ABH Healthcare IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

ABH Healthcare

Price band

₹96 – ₹102

Lot size

1200 shares

Min investment

₹1,22,400

Issue size

₹34.98 Cr

About the company

ABH Healthcare Limited runs a hospital under the name Anil Baghi Hospital. It is a multi speciality hospital with 150 beds. The hospital offers 25 medical specialities. These include cardiac sciences, neurology, minimally invasive spine and brain surgery, medical and surgical gastroenterology, laparoscopic and bariatric surgery, urology, pulmonology, nephrology, ENT and maxillofacial surgery. The hospital is empanelled with 30 private and public health insurance companies and third party administrators, so patients can take cashless treatment. It also takes part in major government health schemes such as the Ex-Servicemen Contributory Health Scheme, Railways, Food Corporation of India, Bharat Sanchar Nigam Limited and Ayushman Bharat Sarbat Sehat Bima Yojana. As on 31 March 2025 it had 29 doctors and 137 nurses.

ABH Healthcare Limited runs a 150 bed multi speciality hospital in Punjab under the name Anil Baghi Hospital. It offers 25 medical specialities including cardiac sciences, neurology, gastroenterology and urology, and is empanelled with 30 insurers and with government schemes such as ECHS and Ayushman Bharat.

IPO details

Issue price: ₹102
Price band: ₹96 – ₹102
Face value: ₹10
Lot size: 1200
Min investment: ₹1,22,400
Issue size: ₹34.98 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: ABH
NSE symbol: ABH-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,22,400
Retail (Max)	1	1,200	₹1,22,400
HNI (Min)	2	2,400	₹2,44,800

Investor reservation

CATEGORY	RESERVED
QIB	1,99,200 shares (5.81% of the Offer)
NII	15,28,800 shares (44.58% of the Offer)
Retail	15,28,800 shares (44.58% of the Offer)

Objects of the issue

1Repayment / prepayment, in part or full, of certain of our borrowings17.00

2Funding our Working Capital Requirements; and4.30

3Funding inorganic growth through unidentified acquisitions and general corporate purposes (collectively referred to as “Objects”)

Financials

Rs. Crore • restated

METRIC	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	26.27	32.96	51.35	61.03
Total Income	3.50	29.61	41.39	36.42
Profit After Tax	0.09	0.71	1.66	3.32
EBITDA	8.99	6.89	4.05	0.24
NET Worth	9.58	6.30	4.62	0.09
Reserves and Surplus	7.67	4.35	2.70	0.09
Total Borrowing	39.67	35.83	20.99	20.64

Key performance indicators

P/E Ratio

20.69

EPS (₹)

4.93

RoCE

19.09%

RoNW

39.07%

PAT Margin

10.74%

✓ Strengths

• The hospital covers 25 medical specialities across 150 beds, so it is not dependent on one type of treatment.

• It is empanelled with 30 private and public insurance companies and third party administrators, which brings in cashless patients.

• It takes part in major government health schemes including ECHS, Railways, Food Corporation of India, BSNL and Ayushman Bharat Sarbat Sehat Bima Yojana, which gives a steady flow of patients.

• Net worth has improved every year shown, from Rs 0.09 crore in FY2022 to Rs 4.62 crore in FY2023, Rs 6.30 crore in FY2024 and Rs 9.58 crore as on 31 December 2024.

• The hospital runs under an established local name, Anil Baghi Hospital, and is led by a doctor led management team.

• It offers advanced procedures such as minimally invasive spine and brain surgery and bariatric surgery, which usually earn better than routine treatment.

• Rs 17.00 crore of the issue money will repay borrowings, which will reduce the interest burden.

⚠ Risks

• The financial data in the offer document is very old for an issue opening in August 2026. The latest period shown ends 31 December 2024 and is only a nine month stub, so there is no recent full year to judge the company on.

• The figures shown are internally inconsistent. For the period ended 31 December 2024 total income is shown as Rs 3.50 crore while EBITDA is shown as Rs 8.99 crore, which cannot both be right. These numbers must be checked in the RHP before relying on them.

• Profit has been falling year after year in the periods shown, from Rs 3.32 crore in FY2022 to Rs 1.66 crore in FY2023 and Rs 0.71 crore in FY2024.

• Debt is very high against own funds. Total borrowing was Rs 39.67 crore as on 31 December 2024 against a net worth of only Rs 9.58 crore, which is about four times.

• Total assets have been shrinking, from Rs 61.03 crore in FY2022 to Rs 51.35 crore in FY2023, Rs 32.96 crore in FY2024 and Rs 26.27 crore as on 31 December 2024.

• A part of the money is kept for inorganic growth through unidentified acquisitions. The company has not named any target, so investors do not know where that money will go.

• The whole business is one hospital, so any problem at that single location, whether staff, regulatory or reputational, affects everything.

• Government scheme patients usually come at fixed low rates and payments can be delayed, which puts pressure on cash flow.

• The hospital runs with 29 doctors and 137 nurses. In healthcare, patients often follow individual doctors, so losing a few key consultants can affect revenue.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.22 lakh at the upper band of Rs 102, and SME shares usually trade in low volume after listing.

Promoters & holding

Kamal Baghi, Saurabh Baghi and Vaishali Saini

Pre-issue promoter holding

69.99%

Post-issue promoter holding

69.99%

Data refreshed 07 Nov 2026, 05:04 pm IST. GMP is unofficial market sentiment, not investment advice.