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ABH Healthcare
· NSE open
Closes in 2 days · 27 Aug 2026
₹0
GMP* · 25 Aug, 10:20 pm
Price Band
₹96 – ₹102
Issue Size
₹34.98 Cr
1 lot at upper band
₹1,22,400
Lot Size
1,200
Open
24 Aug 2026
Close
27 Aug 2026
Allotment
—
Listing
01 Sept 2026
Scheduled dates
- Open24 Aug 2026
- Close27 Aug 2026
- Refund31 Aug 2026
- Demat credit31 Aug 2026
- Listing01 Sept 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹0 9 sessions
Subscription (times)
Latest per-category subscription · as of 25 Aug, 06:11 pm IST.
QIB 8.37x
NII 0.45x
BHNI 0.18x
SHNI 0.13x
RII 0.63x
Total 0.88x
About ABH Healthcare
ABH Healthcare Limited operates a 150-bed multi-specialty tertiary care hospital under the "Anil Baghi Hospital" brand in Ferozepur, Punjab. The company focuses on providing specialized healthcare services in Tier 3 cities, offering 25 medical specialties including cardiac sciences, neurology, minimally invasive surgeries, gastroenterology, and critical care. The hospital, acquired in 2022 but originally established in 1985, is led by U.S.-trained doctors and has extensive empanelment with over 30 insurance companies and major government health schemes including ECHS and Ayushman Bharat.
www.abhhealthcare.org ↗Strengths
- Doctor led professional management team with proven execution capabilitiesThe company is led by qualified and experienced management team including U.S.-trained doctors with extensive expertise in their respective clinical specialties, bringing decades of healthcare experience and international standards to operations.
- Delivering quality clinical care by attracting and retaining experienced and renowned cliniciansThe company prioritizes attracting and retaining renowned clinicians with over 30% of doctors associated for more than 5 years, including team members trained at institutes in India and overseas with full-time commitment.
- Diversified operations across clinical specialties, payor mix and hospitalsThe company offers medical services across 25 specialties covering comprehensive healthcare needs, with diversified revenue streams reducing concentration risks and serving as a one-stop solution for routine and complex medical conditions.
- Comprehensive operating infrastructure including information technology and modern equipmentsThe company has developed comprehensive IT infrastructure with digitized patient journey, EHR systems, and advanced medical equipment from globally reputed suppliers including cath labs, CT scan machines, and MRI machines.
- Track record of stable operating and financial performance and growthThe company demonstrated stable growth with EBITDA increasing from ₹689.28 lakhs in Fiscal 2024 to ₹1,444.54 lakhs in Fiscal 2026, and profit after tax growing from ₹165.56 lakhs to ₹569.72 lakhs over the same period.
Risk Factors
- Limited Operating History as a CompanyThe company was incorporated in March 2021 and acquired the business of M/s. Anil Baghi Hospital in March 2022, resulting in limited operating and financial history. This makes it difficult to evaluate current or future prospects based on historical results, and future revenues and profitability could fluctuate significantly.
- Geographic Revenue Concentration RiskThe company derives 100% of its revenue from its only hospital in Ferozepur, Punjab (₹5,104.37 lakhs in Fiscal 2026 and ₹4,891.62 lakhs in Fiscal 2025). Any adverse event affecting this single location could have a material impact on business operations and financial condition.
- Technology and Equipment Failure RiskThe company faces risks from technological changes, equipment failures, and malfunction of medical equipment. The company incurred ₹396.23 lakhs, ₹142.39 lakhs, and ₹889.51 lakhs for equipment additions in Fiscal 2026, 2025, and 2024 respectively, with potential for asset impairment.
- Third-Party Supplier and Payer DependencyThe company relies heavily on limited suppliers, with top 2 suppliers contributing 73.49% of total purchases in Fiscal 2026. Additionally, 61.94% of revenue (₹3,161.46 lakhs) comes from government departments, insurance companies, and TPAs, creating significant dependency risks.
- Regulatory Compliance and Healthcare Industry RegulationThe company operates in a highly regulated healthcare industry requiring numerous licenses, permits, and accreditations that are subject to renewal and potential revocation. Non-compliance could result in penalties, operational restrictions, or facility shutdowns.
- High Debt-to-Equity Ratio and Funding RiskThe company has a high debt-to-equity ratio of 3.20 in Fiscal 2026 (down from 5.69 in Fiscal 2024) with secured debt of ₹4,575.26 lakhs. The company's ability to service debt depends on continued profitability and cash flow generation.
- Medical Malpractice and Legal Liability RiskThe company is exposed to legal claims arising from healthcare services, medical negligence, and malpractice suits. The company uses radioactive materials and equipment that could result in contamination or injury, leading to significant liability claims and reputational damage.
Objects of the Issue
- Repayment/prepayment of certain borrowingsThe company proposes to utilize funds from the Net Proceeds towards repayment/prepayment, in part or full, of certain borrowings to reduce outstanding indebtedness, debt servicing costs, and improve debt-to-equity ratio.17.00 crores
- Funding working capital requirementsThe company proposes to utilize funds from the Net Proceeds towards funding its working capital requirements to support future growth requirements and business operations.5.00 crores
- Funding inorganic growth through unidentified acquisitions and general corporate purposesThe company expects to utilize funds from the Net Proceeds towards funding inorganic growth through unidentified acquisitions and general corporate purposes, subject to regulatory limits under SEBI ICDR Regulations.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 52.59 | +6.6% | 5.64 | +5.4% | 85.27 | 17.34 | 2.11 |
| 31/03/2025 | 49.32 | — | 5.35 | — | 63.90 | 11.69 | 3.54 |
| 31/03/2024 | 41.39 | — | 1.66 | — | 51.35 | 6.35 | 0.89 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 20.30
- ROCE
- 20.00%
- Shares / Lot
- 1,200
- Minimum Bid
- 2,400 shares
- Refund
- 31 Aug 2026
- Credit to Demat
- 31 Aug 2026
- ISIN
- INE1R2M01019
- CIN
- U85300PB2021PLC052886
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead Managers
- Fedex Securities Pvt.Ltd.
- Registered Office
- Anil Baghi Road, Ferozepur, Punjab - 152002, India
Management
Dr. Kamal BaghiMD
Dr. Saurabh BaghiCEO
Dr. Vaishali SainiDirector
Dr. Satnam Singh NijjarDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.