Gaudium IVF and Women Health Limited, incorporated in 2015, operates in the IVF and fertility treatment segment in India . The company provides services such as IVF, IUI, ICSI, egg freezing, laser-assisted embryo implantation, infertility surgeries and surrogacy-related fertility treatments . It follows a hub-and-spoke model with 7 hubs and 28 spokes across India . Revenue from operations was ₹7,072.40 lakhs in FY25 .

Key Clients & Major Facilities

The company serves fertility patients across India through 30+ locations . Its main hubs are located in Delhi (Janakpuri & Kailash Colony), Mumbai, Ludhiana, Srinagar, Patna and Bangalore . The Janakpuri center includes a 15-bed hospital facility for mother and child care . The company also operates an in-house pharmacy through its wholly owned subsidiary, Gaudium International Private Limited .

Product Portfolio, Lifecycle Impact & Execution

The company offers a full fertility treatment cycle — consultation, ovarian stimulation, IVF/ICSI, embryo development, transfer and follow-up . Advanced services include laser-assisted implantation and genetic testing . Its services span Level-1 and Level-2 ART clinics . The hub-and-spoke model ensures patient flow and optimized resource use. No time or cost overruns have been reported .

Mergers, Acquisitions & Expansion Plans

The company acquired Gaudium IVF & Gynae Solutions in 2021 through preferential allotment of 9,40,232 shares . In 2023, it acquired Gaudium Bawa IVF and 100% shares of Gaudium International Private Limited . It has expanded into Mumbai, Bangalore and Srinagar in recent years . The IPO proceeds will be used to repay HDFC Bank term loans of ₹750 lakhs and ₹1,700 lakhs .

Employees & Banker

As at September 30, 2025, the company had 122, full time employees. The Banker to the Company is HDFC Bank Limited.

Management & Growth Vision

The company is led by Dr. Manika Khanna, Chairperson & Managing Director . She has international exposure and advanced training in gynecological endoscopic surgery .

Management’s growth strategy includes:

• Expansion of hubs in major cities.
• Strengthening spoke alliances (currently 28 spokes) .
• Leveraging international collaboration (London agreement dated May 01, 2024) .
• Using IPO proceeds to reduce debt burden and strengthen balance sheet .

Funds for expansion are expected through internal accruals, IPO proceeds and promoter support. The promoter has undertaken to infuse unsecured debt/equity if required .

Industry Overview

The company operates in the IVF and Fertility Services Industry.

Global Industry Size

• USD 27.49 billion in 2024
• Expected to reach USD 54.60 billion by 2034
• CAGR: 7.10%

Indian Industry Size

• USD 1.32 billion in 2024
• Expected to reach USD 4.54 billion by 2034
• CAGR: 13.13%

India’s share in the global IVF market is projected to rise from 4.8% in 2024 to 8.3% by 2034 .

Growth Drivers:

• Rising infertility rates
• Delayed marriages and lifestyle changes
• Advanced ART technologies
• Regulatory support via ART and Surrogacy Acts

India is one of the fastest-growing IVF markets globally.

Major Risk Factors

1. Medical & Legal Risks
   Healthcare services carry risks of medical negligence claims. Complaints and regulatory actions may affect brand and finances .
2. Regulatory Compliance Risk
   The company operates under multiple healthcare and statutory approvals. Delay or cancellation of licenses may impact operations .
3. Promoter Tax Litigation Risk
   Income tax demands of ₹72.69 lakhs (plus interest ₹10.54 lakhs) are pending against the promoter .
4. Employee Attrition Risk
   Attrition rates were 31% (Sep 2025), 63% (FY25), 51% (FY24 & FY23) . High attrition may affect service quality.
5. Doctor Dependency Risk
   Professional and consultation fees form 6.08% to 13.78% of total expenses . Loss of key doctors may impact business.
6. Reputation Risk
   Any malpractice, treatment failure, or regulatory action may impact patient inflow and brand trust .

Key Strengths & Opportunities

1. Hub-and-Spoke Model
   7 hubs and 28 spokes provide strong network presence and asset-light expansion .
2. PAN India Presence
   30+ locations across major states including Delhi, Maharashtra, Punjab, Karnataka and J&K .
3. Integrated Services
   Offers IVF, IUI, ICSI, genetic testing, surgeries and pharmacy under one umbrella .
4. Strong Revenue Growth
   Revenue from operations increased from ₹4,423.69 lakhs (FY23) to ₹7,072.40 lakhs (FY25) .
5. International Collaboration
   London collaboration agreement signed on May 01, 2024 for patient guidance .
6. Favourable Industry Growth
   Indian IVF market expected to grow at 13.13% CAGR till 2034 , providing strong tailwinds.