**Deep Health AI India Limited** (formerly **Deep Diamond India Limited**) is an Indian listed entity currently executing a high-stakes strategic transformation. The company is pivoting from its legacy roots in the gems and jewellery trade toward a technology-driven future centered on **AI-based healthcare diagnostics**, **biotechnology**, and **pharmaceutical distribution**. This transition is marked by a significant rebranding (approved **December 2025**), a relocation of corporate headquarters to **Udaipur, Rajasthan**, and a massive expansion of its capital base to fund entry into the digital health ecosystem. --- ### **The Strategic Pivot: From Jewellery to AI-Driven Health-Tech** The company has formally signaled its transition into a pharmaceutical-first entity, focusing on innovative therapies and unmet medical needs. The most significant development in this pivot is the launch of the **Deep Health India AI** platform on **November 25, 2025**. * **Flagship AI Technology:** The platform utilizes **advanced computer vision** and **facial-scan technology** via smartphone cameras. It performs a **60-second non-invasive face scan** to analyze physiological parameters, including **heart rate**, **breathing rate**, **blood-pressure indicators**, **stress index**, and **oxygen saturation**. * **Operational Readiness:** The web portal and data servers are currently stress-tested to handle **150,000 concurrent users**, with a management target of **one million scans** in the first year of operations. * **Monetization & Loyalty:** The company employs a mass-adoption pricing model: * **Single Scan:** **₹35** * **Pack of Three Scans:** **₹75** * **Deep Points Loyalty Program:** **1 point = ₹1**, redeemable as credit toward future scans. * **Market Democratization:** A core objective is the democratization of healthcare in **rural and semi-urban regions**. The company is partnering with **NGOs, CSR initiatives, and telemedicine providers** to enable community health workers to conduct screenings via mobile devices. --- ### **Pharmaceuticals, Life Sciences, and R&D Capabilities** Beyond digital diagnostics, the company is building a robust traditional pharmaceutical and biotech vertical. * **Manufacturing Model:** The company utilizes a **Loan Licence** manufacturing model, allowing it to scale its portfolio of **tablets, capsules, and liquids** without immediate heavy capital expenditure in physical plants. * **Technical Scope:** Authorized to operate as dealers and distributors of **fine chemicals**, **bulk drugs**, and **biochemical substances**. Capabilities include complex processes such as **hydrogenation**, **sulphonation**, **nitration**, and **fermentation**. * **Research & Development:** Focus on **contract research** for new molecules in **genomics**, **proteomics**, and **bioinformatics**. The company is also developing **Ayurvedic, Unani, and herbal products**, alongside **diagnostic kits** and **industrial enzymes**. * **Regulatory Status:** An application for **CDSCO registration** is currently underway to ensure compliance with health-tech safety norms. --- ### **Corporate Structure and Strategic Asset Portfolio** The company has expanded its footprint through a series of acquisitions and joint ventures, though it is currently streamlining this portfolio to focus on core growth. | Entity Name | Relationship | Status/Business Focus | | :--- | :--- | :--- | | **Deep Health AI India Ltd** | Parent Company | Trading, Marketing, AI Diagnostics, and Consultancy | | **Oasis Ceramics Pvt Ltd** | **100%** Subsidiary | Acquired via **NCLT Resolution Plan** for **₹32 Crore**. | | **Microcure Biotech Pvt Ltd** | **100%** Subsidiary | Biotech operations; **Striking off** filed **April 2026** due to inactivity. | | **Hemonc Pharma Pvt Ltd** | Former **50%** JV | Specialized Pharma; **Divested** in **August 2024**. | | **Ferry Automotive Pvt Ltd** | **33.33%** Associate | Automotive interests; Proposal to convert loans to **Equity** (Oct 2025). | **Key Acquisition Detail:** The acquisition of **Oasis Ceramics** was approved under a **Rs. 32 crore** NCLT resolution plan in **March 2025**. While the target was originally in ceramics, the acquisition serves as a corporate turnaround play under the group's umbrella. As of late 2025, **₹3.21 Crore** has been paid, with the balance tied to Rights Issue timelines. --- ### **Financial Performance and Capital Management** The company’s financials reflect the "pain period" of a strategic pivot, characterized by declining legacy revenues but significantly improved margins and a strengthened balance sheet. **Standalone Financial Summary:** | Particulars (INR Lacs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **125.91** | **255.61** | **767.22** | | **EBIDTA** | **217.13** | **84.50** | **187.14** | | **EBIDTA Margin (%)** | **61.08%** | **23.17%** | **23.63%** | | **Profit After Tax (PAT)** | **192.28*** | **68.55** | **125.62** | | **Net Profit Margin (%)** | **37.91%** | **16.39%** | **16.37%** | *\*Note: Higher PAT reflects reported EBIDTA growth during the transition phase.* **Capital Raising and Liquidity:** * **Rights Issue:** Raised **₹39.98 Crore** in **October 2025** via **9,61,00,000 equity shares** at a premium of **₹3.16 per share**. * **Authorized Capital:** Increased from **₹15 Crore** to **₹50 Crore** in **early 2026** to facilitate future growth. * **Borrowing Limits:** Shareholders approved an increase in borrowing powers to **₹100 Crore**. * **Debt Profile:** Maintains a very low-leverage model with a **Debt Equity Ratio** of **0.03** as of **FY 2024-25**. --- ### **Governance, Leadership, and Risk Factors** The company is professionalizing its leadership as it moves into the highly regulated healthcare sector. * **Leadership:** **Mr. Narayan Singh Rathore** was re-appointed as **Managing Director** for a **5-year term** starting **January 19, 2026**. **Mrs. Laveena Pokharna** joined as **CFO** in **April 2025**. * **Internal Controls:** The company maintains an internal audit system monitored by the **Audit Committee**; however, historical filings have noted past challenges regarding the composition of the **Nomination and Remuneration Committee**. **Critical Risk Disclosures:** * **Information Integrity:** In **October 2025**, management flagged unauthorized social media claims. They clarified that assertions of a **"Debt-free status"** and **"FII holding of ₹200 crores"** are **factually incorrect**. * **Regulatory Pressure:** The shift to pharma introduces risks related to **price controls** and **CDSCO compliance**. * **Related Party Transactions:** Previous audits identified interest-free advances of **₹ 1,02,25,000** and acquisitions (like **Microcure**) where directors held significant voting rights, noting these were not always in the ordinary course of business. * **Capital Utilization:** Due to delays in the Oasis Ceramics acquisition, **₹26.51 Crore** of Rights Issue proceeds were temporarily redeployed into **equity investments** in other body corporates.