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Vaidya Sane Ayurved Laboratories Ltd

MADHAVBAUG

NSE

₹156.65-2.76%19 Oct 2026

Reports

Medical Equipment

Vaidya Sane Ayurved Laboratories Ltd

MADHAVBAUG

NSE

₹156.65

-2.76%

19 Oct 2026

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Medical Equipment

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.

Vaidya Sane Ayurved Laboratories Ltd is a healthcare company that reverses chronic lifestyle diseases - think heart disease, diabetes, and hypertension - using a blend of traditional Ayurvedic therapies and modern cardiac diagnostics, all under the brand name Madhavbaug. Founded in 2006 by Dr. Rohit Madhav Sane with the mission to cut deaths from heart and lifestyle disorders, the company has treated over a million patients and operates on a recurring philosophy: make Ayurveda evidence-based, protocol-driven, and technology-monitored so that disease reversal becomes a measurable, scalable clinical outcome rather than a wellness promise. That philosophy explains everything that follows - from the franchise clinics that bring the therapy to neighbourhoods, to the hospitals that handle complex cases, to the in-house manufacturing that standardises the medicines, and the international partnerships that take the model abroad.

Business segments

Three engines that feed each other - a franchise-led clinic network that is the patient-acquisition engine, a growing hospital chain that deepens care and monetisation, and an in-house manufacturing arm that supplies both with standardised products.

1. Clinics and disease reversal programs: the patient-acquisition engine

A network of roughly 320 clinics, overwhelmingly franchise-run, delivers year-long disease reversal protocols that turn Ayurveda into a per-patient subscription - and the franchise model means the company earns its share without carrying the real-estate cost.

Asset-light, franchise-first - of the approximately 320 clinics, 250 are franchise-run, and the franchise network generates about 77% of clinic revenue, with the company retaining roughly 40% of what those clinics earn. The company provides the clinical protocols, the medicines, the diet kits, and the digital tools; the franchise doctor provides the local presence and patient relationship.
A 12-month protocol creates recurring revenue - patients enrol in a structured program: three months of aggressive therapy (Panchakarma detox, diet, herbal medicines) followed by nine months of conservative maintenance, with progress tracked through the MIB Pulse app. Disease reversal programs command Rs. 50,000-60,000 per patient annually, roughly five times the ticket size of the preventive wellness programs the company has been deliberately moving away from.
Evidence is the sales pitch - the company has published more than 500 research papers and 83 manuscripts, including a randomised controlled trial in the Indian Heart Journal, and it runs an Institute of Preventive Cardiology that trains physicians. When a franchise doctor tells a cardiac patient that the protocol is backed by published research and modern diagnostics like ECG and CT angiography, the clinical credibility does the marketing.
Digital tools lock in adherence - the MIB Pulse app, with over a lakh downloads, gives patients chat-based medical assistance, diet and exercise monitoring, medicine reminders, and vital-parameter tracking, while the proprietary Power MAP platform gives doctors a Disease Reversal Score and a Medicine Tapering Score. About 85% of patients stay with the company once they join, which turns a single enrolment into a long-term revenue stream.

2. Hospitals and inpatient care: the deepening engine

Four company-owned hospitals and two franchise hospitals provide residential disease reversal for complex cardiac and lifestyle cases, with insurance empanelment turning beds into a higher-monetisation channel than clinics.

Beds earn more per patient - hospital revenue averages Rs. 4-5 lakh per bed per month, with per-day realisation of about Rs. 8,000-10,000, making the hospital segment a materially higher-value touchpoint than the clinic network. The company’s medium-term ambition is to evolve the revenue mix to roughly 50:50 between clinics and hospitals.
Insurance opens the cashless door - the flagship Khopoli hospital is NABH-accredited and empanelled with more than 35 insurers through TPAs and direct tie-ups, including STAR Health, Bajaj Allianz, and SBI General, which means patients can access treatment without paying out of pocket. The company is pursuing CGHS empanelment across its hospitals to widen the insured patient base further.
A small but growing footprint - the four company-owned hospitals are in Khopoli (45 beds), Nagpur (30 beds), Vizag (24 beds, built in partnership with a state government entity), and Vadodara (35 beds, opened in 2025 on an eight-acre campus), with two additional franchise hospitals in Surat and Kolhapur bringing total capacity to about 134 beds. The Vadodara hospital was already admitting 25-30 patients a month and is planned to expand to about 100 beds.
Expansion is funded and underway - the company raised money through convertible warrants from institutional investors specifically earmarked for hospital expansion, and it is pursuing a plug-and-play model - taking over ready infrastructure rather than building from scratch - across owned, rental, and public-private partnership formats.

3. Products and in-house manufacturing: the supply-and-margin engine

Ayurvedic medicines, diet kits, and wellness products are manufactured in-house through two wholly owned subsidiaries, supplying the clinics and hospitals while also beginning to reach retail and e-commerce shelves.

Vertical integration replaced outsourcing - before April 2023, the company outsourced manufacturing to third parties; it then acquired Dynamic Remedies and UV Ayurgen Pharma, bringing production of metal-free Ayurvedic formulations, nutraceuticals, and standardised diet kits in-house for better quality control and cost optimisation.
Products are embedded in the treatment model - the three pillars of every disease reversal program are Panchakarma, diet management, and herbal medicines, and the company makes the branded diet kits (like Prameha Diet Kit Pro for diabetes) and the metal-free formulations that patients consume during their protocol. Products formed 38.05% of enterprise revenue in FY26.
A consumer-products tail is emerging - Madhavprash, a Chavanprash for heart ailments, already sells 15,000-20,000 units a month, and the company has begun a small trial of selling it through generic retail outlets while also listing nutraceuticals on e-commerce platforms like Amazon and 1MG.

Group structure and partners

The listed parent sits atop a constellation of wholly owned manufacturing arms, majority-owned service subsidiaries, and minority stakes that extend the Madhavbaug ecosystem into adjacent healthcare spaces - all while an asset-light international partnership in Malaysia opens a template for going abroad.

Manufacturing is fully owned - Dynamic Remedies and UV Ayurgen Pharma are 100% subsidiaries that produce the Ayurvedic medicines, nutraceuticals, and diet kits, with UV Ayurgen running a green-technology plant and an R&D pipeline.
Incubation and adjacencies sit in majority-owned vehicles - F-Health Accelerators (80% holding) is a start-up incubator for digital therapeutics and home healthcare, while Joint Healing Services (51% holding) runs non-surgical musculoskeletal pain management camps and workshops.
Minority stakes spread the network - the company holds 15% in Easy Ayurveda for global Ayurveda education, 17.5% in Raphacure for telemedicine and diagnostics, and 20% in Aaharshastra Foodz for healthy-food workshops.
Malaysia is the international blueprint - a 70:30 profit-sharing partnership with Maxura Healthcare gives Madhavbaug a 30% share of profits in exchange for its clinical IP, protocols, brand, and physician training, while the local partner handles operations, regulation, and infrastructure - an asset-light model the company intends to replicate elsewhere.

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

₹165Cr

Close Price

₹156.65

Industry

Medical Equipment

Price To Earnings

18.41

Price To Sales

1.54

Revenue

₹107Cr

Rev Gr TTM

Revenue Growth TTM

18.89%

PAT Gr TTM

PAT Growth TTM

25.73%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	46	54	51	48	42	48	50	57
Growth YoY Revenue Growth YoY%			12.1	-10.0	-18.2	-0.2	19.5	18.4
Expenses ExpensesCr	41	50	48	46	36	41	41	50
Operating Profit Operating ProfitCr	4	4	3	2	6	7	9	7
OPM OPM%	9.2	6.9	5.2	3.8	13.8	15.3	17.3	11.9
Other Income Other IncomeCr	1	1	1	1	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	1	0	1
Depreciation DepreciationCr	1	1	2	2	2	2	3	3
PBT PBTCr	5	4	3	3	7	8	9	7
Tax TaxCr	1	1	0	0	1	2	2	0
PAT PATCr	3	2	1	1	4	3	5	4
Growth YoY PAT Growth YoY%			-56.9	-61.4	219.5	317.3	28.4	22.8
NPM NPM%	6.0	3.9	2.3	1.7	9.0	7.0	9.7	7.3
EPS EPS₹	2.6	2.0	1.1	0.8	3.6	3.2	4.6	4.0

Quarter	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	46	54	51	48	42	48	50	57
Growth YoY Revenue Growth YoY%			12.1	-10.0	-18.2	-0.2	19.5	18.4
Expenses ExpensesCr	41	50	48	46	36	41	41	50
Operating Profit Operating ProfitCr	4	4	3	2	6	7	9	7
OPM OPM%	9.2	6.9	5.2	3.8	13.8	15.3	17.3	11.9
Other Income Other IncomeCr	1	1	1	1	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	1	0	1
Depreciation DepreciationCr	1	1	2	2	2	2	3	3
PBT PBTCr	5	4	3	3	7	8	9	7
Tax TaxCr	1	1	0	0	1	2	2	0
PAT PATCr	3	2	1	1	4	3	5	4
Growth YoY PAT Growth YoY%			-56.9	-61.4	219.5	317.3	28.4	22.8
NPM NPM%	6.0	3.9	2.3	1.7	9.0	7.0	9.7	7.3
EPS EPS₹	2.6	2.0	1.1	0.8	3.6	3.2	4.6	4.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	99	99	90	107
Growth Revenue Growth%		0.2	-9.6	19.0
Expenses ExpensesCr	91	95	76	91
Operating Profit Operating ProfitCr	8	5	14	15
OPM OPM%	7.9	4.5	15.0	14.4
Other Income Other IncomeCr	1	2	1	2
Interest Expense Interest ExpenseCr	0	0	0	1
Depreciation DepreciationCr	3	3	4	6
PBT PBTCr	6	3	10	11
Tax TaxCr	2	1	3	2
PAT PATCr	5	2	7	9
Growth PAT Growth%		-58.8	259.4	25.7
NPM NPM%	4.9	2.0	8.0	8.4
EPS EPS₹	4.6	1.9	6.8	8.5

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	99	99	90	107
Growth Revenue Growth%		0.2	-9.6	19.0
Expenses ExpensesCr	91	95	76	91
Operating Profit Operating ProfitCr	8	5	14	15
OPM OPM%	7.9	4.5	15.0	14.4
Other Income Other IncomeCr	1	2	1	2
Interest Expense Interest ExpenseCr	0	0	0	1
Depreciation DepreciationCr	3	3	4	6
PBT PBTCr	6	3	10	11
Tax TaxCr	2	1	3	2
PAT PATCr	5	2	7	9
Growth PAT Growth%		-58.8	259.4	25.7
NPM NPM%	4.9	2.0	8.0	8.4
EPS EPS₹	4.6	1.9	6.8	8.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025
Equity Capital Equity CapitalCr	11	11	11
Reserves ReservesCr	30	32	52
Current Liabilities Current LiabilitiesCr	13	12	11
Non Current Liabilities Non Current LiabilitiesCr	2	2	3
Total Liabilities Total LiabilitiesCr	55	70	77
Current Assets Current AssetsCr	28	31	30
Non Current Assets Non Current AssetsCr	27	38	46
Total Assets Total AssetsCr	55	70	77

Financial Year	Mar 2023	Mar 2024	Mar 2025
Equity Capital Equity CapitalCr	11	11	11
Reserves ReservesCr	30	32	52
Current Liabilities Current LiabilitiesCr	13	12	11
Non Current Liabilities Non Current LiabilitiesCr	2	2	3
Total Liabilities Total LiabilitiesCr	55	70	77
Current Assets Current AssetsCr	28	31	30
Non Current Assets Non Current AssetsCr	27	38	46
Total Assets Total AssetsCr	55	70	77

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-1	11	5
Investing Cash Flow Investing Cash FlowCr	1	-13	-10	-24
Financing Cash Flow Financing Cash FlowCr	-1	15	-1	17
Net Cash Flow Net Cash FlowCr	-1	1	0	-2
Free Cash Flow Free Cash FlowCr	-7	-12	2
CFO To PAT CFO To PAT%	1.3	-63.2	148.2	60.2
CFO To EBITDA CFO To EBITDA%	0.8	-27.9	78.5	35.1

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-1	11	5
Investing Cash Flow Investing Cash FlowCr	1	-13	-10	-24
Financing Cash Flow Financing Cash FlowCr	-1	15	-1	17
Net Cash Flow Net Cash FlowCr	-1	1	0	-2
Free Cash Flow Free Cash FlowCr	-7	-12	2
CFO To PAT CFO To PAT%	1.3	-63.2	148.2	60.2
CFO To EBITDA CFO To EBITDA%	0.8	-27.9	78.5	35.1

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	247	183	99	175	165
Price To Earnings Price To Earnings	51.1	92.5	13.8	19.5	18.4
Price To Sales Price To Sales	2.5	1.8	1.1	1.6	1.5
Price To Book Price To Book	6.1	4.3	1.6	2.0	1.9
EV To EBITDA EV To EBITDA	31.2	40.5	7.2		11.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.6	69.3	77.1
OPM OPM%	7.9	4.5	15.0	14.4	14.4
NPM NPM%	4.9	2.0	8.0	8.4	8.4
ROCE ROCE%	16.3	7.1	15.6
ROE ROE%	11.9	4.7	11.4
ROA ROA%	8.8	2.9	9.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	247	183	99	175	165
Price To Earnings Price To Earnings	51.1	92.5	13.8	19.5	18.4
Price To Sales Price To Sales	2.5	1.8	1.1	1.6	1.5
Price To Book Price To Book	6.1	4.3	1.6	2.0	1.9
EV To EBITDA EV To EBITDA	31.2	40.5	7.2		11.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.6	69.3	77.1
OPM OPM%	7.9	4.5	15.0	14.4	14.4
NPM NPM%	4.9	2.0	8.0	8.4	8.4
ROCE ROCE%	16.3	7.1	15.6
ROE ROE%	11.9	4.7	11.4
ROA ROA%	8.8	2.9	9.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PREVEST	EARKART	APRAMEYA	MADHAVBAUG	METSL	SHREEPAC	OPTOCIRCUI
Market CapitalizationMkt CapCr	486	172	165	165	93	61	54
Close PriceClose₹	405.00	125.35	86.50	156.65	84.65	161.75	1.80
IndustryIndustry	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment
Price To EarningsPE	22.38	50.34	32.28	18.41	12.63	18.22	2.20
Price To SalesPS	6.47	3.19	2.99	1.54	2.39	2.86	216.45
RevenueRevenueCr	75	54	55	107	39	21	0
Revenue Growth TTMRev Gr TTM%	14.8%	25.4%	-59.4%	18.9%	27.5%	22.6%
PAT Growth TTMPAT Gr TTM%	14.9%	-28.4%	-68.2%	25.7%	79.2%	214.6%

	PREVEST	EARKART	APRAMEYA	MADHAVBAUG	METSL	SHREEPAC	OPTOCIRCUI
Market CapitalizationMkt CapCr	486	172	165	165	93	61	54
Close PriceClose₹	405.00	125.35	86.50	156.65	84.65	161.75	1.80
IndustryIndustry	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment	Medical Equipment
Price To EarningsPE	22.38	50.34	32.28	18.41	12.63	18.22	2.20
Price To SalesPS	6.47	3.19	2.99	1.54	2.39	2.86	216.45
RevenueRevenueCr	75	54	55	107	39	21	0
Revenue Growth TTMRev Gr TTM%	14.8%	25.4%	-59.4%	18.9%	27.5%	22.6%
PAT Growth TTMPAT Gr TTM%	14.9%	-28.4%	-68.2%	25.7%	79.2%	214.6%