BSE: 531658
ABATE AS INDUSTRIES LIMITED
Operates an integrated platform spanning eye-care hospitals, retail, education, optical and talent services, with a Bahrain GCC presence through subsidiaries. The healthcare arm runs through Abate Eye Hospital and is the strategic growth focus — the hospital launched Kerala's first Alcon Vision Suite, a fully integrated digital ophthalmic ecosystem covering diagnosis, surgical planning, surgery and post-operative recovery using the NGENUITY 1.5 3D Visualization System and ADi digital surgical planning platform. Healthcare currently contributes 22% of consolidated revenue, with management targeting 70-80% over the long term; the hospital segment accounts for around 70% of group gross profit but only about 15% of operating profit, indicating it is still in a scaling phase. Retail provides cash-flow stability to fund healthcare expansion. Other group entities include associate SAIA Educational Support Services, optical retail, talent services, and Bahrain-based subsidiaries Salamath Import & Exports, Sky International Trading and Prudential Management Services. In FY26, consolidated revenue was Rs 161.68 crore (+67% YoY) with PAT of Rs 12.3 crore (over 10x YoY) and the first positive operating cash flow of Rs 6.1 crore. Reported FY26 cost shape shows materials at 0% of revenue, employees at 5.1%, other opex at 11.2%, depreciation at 1.3% and capex at 1.9% of revenue. FY26 EBITDA margin was 9.6%, with management guiding 18-20% across FY26-FY29 and flagging an FY27 capex need of around Rs 50 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Healthcare (eye care/ophthalmology) (22%), Retail, Education, Optical, Talent services, Bahrain GCC operations. Multi-vertical integrated platform in transition from a building phase to a scaling phase, with healthcare (eye hospital) as the strategic growth pivot funded by retail cash flow.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 14 | 159 |
| EBITDA (ex other income) | 1 | 13 |
| margin % | 5.3 | 8.1 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 0.14 | 0.54 |
| ROE % · ROCE % | 0.6 · 0.6 | 6.2 · 6.6 |
| Debt / equity (x) | 0.06 | 0.05 |
| Cash from operations | (1) | 6 |
| Capex | (0) | (3) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 14 | 41 | 42 | 43 | 34 | 23 |
| Profit before tax | 1 | 2 | 4 | 3 | 3 | 3 |
| Net profit | 1 | 2 | 4 | 3 | 3 | 2 |
| EPS (₹) | 0.15 | 0.19 | 0.19 | 0.13 | 0.13 | 0.08 |
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 | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 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) | 13.7 | 42.0 | 6 of 30 | 83% |
| P/B | 0.6 | 5.5 | 1 of 24 | 100% |
| ROCE | 6.3 | 10.9 | 22 of 30 | 28% |
| ROE | 6.2 | 11.8 | 21 of 24 | 13% |
| Debt / Equity | 0.1 | 0.2 | 4 of 24 | 87% |
| EBITDA margin | 15.7 | 22.0 | 22 of 24 | 9% |
| Revenue growth | (44.4) | 20.2 | 22 of 23 | 5% |
| Profit growth | (0.1) | 8.1 | 16 of 21 | 25% |
| Market cap | 114 | 2462 | 25 of 30 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · ABATE AS signs franchise services deal for eye hospital expansion | strategic transactions | medium | — | — |
| 13 Oct 2026 · Routine quarterly compliance filing under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · All 8 resolutions passed at 35th AGM with 100 percent approval | compliance | minimal | — | — |
| 16 Sept 2026 · AGM proceedings: 8 resolutions passed, MOA amended for healthcare expansion | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Newspaper publication of 35th AGM notice filed with BSE | compliance | minimal | — | — |
| 22 Aug 2026 · 35th AGM on 16 Sep 2026 via video conferencing; 8 resolutions including MoA change | board shareholder meetings | low | — | — |
| 22 Aug 2026 · AGM Notice: 35th Annual General Meeting set for 16 Sept 2026 | compliance | minimal | — | — |
| 22 Aug 2026 · 35th AGM on Sep 16, 2026; Book Closure Sep 10 to 16, 2026 | board shareholder meetings | low | — | — |
| 22 Aug 2026 · AGM on 16 Sept 2026; book closure 10-16 Sept; e-voting cut-off 9 Sept | board shareholder meetings | low | — | — |
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.