Gujarat Kidney & Super Speciality Limited

Gujarat Kidney & Super Speciality Limited is one of the regional healthcare companies located in the central region of state of Gujarat and operate a chain of mid-sized multi-speciality hospitals, providing integrated healthcare services, with a focus on secondary and tertiary care. They on a consolidated basis, operate seven (07) multi-speciality hospitals and four (04) pharmacies operating within the Hospitals, Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital Private Limited (Bharuch), M/s. Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), Ashwini Medical Centre (Anand), Ashwini Medical Store (Anand) and Apex Multispeciality & Trauma Center (Bharuch) with a total bed capacity of 490 beds, approved bed capacity of 445 beds and operational bed capacity of 340 beds. Company is in the process of acquiring another hospital named 'Parekhs Hospital' situated at E-Vejalpur, Ahmedabad, Gujarat from Parekhs Hospital Private Limited, by utilising a portion of the Net Proceeds towards such acquisition. The said hospital was commissioned in the year 2006, with 49 beds including 8 beds across ICUs as of February 28, 2025. They on a proforma consolidated basis have 670 employees, 89 full-time consultants, and 238 visiting consultants as of November 12, 2025. They wholly own some of the hospitals but manage the operations of each of the hospitals through a separate professional management team. Each of the hospitals is managed by a Chief Operating Officer, who is responsible for supervising day to day functioning. As per financial performance, Gujarat Kidney & Super Speciality Limited has posted total income / net profits of Rs 0.001 Cr / Rs (0.062) Cr (FY23), Rs 5.47 Cr / Rs 1.71 Cr (FY24), Rs 40.39 Cr / 9.80 Cr (FY25) and Rs 15.26 Cr / 5.40 Cr (upto Q1 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 1.09 and average RoNW of 23.32% for last three fiscals. Issue is priced at a P/BV of 21.19 as per NAV of Rs 5.38/- as on 30.06.25. 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 524.40, 94.62 and 41.59 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Nirbhay Capital Services Private Limited is associated with this IPO, and has handled 4 IPOs in last three fiscal years. ( As on 16.12.25 ) As per financials, Gujarat Kidney & Super Speciality Limited has shown good growth, RoNW is 36.61% and P/E is 524.40, 94.62 and 41.59 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Also, in December 2025, company still providing financials upto Q1 FY26, that is very strange. Company is in healthcare business and operates chain of multi-speciality hospitals. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Dr. Pragnesh Yashwantsinh Bharpoda
• 2 Dr. Bhartiben Pragnesh Bharpoda
• 3 Dr. Yashwantsingh Motisinh Bharpoda
• 4 Anitaben Yashvantsinh Bharpoda