It can be challenging for investors to decide if the Gujarat Kidney IPO is a good investment. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. This article presents the top key factors and a detailed review of the Gujarat Kidney IPO. This will help you analyze the strengths, risks, and financial details of the company, improving your investment decision.
About Company
Incorporated in 2019, Gujarat Kidney and Super Speciality Limited (GKASSL) is a prominent company to offers multispeciality healthcare services. The company provides a wide range of medical care, such as Internal medicine, general surgery, minimally invasive procedures, orthopaedics and trauma treatment, joint replacement surgery, obstetrics and gynaecology, respiratory failure, non-interventional cardiology, diabetology, and anaesthesiology.
The business operates seven multispecialty hospitals and four pharmacies. Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital (Bharuch), Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), and Ashwini Medical Centre (Anand). The company has multiple hospitals situated across Gujarat, India. Its main services include Secondary Care Services and Tertiary Care Services.
Strengths
- The company has a lower attrition rate, ranging between 2.40% and 2.99%.
- The business operates 7 super specialty hospitals with a strong focus on kidney care.
- The firm is planning to make good use of IPO money by expanding its hospital network, upgrading medical infrastructure, and reducing debt.
- The company has shown a strong focus on inorganic growth.
Weaknesses
- The business mostly depends on healthcare professionals, including doctors and nurses, not able to keep or attract new professionals can negatively affect the business, cash flow, and overall performance.
- Gujarat Kidney IPO has a high geographical concentration, as most of its hospitals and revenue are currently concentrated in Gujarat.
- Gujarat Kidney has a relatively low bed occupancy rate. If they fail to keep bed occupancy at healthy levels can affect the business and its revenue.
- Gujarat Kidney IPO appears to have slightly high valuations.
Gujarat Kidney IPO Review
| Reviewer | Recommedation |
| IPO Watch | May Apply |
| Swastika Investmart Ltd | Avoid |
| Canara Bank | |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| Capital Market | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
Gujarat Kidney IPO Details
| IPO Open Date: | December 22, 2025 |
| IPO Close Date: | December 24, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹108 to ₹114 Per Share |
| Issue Size: | Approx ₹250.80 Crores |
| Fresh Issue | ₹250.80 Crores |
| Registrar | MUFG Intime India Pvt.Ltd. |
| IPO Lead Managers | Nirbhay Capital Services Private Limited |
| Basis of Allotment | December 26, 2025 |
| IPO Listing Date: | December 30, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Sep 2024 |
| Total income | ₹15.27 Crores | ₹40.40 Crores | ₹5.48 Crores |
| EBITDA | ₹8.63 Crores | ₹16.55 Crores | ₹1.95 Crores |
| Profit After Tax (PAT) | ₹5.40 Crores | ₹9.50 Crores | ₹1.71 Crores |
| Net Worth | ₹30.56 Crore | ₹25.71 Crore | ₹10.80 Crore |
| Reserves and Surplus | ₹19.42 Crores | ₹14.57 Crores | ₹10.60 Crores |
| Total Borrowings | ₹4.03 Crores | ₹4.03 Crores | ₹1.94 Crores |
Key Indicators
| KPI | Values |
| ROE | 36.61% |
| ROCE | 37.65% |
| Debt/Equity | 0.15 |
| Price to Book Value | 22.62 |
| RoNW | 36.61% |
| EBITDA Margin | 41.12% |
| PAT margin | 23.61% |
Promoters & Track Records, if any
- Dr. Pragnesh Yashwantsinh Bharpoda, aged 42 years, is the Promoter, Chairman, and Managing Director of the Company. He holds 3,00,84,250 Equity shares, representing 52.92% of paid-up Equity capital in the company.
- Dr. Bhartiben Pragnesh Bharpoda, aged 41 years, is the Promoter and Whole-time Director of the Company. She holds 87,49,475 Equity shares, representing 15.39% of the paid-up Equity capital in the company.
- Dr. Yashwantsingh Motisinh Bharpoda, aged 67 years, is one of the Promoters of the Company. He holds 87,50,000 Equity shares, 15.39% of the paid-up equity capital in the company.
- Anitaben Yashvantsinh Bharpoda, aged 58 years, is the Promoter and Non-Executive Director of the Company. She holds 87,50,000 Equity shares, 15.39% of the paid-up equity capital in the company.
Peer Comparison With the Company
| Name of the Company | Face Value (₹) | Basic/Diluted EPS (₹) | RONW (%) | P/E Ratio | NAV(₹) |
| Gujarat Kidney & Super Speciality Limited | 2 | 1.85 | 36.61% | [●] | 5.04 |
| Listed Peers | |||||
| Yatharth Hospital & Trauma Care Services Limited | 10 | 14.72 | 8.13% | 55.84 | 166.62 |
| GPT Healthcare Limited | 10 | 6.08 | 20.14% | 24.51 | 30.21 |
| KMC Speciality Hospitals (India) Ltd | 1 | 1.31 | 13.04% | 52.60 | 10.08 |
Industry Peer Group P/E ratio
In the Healthcare / Hospitals industry, the P/E ratio ranges from 24.51 to 55.84, compared to the industry composite of 44.34.
Expansion
- Proceeds raised from the fresh issue will be used to buy Parekhs Hospital in Ahmedabad as part of its expansion strategy.
- A portion of the funds will be used for the purchase of Ashwini Medical Centre, which it has already acquired.
- Some funds will be used towards setting up a new hospital in Vadodara.
- A portion of the funds will be used towards the purchase of robotics equipment for the hospital, Gujarat Kidney & Super Speciality Hospital in Vadodara.
- Some proceeds for the repayment and/or prepayment of certain outstanding secured borrowings taken by the Company.
- Lastly, the remaining funds will be used for inorganic growth through unidentified acquisitions and General Corporate Purposes.
Gujarat Kidney IPO – Should You Apply or Not?
Gujarat Kidney IPO comes with a strong focus on the super-speciality healthcare model, low attrition rate, asset-light model, and expansion plans through new hospitals and acquisitions supporting long-term growth. However, high geographical concentration, average financials, and slightly premium valuations remain key concerns of the company.
As of December 19, the GMP of Gujarat Kidney is ₹10, showcasing a potential listing of around 7%-9%. Short-term investors may consider applying for the listing gains if the GMP remains supportive. Cautious investors must carefully analyze the relatively low bed occupancy rate, regulatory risks, and the company’s valuation concerns before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
