hospital peers like Apollo and Fortis.

The latest H1FY26 results read like a health check-up report of a marathon runner:Revenue up 55% to ₹70 crore,EBITDA ₹35 crore, andnet profit ₹28.6 crore. With the newNavi Mumbai hospital operationalandNashik 200-bed facilitylaunching in early 2026, Unihealth seems to be running an Indo-African relay race — and so far, they’re winning every lap.

2. Introduction

Every once in a while, the Indian SME space produces a story so cinematic that even Netflix would call it “too optimistic.” Unihealth Hospitals Ltd is one of those rare cross-border healthcare adventures — a company that somehow manages to run hospitals in Africa, ship pharmaceuticals from India, and still find time to plan new hospitals faster than you can say “ICU.”

Founded in2010 in Mumbai, Unihealth began as amedical tour operator— basically arranging treatments in India for foreign patients who preferred a flight to Mumbai over a long wait in Kampala. Fast forward to 2025, and they’re not just arranging treatments; they’re running the hospitals themselves under the“UMC” brand— short for Unihealth Medical Centre.

They now operate inUganda, Nigeria, and Tanzania, with over200 hospital bedsand more than1.3 lakh patients treated annually. And just when you think this was an Africa-only play, they’ve decided to go full desi again with plans to buildfive new hospitals across Western India.

You know how Bollywood has “Desi Boyz”? Well, this is “Desi Docs,” featuring board-certified MBAs, African partnerships, and a storyline that’s part healthcare revolution, part startup hustle.

3. Business Model – WTF Do They Even Do?

Unihealth’s business model is like a thali — everything’s on the plate, and somehow, it works beautifully together.

1. Hospitals & Medical Centres (82% of FY25 revenue):This is the main course. Unihealth runsUMC Victoria Hospital (120 beds, Uganda),UMC Zhahir Hospital (80 beds, Nigeria), and adialysis facility in Tanzania. It’s not Apollo yet, but give it time — margins already rival them at 43% OPM.

2. Pharma Exports (8.5%):Through its subsidiaryUnihealth Pharmaceuticals Pvt Ltd, it distributes medical consumables and pharma products across Africa, including brands likeReliance LifesciencesandLevram Lifesciences.

3. Healthcare Consultancy (4.5%):The company advises other hospitals on project design, architecture, and setup — like a doctor who also sells the hospital blueprint.

4. Medical Value Travel:Still true to its roots, Unihealth facilitates international patient travel to India through tie-ups withMyanmar AirwaysandEthiopian Airlines.

5. Other Income (5%):Because why not? A healthy mix of interest income, service fees, and rent.

So yes — they treat patients, build hospitals, supply consumables, and run consulting gigs. Think of it as theInfosys of Healthcare, except instead of coding bugs, they’re fixing bones.

4. Financials Overview (Quarterly Data – ₹ in Crores)

Reporting Type:Quarterly (H1FY26 = Sep’25).

Annualised EPS = ₹9.75 × 4