ABH HealthcareIPO Review — Financials, Valuation & Peers
A data-only look at the ABH Healthcare IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 41.39 | 1.66 | 6.89 | 6.3 | 51.35 | 30.59 | — |
| FY 2025 | 49.32 | 5.35 | 13.2 | 11.6 | 63.9 | 33.78 | — |
| FY 2026 | 52.59 | 5.64 | 14.72 | 17.27 | 85.27 | 45.75 | 7.05 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 14.47x
- P/E (post-issue)
- 20.69x
- RoNW
- 39.07%
- RoE
- 39.07%
- RoCE
- 19.09%
- Debt / Equity
- 3.2
- EPS (pre-issue)
- ₹7.05
- EPS (post-issue)
- ₹4.93
- EBITDA Margin
- 28.03%
- PAT Margin
- 10.74%
- P/BV
- 4.73x
- NAV / share
- ₹21.58
- Market Cap
- ₹116.58 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| ABH Healthcare | 7.05 | 21.58 | — | 34.26% | — | Consolidated |
| Asarfi Hospital Limited | 8.47 | 49.62 | 27.63x | 18.65% | 4.78x | Consolidated |
| Maitreya Medicare Limited | -3.64 | 42.67 | -34.11x | -8.1% | 2.95x | Consolidated |
| Sangani Hospitals Limited | 2.17 | 23.3 | 24.52x | 16.2% | 2.3x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Kamal Baghi, Saurabh Baghi, Vaishali Saini</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 69.99%
- Dilution
- 30.01%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. ABH Healthcare operates at an EBITDA margin of 28.03% and a net (PAT) margin of 10.74% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.09% and a return on equity (RoE) of 39.07%. At the upper band, the post-issue market capitalisation works out to about ₹116.58 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment / prepayment, in part or full, of certain of borrowings (₹17 crore), alongside funding working capital requirements (₹5 crore). In all, 3 objects are disclosed.
Financials
In FY2026, ABH Healthcare reported revenue of ₹52.59 crore and a net profit of ₹5.64 crore. Revenue grew from ₹41.39 crore in FY2024 to ₹52.59 crore in FY2026 (+27.0%). Net worth stood at ₹17.27 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 20.69× post-issue earnings and 4.73× book value, against a return on net worth of 39.07% and a debt-to-equity ratio of 3.2. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Asarfi Hospital Limited and Maitreya Medicare Limited, with a median peer P/E of about 24.5×. The issue's own post-issue P/E works out to 20.69×.
Promoters
The promoters of the company are <p>Kamal Baghi, Saurabh Baghi, Vaishali Saini</p>. Promoter holding stands at 100% before the issue and comes down to 69.99% after listing.
Frequently asked questions
- What is the reservation split in the ABH Healthcare IPO?
- Of the total shares offered, retail investors get 46.94%, QIBs 6.12%, non-institutional investors 46.94%.
- Who are the promoters of ABH Healthcare and what is their holding?
- The promoters are <p>Kamal Baghi, Saurabh Baghi, Vaishali Saini</p>. Promoter holding is 100% before the issue and 69.99% after listing.
- What is the P/E ratio of the ABH Healthcare IPO?
- At the upper price band, the ABH Healthcare IPO is valued at 14.47× pre-issue earnings and 20.69× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the ABH Healthcare IPO?
- The net proceeds go primarily toward repayment / prepayment, in part or full, of certain of borrowings, among 3 disclosed objects.