Gaudium IVF and Women Health Limited

Healthcare — Medical Care Facilities · NSE

₹101.70−₹1.08 (−1.05%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Gaudium IVF and Women Health Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Gaudium IVF and Women Health Limited provides in vitro fertilization (IVF) treatment in India.

IndustryMedical Care Facilities

SectorHealthcare

Employees120

Annual revenue₹104 Cr

How does it make money?

Turns over ₹104 Cr a year. Of every ₹100 of sales, about ₹23 reaches shareholders as profit, with ₹37 left at the operating level before interest, tax and depreciation. Each of its 120 employees supports ₹87.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹87.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are APOLLO HOSPITALS ENTER. L, SUN PHARMACEUTICAL IND L, CIPLA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 23.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 16.1% against a peer median of 14.5% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE14.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +136% while net margin moved -23% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+136%

Margin effect-23%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

56/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

30.1x

Sector Median

34.9x

median of 3 sector peers

🟡Against its sector it is priced broadly in line with the peer median of 34.9x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Fair

34.9x median of 3 peers · -14%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.8x

PEG

1.38

What's Good / What's Bad

🟢 What's Going Well3

High return on capital employed
ROCE of 23.1% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.16x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 59.5% to 16.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 69.0% to 23.1% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 4 high

🔴Debt has risen sharplyFinancial
Total debt is up 113% over 3 years, from ₹12 Cr to ₹25 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 8.8 points, from 45.4% to 36.6%.
🔴Receivables growing faster than salesFinancial
Receivables up 5776% against revenue up 136% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 23.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 45.4% to 36.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 5776% against revenue up 136%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 59.5% to 16.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 25% a year✓ 33.1% CAGR
Latest reported year was 9.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 35%✓ 36.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 20%✓ 23.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹740 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

30.1x

Fair

Fairly valued against the generic band

P/B Ratio

4.16x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹3.38

Profitable

Profitable on a per-share basis

ROE

16.1%

Strong

Strong capital efficiency

ROCE

23.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.16x

Low

Conservative leverage

Revenue Growth (YoY)

9.1%

Modest

Modest growth

Profit Growth (YoY)

-50.0%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

8.8%

Average

Average margins

Net Margin

21.9%

Good

Strong bottom-line conversion

Current Ratio

1.90

Comfortable

Healthy short-term liquidity

52W Range Position

35%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

109.3 / 115.7

Bearish alignment (short < long)

RSI (14)

29.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹44 Cr	₹48 Cr	₹71 Cr	₹104 Cr	+33.1%
EBITDA	₹20 Cr	₹20 Cr	₹29 Cr	₹38 Cr	+23.9%
EBITDA Margin	45.4%	40.9%	41.0%	36.6%	—
PAT (Net Profit)	₹14 Cr	₹10 Cr	₹19 Cr	₹24 Cr	+21.8%
EPS	₹1.86	₹1.42	₹2.4	₹3.92	+28.3%
ROE	59.5%	38.2%	41.4%	16.1%	—
ROCE	69.0%	55.5%	53.1%	23.1%	—
Total Debt	₹12 Cr	₹17 Cr	₹21 Cr	₹25 Cr	+28.6%
Free Cash Flow	₹9 Cr	₹1 Cr	-₹0 Cr	₹1 Cr	-60.5%

🟢 Revenue has grown at 33.1% a year over 3 years.

🟢 EBITDA has grown at 23.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 45.4% to 36.6% over 3 years (-8.8 pts).

🟢 PAT (Net Profit) has grown at 21.8% a year over 3 years.

🟢 EPS has grown at 28.3% a year over 3 years.

🔴 ROE has fallen from 59.5% to 16.1% over 3 years (-43.4 pts).

🔴 ROCE has fallen from 69.0% to 23.1% over 3 years (-45.9 pts).

🔴 Total Debt has grown at 28.6% a year over 3 years.

🔴 Free Cash Flow has shrunk at 60.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹193 Cr

Total Liabilities

₹41 Cr

Cash & Equivalents

₹9 Cr

Operating Cash Flow

₹7 Cr

Capex

-₹7 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

83.5%

Peer Comparison

Company	P/E	ROE
APOLLO HOSPITALS ENTER. L	54.3x	22.0%
SUN PHARMACEUTICAL IND L	34.9x	14.5%
CIPLA LTD	31.8x	9.8%

Recent News

6 general

GAUDIUMIVF Stock Price and Chart — NSE:GAUDIUMIVF

TradingView, 20 Jul

Gaudium IVF and Women Health's (NSE:GAUDIUMIVF) Profits May Not Reveal Underlying Issues

Simply Wall Street, 05 Jun

Gaudium IVF and Women Health vs Nifty 50: Returns Compared

Univest, 24 Sept

Gaudium IVF And Women Health Ltd. Share Price Live Today

CNBC TV18, 27 Feb

Gaudium IVF shares list at 5% premium over IPO price on BSE, NSE

The Economic Times, 27 Feb

Gaudium IVF and Women Health Limited Clarifies Share Price Movement is Market Driven

scanx.trade, 16 Apr

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability

MiddlingGrowth · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 4 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑