Maitreya Medicare Ltd. (MAITREYA)
SME CapPharma stocks · SME cap · NSE
Maitreya Medicare is a Multi Super speciality hospital established in 2019 in Surat, Gujarat, with 125 beds. It offers integrated healthcare services across primary, secondary, and tertiary care in over 18 specialties. The company is expanding its hospital portfolio in Gujarat and Maharashtra through new units and partnerships.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -8% YoY · PAT -2800% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹21.2 Cr | -8.1% | -10.8% |
| EBITDA | ₹-1.5 Cr | -187.6% | -243.3% |
| Operating margin | -7.0% | -1466 bps | -1143 bps |
| PAT | ₹-2.4 Cr | -2800.0% | NDF |
| PAT margin | -11.5% | -1216 bps | -1132 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Maitreya Medicare reports Rs. 23.92 Cr revenue for H1 FY26 but records an EBITDA loss of Rs. 0.0360 Cr, impacted by a one-time bad debt adjustment of Rs. 1.70 Cr.
The company's aggressive expansion has led to increased costs and a one-time bad debt adjustment, resulting in H1 FY26 EBITDA loss. Management expects recovery in the coming half year as new units ramp up and begin contributing more significantly to revenues.
Geographic Expansion
Strategy focuses on expanding healthcare services across Gujarat and Maharashtra by strategically locating hospitals in multiple cities and towns.
New Hospital Units
Shree Prannath Hospital has started contributing in revenues, Cath lab at KLS Memorial Hospital, Mumbai has started performing.
High Demand Segments
Cardiology, Critical Care, Neurology, Neurosurgery segments contribute 60-70% to Revenue.
Valsad Hospital
New hospital at Valsad, Gujarat, with 125 beds, anticipated to be fully operational starting from December 2025.
KLS Memorial Hospital
Partnered with KLS Memorial Hospital, Mumbai, adding 70 beds and rendering operational and management services.
Tulip Health Check
Acquired 52% stake in Tulip Health Check (50 Beds) in 2023; unit has been shifted to new premises and is functional.
Prannath Hospital
Partnered with Prannath Hospital, Surat (100 Bed Capacity) in 2024; Cathlab installed in 2025.
Hospital Industry Growth
The hospital industry is set to reach Rs. 8.6 trillion by FY22, growing from Rs. 4 trillion in FY17 at a CAGR of 16–17%.
Government Spending
Government plans to boost public health spending to 2.5% of GDP by 2025, supporting sector growth.
Health Insurance Penetration
Higher health insurance penetration fuels healthcare spending, expected to rise further.
Increased Costs
Aggressive expansion efforts in Gujarat and Maharashtra have led to a significant short-term increase in costs, driven by investments.
Bad Debts Adjustment
Profits hit by Bad Debts adjustment of Rs. 1.70 Cr, required one time as part of prudent financial policy.
Execution Risk of Expansion
Aggressive expansion efforts have led to a significant short-term increase in costs, impacting profitability.
Credit Risk/Bad Debts
A one-time bad debts adjustment of Rs. 1.70 Cr was necessary, indicating potential challenges in revenue collection.
Competition
The company operates in a competitive environment (both domestic and international).
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The H1 FY26 results reflect initial contributions from new units, making sequential (QoQ) momentum important for assessing ramp-up. However, for a hospital business, annual (YoY) comparisons are crucial to assess underlying operational performance and seasonality.
Revenue
23.92 Cr Revenue (Till Sept 2025 H1)
EBITDA
NEGATIVE0.0360 Cr Loss (Till Sept 2025 H1)
Expansion Fruits
Started seeing fruits from expansion this year; Shree Prannath Hospital and KLS Cath lab are contributing to revenues.
Future Outlook
Coming half of current year has good hopes to recover as units have started showing promising revenues and Valsad revenues too will help.
Transparency
Management is positive in terms of transparent and ethical data share to investors and stakeholders, despite being PAT negative.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA | 0.0360 Cr Loss (H1 FY26) | Positive EBITDA and margin improvement as new units scale up and costs stabilize. |
| Valsad Hospital Operations | Anticipated to be fully operational from December 2025 | Timely commissioning and significant revenue contribution from the Valsad unit. |
| Revenue Growth | 23.92 Cr Revenue (H1 FY26) | Sustained revenue growth from existing and newly operational units. |
| Bad Debt Impact | Rs. 1.70 Cr one-time bad debt adjustment | Confirmation of no further significant one-time adjustments impacting profitability in subsequent periods. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -7.0% / mo · MACD + · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
MAITREYAdaily · 1Y · AUTO-35.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 49. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.5% over last month) — short-term momentum negative.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 59% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 15 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 15 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 7/15 to the score.
- Growth contributes 7/25 to the score.
- Cash flow contributes 2/10 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 11th percentile within Pharma. Main check: financial discipline is weak at 30/100.
Mixed Trust Lite: Promoter holding is 73.1%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 11th pctile, median 70 · SME: 16th pctile, median 64
7 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.1%.
- ▸Promoter pledge is zero.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at -2.2%.
- ▸ROE is low at -8.9%.
- ▸ROCE trend is -22.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 2.80
- EV/EBITDA
- 98.51
- Market Cap
- 81.30Cr
Profitability
- ROE
- -8.86%
- ROCE
- -2.18%
- ROA
- -3.61%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -4.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 0.80
- Interest Coverage
- -0.31×
- Altman Z
- 2.38
- Book Value
- 42.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 8.45 Cr
- EPS TTM
- -3.65
Shareholding
- Promoter Hold
- 73.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.