Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.</li>
<li>The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.</li>
<li>The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.</li>
</ul>


Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.
The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.
The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.


Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$480m in its upcoming India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we talk about the company’s historical performance.


Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.</li>
<li>Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.</li>
<li>The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.
Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.
The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.


2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Krishna Institute of Medical Sciences / Equity Bottom-Up

Krishna Institute of Medical Sciences (KIMS IN)

<ul><li>Consolidated occupancies exhibited a decline of 770 bps/10 bps YoY/QoQ, reaching 49.7%. </li><li>ARPOB increased by 22.9% YoY but reported a sequential decline of 0.5% to Rs 38,263 during Q2FY25, driven by a reduction in ALOs to 3.67, a change in case mix, revised prices, and TPA negotiations. </li><li>EBITDA margins stood at 28.1%, up 88 bps/200 bps YoY/QoQ, supported by lower employee expenses. The reported PAT was Rs 121 Cr, increasing by 19.4% YoY due to improved operating profitability. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Consolidated occupancies exhibited a decline of 770 bps/10 bps YoY/QoQ, reaching 49.7%. ARPOB increased by 22.9% YoY but reported a sequential decline of 0.5% to Rs 38,263 during Q2FY25, driven by a reduction in ALOs to 3.67, a change in case mix, revised prices, and TPA negotiations. EBITDA margins stood at 28.1%, up 88 bps/200 bps YoY/QoQ, supported by lower employee expenses. The reported PAT was Rs 121 Cr, increasing by 19.4% YoY due to improved operating profitability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Krishna Institute of Medical Sciences Ltd - Lower Occupancies

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a> reported double-digit growth in revenue in Q1FY25, while sluggish developing hospitals was a drag on the margins.</li>
<li>The company plans to add 1,000–1,500 beds in next 2–3 years, with most of the planned bed addition being at greenfield projects entailing higher capex per bed.</li>
<li>Medanta does offer synergy as a possible takeover candidate for a leading hospital operator.</li>
</ul>



Global Health (Medanta) (MEDANTA IN) reported double-digit growth in revenue in Q1FY25, while sluggish developing hospitals was a drag on the margins.
The company plans to add 1,000–1,500 beds in next 2–3 years, with most of the planned bed addition being at greenfield projects entailing higher capex per bed.
Medanta does offer synergy as a possible takeover candidate for a leading hospital operator.


Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

India

Krishna Institute of Medical Sciences (KIMS) is an Indian multi-speciality hospital chain that offers a comprehensive range of healthcare services across various medical and surgical specialties, including cardiac sciences, oncology, neurosciences, orthopaedics, and organ transplantation. KIMS operates a network of hospitals providing multidisciplinary integrated tertiary and quaternary healthcare. The company is headquartered in Secunderabad, India, and was founded in 2000.

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Krishna Institute of Medical Sciences (KIMS IN)

Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

Krishna Institute of Medical Sciences Ltd - Lower Occupancies

ARPOB increased by 22.9% YoY but reported a sequential decline of 0.5% to Rs 38,263 during Q2FY25, driven by a reduction in ALOs to 3.67, a change...

Axis Direct

Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

Medanta reported double-digit revenue growth in Q1FY25, but sluggish developing hospitals was a drag on the margins. The company can be a potential...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

​Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

Krishna Institute of Medical Sciences Ltd - Lower Occupancies

ARPOB increased by 22.9% YoY but reported a sequential decline of 0.5% to Rs 38,263 during Q2FY25, driven by a reduction in ALOs to 3.67, a change...

Axis Direct

Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

Medanta reported double-digit revenue growth in Q1FY25, but sluggish developing hospitals was a drag on the margins. The company can be a potential...

Tina Banerjee

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....