ABH Healthcare Limited operates the unlisted, regional super-specialty hospital group under the brand name Anil Baghi Hospital in Ferozepur, Punjab. Originally established in 1985 with 30 beds by the Promoter, Dr. Kamal Baghi, the hospital was acquired by the public corporate entity in 2022 and has since systematically expanded its bed capacity and clinical specialties. The company's core value proposition balances high-quality, specialized tertiary medical care with affordability in Tier 3 cities. Operating under a consolidated model that includes 90% partnership interests in Five Creeks Healthcare LLP (for dialysis services) and ABH Clinics LLP (for nursing and pharmacy operations), its underlying business model relies on a mix of In-Patient Department (IPD) services, Out-Patient Department (OPD) services, and outsourced diagnostics and pharmacies. IPD services constitute the hospital’s primary revenue engine, representing Rs 4,428.13 Lakhs (84.33%) of the Rs 5,250.69 Lakhs revenue from operations in FY26.
The hospital's geographic reach is highly concentrated, with approximately 100% of its revenues derived from its Ferozepur, Punjab facility. Its target demographic primarily consists of patients in Tier 3 towns and rural regions who would otherwise have to travel to major state capitals for advanced treatments.The company's key customer payor segments are strategically diversified into three groups: Government Schemes & PSUs, Self-Pay patients, and Insurance & TPAs. Due to the demographics of the region, the hospital relies heavily on government-sponsored healthcare schemes, such as the Ayushman Bharat - Sarbat Sehat Bima Yojana (AB-SSBY). In FY26, Government Schemes & PSUs accounted for Rs 2,674.68 Lakhs (52.40% of inpatient revenue), while Self-Pay patients contributed Rs 1,625.74 Lakhs (31.85%), and Insurance/TPAs made up Rs 486.78 Lakhs (9.54%).
Because the company is a tertiary medical service provider, manufacturing infrastructure, factory locations, and installed capacity utilization figures are not applicable to its business model [104, multimodal_33]. Instead, the company's operational infrastructure is evaluated based on clinical bed capacity and bed occupancy metrics.The hospital operates a 150-bed super-specialty facility as of March 31, 2026 (an increase from 100 beds in FY24). This capacity includes 125 operational beds, with a high concentration of critical care infrastructure comprising 70 intensive care unit (ICU) beds, 9 pediatric units, 7 emergency units, and 10 dialysis beds. he hospital’s average bed occupancy rate was 47% in FY26 (compared to 49% in FY25 and 63% in FY24), reflecting significant capacity headroom to absorb incremental patient volume without requiring immediate capital expenditure on civil expansion.
Although the company does not maintain industrial R&D laboratories, it focuses heavily on integrating advanced medical technology and digital clinical workflows to improve patient outcomes and operational efficiency. Notably, Anil Baghi Hospital was among the first 100 hospitals in India to be accredited with the prestigious NABH Digital Standards (Silver Category) in FY25. his digital framework utilizes barcode patient identification, computerized physician order entries (CPOE), and intelligent bed management systems to enhance clinical safety. In terms of diagnostic and treatment technology, the hospital is equipped with high-end global-standard machinery, including a GE Cardiac Catheterization Lab, Medtronic Intravascular Ultrasound, and Philips MRI devices. These specialized clinical segments, particularly interventional cardiology and critical care, serve as key high-margin operational highlights and revenue drivers for the organization.
As per financial performance, ABH Healthcare Limited has posted total income / net profits of Rs 41.39 Cr / Rs 1.66 Cr (FY24), Rs 49.32 Cr / Rs 5.35 Cr (FY25) and Rs 52.59 Cr / Rs 5.64 Cr (FY26). So as per previous financials data, the company has shown steady top-line growth with a Revenue CAGR of 12.64% alongside exceptional profitability expansion with a PAT CAGR of 84.56%, although its total debt has increased over the period from Rs 35.83 Cr to Rs 55.16 Cr to fund capital requirements. Company has an average EPS of Rs 6.10 and average RoNW of 44.51% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.73 as per NAV of Rs 21.58 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.23. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 70.42, 21.80, and 20.67 respectively. As per RHP, a comparison between listed peers shows that the industry average P/E stands at 26.08 (ranging from 24.52 for Sangani Hospitals Limited to 27.63 for Asarfi Hospital Limited), indicating that at the upper price band of Rs 102, this issue is priced at a discount relative to its listed industry counterparts.
On BRLM's front, Fedex Securities Private Limited is associated with this IPO, and has handled 26 IPOs in the past. From last 10 IPOs, two opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, six are trading below the issue price and the remaining four are trading above the issue price or at par. (As On 17.08.26)
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