Unihealth Hosp — Q2 FY26 earnings call

Call held 18 Nov 2025

Management summary

Unihealth Hospitals Limited reported a robust H1 FY26, with consolidated total income growing 55% to INR70 crore and net profit tripling to INR28.6 crores, driven by strong operational momentum in India and Africa. EBITDA margin expanded significantly to 49.76%. While new Indian facilities faced initial delays and margin pressure, the company is expanding its footprint and service depth, targeting a 1,000-bed integrated platform by FY27-28. Receivables, primarily from Uganda's Ministry of Defense, remain a watch item.

Highlights

  • Consolidated total income grew by 55% to INR70 crore, driven by strong traction in hospital operations and allied businesses.

  • EBITDA more than doubled to INR35 crore, with EBITDA margin expanding 1,212 basis points to 49.76%.

  • Consolidated net profit more than tripled to INR28.6 crores, with profit attributable to equity shareholders increasing from INR5.12 crores to INR15.1 crores.

  • EPS improved significantly to INR9.8, reflecting strong profitability.

  • Uganda business received a 10-year income tax holiday effective July 1, 2024, leading to significant tax savings.

  • Navi Mumbai 52-bed facility is now fully operational, and Nashik 200-bed hospital is progressing well for commissioning early next calendar year.

  • Uganda's ARPOB increased from 24,000-25,000 last year to over 40,000+ in H1 FY26, driven by super specialties and ICU beds.

Concerns

  • Receivables increased to INR112 crores as of September 30, 2025, with INR82.08 crores from Uganda People's Defense Forces, which has a 9-13 month payment cycle.

  • Initial EBITDA margins for new Indian facilities (Navi Mumbai, Nashik) are expected to be pressurized (15-20%) due to startup costs, marketing, and consultant onboarding.

  • Commissioning of Navi Mumbai and Nashik facilities experienced some delays due to statutory approvals and festive periods.

Key financials

  1. Consolidated Total Income ₹70 Cr +55%YoY
  2. Consolidated EBITDA ₹35 Cr
  3. Consolidated EBITDA Margin 49.8%
  4. Consolidated Net Profit ₹28.6 Cr
  5. Profit Attributable to Shareholders ₹15.1 Cr
  6. EPS ₹9.8
  7. Consolidated Debtors ₹112 Cr
  8. Uganda ARPOB ₹40,000
  9. Uganda Occupancy Rate 72%

What they filed

Q4 FY26: revenue up 140.7%, net profit up 183.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue22 27 43 56 67 +205%65 +141%
EBITDA7 10 15 21 32 +357%22 +120%
Net profit4 6 9 18 29 +625%17 +183%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

high confidence
  • Capex Capex disclosed Navi Mumbai from IPO proceeds; Nashik via equity contribution and sanctioned bank debt; Tanzania secondary care via internal approvals and equity; newer projects (Tanzania 100-bed, Pune) partly internal accruals, partly banking facility, some capital leasing.
    • Equipment for Nashik facility ₹22 Cr
    • Internal facility redoing, equipment, working capital for Navi Mumbai and Nashik
    Navi Mumbai, the capex has already been done. It was done using the proceeds from the initial IPO that the company had come up with in 2023. Nashik, we have achieved financial closure by way of equity contribution and by way of bank facility. So, we have a sanctioned bank debt of INR22 crores from Bank of India, which will be utilized to add equipment for the Nashik facility. When it comes to the 20-bedded secondary care centre in Tanzania, again, we have a financial closure. We had internal approvals and part of equity contributed to that project. So, that project has achieved financial closure. Going forward, when it comes to newer projects, both Tanzania, the 100-bedded facility that we are aiming to take over, and Pune, whenever we come up with a facility, both those facilities will require funding. Part of it is likely to come from internal approvals. Like I mentioned, Uganda is now debt-free when it comes to banking perspective. So, whatever cash flows come in, a significant part of it can be rerouted to repaying the debt that UniHealth Hospitals has extended to that company. Other than that, we will also be open to some part of banking facility or bank debt when it comes to Tanzania. And beyond that, there might be a requirement to look at some amount of capital leasing. So, in India, we are going on an asset light model where we are not looking to invest in the land and building. We are investing more so in redoing the facility internally, adding on equipment and towards the working capital requirements.
  • Debt Debt disclosed
    • Repayment Completely repaid bank debts in Uganda
    • New borrowing Sanctioned bank debt from Bank of India for Nashik facility ₹22 Cr
    Furthermore, with the company having completely repaid its bank debts in Uganda as of 30th September 2025, going forward, it expects significant free cash flow to be available with the Ugandan unit to allow it to allocate a part of it towards capital investments needed to add boost to super specialties and expand its clinical network, while simultaneously also use the funds to repay part of the debt extended to the unit by UniHealth Hospitals Limited, allowing the company to reallocate these funds for expansion in India and Tanzania. Nashik, we have achieved financial closure by way of equity contribution and by way of bank facility. So, we have a sanctioned bank debt of INR22 crores from Bank of India, which will be utilized to add equipment for the Nashik facility.
  • Liquidity Liquidity disclosed Uganda's debt repayment will free up cash flow for capital investments and debt repayment to UniHealth Hospitals Limited, which can then be reallocated for expansion in India and Tanzania.
    Furthermore, with the company having completely repaid its bank debts in Uganda as of 30th September 2025, going forward, it expects significant free cash flow to be available with the Ugandan unit to allow it to allocate a part of it towards capital investments needed to add boost to super specialties and expand its clinical network, while simultaneously also use the funds to repay part of the debt extended to the unit by UniHealth Hospitals Limited, allowing the company to reallocate these funds for expansion in India and Tanzania.

Guidance & targets

Capacity

  • Total bed capacity Capacity · by end of calendar year '27 (FY27-28) · High confidence 1,000 beds
    Overall, we are steadily moving forward towards our medium-term vision of a 1,000-bed integrated India Africa healthcare platform. With clear visibility on commissioning timelines and consistent progress across all business verticals, we believe we are well-positioned to deliver sustainable growth by expanding access to quality, affordable healthcare across underserved regions. No, definitely. By the end of calendar year '27, so that is for financial year '27- '28, by that time, we will be keen to ensure that the 1,000-bed capacity has been achieved, whether all these 1,000-beds have been commissioned or part of it will be under-commissioned is something that is difficult to say, because it depends upon the size and the timeline for the project.

    — Akshay Parmar

  • India bed capacity Capacity · next 24-36 months · High confidence 500-600 beds
    These facilities form the foundation of our India network and position us to scale up to 500 to 600 beds as planned in the golden triangle of Maharashtra over the next 24 to 36 months.

    — Akshay Parmar

  • Africa bed capacity Capacity · next 2-3 years · High confidence 400+ beds
    Over the next two to three years, we expect to add another 400 plus beds in Africa to greenfield facilities and strategic partnerships.

    — Akshay Parmar

Commissioning

  • Mwanza, Tanzania secondary care hospital Commissioning · by end of this financial year · High confidence Operational
    The new secondary care hospital in Mwanza, Tanzania, is expected to be operational by the end of this financial year.

    — Akshay Parmar

  • Nashik hospital Commissioning · early next calendar year (Jan/Feb) · High confidence Commissioning

    Previously December → Commissioning

    Regarding Nashik, the intended plan was December. We still are working towards it. The facility is nearly complete. Installations of various equipments are going on right now. This process will be completed by December. Statutory approvals, again, are something that the applications have begun with. We are waiting for an exact timeline related to that. Based on our experience in Navi Mumbai, we anticipate that some of these statutory approvals might take a bit longer. And that is the only reason that we redefined the commissioning date to next calendar year. We are looking at maybe sometime around January, February for all approvals to come in and commission the services in totality.

    — Akshay Parmar

Revenue

  • Navi Mumbai annual revenue Revenue · FY26 · High confidence INR30 crores
    The expected or the targeted, not expected, the targeted revenue to be achieved would be in the range of about 25,000 to 28,000 as the average revenue per occupied bed per day, which translates to nearly about a crore rupees on an annualized basis. So, yes, for Navi Mumbai, the targeted revenue would be somewhere beyond INR30 crores for that financial year.

    — Akshay Parmar

  • Nashik annual revenue Revenue · next FY (after Q1 discount) · High confidence INR100 crores
    So, yes, for Nashik, if I'm to look at it, at about 85 to 100 beds on a daily basis occupied, then I will be targeting a revenue of about INR100 odd crores from that facility.

    — Akshay Parmar

  • Combined India (Navi Mumbai + Nashik) top line Revenue · next financial year · High confidence INR125 crores
    So, safe to say, both these facilities put together next financial year, the target internally for the management would be to achieve at least INR125 odd crore in terms of the top line.

    — Akshay Parmar

Margin

  • Combined India (Navi Mumbai + Nashik) EBITDA margin Margin · first financial year of operations · High confidence 15-18%
    So, yes, about 15-odd percent would be the ideal EBITDA that should be achievable for both these facilities put together for that financial year. Somewhere around 15% to 18%, I would say.

    — Akshay Parmar

  • Navi Mumbai EBITDA margin Margin · FY26-27 · High confidence 24-25%
    Now, if I am to break it up, Navi Mumbai, I may be expecting a slightly higher margin compared to Nashik. Two reasons. One, it is a smaller facility, so it's, from an operational perspective, it is way easier. And second, it is in a very sweet spot when it comes to the location. So, putting all these things together, I do expect the margins to cross 20% for FY 26- 27 for Navi Mumbai, maybe inch towards 24%-25%.

    — Akshay Parmar

Occupancy

  • Navi Mumbai occupancy rate Occupancy · next financial year · High confidence 60-70%
    So, for the next financial year, I do expect a 60% to 70% occupancy rate for this particular facility, effectively giving me an occupied bed strength of about 30 beds on a daily basis.

    — Akshay Parmar

  • Nashik occupancy rate Occupancy · next financial year (from Q2 onwards) · High confidence 50%
    Effective from the second quarter onwards, I do expect Nashik to achieve an occupancy of somewhere around 50%.

    — Akshay Parmar

ARPOB

  • Uganda ARPOB ARPOB · next 12 months · High confidence 55,000-60,000
    It will be between 55,000 to 60,000 for Uganda.

    — Akshay Parmar

  • India ARPOB ARPOB · 3-5 years · High confidence 55,000-60,000
    So, that process would take about 2.5, 3 years. That is the reason that 3 to 5 years would be the ideal timeline for the facilities in India to target of 55,000, 60,000 or more.

    — Akshay Parmar

Receivables

  • India receivable days Receivables · next financial year · High confidence 30-45 days
    So, when it comes to the Indian business, for majority of the next financial year, it will all be cash generating patients. So, it would be around 30-45 days, right? 30-45 days for part of it. So, part of it is going to be cash patients and part of it is going to be the insured patients. So, even if I'm looking at, say, 65% or 70% insurance patients, then the receivable will be within 30-35 days. That is the standard format. Some companies even make a payment between 15 to 21 days. So, on a longer format, yes, receivables in India would be not beyond 45 days for sure for the entire revenue.

    — Akshay Parmar

  • Tanzania (NHIF) receivable days Receivables · future · High confidence 75-100 days
    Now, coming to Tanzania, if you were to add the facilities in Tanzania, Tanzania, 85% of the patient base is covered by our beneficiaries of NHIF, which is the National Health Insurance Fund, which is very similar to our Pradhan Mantri Arogya Yojana out here. But over all these years, NHIF payments typically come anywhere between 75 days to 100 days. So, between 75 to 100 days will be the maximum outstanding period for payments from NHIF, which is contributing to almost 85% of the payer mix in that country. So, if and when we add Tanzania out there, the receivable days are not likely to go beyond 100 days.

    — Akshay Parmar

Revenue Contribution

  • Uganda revenue share Revenue Contribution · by end of next financial year · High confidence 50-60%

    Previously 90% → 50-60%

    So, maybe by the end of next financial year, Uganda would continue to contribute somewhere between 50% to 60%. And 40% to 50% would be the contribution from India if I'm not considering addition of the 100 bedded capacity in Tanzania. If that goes through, then again, this division will change where Uganda would contribute to less than 50% for that financial year, the remaining proposed coming in between India and Tanzania.

    — Akshay Parmar

  • India revenue share Revenue Contribution · by end of next financial year · High confidence 40-50%

    Previously 10% → 40-50%

    — Akshay Parmar

Tax Rate

  • Uganda income tax holiday Tax Rate · from July 1, 2024 to June 30, 2034 · High confidence 10 years
    Right. So, the reason why the taxation remains quite low is that effective 1st of July 2024, the company received an income tax holiday for a period of 10 years for its Uganda business. I would have mentioned it even earlier in my previous earnings call. And because of this, the income tax that we need to pay is not there anymore for Uganda, which is the most profitable unit for now. So, that results in a significant tax saving for the company and the group on a consolidated basis. But yes, right now, Uganda contributes majorly to the top line and we have got a 10-year tax holiday effective 1st of July 2024 to 30th of June 2034. So, that benefit will continue to be there for the coming nine years also.

    — Akshay Parmar

What to watch in Q3 FY26

Nashik hospital commissioning and initial occupancy

Next quarter (Q4 FY26)
Current Progressing well, targeting early next calendar year (Jan/Feb) for commissioning
Target Commissioning complete, initial occupancy rate (target ~50%)

Why it matters

Nashik is a significant 200-bed facility, and its successful commissioning and ramp-up are crucial for India's growth strategy.

Regarding Nashik, the intended plan was December. We still are working towards it. The facility is nearly complete. Installations of various equipments are going on right now. This process will be completed by December. Statutory approvals, again, are something that the applications have begun with. We are waiting for an exact timeline related to that. Based on our experience in Navi Mumbai, we anticipate that some of these statutory approvals might take a bit longer. And that is the only reason that we redefined the commissioning date to next calendar year. We are looking at maybe sometime around January, February for all approvals to come in and commission the services in totality.

Risks & concerns

  • High receivables from Uganda People's Defense Forces

    medium

    INR82.08 crores out of INR112 crores total receivables are from Uganda military, with a 9-13 month payment cycle, though historically reliable.

    Analyst acknowledged

  • Initial margin pressure for new Indian facilities

    medium

    New facilities in Navi Mumbai and Nashik will experience pressurized EBITDA margins (15-20%) initially due to startup costs, marketing, and consultant onboarding.

    Management acknowledged

  • Delays in statutory approvals for new facilities

    low

    Navi Mumbai commissioning was delayed due to statutory approvals and festive periods; similar delays are anticipated for Nashik.

    Management acknowledged

  • Revenue dip during festive season in Uganda

    low

    Uganda typically sees a dip in revenue between December 15 and January 15 due to people traveling out of the country and deferring elective procedures.

    Management acknowledged

Q&A highlights

8 direct
Receivables, aging, and working capital management for new India facilities Direct
So, of the INR112 crores, almost INR82 odd crores, INR82.08 crores is the outstanding to be received from the Ugandan military or the Ministry of Defense. Now, over the last few years, three to four years that we have been catering to them with respect to the healthcare services, there has never been a challenge with respect to under-recovery or the risk of bad debt because it is eventually the Government of Uganda, which is the payer. And their cycle for payment is between about nine months to 12, 13 months. But the payments come in that cyclical manner over the years.

Addresses a key concern about high receivables, explaining the primary source (Uganda military) and its payment cycle, while outlining a strategy for India to focus on cash/insurance patients for better working capital.

Asked by Shubham Jain

Sustainability of EBITDA margins and OPM for India business Direct
So, out here, overall, when we increase that revenue, the proportion of expense for that particular revenue jump is less than 50%. That allows a very high EBITDA margin for the increased revenue, which then reflects on the total EBITDA margin. So, that is the reason. Now, for the mature entities, yes, these EBITDA margins more or less will be sustainable. I will not say that it will be exactly at the same level because there are fluctuations depending upon different seasons and a variety of other factors. But yes, for the mature businesses, for example, Uganda, more or less with a deviation of about 1.5 to 2 percentage, the EBITDA margin will remain the same, where on a consolidated basis, a slight dip is expected is due to the rapid expansion that we are undertaking. So, yes, about 15-odd percent would be the ideal EBITDA that should be achievable for both these facilities put together for that financial year. Somewhere around 15% to 18%, I would say.

Explains the operating leverage driving current high margins and provides realistic initial margin expectations (15-18%) for new Indian facilities, acknowledging the temporary pressure from expansion.

Asked by Shubham Jain

Reasons for low tax rate and sustainable tax rate going forward Direct
Right. So, the reason why the taxation remains quite low is that effective 1st of July 2024, the company received an income tax holiday for a period of 10 years for its Uganda business. I would have mentioned it even earlier in my previous earnings call. And because of this, the income tax that we need to pay is not there anymore for Uganda, which is the most profitable unit for now. So, that results in a significant tax saving for the company and the group on a consolidated basis.

Clarifies that the low tax rate is due to a 10-year income tax holiday for the profitable Uganda business, providing clarity on a key financial metric.

Asked by Harshit Khadka

FY27 revenue and margin profile for Indian operations (Navi Mumbai & Nashik) Direct
So, safe to say, both these facilities put together next financial year, the target internally for the management would be to achieve at least INR125 odd crore in terms of the top line. So, yes, about 15-odd percent would be the ideal EBITDA that should be achievable for both these facilities put together for that financial year. Somewhere around 15% to 18%, I would say.

Provides concrete revenue and EBITDA margin targets for the newly operational and upcoming Indian facilities for the next financial year, crucial for modeling future performance.

Asked by Harshit Khadka

Navi Mumbai facility's margin outlook and response post-launch Direct
Now, if I am to break it up, Navi Mumbai, I may be expecting a slightly higher margin compared to Nashik. Two reasons. One, it is a smaller facility, so it's, from an operational perspective, it is way easier. And second, it is in a very sweet spot when it comes to the location. So, putting all these things together, I do expect the margins to cross 20% for FY 26- 27 for Navi Mumbai, maybe inch towards 24%-25%. The response has been encouraging. I wouldn't say that the numbers are big. We started with Dussehra as a soft launch. The initial couple of weeks, we did not really encourage too many patients. It was a period that we utilized to invite all of our empaneled doctors and surgeons to come and see the facility once it was ready, give their feedback on what the gaps were in terms of certain instruments, certain tools, certain equipment that they would need when they undertake procedures and surgeries at our facility.

Offers a more granular margin target for Navi Mumbai (24-25%) and details the strategic soft launch approach, indicating a focus on quality and doctor engagement before full patient ramp-up.

Asked by Hitesh

Future focus area (Africa vs India) and medium-term revenue expectations Direct
So, in the medium term, our focus will be equally spread across both these. Both have their reasons and challenges and benefits. So, when it comes to India, the opportunity to scale up significantly in terms of the numbers is there. When it comes to Africa, it's a higher margin game out there because scalability is not easily achievable because the population matrix is very different. The payer mix is very different. To scale up, you need to jump from one country to the other, which changes almost everything right from rules and regulations to the geopolitical requirements. So, maybe going forward in terms of absolute numbers, top-line and bed capacity, maybe in a five- to seven-year period, India will contribute more compared to Africa. But when it comes to a consolidated profitability, the margins in Africa on an EBITDA level might be slightly higher than they will be in India.

Provides strategic insight into the company's long-term geographical focus, highlighting India for scale and Africa for higher margins, and their balanced approach.

Asked by Hitesh

Uganda's ARPOB growth drivers and future potential without adding beds Direct
Addition of certain super specialties, addition of ICU beds. So, what we did was go on an absolute number, we have not really added beds, they remain at 120. We have reconfigured some of the beds internally and expanded the ICU services. So, one, ICU because they bill more. Second was addition of super specialties like IVF since January, which actually took a traction post-April. And third was we have increased the frequency of our Indian doctors flying into Uganda to do surgical camps. So, we have had a spine surgeon who has been flying in almost every six weeks for the first half of this year. And that has allowed us to expand rapidly on the spine and ortho department and increase revenues from there. No, I would differ here because with the same occupancy and the same bed capacity, there is still a significant opportunity to scale up in the revenue and profitability with the addition of super specialties. For example, right now, we are in the process of adding on ophthalmology services, which does not really need addition of bed capacity, I mean, of cataract and glaucoma and all of that. So, that will bring in more revenues.

Explains how ARPOB growth is being achieved through service mix (ICU, super specialties, surgical camps) rather than just bed additions, indicating efficient utilization of existing capacity and future growth levers.

Asked by Ankur

Funding strategy for new projects (Tanzania, Pune) and overall capital allocation Direct
Going forward, when it comes to newer projects, both Tanzania, the 100-bedded facility that we are aiming to take over, and Pune, whenever we come up with a facility, both those facilities will require funding. Part of it is likely to come from internal approvals. Like I mentioned, Uganda is now debt-free when it comes to banking perspective. So, whatever cash flows come in, a significant part of it can be rerouted to repaying the debt that UniHealth Hospitals has extended to that company. Other than that, we will also be open to some part of banking facility or bank debt when it comes to Tanzania. And beyond that, there might be a requirement to look at some amount of capital leasing.

Outlines the funding strategy for future expansions, emphasizing internal accruals from Uganda and potential for banking facilities and capital leasing, providing clarity on capital allocation.

Asked by Shubham Jain

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Detailed narrative

Strong H1 FY26 Financial Performance Driven by Operational Momentum

Unihealth Hospitals Limited delivered a very strong financial performance in H1 FY26. Consolidated total income grew by 55% to INR70 crore, with EBITDA more than doubling to INR35 crore. This led to a significant expansion in EBITDA margin by 1,212 basis points, reaching 49.76%. The consolidated net profit more than tripled to INR28.6 crores, and profit attributable to equity shareholders increased from INR5.12 crores to INR15.1 crores, resulting in an improved EPS of INR9.8. This robust performance is attributed to rising patient volumes, broader specialty coverage, and steady execution across India and Africa.

Strategic India Expansion Taking Shape with New Facilities

The company's India expansion is progressing as planned with an asset-light model. The 52-bed facility in Navi Mumbai was commissioned in October 2025, following minor delays due to statutory approvals. For FY26, Navi Mumbai is targeted to achieve an annualized revenue of over INR30 crores with 60-70% occupancy. The upcoming 200-bed Nashik hospital, equipped with advanced medical infrastructure, is expected to be commissioned early next calendar year (Jan/Feb 2026), targeting an annualized revenue of INR100 crores with 50% occupancy in its first full year. Combined, these Indian facilities are targeted to achieve INR125 crores in top line for the next financial year, with an initial EBITDA margin of 15-18%.

Uganda Operations: High ARPOB and Tax Holiday Benefits

Africa remains a strong pillar of performance, with Uganda contributing the largest share of growth. The Uganda unit achieved an ARPOB of over 40,000+ in H1 FY26, significantly up from 24,000-25,000 last year, with an occupancy rate of approximately 72% on its 120 beds. This growth was driven by the addition of super specialties like IVF, ICU beds, and increased frequency of Indian doctors conducting surgical camps. Furthermore, the Uganda business benefits from a 10-year income tax holiday effective July 1, 2024, which is a significant tax saving for the company. The company aims for Uganda's ARPOB to reach 55,000-60,000 in the next 12 months.

Receivables Management and Evolving Payor Mix

Consolidated receivables stood at INR112 crores as of September 30, 2025, with a major portion (INR82.08 crores) from the Uganda People's Defense Forces, which has a payment cycle of 9-13 months. However, the company notes that these payments are eventually from the Government of Uganda and have historically been reliable. With the expansion in India, the company plans to focus on cash and insurance patients, expecting receivable days to be within 30-45 days. In Tanzania, payments from the National Health Insurance Fund (NHIF) are expected within 75-100 days. These changes are anticipated to reduce the consolidated trade receivable days going forward.

Africa Expansion and Future Growth Drivers

Beyond Uganda, Unihealth is expanding its African footprint. A new secondary care hospital in Mwanza, Tanzania, is expected to be operational by the end of this financial year. The company is also in advanced stages of discussions to take over the operational management of a 100-bed tertiary care specialty hospital in Tanzania, aiming for it to be effective from April 1, 2026. Overall, Unihealth plans to add another 400+ beds in Africa over the next two to three years. The company's integrated India-Africa model aims for a 1,000-bed platform by the end of calendar year 2027 (FY27-28).

Consultancy Vertical and Project Pipeline

The consultancy vertical continues to be a strong contributor, currently managing over 1,300 beds across India and Africa. This segment adds high-margin revenue, strengthens institutional partnerships, and expands the project pipeline. The company is in discussions for an additional 600-650 beds in terms of total project size, awaiting financial closure from investors. Unihealth is also involved in a large project in Pune (14 acres, 1.2 million sqft) as a project management consultant, with commissioning expected in 3.5-5 years. Pune is also targeted for a 125+ bed tertiary care facility expansion in the next financial year.

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