20 Feb, 2026
4 mins read
While the Indian healthcare sector has seen numerous hospital listings, the specialised fertility segment has remained largely unrepresented on the public exchanges. This is set to change as Gaudium IVF launches India’s first pure-play IVF IPO on 20th February 2026.
In a year where mainboard IPOs have faced a muted reception, Gaudium is testing investor appetite with a unique "Hub and Spoke" business model. In this blog, we have done a comprehensive breakdown of the business, its financials, and the risks you should consider.
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Founded in 2015, Gaudium IVF is a specialised healthcare provider focused on In Vitro Fertilisation (IVF) and infertility treatments. The company has a range of services to address both male and female infertility.
Similar to the strategy used by major airlines like IndiGo, Gaudium operates via:
7 Hubs: Fully-equipped flagship centres in major cities.
28 Spokes: Strategic alliances with local infertility experts to provide consultation and spread awareness in smaller regions.
This model allows the company to maintain a PAN-India presence across 30+ locations while keeping capital expenditure efficient.
IVF Treatment: 78.5%
Pharmacy: 16.6%
Hospital Services: ~5%
Gaudium has reported high-growth numbers leading up to its IPO. The company’s ability to scale is evident in its year-on-year (YoY) performance for Fiscal 2025:
|
Metric |
FY24 |
FY25 |
YoY Growth |
|---|---|---|---|
|
Total Revenue |
Rs. 48.2 Cr |
Rs. 70.96 Cr |
47.37% |
|
EBITDA |
Rs. 19.3 Cr |
Rs. 28.6 Cr |
48.50% |
|
PAT (Profit After Tax) |
Rs. 10.3 Cr |
Rs. 19.1 Cr |
85.40% |
|
EBITDA Margin |
40.25% |
40.48% |
+23 bps |
|
PAT Margin |
21.43% |
26.96% |
+553 bps |
The strong PAT growth suggests that the company is effectively managing its operational costs even as it expands into new locations.
The Indian IVF market is currently estimated at USD 1.32 billion (2024) and is projected to grow to USD 4.54 billion by 2034, representing a CAGR of 13.13%.
Medical Tourism: Medical tourist arrivals in India grew from 1.12 lakhs in 2009 to over 6 lakhs in 2024. Gaudium has already served patients from 44 countries.
Cost Advantage: In the US, IVF treatments can cost between $15,000 and $20,000. In India, the same procedure costs approximately $3,000 to $4,000, making it a preferred destination for global patients.
Tier 2/3 Expansion: Penetration in smaller cities remains low, offering significant "headroom" for growth through the company’s cost-effective spoke centres.
Contingent Liabilities: The company has roughly Rs. 45 crore in contingent liabilities, which is more than double its annual profit for FY25. Any crystallisation of these liabilities could severely impact the bottom line.
High Employee Attrition: At 63% in Fiscal 2025, the attrition rate is exceptionally high. In a specialised field like IVF, losing doctors and embryologists can directly impact treatment success rates and brand reputation.
Execution Risk: A large portion of the IPO proceeds (Rs. 50 crore) is earmarked for new centres. Delays in these setups could hamper projected growth.
|
IPO Detail |
Information |
|---|---|
|
Opening Date |
20 February 2026 |
|
Closing Date |
24 February 2026 |
|
Price Band |
₹75 - ₹79 per share |
|
Total Issue Size |
₹165 Crore (Fresh: ₹90 Cr + ₹75 Cr OFS) |
|
Lot Size |
189 Shares |
|
Listing Date |
27 February 2026 (Tentative) |
The company plans to deploy Rs. 50 crores to fund the establishment of new IVF centres and Rs. 20 crores toward the repayment of outstanding debt.
Gaudium IVF offers a unique entry into a high-margin, growing sector. However, investors must weigh the impressive financial growth against the risks of high employee turnover and significant contingent liabilities.
Eligible investors can apply for the IPO through ASBA-enabled brokers, including via the FYERS platform.
Disclaimer
This blog is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Readers should conduct their own research or consult a qualified financial advisor before making any investment decisions.
A pure-play company is one that focuses exclusively on one line of business. Unlike general hospital chains that offer multiple specialities, Gaudium’s primary revenue and operations are dedicated solely to fertility treatments.
IVF is a highly skill-dependent medical field. Patients often choose clinics based on the reputation of specific doctors. A 63% attrition rate indicates difficulty in retaining talent, which could be a risk to long-term operational stability.
It allows Gaudium to centralise expensive laboratory infrastructure (Hubs) while reaching a wider patient base through smaller consultation centres (Spokes), reducing the overall cost of customer acquisition.
While Gaudium is the first to list as a pure-play, it competes with organised hospital chains that have fertility departments and unorganised local clinics which currently hold a large share of the Indian market.
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