KA
KRM Ayurveda
Book Building issueSMENSE₹77.49 Cr issue
+27.48%
Listing gain over issue price
Issue size
₹77.49 Cr
1 lot at cut-off
₹1,35,000
Lot size
1,000shares
Open
21 Jan 2026
Close
23 Jan 2026
Allotment
27 Jan 2026
Listing
29 Jan 2026
Listing performance
Issue price
₹135
Listed at
₹172.10
Listing-day close
₹180.70
Latest price
₹250.95
Listing gain
+27.48%
Return since listing
+85.89%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹22.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 Jan 2026 | ₹22.50 | +16.67% | ₹17,100 | ₹157.50 | ₹22,500 |
| 28 Jan 2026 | ₹22.50 | +16.67% | ₹17,100 | ₹157.50 | ₹22,500 |
| 27 Jan 2026 | ₹20 | +14.81% | ₹15,200 | ₹155 | ₹20,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 21 Jan 2026 – 23 Jan 2026
- Listing date
- 29 Jan 2026
- Face value
- ₹10 per share
- Issue price
- ₹135 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹77.49 Cr
- Market cap at offer price
- ₹287 Cr
- Promoter holding
- 92.16% → 67.28% pre-issue → post-issue
- ISIN
- INE1MTV01019
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- NEXGEN Financial Solutions Pvt.Ltd.
- Registered office
- A-16, G T Karnal Road, Industrial Area, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,42,000 | — | — |
| Market maker | 5,74,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,42,000
Anchor portion
₹20.82 Cr
at ₹135 per share
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.79 | 5.69 |
| P/E (×) | 17.33 | 23.73 |
| Price to book (×) | 0.08 | — |
| Market cap | — | ₹287 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 67.86%
- ROCE
- 43.33%
- Debt / equity
- 1.31
- PAT margin
- 15.80%
- EBITDA margin
- 24.96%
- NAV per share
- ₹1,602.40
- Price to book
- 0.08
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About KRM Ayurveda
KRM Ayurveda Limited was incorporated as a Private Limited Company on September 3, 2019, and converted to Public Limited Company on December 24, 2024. The company operates a network of hospitals, clinics, and telemedicine platforms across multiple Indian cities. Originally established as a kidney care hospital specializing in kidney disorders, it has evolved into a multi-specialty healthcare provider treating various conditions including kidney disorders, liver cirrhosis, diabetes, fatty liver, and arthritis. The company generates revenue through hospital and clinic services, telemedicine consultations, and direct-to-consumer sales of Ayurvedic medicines, oils, and supplements. A significant portion of revenue comes from government health schemes (CGHS, ECHS) and private insurance empanelment. The company has marked its global presence through virtual consultation services and telemedicine platforms.
Company Analysis
from RHPKRM Ayurveda Limited operates a network of multi-specialty hospitals and clinics providing Ayurvedic treatments across India, combined with telemedicine services and direct-to-consumer sale of Ayurvedic medicines and wellness products.
KRM Ayurveda Limited was incorporated as a Private Limited Company on September 3, 2019, and converted to Public Limited Company on December 24, 2024. The company operates a network of hospitals, clinics, and telemedicine platforms across multiple Indian cities. Originally established as a kidney care hospital specializing in kidney disorders, it has evolved into a multi-specialty healthcare provider treating various conditions including kidney disorders, liver cirrhosis, diabetes, fatty liver, and arthritis. The company generates revenue through hospital and clinic services, telemedicine consultations, and direct-to-consumer sales of Ayurvedic medicines, oils, and supplements. A significant portion of revenue comes from government health schemes (CGHS, ECHS) and private insurance empanelment. The company has marked its global presence through virtual consultation services and telemedicine platforms.
Healthcare - AyurvedaTelemedicinePharmaceuticals - Ayurvedic medicinesWellness and personal care
Objects of the Issue
- Capital Expenditure for Construction and Development of Telemedicine Operational Facilities Rs. 1,366.68 lakhs p.26
- Purchase of CRM Software and Hardware Infrastructure Rs. 142.09 lakhs p.26
- Human Resources Rs. 543.82 lakhs p.26
- Repayment/Prepayment of loan Rs. 1,250.00 lakhs p.26
- To meet out the Working Capital requirements of the Company Rs. 2,290.00 lakhs p.26
- General Corporate Purposes p.26
- Capital Expenditure for Construction and Development of Telemedicine Operational Facilities Rs. 1,366.68 lakhs p.117
- Purchase of CRM Software and Hardware Infrastructure Rs. 141.55 lakhs p.120
- Human Resources (Manpower Hiring) Rs. 543.82 lakhs p.124
- Repayment/Prepayment of loan Rs. 1,250.00 lakhs p.128
- Working Capital Requirement Rs. 2,290.00 lakhs p.129
- General Corporate Purposes p.133
- Not stated in this part of the document - this section is not included in pages 222-282
Issue Structure
- Total Issue
- Up to 57,40,000 Equity Shares of Face Value of Rs. 10/- each aggregating to Rs. [●] Lakhs
- Fresh Issue
- Up to 57,40,000 Equity Shares of Face Value of Rs. 10/- each aggregating up to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price Rs. [●] per Equity Share to Cap Price Rs. [●] per Equity Share (specific amounts to be determined)
- Lot Size
- 2,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
The company operates through three main revenue streams: (1) Hospital and clinic services providing specialized Ayurvedic treatments, with significant revenue from government agencies (CGHS, ECHS) and private insurance companies under cashless arrangements; (2) Telemedicine and virtual consultation services; (3) Direct-to-consumer sale of Ayurvedic medicines, oils, supplements, and wellness products through both hospital pharmacies and online platforms.
Business Segments
Provides specialized Ayurvedic medical treatments for kidney disorders, liver cirrhosis, diabetes, fatty liver, arthritis and related health conditions through a network of hospitals and clinics. Revenue generated from direct patient care, government health schemes (CGHS, ECHS), and private insurance empanelment.
Provides remote medical consultations and healthcare advice through virtual platforms, enabling the company to serve patients domestically and internationally.
Direct-to-consumer sale of Ayurvedic medicines, oils, wellness products and supplements through hospital pharmacies, telemedicine platforms and online channels.
Provides inpatient and outpatient Ayurvedic treatment, therapies, and consultations through 6 hospitals and 5 clinics across India, including government-empaneled (CGHS, ECHS) and insurance-based services
Sale of Ayurvedic medicines and healthcare products through hospital pharmacies and telemedicine platforms
Virtual consultation services providing patient triage, helplines, follow-ups, digital documentation, and product sales, feeding volumes into hospital network
Operates 6 multispecialty Ayurveda hospitals offering in-patient and out-patient care, Panchakarma therapies, specialized clinics for kidney disorders, liver cirrhosis, diabetes, arthritis, and wellness packages. Hospitals equipped with consultation chambers, therapy units, pharmacy, yoga and meditation halls.
Operates 5 clinics across Bengaluru, Patna, Mumbai, Lucknow, and Noida providing Ayurvedic consultations, treatments, Panchakarma therapies, personalized care, and herbal remedies for kidney disorders and lifestyle diseases.
Provides telephonic and video consultations with certified Ayurvedic practitioners, personalized treatment plans including herbal medicines and dietary recommendations, and follow-up consultations for continued care and guidance.
Manufactures and markets a portfolio of Ayurvedic therapeutic and wellness products in the form of capsules, tablets, syrups, gels, oils and powders, focused on treating chronic lifestyle and metabolic disorders such as chronic kidney disorders, diabetes, immunity enhancement, liver health, hypertension, and urinary tract conditions.
Provides in-patient and out-patient Ayurvedic healthcare treatments including consultations, Panchakarma therapies (detoxification and rejuvenation programs), specialized clinics for orthopedic care, skin and hair care, women's wellness, geriatric care, wellness packages, and diet and lifestyle counseling.
Manufactures and sells Ayurvedic medicines, oils, supplements, and wellness products including tablets, capsules, kwaths (herbal decoctions), arks (distilled preparations), churans (powders), and oils. Products are distributed through hospital dispensaries, digital telemedicine platform, and clinic sales.
Generates leads through digital marketing campaigns; telemedicine team provides consultation and facilitates medicine sales directly over telephone and online. Handles repeat and follow-up sales through centralized customer care helpline. Exports medicines to USA and serves international markets.
In-patient and out-patient care for chronic diseases, lifestyle disorders, post-operative rehabilitation, Panchakarma therapies, detoxification and rejuvenation programs, specialized clinics for orthopedic care, skin and hair care, women's wellness, geriatric care, wellness packages, stress management, weight management, preventive health plans, and diet and lifestyle counseling.
Development and sale of proprietary and generic Ayurvedic medicines in various formulations including capsules, tablets, syrups, gels, oils, resins, and powders designed to address diverse healthcare requirements. Also includes dispensary of in-house and certified Ayurvedic medicines.
Operation of ayurvedic hospitals and clinics providing traditional ayurvedic medical services
Manufacture and sale of ayurvedic medicines, health supplements and nutraceuticals
SWOT Analysis
Strengths
- • Network of multi-specialty hospitals and clinics across India(p.25)
- • Diversified service offerings in Ayurveda healthcare(p.25)
- • Global presence through telemedicine services(p.25)
- • Government empanelment enabling significant revenue growth(p.40)
- • Strong revenue growth trajectory from healthcare services(p.40)
- • Experienced management team and efficient workforce(p.137)
- • Strong financial performance with high RONW(p.138)
- • Significant growth in healthcare services revenue(p.131)
- • Multi-specialty hospital expansion with NABH accreditation(p.131)
- • Established telemedicine and virtual consultation services(p.131)
- • Established network of hospitals and clinics across multiple cities(p.196)
- • NABH accreditation and quality certifications(p.211)
- • Proprietary Ayurvedic formulations based on classical traditions(p.196)
- • In-house manufacturing facility with GMP certification(p.211)
- • Telemedicine services enabling remote accessibility(p.210)
- • Strong bed occupancy improvement trajectory(p.211)
- • Expertise in specialized kidney disorder treatment(p.196)
- • Experienced Ayurvedic medical team with formal qualifications(p.232)
- • Certified and trained therapists for specialized treatments(p.232)
- • GMP-certified centralized manufacturing facility(p.233)
- • Multi-channel sales and distribution network(p.225)
- • Accreditation from government and regulatory bodies(p.233)
- • Specialized medical expertise in Ayurvedic treatments with experienced leadership(p.305)
- • Multi-location hospital and clinic network across India(p.349)
- • Recognition for quality Ayurvedic medicine expertise(p.305)
- • Diversified revenue streams from hospital services, telemedicine, and Ayurvedic products(p.349)
- • Strong growth in hospital services revenue contribution(p.359)
- • Empanelment with government health schemes(p.360)
- • Established regulatory compliance with multiple government certifications and licenses across operations(p.378)
- • Positive and growing net worth with track record of profitability across three financial years(p.384)
- • Strong operating profit (EBIT) generation from operations in majority of financial years(p.384)
- • NABH accreditation for clinical establishment in Delhi demonstrating quality standards(p.379)
- • Multi-location operational presence across India with clinical establishments in key cities(p.380)
Weaknesses
- • High employee attrition affecting operational continuity(p.37)
- • Geographic concentration of revenue in two states(p.37)
- • Dependence on leased premises for operations(p.35)
- • High working capital intensity and growth funding challenges(p.39)
- • Dependence on limited number of suppliers(p.47)
- • Conflicts of interest with promoter's competing business(p.44)
- • Litigation against promoters creating uncertainty(p.46)
- • Limited operating history creating evaluation challenges(p.52)
- • Regulatory compliance delays and GST filing non-compliances(p.59)
- • Majority of employees not registered with EPFO/ESI(p.59)
- • High dependence on individual promoters and key management(p.64)
- • Significant debt burden requiring repayment(p.129)
- • High working capital requirements with extended payment cycles(p.133)
- • Inadequate insurance coverage for potential losses(p.64)
- • Pending trademark applications with objections(p.65)
- • Internal control deficiencies and compliance risks(p.64)
- • No dividend history despite profitability(p.69)
- • High debt-to-equity ratio indicating financial leverage(p.194)
- • Decline in ARPOB (Average Revenue Per Occupied Bed) across periods(p.212)
- • Fluctuating profitability and PAT margins(p.194)
- • Limited geographic presence with only 6 hospitals and 5 clinics(p.196)
- • Operational underperformance at certain locations(p.211)
- • Scale disadvantage compared to larger peer companies(p.191)
- • Operational complexity managing quality across multiple locations(p.232)
- • Dependence on limited suppliers for raw materials(p.242)
- • Limited brand awareness in newly targeted regions(p.232)
- • High employee attrition rates(p.248)
- • Heavy concentration of revenue in few customers(p.250)
- • Significant pending litigation involving promoter with high claims(p.370)
- • Concentration of promoter shareholding limiting other investors(p.305)
- • High debt burden relative to equity(p.335)
- • Deteriorating inventory turnover indicating slower product movement(p.335)
- • Large pending civil litigation claiming compensation of INR 2 crore(p.371)
- • Multiple medical malpractice allegations against promoter-founder(p.367)
- • Inconsistent cash flow from operations with negative cash flow in recent financial years(p.385)
- • Negative free cash flow to equity in majority of reporting period despite profitability(p.385)
- • High capital expenditure relative to operational cash flow constraining liquidity(p.385)
- • Pending regulatory registrations for multiple clinical establishments affecting operational readiness(p.380)
- • Temporary reliance on Amazon warehouse space for product storage creating dependency(p.380)
Opportunities
- • Rapid growth in India's AYUSH sector market(p.26)
- • Rising demand for natural and holistic treatments(p.26)
- • Geographic expansion into underserved markets(p.54)
- • Growing government support for traditional medicine(p.25)
- • Expansion of healthcare services portfolio(p.40)
- • Telemedicine platform for global market reach(p.25)
- • Expansion into new geographic markets with hospital network(p.127)
- • Growing demand for Ayurvedic healthcare services(p.131)
- • Telemedicine platform for patient triage and digital documentation(p.117)
- • Capacity expansion to support 2.3x-2.5x increase in seating(p.117)
- • Government empanelment growth (CGHS and ECHS)(p.131)
- • Development of in-house CRM system to reduce operational costs(p.122)
- • Rapid expansion of AYUSH market from $24 billion in 2024 to $200 billion by 2030(p.185)
- • Strong government support through National AYUSH Mission and increased budgetary allocation(p.172)
- • Rising Ayurveda usage in both rural and urban populations(p.178)
- • Global recognition of Ayurveda and expansion in 30+ countries(p.177)
- • Growth in wellness tourism and AYUSH medical value travel(p.176)
- • Integration of AYUSH into mainstream health insurance schemes(p.176)
- • Significant growth in MSMEs in AYUSH sector presenting market expansion opportunity(p.170)
- • Projected Ayurveda product industry growth at 21.3% CAGR(p.179)
- • Expansion into Tier-II cities with growing healthcare demand(p.233)
- • International market penetration through telemedicine(p.233)
- • Growing government support and healthcare infrastructure investment(p.251)
- • Expansion of AYUSH industry and wellness tourism(p.251)
- • Revenue growth through government and institutional partnerships(p.238)
- • Expansion of hospital services through government health scheme empanelment(p.359)
- • Growth in holistic wellness and Ayurvedic treatment demand(p.349)
- • Expansion of telemedicine and global reach(p.349)
- • Diversification into preventive and wellness-oriented healthcare(p.354)
- • Scaling Ayurvedic product portfolio across multiple therapeutic areas(p.349)
- • Potential expansion to main board listing post achieving scale and profitability thresholds(p.402)
- • Growth potential from completing pending clinical establishment registrations across new locations(p.380)
- • Compulsory three-year market making arrangement providing liquidity and investor confidence(p.404)
- • MSME certification enabling access to preferential government procurement and financing schemes(p.379)
- • Expansion of manufacturing capacity with Good Manufacturing Practice license for pharmaceutical products(p.379)
Threats
- • Intense competition from established healthcare providers(p.55)
- • Evolving and complex regulatory requirements(p.55)
- • Safety concerns and regulatory restrictions on Ayurvedic products(p.45)
- • Dependence on third-party transportation providers(p.43)
- • Disruption risks from high reliance on insurance payers(p.44)
- • Shortage and quality variability of raw materials(p.48)
- • High fixed operational costs and limited pricing power(p.44)
- • Misinformation about Ayurveda affecting consumer demand(p.48)
- • Intense competition from unlisted and domestic/foreign peer companies(p.64)
- • Price sensitivity in market affecting profitability(p.64)
- • Changes in Ayurvedic industry demand(p.66)
- • Regulatory and compliance requirements for licenses and approvals(p.66)
- • Natural disasters, epidemics and pandemics disrupting operations(p.70)
- • Terrorist attacks and political instability in India(p.70)
- • Global financial instability and market volatility(p.71)
- • Changes in laws, regulations and GST implementation(p.71)
- • Foreign investment restrictions limiting capital raising(p.72)
- • Extended payment cycles from government payers affecting cash flow(p.133)
- • Intense competition from larger established players like Patanjali, Himalaya, and Jiva Ayurveda(p.186)
- • Lack of standardization in Ayurvedic medicines affecting industry credibility(p.182)
- • Proliferation of unqualified practitioners eroding consumer trust(p.182)
- • Risk of counterfeit and adulterated Ayurvedic products(p.184)
- • Regulatory complexity from multiple governing bodies(p.184)
- • Shortage and escalating prices of raw materials(p.182)
- • Insufficient scientific validation limiting global acceptance(p.184)
- • Environmental sustainability concerns from overharvesting of medicinal plants(p.184)
- • Competition from modern healthcare providers and other Ayurveda chains(p.232)
- • Regulatory changes and compliance requirements across states(p.232)
- • Economic fluctuations impacting patient affordability(p.232)
- • Risk of misinformation affecting Ayurveda perception(p.232)
- • Dependence on availability of quality herbs and raw materials(p.232)
- • Regulatory risk and perception challenges around Ayurvedic medicine efficacy(p.351)
- • Intense competition from healthcare and wellness service providers(p.351)
- • Dependence on limited availability of qualified medical staff in Ayurveda(p.351)
- • Supply chain vulnerability for raw materials(p.351)
- • Volatility in capital markets affecting IPO valuations(p.350)
- • Dependence on third-party logistics providers for distribution(p.351)
- • Regulatory risk from evolving clinical establishment registration requirements across states(p.380)
- • Pollution control compliance requirements for new facility operations creating operational delays(p.380)
- • Reliance on third-party Amazon arrangement for logistics creating vulnerability to platform policy changes(p.380)
- • Leverage ratio risk with borrowings affecting financial flexibility(p.386)
- • Market concentration risk inherent in small-cap healthcare sector on emerging platform(p.384)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Puneet Dhawan | Promoter | 90.80% | 66.28% |
| Tanya Dhawan | Promoter | 0.61% | 0.45% |
| Puneet Dhawan | Promoter | 90.80% | 66.28% |
| Tanya Dhawan | Promoter | 0.61% | 0.45% |
| Puneet Dhawan | Promoter | 90.80% | — |
| Tanya Dhawan | Promoter | 0.61% | — |
| Puneet Dhawan | Promoter | 90.80% | — |
| Tanya Dhawan | Promoter | 0.61% | — |
Leadership
Puneet Dhawan · Promoter/Chairman
Tanya Dhawan · Promoter
Ms. Pooja Garg · Company Secretary and Compliance Officer
Avtar Singh Rana · Chief Financial Officer
Sanchit Hans · Key Managerial Personnel
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.