ABH Healthcare Ltd. IPO

ABH Healthcare Limited is a healthcare services company based in Ferozepur, Punjab. The company operates the 150-bed Anil Baghi Hospital, a tertiary-care hospital that provides specialised medical services across multiple clinical departments. The hospital was originally established in 1985 and was acquired by ABH Healthcare in 2022 through a Business Transfer Agreement with promoter Dr. Kamal Baghi.

ABH Healthcare was originally incorporated as ABH Healthcare Private Limited on 2 March 2021. It subsequently acquired the business of the sole proprietorship concern operated under the name Anil Baghi Hospital. The company was converted into a public limited company in 2024 and changed its name to ABH Healthcare Limited.

The hospital provides healthcare services across approximately 25 medical specialties. These include cardiac sciences, neurology, gastroenterology, laparoscopic and bariatric surgery, urology, nephrology, orthopaedics and joint replacement, pulmonology, obstetrics and gynaecology, critical care, dentistry, physiotherapy, dermatology, laboratory investigations and radiology.

The hospital has developed its capacity over several decades and has expanded from its earlier 30-bed facility to a 150-bed hospital. Its infrastructure includes intensive-care facilities, dialysis facilities, diagnostic equipment and specialised surgical infrastructure.

ABH Healthcare follows a doctor-led operating model. The promoter and management team includes medical professionals with experience in clinical medicine and hospital management. The company's promoters are Dr. Kamal Baghi, Dr. Saurabh Baghi and Dr. Vaishali Saini.

As of 30 June 2026, the company had more than 309 employees, including 37 doctors, 101 nurses and other hospital personnel. This workforce supports clinical, administrative and operational functions at the hospital.

The company has also developed relationships with insurance companies, third-party administrators and government healthcare schemes. Its hospital is empanelled with more than 30 private and public health insurance companies and TPAs, along with major government healthcare schemes.

ABH Healthcare has adopted digital healthcare systems as part of its hospital operations. These include patient portals, Computerized Physician Order Entry and Electronic Health Record systems intended to improve patient experience and operational efficiency.

The hospital received NABH accreditation in 2021 and subsequently received NABH Digital Standards accreditation in FY2025. These accreditations form part of the company's quality and digital healthcare infrastructure.

The company's business is highly concentrated geographically because its revenue is generated from its single hospital in Ferozepur, Punjab. Revenue from operations from the hospital was ₹51.04 Cr in FY2026 and ₹48.92 Cr in FY2025.

The company reported revenue from operations of ₹41.38 Cr in FY2024, ₹49.27 Cr in FY2025 and ₹52.51 Cr in FY2026. Profit after tax increased from ₹1.66 Cr in FY2024 to ₹5.35 Cr in FY2025 and ₹5.64 Cr in FY2026.

Total income increased from ₹41.39 Cr in FY2024 to ₹49.32 Cr in FY2025 and ₹52.59 Cr in FY2026. The company reported EBITDA of ₹6.89 Cr, ₹13.20 Cr and ₹14.72 Cr respectively for these three financial years.

The company has also reported growth in its patient volumes. During FY2026, the hospital treated 6,387 in-patients and recorded 53,212 outpatient consultations.

The company intends to use part of the IPO proceeds for repayment or prepayment of borrowings and for working-capital requirements. It has also identified inorganic growth through unidentified acquisitions and general corporate purposes as an object of the issue.

ABH Healthcare's future growth plans include expanding into additional specialties and exploring asset-light healthcare expansion opportunities. The company has identified areas such as oncology and cardiothoracic and vascular surgery as potential areas of expansion.

ABH Healthcare operates a focused healthcare business through the 150-bed Anil Baghi Hospital in Ferozepur, Punjab. Its long operating history, specialised services and doctor-led management provide the company with an established regional healthcare platform.

The hospital provides services across around 25 specialties, giving it exposure to several areas of tertiary and specialised medical care. Its facilities include critical-care, dialysis, diagnostic and surgical capabilities.

The financial performance has improved over the three reported years. Revenue from operations increased from ₹41.38 Cr in FY2024 to ₹49.27 Cr in FY2025 and ₹52.51 Cr in FY2026. PAT increased from ₹1.66 Cr to ₹5.35 Cr and then ₹5.64 Cr over the same period.

The company's EBITDA also increased from ₹6.89 Cr in FY2024 to ₹13.20 Cr in FY2025 and ₹14.72 Cr in FY2026. This indicates an improvement in operating profitability over the reported period.

However, the business has substantial geographical concentration. The company derives its revenue from its single hospital in Ferozepur. This means that operational, regulatory, competitive or economic disruption in the region could have a material effect on the company's financial performance.

Debt is another important factor. The company intends to deploy ₹17 Cr from the issue towards repayment or prepayment of borrowings. The IPO therefore has a meaningful balance-sheet improvement component rather than being used solely for expansion.

The company is also allocating ₹5 Cr towards working capital. This can support the hospital's operating requirements and future growth, although investors should continue to monitor the company's working-capital position and debt levels.

ABH Healthcare has several potential growth avenues. These include increasing capacity, adding higher-end specialties and exploring new healthcare formats and inorganic expansion. However, these initiatives will require execution capability, capital and appropriate medical professionals.

At the upper issue price of ₹102, the reported FY2026 EPS was ₹7.05 and the pre-issue P/E was approximately 14.47x. Based on the expanded post-issue share capital, the post-issue EPS is approximately ₹4.93 and the post-issue P/E is approximately 20.69x.

The IPO received strong QIB participation, with the QIB category subscribed 8.37 times. Retail subscription was 1.69 times, while the NII category was subscribed 0.29 times. The final overall subscription was reported at 1.44 times.

The company has demonstrated improving profitability, but investors should weigh this against the single-hospital concentration, debt levels, healthcare-sector risks and SME-market liquidity considerations.

Overall, ABH Healthcare offers exposure to a specialised regional hospital business with an established operating history and improving financial performance. The planned debt reduction and working-capital funding are positive from a balance-sheet perspective. However, the company's concentration in one hospital and one geographic market remains a key risk that investors should evaluate before making an investment decision.

Listing Performance

ABH Healthcare shares were scheduled to list on NSE SME on 1 September 2026. The latest listing report available indicates that the shares listed at ₹99 against the issue price of ₹102, representing a discount of approximately 2.94%.

ABH Healthcare IPO applications were made through the ASBA process and UPI-supported application mechanism. The lot size was 1,200 shares, while the minimum application required 2 lots, or 2,400 shares, at the upper price band of ₹102.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select ABH Healthcare IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account until the allotment process.
10. After allotment, the required amount is debited and the remaining blocked amount is released according to the IPO process.