ABH Healthcare IPO

ABH Healthcare Limited runs a single hospital, Anil Baghi Hospital, in Ferozepur, a small city in Punjab. The hospital was established in 1985 with 30 beds and was acquired by the company from Dr. Kamal Baghi's sole proprietorship under a business transfer agreement dated March 16, 2022. It now has a capacity of 150 beds, of which 125 were operational and 70 were ICU beds in FY2026, and offers 25 specialties including cardiac sciences, neurology, gastroenterology, urology, nephrology, obstetrics and gynaecology, orthopaedics and joint replacement, and neuro-psychiatry and drug de-addiction. In FY2026 it discharged 6,387 in-patients and recorded 53,212 out-patient consultations. It is empanelled with over 30 private and public insurers and third-party administrators, and with government schemes including ECHS, Railways, FCI, BSNL and Ayushman Bharat - Sarbat Sehat Bima Yojana.

Revenue is overwhelmingly in-patient care: of FY2026 revenue from operations of Rs 5,250.69 lakhs, in-patient services contributed Rs 4,428.13 lakhs, out-patient services Rs 505.38 lakhs and the outsourced pharmacy Rs 275.89 lakhs. Earnings track beds filled - average revenue per occupied bed rose to Rs 19,992 in FY2026 from Rs 17,808 in FY2024, while bed occupancy fell to 47% from 63% as capacity outran volumes. The main costs are materials (Rs 1,010.09 lakhs) and employee benefits (Rs 900.95 lakhs). Two structural constraints: Rs 3,161.46 lakhs, or 61.94% of FY2026 healthcare-services revenue, came from government departments, insurers, TPAs and corporates, which set the price; and FY2026 finance costs of Rs 448.32 lakhs sat against profit before tax of Rs 793.07 lakhs at a debt-equity ratio of 3.20.