BSE: 543346
Aashka Hospitals Limited
Operates a multi-specialty hospital based in Gandhinagar, Gujarat, with revenue from operations of ₹23.01 crore in FY26. Total income for the year was ₹2,527.94 lakhs, down from ₹2,598.54 lakhs the prior year, while profit after tax of ₹333.89 lakhs was marginally higher than ₹326.60 lakhs in FY25. The business runs as a single hospital operation with no segment breakdown disclosed, and as of FY25 had no subsidiaries or joint ventures on its books. The board has approved setting up a new 70%-owned subsidiary, Aashka Rhythm Hospitals Private Limited, which is yet to be incorporated and will operate in the hospitals and healthcare sector. Costs are dominated by other operating expenses at 45.1% of revenue, with employee costs at 19.6% and capex at 12.3%. The operation is led by Chairman and Managing Director Bipinchandra D. Shah and is listed only on BSE, with promoters holding 1.4352 crore of the 2.34 crore total equity shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospital services. Small, single-asset multi-specialty hospital
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 40 | 19 | 23 | 23 | 23 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 1.01 | (1.10) | 1.01 | 1.40 | 1.43 |
| ROE % · ROCE % | — · 4.8 | — · 0.4 | — · 5.5 | — · 5.3 | — · 4.7 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (63) | 4 | 11 | 9 | 8 |
| Capex | — | — | — | (1) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 7 | 11 | 12 | 12 | 10 | 10 | 13 |
| Profit before tax | (0) | (2) | 1 | 2 | 2 | 2 | 1 | 3 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (0.20) | (0.90) | 0.18 | 0.83 | 0.69 | 0.70 | 0.33 | 1.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,10,237 | 52.8 | 11.05 | 29.2 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 85,003 | 58.3 | 7.91 | 37.3 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,603 | 55.0 | 5.66 | 28.4 | 10.5 | 9.7 | 17.8 | 22.0 |
| ASTER DM QUALITY CARE LTD | 35,077 | 109.5 | 7.26 | 35.8 | 8.8 | 8.5 | (11.6) | 14.3 |
| NARAYANA HRUDAYALAYA LTD. | 34,337 | 41.8 | 7.56 | 23.1 | 17.8 | 9.2 | 25.0 | 18.8 |
| GLOBAL HEALTH LIMITED | 34,241 | 61.5 | 8.59 | 34.7 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 28,892 | 134.9 | 11.29 | 39.3 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 14,804 | 99.6 | 6.98 | 24.2 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.2 | 42.4 | 13 of 30 | 59% |
| ROCE | 3.6 | 10.9 | 25 of 30 | 17% |
| Revenue growth | 4.1 | 20.2 | 21 of 23 | 9% |
| Market cap | 244 | 2699 | 22 of 30 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine RTA compliance filing for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 3 Oct 2026 · Clarification on stock price movement | general | low | — | — |
| 30 Sept 2026 · BSE seeks clarification on significant price movement in Aashka Hospitals | regulatory legal | high | — | — |
| 25 Sept 2026 · All 5 resolutions passed at 14th AGM with 99.99% approval | compliance | minimal | — | — |
| 25 Sept 2026 · Aashka Hospitals AGM: All 5 resolutions passed with over 99% approval | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Aashka Hospitals FY26 Annual Report filed, PAT up marginally | results | high | — | — |
| 27 Aug 2026 · Notice of 14th AGM on Sept 24, 2026 with resolutions on CMD pay, borrowing and investment limits | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Board approves Annual Report, re-appoints CMD, drops subsidiary plan | management changes | high | — | — |
| 8 Aug 2026 · Aashka Hospitals to acquire 70% stake in restructured entity via 4-party MoU | strategic transactions | medium | — | — |
| 28 Jul 2026 · Aashka Hospitals to set up new subsidiary with 70 percent stake | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.