Hospital & Healthcare Services · Founded 1988 · www.sonihospitals.com · BSE 539378 · · ISIN INE848R01018
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Business
Soni Medicare Ltd. operates in the Hospital & Healthcare Services sector in India. Its core business involves providing comprehensive medical care and healthcare services. This typically includes the operation of hospitals or multi-specialty clinics offering a range of medical, surgical, diagnostic, and emergency services. The company's business model relies on generating revenue through patient services, which can include consultation fees, inpatient charges, surgical procedure fees, diagnostic test charges, pharmacy sales, and potentially corporate health check-up programs. It aims to serve a local or regional population with its healthcare facilities and expertise.
Revenue Mix
Without specific financial data for Soni Medicare Ltd., a precise breakdown of its revenue mix is unavailable. However, for a company in this sector, common revenue segments typically include:
Inpatient Services: Revenue from patients admitted for surgeries, treatments, and longer stays.
Outpatient Services: Income from consultations, minor procedures, and day-care treatments.
Diagnostics: Revenue from laboratory tests, imaging (X-rays, MRI, CT scans), and other diagnostic procedures.
Pharmacy Sales: Income from medicines and medical supplies dispensed within its facilities.
Other Services: Potentially includes health check-up packages, medical tourism, or specialized clinics.
The majority of revenue for multi-specialty hospitals often comes from inpatient and surgical services.
Industry
The Indian Hospital & Healthcare Services industry is characterized by significant growth, driven by a large and aging population, rising disposable incomes, increasing awareness of health issues, and a growing burden of lifestyle diseases. The industry is fragmented, with a mix of large corporate hospital chains, regional multi-specialty hospitals, standalone single-specialty hospitals, and numerous small clinics. Soni Medicare Ltd., given its name, likely operates as a regional or mid-sized player, potentially focusing on a specific geographic area within India. Its positioning would be against other local multi-specialty hospitals, and it may differentiate itself through specific medical specialties, quality of care, doctor reputation, or pricing strategy compared to larger national chains.
MOAT
For a company like Soni Medicare Ltd., potential competitive advantages (moats) could include:
Local Brand Reputation: A strong, established reputation for quality care and trusted medical professionals within its operating region, built over time.
Specialized Expertise: A focus on specific, high-demand medical specialties where it has leading doctors or advanced equipment.
Patient Switching Costs: For patients with chronic conditions or those requiring follow-up care, switching hospitals can be inconvenient and costly, creating some stickiness.
Doctor Network: A strong network of experienced and reputable doctors affiliated with the hospital.
Strategic Location: Proximity and accessibility to a significant patient population in its catchment area.
These advantages are often more localized and may not be as broad or scalable as those of large national chains.
Growth Drivers
Key factors that could drive growth for Soni Medicare Ltd. over the next 3-5 years include:
Rising Healthcare Expenditure: Increasing private and public spending on healthcare in India.
Demographic Shifts: A growing and aging population leading to higher demand for medical services.
Prevalence of Lifestyle Diseases: A rising incidence of chronic diseases (diabetes, heart disease, etc.) requiring continuous medical attention.
Increased Health Awareness & Insurance Penetration: Greater emphasis on preventive care and a rise in health insurance coverage.
Expansion & Specialization: Potentially expanding its bed capacity, adding new medical specialties, or upgrading technology to offer advanced treatments.
Medical Tourism: For certain niche services, it might attract patients from outside its immediate region.
Risks
Key business risks for Soni Medicare Ltd. include:
Intense Competition: Facing competition from existing regional hospitals, new entrants, and larger corporate hospital chains.
Talent Acquisition & Retention: Shortage of skilled doctors, nurses, and allied healthcare professionals, leading to higher labor costs.
Capital Expenditure & Technology Obsolescence: High initial capital investment for infrastructure and equipment, with ongoing need to upgrade technology.
Regulatory & Policy Changes: Changes in government healthcare policies, pricing regulations (e.g., drug price controls, insurance reimbursement rates), and medical ethics standards.
Reputational Risk: Adverse medical outcomes, quality issues, or patient dissatisfaction can severely impact reputation and patient trust.
Operational Efficiency: Managing complex operations, controlling costs, and ensuring high patient occupancy rates.
Economic Downturns: Reduced discretionary spending on healthcare during economic slowdowns, affecting patient volumes.
Management & Ownership
As is common with many mid-sized Indian companies, Soni Medicare Ltd. is likely promoter-driven, meaning it's founded and significantly owned by an individual or family (e.g., "Soni" family). This structure often leads to long-term vision and commitment but can also pose challenges in professionalization and succession planning. Without specific information, it's difficult to comment on the management quality, but typically, successful healthcare providers require strong clinical governance, operational efficiency, and financial prudence. Ownership would likely be concentrated with the promoter group, with the remaining shares held by the public and potentially institutional investors.
Outlook
Soni Medicare Ltd. operates in a structurally growing industry driven by favorable demographics and increasing healthcare demand in India. This presents a strong tailwind for the company's long-term prospects. The ability to establish a strong local brand, maintain high-quality medical services, and attract skilled professionals will be crucial for sustained growth. However, the sector is capital-intensive, highly competitive, and subject to evolving regulatory landscapes and potential pricing pressures. The company's success will depend on its ability to manage these challenges effectively, potentially by focusing on specialized services, optimizing operational efficiency, and continuously enhancing its patient experience and clinical outcomes within its chosen market segment.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 7 | 7 | 9 | 8 | 8 | 7 | 7 | 6 | 7 | 5 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 7 | 7 | 9 | 8 | 8 | 7 | 7 | 6 | 7 | 5 |
| Total Expenditure | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 6 | 6 | 5 |
| Operating Profit | -0 | -1 | 1 | 0 | 1 | 0 | -1 | -1 | 0 | -1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | -1 | 0 | -0 | 0 | -0 | -1 | -1 | -0 | -1 |
| Provision for Tax | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -1 | -1 | 0 | -0 | 0 | -0 | -1 | -1 | -0 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -1 | 0 | -0 | 0 | -0 | -1 | -1 | -0 | -1 |
| Adjusted Earnings Per Share | -2.1 | -2 | 1.1 | -0.3 | 0.8 | -0.7 | -2.2 | -2.7 | -0.9 | -2.8 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 17 | 15 | 13 | 13 | 15 | 15 | 16 | 23 | 28 | 27 | 30 | 25 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 0 |
| Total Income | 17 | 16 | 13 | 13 | 15 | 16 | 16 | 23 | 28 | 29 | 31 | 25 |
| Total Expenditure | 15 | 14 | 12 | 12 | 14 | 15 | 15 | 22 | 28 | 29 | 30 | 24 |
| Operating Profit | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -0 | 1 | -3 |
| Interest | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | -0 | -1 | -1 | -1 | -1 | -1 | -2 | -0 | -3 |
| Provision for Tax | 0 | 0 | 0 | -1 | 0 | 1 | -0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | -1 | -2 | -0 | -3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | -1 | -2 | -0 | -3 |
| Adjusted Earnings Per Share | 0 | 0.4 | 0.2 | 0.7 | -1.6 | -3 | -1.3 | -1.4 | -1.6 | -3.9 | -0.4 | -8.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 11% | 9% | 15% | 6% |
| Operating Profit CAGR | 0% | 0% | 0% | -7% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -34% | 35% | 17% | 8% |
| ROE Average | -13% | -33% | -25% | -13% |
| ROCE Average | 7% | 0% | 1% | 2% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 7 | 7 | 7 | 7 | 6 | 5 | 5 | 4 | 3 | 2 | 1 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 1 | 1 | 1 | 3 | 0 | 4 | 5 | 9 | 9 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 7 | 6 | 6 | 6 | 7 | 8 | 11 | 10 | 11 | 8 | 10 |
| Total Liabilities | 14 | 13 | 14 | 14 | 15 | 16 | 17 | 19 | 20 | 20 | 22 |
| Fixed Assets | 8 | 8 | 8 | 7 | 7 | 7 | 7 | 7 | 6 | 6 | 6 |
| Other Non-Current Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total Current Assets | 4 | 3 | 4 | 5 | 6 | 7 | 8 | 10 | 12 | 11 | 14 |
| Total Assets | 14 | 13 | 14 | 14 | 15 | 16 | 17 | 19 | 20 | 20 | 22 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 5 | 0 | -0 | 1 | 1 | -0 | 3 | -2 | 0 | 0 | 1 |
| Cash Flow from Investing Activities | -0 | -1 | -0 | -0 | -0 | -1 | -0 | -1 | -0 | -0 | -1 |
| Cash Flow from Financing Activities | -5 | 1 | 0 | -1 | 0 | 0 | -3 | 3 | 0 | 0 | -0 |
| Net Cash Inflow / Outflow | -1 | -0 | -0 | 0 | 1 | -0 | 0 | -0 | 0 | 0 | 1 |
| Closing Cash & Cash Equivalent | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0.42 | 0.24 | 0.74 | -1.57 | -2.97 | -1.34 | -1.41 | -1.58 | -3.94 | -0.44 |
| CEPS(Rs) | 1.88 | 2.23 | 2.08 | 2.47 | 0.2 | -1.19 | 0.4 | 0.41 | -0.04 | -2.72 | 0.74 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 15.55 | 15.87 | 16.61 | 15.04 | 12.07 | 10.73 | 9.31 | 7.73 | 3.79 | 3.04 |
| Core EBITDA Margin(%) | 8.78 | 7.3 | 7.97 | 8.47 | 3.03 | 0.67 | 4.06 | 0.72 | -0.77 | -5.57 | -0.27 |
| EBIT Margin(%) | 6.87 | 4.13 | 4.81 | 0.86 | -0.47 | -0.52 | 1.11 | 0.24 | 0.36 | -2.84 | 2.56 |
| Pre Tax Margin(%) | 1.81 | 1.44 | 1.18 | -3.14 | -4.1 | -4.78 | -3.91 | -2.96 | -2.22 | -5.97 | -0.74 |
| PAT Margin (%) | 1.32 | 1.17 | 0.77 | 2.35 | -4.57 | -8.34 | -3.61 | -2.66 | -2.45 | -6.17 | -0.62 |
| Cash Profit Margin (%) | 4.77 | 6.19 | 6.77 | 7.9 | 0.6 | -3.33 | 1.08 | 0.77 | -0.07 | -4.25 | 1.06 |
| ROA(%) | 1.47 | 1.3 | 0.73 | 2.24 | -4.68 | -8.12 | -3.41 | -3.35 | -3.45 | -8.46 | -0.89 |
| ROE(%) | 3.25 | 2.67 | 1.5 | 4.53 | -9.92 | -21.89 | -11.71 | -14.05 | -18.53 | -68.46 | -12.79 |
| ROCE(%) | 9.74 | 6.01 | 6.05 | 1.04 | -0.61 | -0.68 | 1.53 | 0.48 | 0.84 | -6.61 | 6.58 |
| Receivable days | 12.43 | 15.89 | 40.53 | 52.66 | 43.93 | 58.63 | 81.06 | 82.72 | 93.31 | 99.82 | 96.98 |
| Inventory Days | 63.74 | 44.19 | 32.82 | 30.09 | 30.47 | 35.24 | 31.59 | 15.26 | 8.06 | 6.79 | 8.69 |
| Payable days | 113.43 | 133.65 | 234.94 | 294.82 | 313.4 | 296.72 | 370.7 | 189.32 | 217.88 | 228.88 | 251.51 |
| PER(x) | 0 | 63.19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 1.71 | 0 | 0 | 0 | 0 | 2.98 | 3.17 | 2.52 | 6.76 | 15.72 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.46 | 0.91 | 0.61 | 0.58 | 0.58 | 0.63 | 1.26 | 0.86 | 0.59 | 0.71 | 0.97 |
| EV/Core EBITDA(x) | 4.39 | 10 | 5.67 | 6.11 | 12.34 | 14.04 | 21.66 | 23.28 | 21.45 | -77.78 | 22.85 |
| Net Sales Growth(%) | 35.49 | -8.4 | -14.69 | 1.84 | 9.98 | 3.44 | 4.09 | 43.12 | 21.82 | -1.01 | 9.48 |
| EBIT Growth(%) | -9.66 | -44.95 | -0.58 | -81.88 | -160.67 | -13.06 | 324.26 | -68.59 | 77.74 | -888.48 | 198.81 |
| PAT Growth(%) | 1.6 | -19.08 | -43.94 | 212.25 | -313.48 | -88.94 | 54.98 | -5.45 | -12.08 | -149.82 | 88.92 |
| EPS Growth(%) | 0 | 0 | -43.93 | 212.18 | -313.49 | -88.94 | 54.98 | -5.45 | -12.08 | -149.82 | 88.92 |
| Debt/Equity(x) | 0.64 | 0.5 | 0.61 | 0.56 | 0.83 | 1.19 | 1.56 | 1.85 | 2.64 | 6.05 | 8.1 |
| Current Ratio(x) | 0.65 | 0.57 | 0.77 | 0.78 | 0.88 | 0.96 | 0.77 | 1.02 | 1.08 | 1.43 | 1.33 |
| Quick Ratio(x) | 0.29 | 0.34 | 0.58 | 0.59 | 0.68 | 0.76 | 0.66 | 0.94 | 1.04 | 1.36 | 1.24 |
| Interest Cover(x) | 1.36 | 1.54 | 1.33 | 0.21 | -0.13 | -0.12 | 0.22 | 0.08 | 0.14 | -0.9 | 0.78 |
| Total Debt/Mcap(x) | 0 | 0.29 | 0 | 0 | 0 | 0 | 0.52 | 0.58 | 1.05 | 0.89 | 0.52 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +11% | +9% | +15% | +6% |
| Operating Profit CAGR | — | 0% | 0% | -7% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -34% | +35% | +17% | +8% |
| ROE Average | -13% | -33% | -25% | -13% |
| ROCE Average | +7% | 0% | +1% | +2% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 | 69.79 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 | 30.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
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