Everyone is aware of Max Healthcare, Apollo Hospitals and Fortis. But here are 5 hospital stocks flying under the radar

September 14, 2025

India currently only has 1.3 hospital beds per 1,000 population.

There is also a shortage of trained health workers, with 0.65 doctors per 1,000 people (the standard of the World Health Organization is 1 per 1,000 people) and 1.3 nurses per 1,000 people.

An additional 3 million (m) beds will be needed for India to reach the target of 3 beds per 1,000 people by 2027.

Furthermore, another 1.54 m doctors and 2.4 m nurses will have to meet the growing demand for healthcare in India.

The question will also be created for initiatives such as Ayushman Bharat, who not only stimulate the requirements for health staff in larger cities, but also Tier 2 and Tier 3 cities and villages.

India will therefore have to increase the number of trained health personnel in different categories to achieve a ratio of at least 2.5 doctors and 5 nurses per 1,000 people by 2034.

We already compete with Asian colleagues in providing advanced medical procedures against a fraction of the worldwide costs. Over the years, this benefit has helped Indian hospital chains to attract a considerable number of overseas patients.

While everyone talks about Apollo hospitals, Max Healthcare, Fortis and the big names that are popular, there are a few companies that contribute to the value chain of the hospital currently under the radar.

Let’s look at 5 such companies.

#1 Yatharth Hospital

Yatharth Hospital has five Super Specialty Hospitals in Noord -India.

The company offers quality health care in these hospitals. It is planning to expand via a mix of Greenfield (new site), Brownfield (existing site) and mergers and acquisitions.

On his financial data, the company’s turnover and net profit have grown with a CAGR of 30% and 44% in the past 3 years.

The return on equity is on average 38% in the same time.

The company inaugurated its new Super Specialty Hospital in Model Town, New Delhi last year. The facility houses 300 beds, including 70 critical care beds, to meet patients who need specialized and intensive treatment.

Yathart Hospital has also added 2 new hospitals, in Delhi and Faridabad, through acquisitions, which extends the total bed capacity to 2,300+ beds.

The Noida Extension Hospital and Greater Noida is the 8th and 10th largest private hospital in the Delhi NCR in terms of the number of beds respectively.

The planned extensions of the company are intended to strengthen its regional dominance in Delhi-NCR and to accelerate its leadership by both acquisitions and the expansion of flagship locations.

#2 Rainbow Children’s Medicare

Rainbow Children’s Medicare operates multi-specialty pediatric, obstetrics and gynecological hospital chain in India. It is one of the largest children’s chains in India.

The company offers a wide range of services such as newborn and pediatric intensive care, pediatric multi-specialist services, pediatric quaternary care, obstetrics and gynecology.

In July 2024, the Rainbow Children’s Hospital launched its Center for Consultations (OPD) in collaboration with Balaji Health Care in Siliguri.

On his financial performance, the turnover and net profit of the company have grown with a CAGR of 16% and 35% in the past 5 years.

De Roe and Roce have an average of 17% and 30% in the same period.

Continue, the company is planning to increase capacity to 2,595 beds with FY27 and it is expected that RS 7-7.5 billion in Capex will rise in the next three years.

The company has seen success in complex bone marrow transplantation on the BMT unit Bangalore. The international company is confronted with legal headwind in Bangladesh, Oman, Sudan.

The management remains optimistic, due to a robust balance, scalable work model, strong clinical depth and disciplined project implementation.

#3 Vecht Medical

The next one on the list is Kovai Medical.

Kovai Medical Center and Hospital (KMCH) is a multispecialty care provider that was founded in 1998 in Coimbatore, Tamil Nadu. The hospital focuses primarily on super specialty care.

The company invests in the latest technologies and has upgraded the Pulmonal Medicine department with various top-end diagnostic equipment. This has resulted in a self -standing center similar to the best in the world.

The Transplantation Operations and Medicine department has carried out its very first conference in transplantation image formation.

Kovai Medical has purchased the cryoblation system for cardiac arrhythmias and positions the hospital as a leader in electrophysiology.

On his financial performance, the company’s turnover and net profit have grown with a CAGR of 14% and 17% in the past 5 years.

De Roe and Roce have on average 18-19%in the same period.

The company has steadily increased its bed capacity over the years.

In the future, it is expected that the niche in the Neurology and Cardiology segment will support income, while the income contribution of medical colleges is expected to grow.

#4 Shalby

The next on the list is Shalby.

Shalby has a chain of multiple specialty hospitals throughout India. It offers tertiary and quaternary healthcare services to patients in various specialization such as orthopedics, complex joint replacements, cardiology, neurology, oncology, kidney transplants, etc.

The company is the leader in knee replacement operation and one of the best Indian hospitals in joint replacement surgery.

On his financial performance, the sales and net profit of Shalby have grown over the past 5 years with a CAGR of 15% and 21%.

De Roe and Roce have an average of 6% and 9% in the same period.

For its international company, the company has ties with NHIF (Kenya), insurers from the Middle East and Health Ministies in Ethiopia, Iraq, Uzbekistan, Tadsjikistan, and is in conversation with Malawi, Mauritius, Zambia.

It also has partnerships with large medical tourist authorities, especially in Delhi NCR.

Management remains optimistic about its sales growth, margin improvement and implant companies in FY26.

It is aimed at clinical excellence, international inflow of patients and operational efficiency.

#5 GPT Healthcare

Finally on the list is GPT Healthcare.

GPT Healthcare works as an important regional care provider in healthcare in East India under the ILS Hospitals brand.

The organization has established 5 multi-specialist hospitals with a capacity of 719 beds, supported by 91 full-time consultants and 570 visiting consultants.

The existing 4 of the 5 hospitals are owned (land in Salt Lake/Agartala on 99-year-old government lease).

While new projects (Raipur, Jamshedpur, 7th Hospital) will be asset light because of the land market reality in target cities.

On his financial performance, the turnover and net profit of the company have grown with a CAGR of 14% and 35% in the past 5 years.

De Roe and Roce have an average of 22% and 28% in the same period.

For FY26, the company focuses on a turnover of RS 4.6 billion, a growth of 15%.

It has provided a margin guidelines of 22.5-23% by guaranteeing the trust to lapse his assets, while Raipur could drag the consolidated margins until it even breaks.

In general, GPT Healthcare is well placed in the middle of a considerable expansion, on its way to an asset light model to reach a network of 1,000 beds in East India.

Conclusion

Apart from the health care that was created in India because of the cheap benefit over the years, here are some other reasons why hospital chains will ride on this megatrend:

• Population growth and aging
• Changes of urbanization and lifestyle.
• Emerging infectious diseases and pandemies
• Healthcare technology -Presentation output
• Government initiatives and policy

That said, if you are considering healthcare shares, it is important to understand the risks of these companies.

Although health care shares can offer income stability, they are susceptible to market volatility, legal risks and uncertainties in clinical studies.

In addition, changes in policy and health care regulations can influence the financial performance of health care companies.

Evaluate these factors carefully, together with the fundamentals of the company, corporate governance, as well as your financial goals and risk tolerance before an investment decision is made.

Happy invest.

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