Annual reportSep 2026
Sep 2026 · General Updates 9 Sep - Newspaper ads published for 27th AGM notice, annual report dispatch, remote e-voting, and book closure on September 9, 2026.
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result20 May, 10:21 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
57Neutralfull bear SMA stack · SMA20 +1.6% / mo · MACD − · near 52W low · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 28
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MADHAVBAUGD candles · FIT view-42.5%Latest close ₹146.50 on 2026-10-21
Bar
-6.5%
RSI
32
MACD hist
-1.87
52W pos
3%
2026-10-21O ₹156.65H ₹156.65L ₹140.00C ₹146.50Vol 5,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MADHAVBAUGNifty PharmaNifty 500
- MADHAVBAUG
- -28.4%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -21.9 pp
Chart stats
21 Oct 2026- From 52W high
- -56.3%
- 52W range position
- 3%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹140 - ₹179.7
₹335
₹140 - ₹335
₹7.1
Latest completed session
20-session average
50.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +18.8% · PAT +300.0% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model+61.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +19% YoY · PAT +300% YoY · +14% QoQ · operating leverage · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹57 Cr | +18.8% | +14.0% |
| EBITDA | ₹7 Cr | NDF | -22.2% |
| Operating margin | 12.0% | NDF | -500 bps |
| PAT | ₹4 Cr | +300.0% | -20.0% |
| PAT margin | 7.0% | NDF | -298 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.80
- P/B
- 1.94
- 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
- 7%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 57.0+14.0% vs prev
Net Profit
₹ CrLatest: 4.0-20.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 rising (~1.6% over last month) — short-term momentum positive.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
-6.0%
3M return
-22.0%
6M return
-27.5%
1Y return
-47.5%
RS 1D
-3
RS 20D
+3
Sector rank
#1
Industry rank
#14
Stage evidence
- Price is 22.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
234 observations
21 Oct 2026Value 54.48-5.61%
RS vs Nifty 50054
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation18/30
Growth14/25
Quality6/20
Balance Sheet13/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 61.9%.
- 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.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
18.8
PB
1.9
EV/EBITDA
8.2
ROE
12.0%
ROCE
15.1%
FCF Yield
—
Debt/Equity
0.0
MoS
+61.9%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
51
Previous: 51
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+61.9%
Previous: +59.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
51
51
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹126.51
-15.8% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹384.75
+61.9% MoS
PEG
0.85
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NEPHROCARE
SME
Nephro Care India Ltd.
Healthcare Services
match 135
14
27.7
4.9%
-464%
OVERVALUED
NATCAPSUQ
Small
Natural Capsules Limited
Healthcare Services
match 134
52
13.5
6.5%
+71%
FAIR VALUE
SANGANI
SME
Sangani Hospitals Ltd.
Healthcare Services
match 133
29
26.2
7.8%
-20%
OVERVALUED
MEDICO
Small
Medico Remedies Limited
Healthcare Services
match 132
65
13.0
19.0%
+71%
UNDERVALUED
MAITREYA
SME
Maitreya Medicare Ltd.
Healthcare Services
match 132
12
—
-9.3%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-19T08:19:36.357Z
Management commentary snapshot
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.
Current business mix
FY26 Enterprise Revenue by Business Model
Latest issuer-disclosed distribution across 2 reported categories.
Clinics84.6%
Hospitals15.4%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 63rd percentile within Pharma. Main check: cash conversion is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
14 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Pharma: 63rd pctile, median 70 · SME: 90th pctile, median 64
Evidence depth
Financial-only
14 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
63
acceptable · quarterly consistency
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.
Continue researching Vaidya Sane Ayurved Laboratories Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 5 Sep - Annual report FY26 and AGM notice for 30 Sep 2026; book closure 23-30 Sep, e-voting 27-29 Sep.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.