KRM Ayurveda
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 Jan 2026 | ₹22.5 | +16.67% | ₹17,100 | ₹157.5 | ₹22,500 |
| 28 Jan 2026 | ₹22.5 | +16.67% | ₹17,100 | ₹157.5 | ₹22,500 |
| 27 Jan 2026 | ₹20 | +14.81% | ₹15,200 | ₹155 | ₹20,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 21 Jan 2026 – 23 Jan 2026
- Listing date
- 29 Jan 2026
- Face value
- ₹10 per share
- Issue price
- ₹135 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹77.49 Cr
- Market cap at offer price
- ₹287 Cr
- Promoter holding
- 92.16% → 67.28% pre-issue → post-issue
- ISIN
- INE1MTV01019
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- NEXGEN Financial Solutions Pvt.Ltd.
- Registered office
- A-16, G T Karnal Road, Industrial Area, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,42,000 | — | — |
| Market maker | 5,74,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹135
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹135 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.79 | 5.69 |
| P/E (×) | 17.33 | 23.73 |
| Price to book (×) | 0.08 | — |
| Market cap | — | ₹287 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 67.86%
- ROCE
- 43.33%
- Debt / equity
- 1.31
- PAT margin
- 15.80%
- EBITDA margin
- 24.96%
- NAV per share
- ₹1,602.4
- Price to book
- 0.08
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About KRM Ayurveda
KRM Ayurveda Limited (formerly KRM Ayurveda Private Limited) was incorporated on September 3, 2019 in Delhi under the Companies Act, 2013 and converted into a public limited company on December 24, 2024. Though it started off as a kidney hospital and continues to provide specialized treatment for kidney disorders, it has evolved into a multi-specialty Ayurveda group operating 6 hospitals and 5 clinics across locations including Delhi, Gurugram, Udaipur, Jaipur, Lucknow, Bangalore, Patna, Noida and Mumbai, treating kidney disorder, liver cirrhosis, diabetes, fatty liver, arthritis and other conditions, with a global reach through tele-consultancy services. It also focuses on specialized segments such as addiction, personal care and wellness, and is engaged in trading of Ayurvedic medicine, oils and supplements. The company makes money from hospital and clinic treatment services (with a large share of hospital revenue billed to CGHS/ECHS government schemes and private insurers under cashless arrangements) and from sale of Ayurvedic products through hospital pharmacies and direct-to-consumer telemedicine platforms; for the period ended September 30, 2025, products contributed Rs. 2,504.98 lakhs (51.80%) and services Rs. 2,330.74 lakhs (48.20%) of revenue from operations of Rs. 4,835.71 lakhs, versus FY 2024-25 revenue of Rs. 7,655.27 lakhs and PAT of Rs. 1,209.72 lakhs. It is promoted by Mr. Puneet Dhawan and Mrs. Tanya Dhawan and proposes to list on the Emerge Platform of NSE.
Company Analysis
from DRHPKRM Ayurveda Limited operates a network of Ayurvedic hospitals and clinics across multiple Indian cities treating conditions such as kidney disorders, liver cirrhosis, diabetes and arthritis, complemented by global telemedicine consultancy and trading of Ayurvedic medicines, oils and supplements.
KRM Ayurveda Limited (formerly KRM Ayurveda Private Limited) was incorporated on September 3, 2019 in Delhi under the Companies Act, 2013 and converted into a public limited company on December 24, 2024. Though it started off as a kidney hospital and continues to provide specialized treatment for kidney disorders, it has evolved into a multi-specialty Ayurveda group operating 6 hospitals and 5 clinics across locations including Delhi, Gurugram, Udaipur, Jaipur, Lucknow, Bangalore, Patna, Noida and Mumbai, treating kidney disorder, liver cirrhosis, diabetes, fatty liver, arthritis and other conditions, with a global reach through tele-consultancy services. It also focuses on specialized segments such as addiction, personal care and wellness, and is engaged in trading of Ayurvedic medicine, oils and supplements. The company makes money from hospital and clinic treatment services (with a large share of hospital revenue billed to CGHS/ECHS government schemes and private insurers under cashless arrangements) and from sale of Ayurvedic products through hospital pharmacies and direct-to-consumer telemedicine platforms; for the period ended September 30, 2025, products contributed Rs. 2,504.98 lakhs (51.80%) and services Rs. 2,330.74 lakhs (48.20%) of revenue from operations of Rs. 4,835.71 lakhs, versus FY 2024-25 revenue of Rs. 7,655.27 lakhs and PAT of Rs. 1,209.72 lakhs. It is promoted by Mr. Puneet Dhawan and Mrs. Tanya Dhawan and proposes to list on the Emerge Platform of NSE.
Objects of the Issue
- Capital Expenditure for Construction and Development of Telemedicine Operational Facilities Rs. 1,366.68 lakhs p.116
- Purchase of CRM Software and Hardware Infrastructure Rs. 141.55 lakhs p.116
- Human Resources (manpower hiring for hospitals and clinics) Rs. 543.82 lakhs p.116
- Repayment/Prepayment of loan Rs. 1,250.00 lakhs p.116
- To meet the Working Capital requirements of the Company Rs. 2,290.00 lakhs p.116
- General Corporate Purposes Rs. 999.95 lakhs p.116
Issue Structure
- Total Issue
- Up to 57,40,000 Equity Shares of face value of Rs. 10/- each fully paid-up for cash at price of Rs. 135/- per Equity Share aggregating to Rs. 7,749.00 Lakhs
- Fresh Issue
- Upto 57,40,000 Equity Shares of Face Value of Rs. 10/- each aggregating up to Rs. 7,749.00 lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price of Rs. 128 per Equity Share to Cap Price of Rs. 135 per Equity Share (Issue Price Rs. 135/- per Equity Share, including share premium of Rs. 125)
- Lot Size
- Bid Lot: 2,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter
- Face Value
- Rs. 10/- each
Business Model
Revenue is earned from (i) Ayurvedic hospital and clinic treatment services (OPD/IPD), a significant portion of which is realized from third-party payers including CGHS/ECHS government health scheme empanelments and private insurance companies under cashless/reimbursement arrangements, and (ii) sale of Ayurvedic medicines, oils and supplements through hospital pharmacies and telemedicine/D2C channels, along with tele-consultancy fees from patients in India and abroad. Roughly half of recent revenue comes from products and half from services (period ended September 30, 2025: products 51.80%, services 48.20%).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Puneet Dhawan | Promoter | 90.80% | 66.28% |
| Tanya Dhawan | Promoter | 0.61% | 0.45% |
| Purnima Mehta | Promoter Group | 0.72% | 0.53% |
| Puneet Dhawan HUF | Promoter Group | 0.02% | 0.02% |
| Karuna Khurana | Promoter Group | 0.01% | 0.01% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.