January 14, 2026
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KRM Ayurveda Ltd. IPO
KRM Ayurveda IPO is a book building SME issue of Rs. 77.49 crore, comprising an entirely fresh issue of 57.40 lakh equity shares. The IPO opens for subscription on Monday, January 19, 2026 and closes on Wednesday, January 21, 2026. The allotment is expected to be finalised on Thursday, January 22, 2026, and the shares are proposed to be listed on the NSE SME platform with a tentative listing date of Tuesday, January 27, 2026.
The IPO is offered in a price band of Rs. 128 to Rs. 135 per share with a lot size of 1,000 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 2,70,000 for 2 lots (2,000 shares), while HNI investors are required to apply for a minimum of 3 lots (3,000 shares), amounting to Rs. 4,05,000. NEXGEN Financial Solutions Pvt. Ltd. is the Book Running Lead Manager to the issue, Skyline Financial Services Pvt. Ltd. is the Registrar, and the Market Maker portion is reserved as per offer document.
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IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 77.49 Cr |
| Fresh Issue | 57,40,000 shares |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 128 to Rs. 135 |
| Lot Size | 1,000 shares |
| Listing Platform | NSE SME |
| Market Cap (Pre-IPO) | Rs. 287.02 Cr |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Mon, Jan 19, 2026 |
| IPO Closes | Wed, Jan 21, 2026 |
| Allotment | Thu, Jan 22, 2026 |
| Refunds | Fri, Jan 23, 2026 |
| Credit of Shares | Fri, Jan 23, 2026 |
| Listing | Tue, Jan 27, 2026 |
IPO Reservation Structure
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 4,24,000 | 7.39% |
| QIB | Not more than 50% of Net Issue | — |
| NII (HNI) | Not less than 15% of Net Issue | — |
| Retail (RII) | Not less than 35% of Net Issue | — |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min & Max) | 2 | 2,000 | 2,70,000 |
| S-HNI (Min) | 3 | 3,000 | 4,05,000 |
| S-HNI (Max) | 7 | 7,000 | 9,45,000 |
| B-HNI (Min) | 8 | 8,000 | 10,80,000 |
Issue Management
| Role | Name |
|---|---|
| Registrar | Skyline Financial Services Pvt. Ltd. |
| KRM Ayurveda Ltd. Address | A-16, G T Karnal Road, North West Delhi, New Delhi, 110033 |
| Phone / Email | +91-9289101700 | compliance@krmayurveda.com |
| Lead Manager | NEXGEN Financial Solutions Pvt. Ltd. |
About the business
KRM Ayurveda Ltd. was incorporated on September 3, 2019 and operates a network of Ayurvedic hospitals and clinics across multiple cities in India, and has also marked its presence abroad through telemedicine consulting and sales.
The company manufactures Ayurvedic products, herbal and botanical remedies, medicines, supplements and wellness / skin care related products. Presently, the company runs 6 (six) Hospitals and 5 (five) Clinics at different locations in the country.
As on August 31, 2025, the company had a total of 429 employees operating under various departments.
Services & Products
| Service / Segment | Description |
|---|---|
| Hospitals | Ayurvedic hospitals delivering therapies, treatments and in-patient care |
| Clinics | OPD consultations and therapy services through clinics |
| Teleconsultation Services | Online consultations for domestic and overseas customers |
| KRM Ayurveda Products | Ayurvedic medicines, supplements and wellness products |
Competitive Strengths
| Key Strength | Commentary |
|---|---|
| Skilled Ayurvedic Team | Experienced physicians and certified therapists ensuring treatment quality |
| GMP-certified Production | Centralised GMP-certified production supporting purity and efficacy |
| Brand & Repeat Clientele | Trusted brand with repeat clientele and customer loyalty |
| Integrated Model | Hospitals + clinics + teleconsultation + products enabling cross-selling |
Company Financials (Restated Consolidated – Rs. Cr.)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Total Assets | 66.79 | 43.91 | 39.48 |
| Total Income | 76.95 | 67.57 | 89.38 |
| EBITDA | 19.11 | 7.34 | 11.03 |
| PAT | 12.10 | 3.41 | 7.60 |
| Net Worth | 23.88 | 11.78 | 8.37 |
| Reserves & Surplus | 23.73 | 11.63 | 8.22 |
| Total Borrowings | 31.20 | 23.18 | 19.87 |
Key Performance Indicators (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 67.86% |
| ROCE | 43.33% |
| RoNW | 67.86% |
| Debt / Equity | 1.31 |
| PAT Margin | 15.80% |
| EBITDA Margin | 24.96% |
| Price to Book Value | 0.08 |
Valuation Snapshot
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs.) | 7.79 | 5.69 |
| P/E (x) | 17.32 | 23.73 |
| Market Cap | — | Rs. 287.02 Cr |
| Promoter Holding | 92.15% | — |
Objects of the Issue
| No. | Object | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Capital expenditure for construction and development of telemedicine operational facilities | 13.67 |
| 2 | Purchase of CRM software and hardware infrastructure | 1.42 |
| 3 | Human resources | 5.44 |
| 4 | Repayment / prepayment of loan | 12.50 |
| 5 | Working capital requirement | 18.00 |
| 6 | General corporate purposes | Balance |
Promoters
The promoters of the company are Mr. Puneet Dhawan and Mrs. Tanya Dhawan.
Chanakya View (Investment Perspective)
KRM Ayurveda operates in a niche healthcare and wellness space where credibility, repeat clientele and service quality matter more than aggressive discounting. The company’s integrated model—hospitals, clinics, teleconsultation and own Ayurvedic product range—supports customer stickiness and enables cross-selling, which can help sustain margins.
Financially, FY2025 shows sharp improvement in PAT and operating profitability with strong ROE/ROCE and healthy EBITDA margins. However, investors should track sustainability of FY2025 earnings, working capital discipline and execution risk in scaling telemedicine facilities and CRM-led expansion. Debt / Equity of 1.31 also needs monitoring as growth initiatives ramp up.
Overall View:
Suitable for high-risk SME investors who are comfortable with healthcare sector execution risks and are looking for a fundamentally profitable business with improving return ratios and an integrated expansion strategy. Listing performance will depend on overall market sentiment and IPO demand near the issue dates.
Quicklinks
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
