Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:54 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
70BullishMACD + · near 52W low · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 52
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
MAITREYAD candles · FIT view-24.2%Latest close ₹134.75 on 2026-10-19
Bar
+16.2%
RSI
66
MACD hist
2.17
52W pos
17%
2026-10-19O ₹116.00H ₹138.30L ₹116.00C ₹134.75Vol 28,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MAITREYANifty PharmaNifty 500
- MAITREYA
- +8.7%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +14.2 pp
Chart stats
19 Oct 2026- From 52W high
- -54.0%
- 52W range position
- 17%
- ATR (14)
- 5.8%
- Volume vs 20D
- 6.70x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹103.1 - ₹138.3
₹293
₹103.1 - ₹293
₹7.9
Latest completed session
20-session average
61.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED12
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -8.1% · PAT -2800.0% YoY
Technical
Bullish70
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100Rev -8% YoY · PAT -2800% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹21.2 Cr | -8.1% | -10.8% |
| EBITDA | ₹-1.5 Cr | NDF | -243.3% |
| Operating margin | -7.0% | NDF | -1143 bps |
| PAT | ₹-2.4 Cr | -2800.0% | NDF |
| PAT margin | -11.5% | NDF | -1132 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.77
- EV/EBITDA
- 97.70
- Market Cap
- 91.30Cr
Profitability
- ROE
- -9.34%
- ROCE
- -1.85%
- ROA
- -3.61%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -6.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 1.15
- Interest Coverage
- -0.20×
- Altman Z
- 2.32
- Book Value
- 35.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 8.06 Cr
- EPS TTM
- -3.65
Shareholding
- Promoter Hold
- 73.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 42.0-6.7% vs prev
Net Profit
₹ CrLatest: -2.5-235.7% vs prev
Return on Equity
%Latest: -10.2-249.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 66. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 66 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 54% off 52W high · 31% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
14
RS percentile
Stage 4 Downtrend
1M return
+17.2%
3M return
-1.2%
6M return
-26.8%
1Y return
-45.0%
RS 1D
+6
RS 20D
+11
Sector rank
#1
Industry rank
#17
Stage evidence
- Price is 9.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -7.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
229 observations
19 Oct 2026Value 56.07+7.64%
RS vs Nifty 50056
Valuation & peers
U-Score 12 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 12 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth7/25
Quality0/20
Balance Sheet5/15
Cash Flow2/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
12
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
12/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 5/15 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 2/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
—
PB
3.8
EV/EBITDA
97.7
ROE
-9.3%
ROCE
-1.9%
FCF Yield
—
Debt/Equity
1.1
MoS
—
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
12
Previous: 12
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
13
13
13
13
13
13
13
13
13
13
12
12
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
31.2
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SANGANI
SME
Sangani Hospitals Ltd.
Healthcare Services
match 165
29
26.2
7.8%
-20%
OVERVALUED
CHANDAN
SME
Chandan Healthcare Ltd.
Healthcare Services
match 146
58
22.2
19.8%
+50%
FAIR VALUE
UNIHEALTH
SME
Unihealth Hospitals Ltd.
Healthcare Services
match 146
62
34.9
21.5%
+31%
UNDERVALUED
KIMS
Large
Krishna Institute of Medical Sciences Limited
Healthcare Services
match 143
21
140.0
11.3%
-1130%
OVERVALUED
HCG
Micro
Healthcare Global Enterprises Limited
Healthcare Services
match 143
28
182.0
2.5%
-727%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-20T03:41:08.427Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
Revenue
23.92 Cr Revenue (Till Sept 2025 H1)
EBITDA
NEGATIVE0.0360 Cr Loss (Till Sept 2025 H1)
Management forward view
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.
Thesis monitor
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.
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Pharma: 11th pctile, median 70 · SME: 16th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
31
weak · quarterly consistency
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.
Continue researching Maitreya Medicare Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationSep 2025
Sep 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.