ABH Healthcare IPO is an SME IPO raising ₹35 Cr at ₹96 – ₹102 a share. It listed on 1 Sept 2026 at ₹99, −2.9% against its issue price of ₹102, and trades at ₹66 today (−35.3% since issue). It was subscribed 2.16× in total.
2.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 336-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 626 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
the Waqf Tribunal issued an order declaring that the property belongs to the Central Government. As per the latest Jamabandi Patra for the year 2025, the Central Government is now recorded as the owner of Block-1. Consequently, the rightful ownership of Block-1 remains undetermined
For the Fiscal 2026, and Fiscal 2025 and, our total revenue was ₹ 5,104.37 lakhs of which 100% and ₹ 4,891.62 lakhs of which 100% respectively were derived solely from the operations of our hospital in Ferozepur, Punjab
Trade Receivables 3,310.88 (FY26) vs 1,973.61 (FY25) vs 1,197.87 (FY24) while Revenue from Operations grew only 6.6% from FY25 to FY26
Long Term Borrowings 4,839.34 (FY26) vs 2,890.18 (FY25) vs 2,453.17 (FY24); Finance Cost 448.32 (FY26) vs PBT of 793.07 — interest consumes the majority of operating profit
Dr. Satnam Nijjar and Mr. Balwinder Singh have been unable to trace copies of certain documents pertaining to their educational qualification. Further, Mr. Balwinder Singh has not been able to trace his experience certificates. Accordingly, reliance has been placed on affidavits furnished by such Directors
certain transactions with related parties have not been disclosed in the Audited Financial Statements for the Fiscal 2023... The financial statements and Director's report for the Fiscal 2023 attached to the e-form AOC-4 were not signed.
our Company has delayed in filing our GST, TDS, ESIC and PF returns for which, we have been required to pay the late filing fees... The delay is on account of late payment realization from debtors leading to late payment of statutory dues.
Our debt-to-equity ratio as of Fiscal 2026, 2025 and Fiscal 2024 was 3.20 3.62 and 5.69 respectively (consolidated)
our top 10 customers relating to such entities contribute 60.05%, 52.27% and 50.29% of our revenues during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively
Top 5 suppliers 787.58 83.85 ... 902.37 80.53 ... 783.82 65.56
Block- 2 of our hospital (bearing khasra no. 1098/1/1(4-1)) is owned by Dr. Saurabh Baghi, Promoter of the Company
Our Company has availed certain unsecured loan amounting to ₹ 910.39 lakhs as on Fiscal 2026 (standalone). The unsecured loan taken by our Company from our Promoters and third-party lenders may be recalled at any time
bed occupancy rate reduced from 70% in Fiscal 2022 to 65% in Fiscal 2023... 65% in Fiscal 2023 to 63% in Fiscal 2024... total bed capacity increased from 75 beds to 85 beds... 85 beds to 100 beds
Our Company has been specifically formed for the purpose of acquisition of the business of M/s. Anil Baghi Hospital (sole proprietorship concern of one of our Promoters), thus we have limited operating history as a Company
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹3.5 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 3 | 4 | ₹0.4 Cr |
| Directors | 0 | 1 | 1 | ₹0.0 Cr |
| Promoters | 0 | 6 | 8 | ₹3.0 Cr |
| Subsidiaries | 0 | 2 | 0 | ₹0.0 Cr |
Arpan Chopra (minor) v. Dr. Tajinder Bhalla & Anil Baghi Hospital — medical negligence leading to amputation of right leg; consumer complaint seeking ₹227.26 lakhs (incl. ₹200 lakhs compensation) [p242]
Anil Baghi Hospital v. IFFCO Tokyo — recovery of ₹19.85 lakhs pending medical reimbursement under ABSSBY tripartite agreement [p243]
ABH Healthcare Ltd v. CIT (Appeals) — appeal against repeated denial of ₹18.57 lakhs tax credit under Section 154 for AY 2023-24 [p240]
Dr. Kamal Baghi v. Punjab State Electricity Board & Ors — RSA challenging demand memos of ₹16.60 lakhs for alleged extra tariff on power connections [p243]
Ranjit Kaur Virk v. Anil Baghi Hospital & Ors — alleged medical negligence (bile duct injury post-laparoscopic cholecystectomy); seeking ₹9.90 lakhs compensation [p239]
All amounts converted from ₹ lakhs to ₹ crore (1 crore = 100 lakhs). 'Other' counts include civil proceedings and regulatory/statutory actions. Tax counts are direct tax proceedings only (indirect tax = Nil across all parties). Company bucket: 3 civil suits against (aggregate ₹20.08 lakhs) + 1 CIT appeal by company (disputed ₹18.57 lakhs tax credit) + 3 direct tax cases (₹4.66 lakhs, TDS traces). Directors bucket: 1 civil appeal by directors (₹0.20 lakhs compensation order challenged) + 1 direct tax case (₹0.31 lakhs, TDS trace). Promoters bucket: 5 civil cases against (₹249.28 lakhs, including Arpan Chopra ₹227.26 lakhs, Aabid Rather ₹8.33 lakhs, Amanpreet ₹4.18 lakhs, Surinder Kumar ₹7.06 lakhs, Navdeep Narula ₹2.45 lakhs) + 3 civil cases by promoters (₹42.16 lakhs) + 6 direct tax cases (₹10.03 lakhs). Subsidiaries (Controlled Entities): 2 direct tax cases (₹0.05 lakhs, TDS traces). No criminal proceedings or regulatory actions disclosed against any Relevant Party. Group Company litigation: none disclosed as having material impact. Materiality threshold for disclosure: ₹105.01 lakhs (2% of turnover). [p238]. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
