Gaudium IVF & Women Health Limited

As per financial performance, Gaudium IVF & Women Health Limited has posted total income / net profits of Rs 44.26 Cr / Rs 13.52 Cr (FY23), Rs 48.15 Cr / Rs 10.31 Cr (FY24), Rs 70.95 Cr / 19.12 Cr (FY25) and Rs 49.74 Cr / 12.50 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but trade receivables are around 46% of FY25 total sales and company has provide financial data for upto Q2 FY26 in February 26. Company has an average EPS of 2.49 and average RoNW of 43.81% for last three fiscals. Issue is priced at a P/BV of 8.24 as per NAV of Rs 9.59/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 55.74, 30.06 and 22.99 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Sarthi Capital Advisors Private Limited are associated with this IPO, and has handled 8 IPOs ( 2 Main board and 6 SME) in last three fiscal years. ( As on 17.02.26 ) As per financials, Gaudium IVF & Women Health Limited has shown good growth, RoNW is 41.71% and P/E is 55.74, 30.06 and 22.99 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, and trade receivables are around 46% of FY25 total sales. Company is engaged in the business of providing healthcare services mainly rendering various fertility treatments, which is growing segment in healthcare industry. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Dr. Manika Khanna 
• 2 Dr. Peeyush Khanna
• 3 Vishad Khanna