KRM Ayurveda IPO

KRM Ayurveda runs Ayurvedic hospitals and clinics and sells branded herbal medicines. At the time of the issue it operated six hospitals and five clinics, with hospitals in Delhi, Gurugram, Udaipur, Jaipur and Lucknow and clinics in Bengaluru, Patna, Noida and Lucknow, and had 443 people on its payroll as on 31 December 2025. It started as a kidney hospital and still treats kidney disorders, having since added liver cirrhosis, diabetes, fatty liver and arthritis. Patients receive in-patient and out-patient care, Panchakarma therapy, diet and lifestyle counselling and dispensary medicines. A second arm formulates and markets Ayurvedic tablets, capsules, kwath and ark aimed at chronic kidney, diabetes, liver and immunity conditions, sold through its own hospitals and through telemedicine consultations, including to buyers in the United States.

Two streams. In FY25, product sales were 64.31% of the Rs 76.55 Cr revenue from operations and hospital and clinic services 35.69%, reversed from 93.41% products in FY23. Products need little input cost (materials consumed Rs 13.26 Cr in FY25, 17% of revenue) but were bought with advertising: ad spend ran at Rs 28.23 Cr in FY23, 31.6% of revenue, falling to Rs 15.28 Cr by FY25. Cutting that direct-to-consumer spend and filling hospital beds instead lifted EBITDA margin from 10.92% in FY24 to 24.96% in FY25. Employee cost, Rs 18.70 Cr in FY25, is the fixed load. US exports were 33.8% of FY25 revenue.