Gujarat Kidney and Super Speciality Limited is a healthcare services company operating multi-speciality and super-speciality hospitals across Gujarat. The company earns revenue through inpatient and outpatient treatments, surgeries, diagnostics, pharmacy sales, and specialised medical procedures. Its core services include nephrology, urology, cardiology, oncology, orthopaedics, gynaecology, and tertiary care services delivered through hospital infrastructure and in-house pharmacies.

Key Clients & Manufacturing / Operating Facilities
The company primarily serves retail patients, insured patients, and beneficiaries under government schemes such as PMJAY. It operates seven hospitals and one pharmacy across Vadodara, Godhra, Bharuch, Borsad, Anand, and Ahmedabad. Facilities range from 20-bed to 100-bed hospitals, with ICU and HDU capacities, NABH accreditation at select locations, and in-house pharmacies supporting operational efficiency.

Product Portfolio & Order Book Execution
The company’s portfolio spans secondary and tertiary healthcare services, including dialysis, surgeries, trauma care, ICU services, and chronic disease management. These services cover the full patient lifecycle from diagnosis to long-term care, ensuring repeat patient inflow. Order visibility is driven by bed capacity utilisation, OPD volumes, and insurance-linked admissions, with strong execution supported by operational beds of 384 and growing IPD and OPD volumes.

Mergers, Capex & Expansion Plans
The company has expanded through acquisitions of Gujarat Kidney Hospital, Gujarat Multispeciality Hospital, Ashwini Medical Centre, Surya Hospital, and Gujarat Surgical Hospital. It is developing a women healthcare hospital in Vadodara and acquiring Parekh’s Hospital in Ahmedabad. The IPO proceeds are partly intended to fund acquisitions, expansion of bed capacity, and strengthening tertiary care infrastructure.

Employees & Banker Details
As of June 30, 2025, the company had 759 full time employees. The Banker to the Company is HDFC Bank Limited.

Management & Growth Vision

The company is led by its Promoter and Managing Director, Dr. Pragnesh Yashwantsingh Bharpoda, who has over a decade of experience in medical practice and hospital management. Management focuses on expanding hospital footprint in tier-2 cities, improving bed occupancy, and scaling tertiary care services. Near-term growth is driven by acquisitions and capacity additions, while long-term plans include brand consolidation and specialised care expansion. Capex funding is planned through IPO proceeds, internal accruals, and structured borrowings.

Industry Overview

The Indian hospital industry is the largest segment of the healthcare sector. Industry size grew from ₹2,400 billion in FY2016 to ₹5,800 billion in FY2023 and is estimated at ₹6,496 billion in FY2024, reflecting ~12% annual growth. Growth is driven by rising non-communicable diseases, ageing population, insurance penetration, and government schemes. India has approximately 2.2 million hospital beds, with private hospitals accounting for over 60%. Organised hospital chains are expanding rapidly in tier-2 and tier-3 cities, creating long-term growth opportunities.

Key Risk Factors

1. High Dependence on Regulatory Compliance
   Healthcare operations are subject to strict regulations, licensing, and accreditation requirements. Any non-compliance or delay in approvals may disrupt hospital operations and impact revenue continuity.
2. Concentration in Gujarat Region
   A significant portion of hospitals are located within Gujarat. Regional economic, regulatory, or competitive pressures could adversely affect patient volumes and financial performance.
3. Intense Industry Competition
   The hospital sector is highly competitive with established regional and national players. Increased competition may impact pricing power, margins, and patient acquisition.
4. Doctor and Skilled Staff Availability
   Shortage or attrition of experienced doctors and medical professionals may impact service quality, patient trust, and operational efficiency.
5. Capital Intensive Business Model
   Hospital expansion requires significant upfront capital investment. Delays in achieving optimal occupancy levels may affect return on capital employed.
6. Dependence on Insurance and Government Schemes
   Revenue is partly dependent on insurance reimbursements and government healthcare schemes. Changes in policy terms or delayed payments could impact cash flows.

Key Strengths, Moat & Opportunities

1. Strong Regional Hospital Network
   The company operates multiple hospitals across Gujarat, creating local brand recognition and referral-based patient inflow.
2. Experienced Promoter-Led Management
   Leadership with medical and operational expertise supports disciplined expansion and efficient hospital management.
3. Diverse Speciality Portfolio
   Presence across nephrology, cardiology, oncology, orthopaedics, and trauma care reduces revenue concentration risk.
4. Scalable Acquisition-Led Growth Model
   Proven ability to acquire and integrate hospitals enables faster scale-up compared to greenfield expansion.
5. Favourable Industry Tailwinds
   Rising healthcare demand, insurance penetration, and government support provide long-term growth visibility.
6. Operational Efficiency & High Margins
   Strong EBITDA and ROCE levels reflect efficient cost control and effective utilisation of hospital assets.

Gujarat Kidney and Super Speciality Limited is a healthcare services company operating multi-speciality and super-speciality hospitals across Gujarat. The company earns revenue through inpatient and outpatient treatments, surgeries, diagnostics, pharmacy sales, and specialised medical procedures. Its core services include nephrology, urology, cardiology, oncology, orthopaedics, gynaecology, and tertiary care services delivered through hospital infrastructure and in-house pharmacies.

Key Clients & Manufacturing / Operating Facilities
The company primarily serves retail patients, insured patients, and beneficiaries under government schemes such as PMJAY. It operates seven hospitals and one pharmacy across Vadodara, Godhra, Bharuch, Borsad, Anand, and Ahmedabad. Facilities range from 20-bed to 100-bed hospitals, with ICU and HDU capacities, NABH accreditation at select locations, and in-house pharmacies supporting operational efficiency.

Product Portfolio & Order Book Execution
The company’s portfolio spans secondary and tertiary healthcare services, including dialysis, surgeries, trauma care, ICU services, and chronic disease management. These services cover the full patient lifecycle from diagnosis to long-term care, ensuring repeat patient inflow. Order visibility is driven by bed capacity utilisation, OPD volumes, and insurance-linked admissions, with strong execution supported by operational beds of 384 and growing IPD and OPD volumes.

Mergers, Capex & Expansion Plans
The company has expanded through acquisitions of Gujarat Kidney Hospital, Gujarat Multispeciality Hospital, Ashwini Medical Centre, Surya Hospital, and Gujarat Surgical Hospital. It is developing a women healthcare hospital in Vadodara and acquiring Parekh’s Hospital in Ahmedabad. The IPO proceeds are partly intended to fund acquisitions, expansion of bed capacity, and strengthening tertiary care infrastructure.

Employees & Banker Details
As of June 30, 2025, the company had 759 full time employees. The Banker to the Company is HDFC Bank Limited.

Management & Growth Vision

The company is led by its Promoter and Managing Director, Dr. Pragnesh Yashwantsingh Bharpoda, who has over a decade of experience in medical practice and hospital management. Management focuses on expanding hospital footprint in tier-2 cities, improving bed occupancy, and scaling tertiary care services. Near-term growth is driven by acquisitions and capacity additions, while long-term plans include brand consolidation and specialised care expansion. Capex funding is planned through IPO proceeds, internal accruals, and structured borrowings.

Industry Overview

The Indian hospital industry is the largest segment of the healthcare sector. Industry size grew from ₹2,400 billion in FY2016 to ₹5,800 billion in FY2023 and is estimated at ₹6,496 billion in FY2024, reflecting ~12% annual growth. Growth is driven by rising non-communicable diseases, ageing population, insurance penetration, and government schemes. India has approximately 2.2 million hospital beds, with private hospitals accounting for over 60%. Organised hospital chains are expanding rapidly in tier-2 and tier-3 cities, creating long-term growth opportunities.

Key Risk Factors

1. High Dependence on Regulatory Compliance
   Healthcare operations are subject to strict regulations, licensing, and accreditation requirements. Any non-compliance or delay in approvals may disrupt hospital operations and impact revenue continuity.
2. Concentration in Gujarat Region
   A significant portion of hospitals are located within Gujarat. Regional economic, regulatory, or competitive pressures could adversely affect patient volumes and financial performance.
3. Intense Industry Competition
   The hospital sector is highly competitive with established regional and national players. Increased competition may impact pricing power, margins, and patient acquisition.
4. Doctor and Skilled Staff Availability
   Shortage or attrition of experienced doctors and medical professionals may impact service quality, patient trust, and operational efficiency.
5. Capital Intensive Business Model
   Hospital expansion requires significant upfront capital investment. Delays in achieving optimal occupancy levels may affect return on capital employed.
6. Dependence on Insurance and Government Schemes
   Revenue is partly dependent on insurance reimbursements and government healthcare schemes. Changes in policy terms or delayed payments could impact cash flows.

Key Strengths, Moat & Opportunities

1. Strong Regional Hospital Network
   The company operates multiple hospitals across Gujarat, creating local brand recognition and referral-based patient inflow.
2. Experienced Promoter-Led Management
   Leadership with medical and operational expertise supports disciplined expansion and efficient hospital management.
3. Diverse Speciality Portfolio
   Presence across nephrology, cardiology, oncology, orthopaedics, and trauma care reduces revenue concentration risk.
4. Scalable Acquisition-Led Growth Model
   Proven ability to acquire and integrate hospitals enables faster scale-up compared to greenfield expansion.
5. Favourable Industry Tailwinds
   Rising healthcare demand, insurance penetration, and government support provide long-term growth visibility.
6. Operational Efficiency & High Margins
   Strong EBITDA and ROCE levels reflect efficient cost control and effective utilisation of hospital assets.