Maitreya Medicare is a hospital chain built on the clinical reputation of its founder, an interventional cardiologist who started a single 67-bed facility in Surat in 2019 to fill a gap he saw in Tier-2-city healthcare. The company has since expanded into a 675-bed regional network across South Gujarat and Maharashtra, but its defining move was the early decision to grow not just by building its own hospitals but by running cardiology departments and entire hospitals inside other people’s buildings - trust hospitals, partner facilities - deploying its doctors and protocols without bearing the full cost of the infrastructure. That asset-light partnership instinct, layered onto a hub-and-spoke model where owned flagship hospitals anchor a web of operated and clinically managed spoke units, is the recurring logic behind every expansion the company has made. # Business segments A single hospital-care engine delivered through three distinct operating models - owned hospitals, operation-and-management partnerships, and clinical-service agreements - all feeding patients and clinical reputation back to the same core specialities. ## 1. Owned hospitals: the clinical and financial hubs **Two fully owned multi-super-specialty hospitals - one in Surat, one in Valsad - provide the high-acuity tertiary care that defines the group’s brand, generate the bulk of inpatient revenue, and serve as the referral destinations for every spoke in the network.** - **The Surat flagship is the original engine** - a 125-bed facility opened in 2019 with 67 beds and expanded in stages, now housing more than 18 specialties from cardiology and neurosurgery to high-risk obstetrics, with 20 ICU beds and a team of over 56 full-time and part-time doctors supported by more than 200 visiting consultants. Neuro-intensive care, neurosurgery, cardiology and critical care medicine together drive 60-70% of the hospital’s revenue, with intensivists providing round-the-clock ventilation and life support. - **The Valsad hospital is the greenfield copy** - a newly built 125-bed facility that opened in March 2026, replicating the flagship’s high-acuity formula with three modular Class-100 operation theatres, a flat-panel cath lab, a 14-bed ICU, a 6-bed high-dependency unit, and a Carl Zeiss neuro microscope, extending the group’s owned-bed capacity from 550 to 675 in one move. - **Revenue comes from the full patient wallet** - inpatient services, outpatient consultations, pharmacy sales, health-check packages, and laboratory diagnostics all flow through the owned hospitals, with the in-house pharmacy holding its own inventory and selling directly to patients. - **Government scheme participation shapes pricing** - the flagship treats patients under Ayushman Bharat (PM-JAY), the national health insurance scheme, which caps the average realisation per occupied bed and is one reason management sees faster revenue growth potential in Mumbai, where such schemes do not apply. ## 2. Operation-and-management partnerships: the brand on someone else’s balance sheet **Maitreya runs hospitals it does not own - collecting service fees and a share of incremental revenue - while the partner bears all infrastructure and operating costs, letting the company enter Mumbai and Varanasi without deploying capital.** - **KLS Memorial Hospital opened the Mumbai door** - a 70-bed facility in Vile Parle West where Maitreya took over operations, nursing, quality management, doctor liaison, and human resources in April 2024, later installing a cath lab to bring its signature cardiology capability to the site. This made Maitreya the first South Gujarat-based hospital chain to expand into Mumbai. - **Three Varanasi hospitals followed in a single deal** - in February 2025 the company signed O&M agreements with City Hospital (50 beds), Niramaya Diagnostics (a 20-bed day-care diagnostic centre), and Popular IVF Centre, adding 70 beds and stretching the network into Uttar Pradesh with a mix of multi-specialty, diagnostic, and fertility services. - **The economics are deliberately lighter** - the partner hospital pays all infrastructure and operational expenditure, so Maitreya’s revenue is a service fee plus a share of the incremental revenue generated after it takes over, a structure that management expects to deliver roughly 15% growth in bed revenues in Mumbai compared with 5-8% in its Surat base. ## 3. Clinical-service agreements: doctors as the growth vector **Under these agreements Maitreya takes full responsibility for the medical staff and clinical delivery inside a partner hospital, keeping 70% of the revenue - a model that turns its roster of super-specialists into a portable asset.** - **Prannath Hospital is the largest CSA site** - a trust hospital in Surat’s Katargam area, partnered in June 2024, where Maitreya provides interventional cardiology, cardiothoracic surgery, critical care including ECMO and CRRT, oncology, and neuro-intervention, and has since installed a cath lab. The company plans to add a cardiothoracic department, a renal transplant programme, a radiotherapy unit, and 50 more beds to make it a full-fledged 100-bed hospital at this facility. - **Smit Hospital in Nandurbar acts as a patient catchment spoke** - an 85-bed unit in Maharashtra, under CSA since September 2024, already equipped with a cath lab, CT scanner, and a 12-bed multi-specialty ICU, where Maitreya delivers the same super-specialist roster of cardiothoracic surgery, interventional radiology, critical care, oncology and neurology. Nandurbar is a natural source of patients for the Surat flagship, so the CSA both earns revenue locally and feeds the hub. - **The cardiology department at K.P. Sanghavi Trust Hospital is the prototype** - run since 2020 through the wholly owned subsidiary Maitreya Lifescience, this was the company’s first asset-light move: install a cath lab, appoint manpower, and run both invasive and non-invasive cardiology inside one of Surat’s oldest trust hospitals, proving the model before it was extended to full-hospital CSAs and O&M deals. ## 4. Geriatric and palliative care: a niche spoke with its own brand **A 50-bed facility focused entirely on the elderly - rehabilitation, palliative care, and end-of-life care - operates under the Tulip Health Check name, acquired in 2023 and run as a 52%-owned subsidiary.** - **The care is distinct from the acute hospitals** - the unit specialises in geriatric and rehabilitative indoor care, palliative medicine, and end-of-life support, alongside high-end diagnostics such as mammography, audiometry, stress echo, and nerve conduction studies. - **It is a concept management wants to replicate** - the company has stated plans to expand this elderly-care model to other cities, treating it as a separate vertical rather than a department inside the general hospitals. # Group structure and partners **A listed holding company in Surat, three operating subsidiaries, and a network of partner hospitals bound by two distinct contract types - the whole structure is anchored by a promoter group of practising doctors who also serve as the group’s lead clinicians.** - **The holding company is the flagship operator and the listed entity** - Maitreya Medicare Limited, headquartered in Surat, runs the 125-bed owned hospital directly and holds the stakes in all subsidiaries. Promoters Dr. Narendra Singh Tanwar (Chairman, MD and CFO, and the group’s lead interventional cardiologist), Dr. Pranav Rohitbhai Thaker (ENT surgeon), and Mr. Vimalkumar Natverlal Patel together with persons acting in concert held 73.11% of the voting capital as of March 2026. - **The partnership network spans four cities under two contract types** - O&M agreements cover KLS Memorial Hospital (Mumbai) and three Varanasi facilities; clinical-service agreements cover Prannath Hospital (Surat) and Smit Hospital (Nandurbar). The board includes two independent directors alongside the three executive directors, and the company secretary was appointed in May 2024.