### **Overview** Unihealth Hospitals Limited (formerly Unihealth Consultancy Limited) is a diversified, globally integrated healthcare services company headquartered in Mumbai, India. Listed on the **NSE Emerge Platform in September 2023**, the company operates across four synergistic verticals: 1. **Hospitals & Medical Centers** 2. **Healthcare Consultancy (Design-Build-Operate model)** 3. **Pharmaceutical & Medical Consumables Distribution** 4. **Medical Value Travel (MVT)** The company operates under the **‘UMC Hospitals’** brand and has established a strong presence in **Africa** and is now strategically expanding into **India**, aiming to create a cross-continental, sustainable healthcare delivery platform. --- ### **Strategic Vision & Expansion** #### **1. India Expansion: Building the Core Network** - **Phase 1 Focus:** Maharashtra's "Golden Triangle" — Mumbai (Navi Mumbai), Pune, and Nashik. - **Immediate Projects:** - **Navi Mumbai:** A **52-bed multi-specialty tertiary care hospital** was commissioned in October 2025, equipped with: - Modular OTs, Cath Lab, ICUs, 24/7 emergency services, and a Rehabilitation Centre. - Tiered accommodations to ensure affordability and accessibility. - Target: Initial **EBITDA margin of 15–18%**, potentially rising above 20% due to efficient operations and strong doctor partnerships. - **Nashik:** A **200-bed flagship tertiary care hospital** nearing completion, scheduled for commissioning in **December 2025**. - Features: Robotic Surgery OT, NICU, Advanced Diagnostics, 4 modular OTs, dedicated 24/7 Emergency Department. - Positioned as a regional referral hub for North Maharashtra and neighboring states. - **Phase 2 & 3:** - Evaluation underway for a **new hospital in Pune**, with plans to launch multiple units totaling **500–600 beds** across the Golden Triangle within **24–36 months**. - India targets: - **350–400 operational beds by FY26**, scaling to **over 500 beds by FY27**. - By FY28, **India to account for more than 50% of the group’s 1,000-bed target**. #### **2. Africa Growth: Scaling with Resilience** - **Current Capacity:** 200 operational beds across UMC Victoria (120 beds, Kampala, Uganda) and UMC Zhahir Hospital (80 beds, Kano, Nigeria). A **dialysis center in Mwanza, Tanzania** (10 beds). - **Recent Developments:** - **Exited Nigeria operations** (UMC Zhahir Hospital), focusing on strategic consolidation. - **Uganda:** Flagship H. N. Reliance Hospital (formerly UMC Victoria) achieved **full debt repayment by September 30, 2025**, freeing up cash flow for super-specialty investments. - **Tanzania:** - Acquired **53.33% stake in Biohealth Limited**, making it an indirect subsidiary. - Upgrading the Mwanza dialysis center to a **20-bed secondary care hospital** with maternity & ICU — expected to launch by end-2025. - New **secondary care hospital in Mwanza** to become operational by end of FY26. - **Future Plans in Africa:** - Add **over 400 new beds in 2–3 years** via greenfield projects, JVs, and management contracts. - **Centers of Excellence** in critical care, cardiology, oncology, orthopedics, spine, and diagnostics. - Exploring acquisition of **100+ bed hospital in Dar es Salaam**, Tanzania. - **Financial Strength in Africa:** - Average operational **EBITDA margin of 35%**, with occupancy at **62–63%**. - **High-margin business model** with strong pricing leverage due to service gaps and international approvals (e.g., UN-recognized facility in Uganda). - **Geographic revenue cap:** No single African country contributes >33% of revenue, mitigating risk. --- ### **Business Model & Operational Strategy** #### **1. Asset-Light & Partnership-Driven Expansion** - Primarily **leases hospitals** and enters **O&M (Operations & Management) contracts**, reducing capital intensity. - In India, uses **greenfield, brownfield, and acquisition opportunities**. - Overseas, partners with local entities (49% maximum stake allowed), leveraging their capital and regulatory expertise while retaining **brand and operational control**. #### **2. Design-Build-Operate (DBO) Consultancy Model** - End-to-end project delivery from concept to commissioning. - Current project pipeline spans **over 1,300 beds** across India, Africa, and the Middle East. - Notable Projects: - **PHRC Health City**, Pune – 650-bed health city and deemed university hospital (Project Management Consultant). - **Links Hospital**, Mombasa – 200-bed hospital (Design & Equipment Planning Consultant). - Generates **high-margin, recurring revenue** with multi-year O&M contracts. #### **3. Pharmaceutical & Medical Supplies Distribution** - Acts as **authorized distributor** for key Indian pharma manufacturers in Africa: - **Reliance Life Sciences, Levram Lifesciences, Fixderma, Unisur Lifecare, Hemant Surgical**. - Operates through **Unihealth Pharmaceuticals Private Limited**. - Key Capabilities: - Cross-border procurement, logistics, customs clearance, and banking compliance. - **Expansion Plans:** - Introduce **own branded manufacturing unit in Tanzania** to reduce costs. - Enter **Indian domestic market**, replicating successful African supply chain model to reduce hospital inventory costs. #### **4. Medical Value Travel (MVT) – Cross-Continental Synergy** - Reactivated MVT vertical to **referring patients from African units to Indian hospitals** for complex super-specialty care. - Avoids third-party referral fees, improving **profit margins**. - Partnerships with: - **Ethiopian Airlines, Myanmar Airways International** – facilitate patient access. - Over **50 Indian hospitals** in network. - **UniHealth-MAI Medical Travel Program** launched to serve Myanmar patients. - Aligns with India’s projected **$14.3 billion MVT market by 2029**. --- ### **Financial & Strategic Highlights** | Metric | FY23 | FY25 | |--------|------|------| | **Revenue** | ₹46.03 Cr | ₹58.41 Cr | | **EBITDA Margin** | 34.58% | 38.06% | | **Geographic Revenue Split (FY25)** | — | **83.26% Africa**, 15.81% India, 7.7% Nigeria, others | | **Uganda’s Share** | — | ~74.5% of total revenue | | **Capex Plan (2024–2026)** | — | ₹125 Crore for India & Africa expansion | | **IPO Proceeds Allocation** | — | Reallocated ₹1,350 lakhs from unutilized funds to India & Africa expansion via UMC Hospitals (India) & Unihealth Holdings (Mauritius) | --- ### **Corporate Structure** - **Parent:** Unihealth Hospitals Limited (Mumbai) - **Key Subsidiaries:** - **UMC Hospitals Private Limited** – India expansion. - **Unihealth Holdings Limited** (Mauritius) – Africa healthcare investments. - **Unihealth Pharmaceuticals Private Limited** – Distribution arm. - **Aryavarta FZE** – Middle East consultancy operations. - **Biohealth Limited** (Tanzania) – Indirect subsidiary focused on expansion. - **Joint Ventures:** - **UMC Global Health Limited** (Nigeria) - **Victoria Hospitals Limited** (Uganda) --- ### **Management & Governance** - **Dual Leadership Model:** - One promoter based in **Kampala** (overseeing Africa). - One in **Mumbai** (driving India expansion). - **Board includes** healthcare, capital markets, and pharmaceutical veterans. - **Doctor-entrepreneurs** at the core, ensuring clinical excellence and patient-centric care.