The company operates as a diversified healthcare provider and pharmaceutical trader, primarily focused on the establishment, management, and optimization of medical facilities in the **Indian market**. While the company’s corporate mandate allows for a broad spectrum of medical services, its financial reporting under **Ind-AS 108** currently identifies a single primary business segment: **Trading of Pharma Goods**. The company’s operational footprint is managed through a combination of direct ownership, subsidiaries, and controlled entities, creating a vertically integrated healthcare delivery model. | Name of the Entity | Relationship | | :--- | :--- | | **Raj Palmland Hospital Private Limited** | Subsidiary | | **Gujarat Surgical Hospital** | Entity under Control | | **Surya Hospital and ICU** | Entity under Control | ### **Operational Scope and Service Portfolio** The company is authorized to develop and manage a comprehensive range of medical infrastructure. Its business model is designed to capture value across the entire patient care lifecycle, from diagnostics to specialized treatment and post-operative care. * **Healthcare Infrastructure:** The company establishes and manages **Multispecialty Hospitals**, **Clinics**, **Nursing Homes**, and **Diagnostic Centers**. * **Specialized Medical Services:** Operational capabilities include **Dialysis Centers**, **Pathological Testing Laboratories**, **X-Ray and ECG Clinics**, and **Blood Banks**. * **Ancillary Revenue Streams:** The business model integrates **Chemist Shops** (pharmacy retail) and the provision of **Technical Know-how** and consultancy services aimed at improving third-party medical institutions. * **Academic and Research Mandate:** The company maintains a strategic focus on long-term sustainability through the operation of **Research Laboratories** and dedicated training centers for **Medical and Para-medical staff**. ### **Strategic Pivot: Multi-Speciality and Renal Care Expansion** Following a **Special Resolution** in **March 2026**, the company initiated a significant strategic shift. This pivot reallocates capital from niche, specialized facilities toward broader **multi-speciality healthcare** and high-demand **renal care services**, specifically targeting the **Gujarat** region. #### **Reallocation of IPO Proceeds** The company has modified its original **Initial Public Offering (IPO)** objects to address critical infrastructure gaps and high-prevalence diseases. | Original IPO Object | Revised Strategic Object | Rationale | | :--- | :--- | :--- | | Women’s Hospital in **Vadodara** | **Multi-speciality Hospital** in **Bharuch** | Addressing the lack of modern, world-class multi-speciality infrastructure in the Bharuch industrial belt. | | Robotic equipment for **Gujarat Kidney & Super Speciality Hospital** | **Dialysis Services** & **Digital Patient Monitoring** | Addressing the rising prevalence of **Chronic Kidney Disease (CKD)**; provides immediate, life-sustaining relief with higher accessibility. | #### **Operational Partnerships and Technology Integration** To execute this shift, the company has entered into a collaboration with **Lord's Mark Industries Limited**. This partnership focuses on: * Deploying advanced **dialysis machines**. * Implementing **Digital Patient Monitoring** solutions to enhance patient safety, ensure continuity of care, and maximize successful treatment ratios. ### **Inorganic Growth and Acquisition Strategy** The company is aggressively pursuing a "buy-and-build" strategy, acquiring controlling stakes in hospitals and pharmacies to rapidly scale its market share. * **Parekhs Hospital Private Limited:** Successfully integrated as a **Wholly Owned Subsidiary** as of **March 22, 2026**. * **Harmony Medicare Private Limited:** The Board approved the acquisition of the remaining **49% equity stake** in **January 2026**, converting it into a **Wholly Owned Subsidiary**. * **Patel Multispeciality Hospital and ICU:** Approved acquisition of a **51% stake** for a total investment of **₹8.79 crore**. * **Patel Pharmacy:** Approved acquisition of a **51% stake** in the partnership firm for **₹3.69 crore**, strengthening the pharmaceutical trading segment. * **Ashwini Medical Centre:** The company recently processed a part payment of **₹12.4 crore** as purchase consideration for this asset. The company has specifically allocated **₹87.44 million** from its IPO proceeds to fund further unidentified acquisitions and general corporate growth. ### **Capital Structure and IPO Details** The company transitioned to a publicly listed entity in **December 2025** following a successful **Fresh Issue** of equity shares. This capital infusion is the primary driver of the current expansion phase. | Parameter | Details | | :--- | :--- | | **Authorized Share Capital** | **Rs. 38,00,00,000** | | **IPO Issue Period** | **Dec 19, 2025** (Anchor) / **Dec 22–24, 2025** (Public) | | **Issue Size** | **₹250.80 Crore** | | **Total Shares Issued** | **2,20,00,000 Equity Shares** | | **Issue Price** | **₹114 per share** | ### **Financial Management and Fund Utilization** As of **December 31, 2025**, the company has begun deploying the **₹250.80 Crore** raised. A significant portion (**₹50.04 Crore**) is earmarked for **General Corporate Purposes (GCP)**. **Current Deployment Activities:** * **Land Acquisition:** Advance payments for land to facilitate organic hospital development. * **Debt Optimization:** Repayment of **Overdraft (OD) facilities** to reduce interest outflows and improve the debt-to-equity ratio. * **Working Capital:** Funding for **salaries, wages, and administrative overheads**. * **Marketing:** Strengthening brand visibility and marketing capabilities in new territories. **Financial Targets:** Management has set an ambitious target for its new hospital projects, aiming for a capital expenditure recovery period as short as the **third operational year**. ### **Regulatory Compliance and Governance** The company adheres to rigorous financial reporting and regulatory standards: * **Accounting Standards:** Financials are prepared in accordance with **Indian Accounting Standards (IND AS)**, complying with **Section 133 of the Companies Act, 2013** and **Regulation 33 of SEBI (LODR) Regulations, 2015**. * **Monitoring and Verification:** Fund utilization is monitored by **Brickwork Ratings India Private Limited** and verified by **Y.M. Shah & Co. (Chartered Accountants)**. * **Voluntary Disclosures:** In **February 2026**, the company proactively sought a **Voluntary Revision of Board’s Reports** and financial notes under **Section 131 of the Companies Act, 2013** for the financial years **2021-22, 2022-23, and 2023-24** to ensure maximum transparency and regulatory alignment.