Vaidya Sane Ayurved Laboratories Ltd. (MADHAVBAUG)
SME CapPharma stocks · SME cap · NSE
Vaidya Sane Ayurved Laboratories (Madhavbaug) is a leading Indian chain of cardiac care clinics and hospitals, focusing on non-invasive Ayurvedic treatments for lifestyle diseases like cardiac, diabetes, hypertension, and obesity. It operates 320+ clinics and 4 hospitals (134+ beds) across India, supported by in-house manufacturing and a digital ecosystem.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +19% YoY · PAT +300% YoY · +14% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹57 Cr | +18.8% | +14.0% |
| EBITDA | ₹7 Cr | -22.2% | -22.2% |
| Operating margin | 12.0% | -600 bps | -500 bps |
| PAT | ₹4 Cr | +300.0% | -20.0% |
| PAT margin | 7.0% | +77 bps | -298 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 18.89% YoY to INR 106.91 Cr, with PAT up 25.66% YoY to INR 8.99 Cr. H2 FY26 revenue increased 18.37% YoY, but EBITDA declined 20.61% YoY due to higher investments in expansion and branding.
The company delivered strong top-line and PAT growth in FY26, driven by patient additions and network expansion. While H2 profitability was impacted by strategic investments, management views these as crucial for long-term growth. The focus on expanding reach and new verticals supports the underlying thesis, but execution on profitability will be key.
FY26 Enterprise Revenue by Business Model
Latest issuer-disclosed distribution across 2 reported categories.
Expanding Clinic & Hospital Network
Goal to establish 1,000 clinics and 10 hospitals by 2030, with a focus on rural India and strategic locations in Maharashtra, MP, UP, and Gujarat.
New Therapeutic Verticals
Strategic expansion into neurological disorders with 'Urja Neuro Care' and specialized pain management via proposed acquisition of Parasnath Healthcare.
International Market Entry
First international expansion into Malaysia through a 70:30 JV, providing a scalable template for broader global growth.
Digital Ecosystem & Product Portfolio
Leveraging MIB Pulse App and Power MAP for patient engagement and clinical analytics. Plans to create a marquee product portfolio and online distribution channel.
Hospital Bed Capacity
New hospital in Ankodiya Village, Gujarat, with 35 beds. Nagpur hospital capacity expansion by 5 beds approved. Scaling total beds to 250-300 in 12-15 months.
Clinic Network Expansion
Plans for opening 50 new franchisee clinics. Total clinics increased to 320 in FY26 from 250 in FY25.
Rising NCD Burden in India
Non-communicable diseases cause 68% of all deaths in India, with 77 million diabetes patients and 54.5 million CVD patients, creating high demand for preventive care.
Government Support for AYUSH
Ministry of Ayush allocated INR 3,712.49 Cr in 2024-25 budget (23.74% YoY increase). National Ayush Mission extended until 2026.
Insurance Coverage for AYUSH
IRDAI mandated insurance providers to offer Ayush coverage, treating traditional treatments similarly to other medical treatments, enhancing accessibility.
Increased Operating Expenses
H2 FY26 profitability impacted by higher investments in expansion, branding, technology initiatives, and operational strengthening, leading to a 26.81% YoY increase in total expenditure.
Execution Risk of Expansion Plans
The company's actual results could differ materially from forward-looking statements due to its ability to successfully implement its strategy.
Regulatory Approvals for Acquisitions
The proposed acquisition of Parasnath Healthcare is subject to completion of definitive agreements and applicable regulatory approvals.
Competition
The company's performance is subject to risks including competition in the industry in India and worldwide.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both annual (YoY) and half-yearly (YoY and QoQ implied) financial data are provided. The half-yearly comparison is crucial to understand the recent trend of increased investments impacting H2 profitability, while annual figures show overall yearly performance.
Domestic Formulations/Product Sales Growth
Total Product Revenue per Clinic increased from INR 17.68 Lacs in FY25 to INR 19.81 Lacs in FY26. Products formed 38.05% of clinic revenue in FY26.
International Expansion
Established first international footprint in Malaysia via a 70:30 JV with Maxura Healthcare, leveraging asset-light entry and proven protocols.
Launch Pipeline
Launched Urja Neuro Care, a strategic new vertical for neurological disorders, with an initial INR 1.8 Cr investment in FY26. Incorporated Aaharshashtra Foodz Pvt. Ltd. for FoodRx products.
Approvals
Madhavbaug Hospital Khopoli received NABH accreditation. IRDAI announced new regulations for insurance providers to offer Ayush coverage.
Strong Business Momentum & Strategic Expansion
FY26 was a year of strong business momentum and strategic expansion, achieving healthy revenue growth driven by sustained patient additions and growing acceptance of Ayurvedic healthcare.
Investments for Long-Term Growth
H2 profitability was impacted by higher investments towards expansion, branding, technology, and operational strengthening to support long-term growth strategy.
Ambitious 2030 Goals
Goal to establish 1,000 clinics, 10 hospitals, and 5,000 outpatient departments by 2030, especially in rural India.
Commitment to Physician Training
Committed to training 10,000 physicians through the Institute of Preventive Cardiology to advance leadership in preventive healthcare.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Clinics | 320+ | Progress towards 1,000 clinics by 2030 and opening of 50 new franchisee clinics. |
| Total Hospital Beds | 134+ | Scaling to 250-300 beds in 12-15 months and progress towards 10 operational hospitals by 2030. |
| Physician Training | 450+ Ayurveda Physicians | Progress towards training 10,000 physicians. |
| Profitability Impact of Investments | H2 FY26 EBITDA margin declined 586 bps YoY due to investments. | Stabilization or improvement in EBITDA margins as investments yield returns and operational efficiencies improve. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -10.7% / mo · MACD − · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
MADHAVBAUGdaily · 1Y · AUTO-25.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.9% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 52% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 58.3%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 62nd percentile within Pharma. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 66.3%. Key concern: 1/4 latest quarters had positive YoY revenue growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 62nd pctile, median 70 · SME: 90th pctile, median 64
14 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.3%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.03.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.80
- P/B
- 1.92
- EV/EBITDA
- 8.19
- Market Cap
- 169.00Cr
Profitability
- ROE
- 12.00%
- ROCE
- 15.10%
- ROA
- 8.57%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 2.62%
- EPS 5Y
- 21.64%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 15.00×
- Altman Z
- 8.78
- Book Value
- 83.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 5.00 Cr
- EPS TTM
- 8.55
Shareholding
- Promoter Hold
- 66.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.