Scans

Tools

Home

Charts

Watchlist

Products

Gaudium IVF and Women Health Ltd

GAUDIUMIVF

NSE

₹97.58-3.82%19 Oct 2026

Reports

Hospitals and Medical Services

Gaudium IVF and Women Health Ltd

GAUDIUMIVF

NSE

₹97.58

-3.82%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Hospitals and Medical Services

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Gaudium IVF and Women Health is a fertility-care provider built on the idea that clinical success is the only marketing that matters - “the more babies we make, the more business we make”. Founded in 2009 by practicing clinician Dr. Manika Khanna and listed in February 2026 as India’s first publicly traded IVF company, it grew from a single doctor’s practice into a national chain without ever abandoning the clinician-led model that started it. Everything the company does flows from one recurring approach: standardise clinical excellence through SOPs, then replicate it in new locations using an asset-light hub-and-spoke network - a playbook refined over 16 years and now at a “cut-copy-paste” stage.

Business segments

A single engine - fertility treatment and the maternity care that completes it - supported by a small captive pharmacy that exists only to keep the IVF journey seamless.

1. IVF treatment: the business of hope

A fee-for-service fertility engine where clinical success rates drive patient volumes, and patient volumes drive the brand - no discounting, no shortcuts.

Paid per cycle, not per outcome - the base price is INR 2 lakhs per IVF cycle, never discounted, with roughly 70% of the package collected by the time of egg retrieval; if the first transfer fails, a separate package is offered for a subsequent frozen-embryo transfer.
Success rates are the product - the company reports a 58% clinical pregnancy rate on the first IVF attempt and 85% across multiple attempts, and early results show an 8-9% improvement when its AI tools are used, so more successful cycles mean more word-of-mouth referrals in a market where 30% of customer acquisition already comes from word of mouth.
AI as a clinical edge, not a gimmick - two AI systems integrated into routine practice (SiD for real-time sperm selection during ICSI and ERICA for embryo ranking across 2.5 million parameters) help embryologists pick the healthiest sperm and embryo, aiming to reduce the number of repeat cycles a patient needs.
A treatment gap the size of a country - an estimated 27.5 million Indian couples face infertility, yet only 300,000 IVF cycles are performed annually and just 2% of infertile people come forward for treatment, so even modest awareness gains open a large addressable market.
Regulation as a tailwind - the ART and Surrogacy Acts of 2021 are formalising an industry that is roughly 70% unorganised standalone clinics, and the company believes only ethical, SOP-driven players will survive the consolidation that follows.

2. Hub-and-spoke network: the replication engine

A capital-light expansion model where large hub centres do the complex clinical work and small satellite spokes find the patients - tested across four regions of India and now being scaled.

Hubs do the heavy lifting - seven comprehensive IVF hubs (in Delhi, Ludhiana, Patna, Mumbai, Bengaluru and Srinagar) house the embryology labs, operating theatres and specialist clinicians, while 28 spokes extend the brand into neighbourhoods and feed cases to the hubs.
Leased, not owned - centres operate from leased buildings, keeping capital tied up in equipment and labs rather than real estate; the Lucknow women’s hospital being developed under a 30-year land lease with a revenue-share arrangement follows the same philosophy.
SOPs make it replicable - standard operating procedures cover everything from clinical protocols and embryology to what material the mop is made of, so a new hub can be set up by training clinicians and embryologists in-house and deploying the same playbook.
International spokes for medical tourism - three satellite spokes planned in Nigeria, Sydney and Paris are designed to capture patients from markets where an IVF cycle costs roughly five times the Indian price, feeding them into the Indian hubs.

3. Hospital and maternity care: completing the journey

A 15-bed facility at the Janakpuri hub that carries patients from fertility treatment through delivery and postnatal care - the logical endpoint of a patient-first model.

One roof, one journey - the hospital offers a delivery package and routine support from month four to nine including vaccines, available only at Delhi Janakpuri Centre, so a patient who conceives through IVF at that centre never needs to find another provider for maternity care.
Small today, replicable tomorrow - hospital services contributed 31% of services revenue in FY26, and the newly approved Gaudium Women Hospital in Lucknow signals that the company intends to attach this capability to more hubs over time.

4. Pharmacy: the enabler, not the story

A captive pharmacy that exists solely to ensure IVF patients get the right medications and consumables without supply gaps - deliberately kept small.

Supporting cast only - the pharmacy contributed 4% of services revenue in FY26 and management has explicitly stated it will remain small; capital and attention are directed at IVF and network expansion, not at building a standalone pharmacy business.
Sourced from a subsidiary - drugs and medical consumables are purchased from Gaudium International Private Limited, a wholly owned subsidiary, keeping the supply chain within the group.

Group structure and partners

A single listed entity with two small subsidiaries, a founder who still sets the clinical standard, and a technology partnership that gives it an early-mover edge in AI-led embryology.

Clinician-led from the top - Dr. Manika Khanna, the founder and managing director, has been out of direct clinical operations since 2019 but ensures SOP compliance through surprise visits and a chain of command reporting through chief clinicians and chief embryologists.
Two subsidiaries, one purpose - Gaudium International Private Limited supplies pharmacy products to the parent; EKK Global Private Limited is a small subsidiary acquired in October 2024.
AI partnership with IVF 2.0 - the SiD and ERICA tools were developed with a UK-headquartered embryology innovation organisation founded by Dr. Jacques Cohen and Dr. Alejandro Chavez, making Gaudium the first IVF chain in India to integrate AI-led embryology into routine clinical practice.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹719Cr

Close Price

₹98.80

Industry

Hospitals and Medical Services

Price To Earnings

26.63

Price To Sales

6.79

Revenue

₹106Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	14	27	18	32	25	30	19
Growth YoY Revenue Growth YoY%					70.0	12.7	9.1
Expenses ExpensesCr	9	18	13	18	18	18	17
Operating Profit Operating ProfitCr	6	9	5	14	7	12	2
OPM OPM%	39.3	32.4	29.1	43.4	26.7	40.1	12.5
Other Income Other IncomeCr	0	0	0	0	0	0	1
Interest Expense Interest ExpenseCr	0	0	1	1	1	1	0
Depreciation DepreciationCr	1	0	1	1	0	1	1
PBT PBTCr	5	8	4	13	5	10	2
Tax TaxCr	1	2	1	3	1	2	1
PAT PATCr	3	6	3	9	4	8	2
Growth YoY PAT Growth YoY%					6.8	29.4	-42.0
NPM NPM%	23.6	24.0	17.3	29.6	14.8	27.6	9.2
EPS EPS₹	0.6	1.1	0.5	1.5	0.6	1.3	0.3

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	14	27	18	32	25	30	19
Growth YoY Revenue Growth YoY%					70.0	12.7	9.1
Expenses ExpensesCr	9	18	13	18	18	18	17
Operating Profit Operating ProfitCr	6	9	5	14	7	12	2
OPM OPM%	39.3	32.4	29.1	43.4	26.7	40.1	12.5
Other Income Other IncomeCr	0	0	0	0	0	0	1
Interest Expense Interest ExpenseCr	0	0	1	1	1	1	0
Depreciation DepreciationCr	1	0	1	1	0	1	1
PBT PBTCr	5	8	4	13	5	10	2
Tax TaxCr	1	2	1	3	1	2	1
PAT PATCr	3	6	3	9	4	8	2
Growth YoY PAT Growth YoY%					6.8	29.4	-42.0
NPM NPM%	23.6	24.0	17.3	29.6	14.8	27.6	9.2
EPS EPS₹	0.6	1.1	0.5	1.5	0.6	1.3	0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	37	44	53	71	104	106
Growth Revenue Growth%		21.1	20.9	32.2	47.6
Expenses ExpensesCr	23	24	28	42	67	71
Operating Profit Operating ProfitCr	13	20	26	29	38	35
OPM OPM%	36.7	45.4	47.8	40.5	36.1	32.9
Other Income Other IncomeCr	0	0	0	0	1	2
Interest Expense Interest ExpenseCr	0	0	1	1	3	3
Depreciation DepreciationCr	1	1	2	2	3	2
PBT PBTCr	12	18	23	25	32	31
Tax TaxCr	3	5	6	6	8	7
PAT PATCr	9	14	17	19	24	23
Growth PAT Growth%		53.2	22.8	15.5	27.7
NPM NPM%	24.2	30.6	31.0	27.1	23.5	21.9
EPS EPS₹	1.4	2.2	2.7	3.1	3.9	3.7

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	37	44	53	71	104	106
Growth Revenue Growth%		21.1	20.9	32.2	47.6
Expenses ExpensesCr	23	24	28	42	67	71
Operating Profit Operating ProfitCr	13	20	26	29	38	35
OPM OPM%	36.7	45.4	47.8	40.5	36.1	32.9
Other Income Other IncomeCr	0	0	0	0	1	2
Interest Expense Interest ExpenseCr	0	0	1	1	3	3
Depreciation DepreciationCr	1	1	2	2	3	2
PBT PBTCr	12	18	23	25	32	31
Tax TaxCr	3	5	6	6	8	7
PAT PATCr	9	14	17	19	24	23
Growth PAT Growth%		53.2	22.8	15.5	27.7
NPM NPM%	24.2	30.6	31.0	27.1	23.5	21.9
EPS EPS₹	1.4	2.2	2.7	3.1	3.9	3.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	31	36
Reserves ReservesCr	8	22	32	16	116
Current Liabilities Current LiabilitiesCr	6	10	20	38	39
Non Current Liabilities Non Current LiabilitiesCr	3	4	4	4	2
Total Liabilities Total LiabilitiesCr	18	37	57	89	193
Current Assets Current AssetsCr	14	18	38	54	73
Non Current Assets Non Current AssetsCr	4	18	19	35	120
Total Assets Total AssetsCr	18	37	57	89	193

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	31	36
Reserves ReservesCr	8	22	32	16	116
Current Liabilities Current LiabilitiesCr	6	10	20	38	39
Non Current Liabilities Non Current LiabilitiesCr	3	4	4	4	2
Total Liabilities Total LiabilitiesCr	18	37	57	89	193
Current Assets Current AssetsCr	14	18	38	54	73
Non Current Assets Non Current AssetsCr	4	18	19	35	120
Total Assets Total AssetsCr	18	37	57	89	193

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	24	3	9	7
Investing Cash Flow Investing Cash FlowCr	-1	-16	-5	-15	-88
Financing Cash Flow Financing Cash FlowCr	3	5	-1	2	82
Net Cash Flow Net Cash FlowCr	0	13	-3	-5	2
Free Cash Flow Free Cash FlowCr	-2	9	1	0	5
CFO To PAT CFO To PAT%	-11.4	176.4	20.7	45.5	29.6
CFO To EBITDA CFO To EBITDA%	-7.5	118.9	13.5	30.4	19.2

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	24	3	9	7
Investing Cash Flow Investing Cash FlowCr	-1	-16	-5	-15	-88
Financing Cash Flow Financing Cash FlowCr	3	5	-1	2	82
Net Cash Flow Net Cash FlowCr	0	13	-3	-5	2
Free Cash Flow Free Cash FlowCr	-2	9	1	0	5
CFO To PAT CFO To PAT%	-11.4	176.4	20.7	45.5	29.6
CFO To EBITDA CFO To EBITDA%	-7.5	118.9	13.5	30.4	19.2

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					519	719
Price To Earnings Price To Earnings					21.2	26.6
Price To Sales Price To Sales					5.0	6.8
Price To Book Price To Book					3.4	4.7
EV To EBITDA EV To EBITDA					14.2	21.6
Profitability Ratios Profitability Ratios
GPM GPM%	66.8	77.2	80.8	69.1	58.4	58.4
OPM OPM%	36.7	45.4	47.8	40.5	36.1	32.9
NPM NPM%	24.2	30.6	31.0	27.1	23.5	21.9
ROCE ROCE%	81.7	54.4	46.7	40.1	20.2	20.2
ROE ROE%	95.0	59.5	49.9	41.4	16.1	16.1
ROA ROA%	49.7	36.9	29.0	21.7	12.7	12.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					519	719
Price To Earnings Price To Earnings					21.2	26.6
Price To Sales Price To Sales					5.0	6.8
Price To Book Price To Book					3.4	4.7
EV To EBITDA EV To EBITDA					14.2	21.6
Profitability Ratios Profitability Ratios
GPM GPM%	66.8	77.2	80.8	69.1	58.4	58.4
OPM OPM%	36.7	45.4	47.8	40.5	36.1	32.9
NPM NPM%	24.2	30.6	31.0	27.1	23.5	21.9
ROCE ROCE%	81.7	54.4	46.7	40.1	20.2	20.2
ROE ROE%	95.0	59.5	49.9	41.4	16.1	16.1
ROA ROA%	49.7	36.9	29.0	21.7	12.7	12.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NEPHROPLUS	GKSL	UNIHEALTH	GAUDIUMIVF	CREDENT	KRMAYURVED	KWICK
Market CapitalizationMkt CapCr	6,094	1,482	819	719	620	526	428
Close PriceClose₹	606.00	188.00	515.00	98.80	340.10	247.50	199.50
IndustryIndustry	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services
Price To EarningsPE	71.04	76.42	30.80	26.63		57.68
Price To SalesPS	5.79	14.67	6.20	6.79	2.89	5.17	4.05
RevenueRevenueCr	1,053	101	132	106	214	102	106
Revenue Growth TTMRev Gr TTM%		118.5%	33.2%
PAT Growth TTMPAT Gr TTM%		36.9%	67.5%

	NEPHROPLUS	GKSL	UNIHEALTH	GAUDIUMIVF	CREDENT	KRMAYURVED	KWICK
Market CapitalizationMkt CapCr	6,094	1,482	819	719	620	526	428
Close PriceClose₹	606.00	188.00	515.00	98.80	340.10	247.50	199.50
IndustryIndustry	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services	Hospitals and Medical Services
Price To EarningsPE	71.04	76.42	30.80	26.63		57.68
Price To SalesPS	5.79	14.67	6.20	6.79	2.89	5.17	4.05
RevenueRevenueCr	1,053	101	132	106	214	102	106
Revenue Growth TTMRev Gr TTM%		118.5%	33.2%
PAT Growth TTMPAT Gr TTM%		36.9%	67.5%