Gujarat Kidney & Super Speciality Ltd. IPO

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Gujarat Kidney & Super Speciality Limited is a regional healthcare company based in the central region of Gujarat. The Company operates a chain of mid-sized multispeciality hospitals, delivering integrated healthcare services with a focus on secondary and tertiary care. On a consolidated basis, it operates seven multispeciality hospitals and four in-hospital pharmacies across Gujarat, with a total bed capacity of 490 beds, approved capacity of 445 beds, and operational capacity of 340 beds.

Hospital Network and Presence

The Company has a strong presence in four cities of Gujarat, including Vadodara, Godhra, Bharuch, Anand, and Borsad. Its hospitals include Gujarat Kidney and Superspeciality Hospital, Gujarat Multispeciality Hospital, Raj Palmland Hospital, Surya Hospital and ICU, Gujarat Surgical Hospital, Ashwini Medical Centre, and Apex Multispeciality & Trauma Center. This regional concentration enables a deep understanding of local patient needs, medical practices, and demand for affordable quality healthcare.

Range of Healthcare Services

Healthcare services are broadly classified into secondary care (surgical services) and tertiary care (super-speciality surgical services). The hospitals provide integrated diagnostic services and pharmacy support, ensuring comprehensive care under one roof. A key strength lies in renal sciences, supported by advanced urology and nephrology services.

Expansion Plans

As part of its growth strategy, the Company is in the process of acquiring Parekhs Hospital in Ahmedabad, a 49-bed facility with ICU capacity, using a portion of the net issue proceeds. This acquisition is expected to further enhance its presence in urban Gujarat and add to its operational scale.

Market Position and Patient Mix

The Company derives a significant portion of its revenue from insured and walk-in patients, reflecting strong patient preference and trust in its services. It also caters to beneficiaries under Ayushman Bharat – PMJAY, public sector undertakings, and private corporates. High patient volumes and multi-speciality offerings reinforce its position as a preferred healthcare provider in central Gujarat.

Objects of the Gujarat Kidney & Super Speciality Ltd. IPO:

Company proposes to utilize the Net Proceeds from towards funding the following objects: 1. Proposed acquisition of “Parekhs Hospital Pvt Ltd” at Ahmedabad (₹77 cr) 2. Part payment of purchase consideration for the already acquired hospital i.e. “Ashwini Medical Centre” (₹12.40 cr) 3. Acquisition of additional shareholding in subsidiary namely “Harmony Medicare Private Limited” at Bharuch (₹10.78 cr) 4. Capital expenditure requirements towards setting up of a new hospital exclusively for women’s health care in Vadodara (₹30.09 cr) 5. Buying robotics equipment for hospital Gujarat Kidney & Super Speciality hospital at Vadodara (₹6.82 cr) 6. Repayment/prepayment of certain outstanding secured borrowings (₹1.20 cr) 7. Funding inorganic growth through unidentified acquisitions and General Corporate Purposes.
DRHP of Gujarat Kidney & Super Speciality Ltd. IPO
RHP of Gujarat Kidney & Super Speciality Ltd. IPO

Gujarat Kidney & Super Speciality Ltd. IPO Details:

Open Date: Dec 22 2025
Close Date: Dec 24 2025
Total Shares: 2,20,00,000
Face Value: ₹ 2 Per Equity Share
Issue Type: Book Building
Issue Size: 250.80 Cr.
Lot Size: 128 Shares
Issue Price: ₹ 108-114 Per Equity Share
Listing At: NSE,BSE
Listing Date: Dec 30 2025

Promoters And Management:

1. Dr. Pragnesh Yashwantsinh Bharpoda (42) is the Promoter, Chairman, and Managing Director of the Company. He holds an MBBS from Gujarat University, an MS in General Surgery, and an MCh in Urology. He heads the urology and nephrology departments at Gujarat Kidney Hospital and Godhra Hospital and has over a decade of experience, including renal transplants and advanced surgical procedures. He has been a Director since September 25, 2023, Managing Director since January 23, 2025, and is also a Director at Harmony Medicare Private Limited. 2. Dr. Bhartiben Pragnesh Bharpoda (41) is the Promoter and Whole-time Director of the Company. She holds a bachelor’s degree in Physiotherapy and has over five years of experience. She provides physiotherapy consultancy services to the Company’s hospitals and has been associated with the Company since incorporation, becoming Whole-time Director on January 23, 2025. 3. Anitaben Yashwantsinh Bharpoda (58) is a Non-Executive Director with over six years of experience in hospital pharmacy operations. She is associated with New Gujarat Pharmacy as a sole proprietor and SMIT Medical Store as a partner and has been a Director since the Company’s incorporation.

Financials of Gujarat Kidney & Super Speciality Ltd. IPO:

Particulars 3M FY2025-26 FY 2024-25 FY 2023-2024
Revenue from Operations (Cr) 15.26 40.24 4.77
EBITDA (Cr) 8.62 16.54 1.95
EBITDA Margins 56.62% 41.12% 40.86%
PAT (Cr) 5.4 9.49 1.71
PAT Margins 35.41% 23.61% 35.90%
ROCE 18.91% 37.65% 9.79%
D/E ratio 0.13 0.15 0.18
Operating Cash Flows (Cr) 0.47 13.6 1.21

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Gujarat Kidney & Super Speciality Limited 40.24 41.12% 23.61% 37.65% 0.15 898.8 41.6
Yatharth Hospital & Trauma Care Service 860 26% 15% 14.00% 0.02 6,676 43.80
GPT Healthcare Limited 407 20% 12.29% 27.20% 0.38 1,162 27
KMC Speciality Hospitals (INDIA) Limited 232 25% 9.05% 17.40% 0.47 1235 40.6

Lead Manager of Gujarat Kidney & Super Speciality Ltd. IPO:

  1. Nirbhay Capital Services Private Limited

Registrar of Gujarat Kidney & Super Speciality Ltd. IPO:

  1. MUFG Intime India Private Limited

Discussion on Gujarat Kidney & Super Speciality Ltd. IPO:

1 Comment

    Relatively very high valuation in the present times for a healthcare sector company .Would need lot of time to have some positive return,if at all.

    Reply

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