Sat Kartar Shopping Ltd. (SATKARTAR)
SME CapPharma stocks · SME cap · NSE
Sat Kartar Life Limited, formerly Sat Kartar Shopping, is an Indian healthcare company transitioning from a product-centric model to a comprehensive Ayurveda ecosystem. It operates in D2C product sales, nutraceuticals, and is expanding into Ayurveda hospitals, wellness, and therapy services.
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.
Investable 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
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹111 Cr | NDF | +23.3% |
| EBITDA | ₹15 Cr | +66.7% | +50.0% |
| Operating margin | 13.0% | +300 bps | +200 bps |
| PAT | ₹10 Cr | NDF | +42.9% |
| PAT margin | 9.0% | +211 bps | +123 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 23% to cross INR 200 Cr, with EBITDA up 73% and PAT up 74%, driven by product sales and initial hospital operations. H2 showed stabilization post H1 transition.
The company delivered strong FY26 growth, exceeding its initial revenue target. The strategic shift to a dual-engine model (products + hospitals) is underway, with initial hospital operations and key collaborations. Management's ambitious FY27/FY28 targets rely on new initiatives and operational efficiencies.
Ayurveda Hospital Expansion
First 30 bedded hospital operational in Delhi. Envisaging 300 beds by end of FY27 and 1000 beds by FY28.
US Operations Rollout
US operations. Product range has been set, and various accounts into the marketplace are underway to roll out the sales in US. Expects 10-15 Cr revenue in FY27.
Subsidiary Performance (Plantomed & Ajooni Life Sciences)
100% Plantomed acquisition complete, firing well. Ajooni Life Sciences (nutraceuticals) also firing well. Expects 22 Cr revenue from subsidiary in FY27.
AI-driven Efficiency
AI has already started delivering results, improving efficiency. Current trials show 4-5% better ROI, expected to improve with scale.
Ayurveda Hospital Beds
First 30 bedded hospital already operational and running in Delhi. Envisaging 300 beds by end of FY27 and 1000 beds by FY28.
Manufacturing Facility
Factory under the umbrella of Sat Kartar is in place, working, delivering capsules and powder units. Capex used was around 1-1.25 Cr.
Growing Ayurveda Market
Ayurveda has unlimited growth, similar to the IT boom in 2000. Total Ayurveda beds are very low compared to allopathy.
Government Support for Ayurveda
Present government and honorable Prime Minister is taking Ayurveda to the world.
Jeena Sikho Collaboration
Collaboration with Jeena Sikho (2800 beds in North India) for revenue share from referrals and clinical know-how for South India hospitals.
Hospital Break-even Period
Not break-even in the second month of hospital operations due to pending government empanelment and insurances.
Working Capital Management
Cash inflow is less due to working capital buildup in H1 FY26 (factory, Plantomed, inventory). Inventory days marginally increased by 12-15 days.
RBI Approval for US Subsidiary
RBI approval is not there for the US subsidiary yet, though documentation is done and operations can start.
High Advertisement Spend
40% of revenue goes into advertisement, which is not expected to reduce significantly if it remains only a product company.
Hospital Occupancy Ramp-up
Current 30-bed hospital utilization is not much, below 10%, pending certifications and insurance tie-ups.
Working Capital for Hospitals
Working capital for hospitals depends on customer mix (insurance/government vs. upfront cash) and can lead to high receivable days (45-60+ days).
Capital for 1000 Beds
1000 beds would require 40 Cr capex (at 4L/bed). Plan is to fund from existing capital, cash generation, and debt, not further dilution.
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.
Management explicitly compares H1 with H2 to show stabilization post-IPO and acquisition-led transition, while also providing full-year (YoY) growth figures for FY26 and future targets.
FY26 Revenue Growth
Revenue growing 23% crossing the 200 mark.
FY26 EBITDA Growth
EBITDA by 73%.
FY26 PAT Growth
PAT by 74%.
PAT Margin (FY26)
PAT margin growth from 6 to 8.5%.
FY27 Revenue Target
Vision for next year is crossing 300 Cr revenue, with current run rate at 225 Cr.
FY28 Revenue Target
Vision for following year is crossing 500 Cr revenue.
Hospital Expansion Strategy
Will open 50-100 bed facilities, four simultaneously, taking 6-8 months to set up. Revenue from these will flow in the following year (post FY27).
Asset-light Manufacturing
No plan to produce all products in-house or have another facility; might upgrade existing one.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Hospital Occupancy Rate | Below 10% for 30-bed Delhi hospital. | Ramp-up to 60-70% occupancy, especially after government empanelment and insurance tie-ups by end of May. |
| Hospital Break-even | Revenue at Rs. 50,000/day for 30-bed hospital (break-even at 1L/day). | Achieving break-even by end of May/June for the Delhi hospital. |
| New Hospital Locations | Identified Tamil Nadu and Vishakhapatnam, but not finalized districts. | Finalization of 4 new 50-100 bed hospital locations by June. |
| Subsidiary Revenue Contribution | 1.2 Cr from subsidiaries in FY26. | Achieving FY27 target of 25-30 Cr from subsidiaries (Plantomed, Ajooni Life Sciences, US Co.). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
36Bearishfull bear SMA stack · SMA20 -5.5% / mo · MACD − · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
SATKARTARdaily · 1Y · AUTO-26.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 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.
Valuation & score drivers
U-Score 70 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 70 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 76.1%.
- Growth contributes 23/25 to the score.
- Quality contributes 17/20 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 22/30; 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: -1 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 43/100.
Healthy Trust Lite: Promoter holding is 63.6%. Key concern: Only 0 years of positive FCF.
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
6 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 63.6%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.03.
- ▸ROCE is 35.6%.
Trust risks
- ▸Only 0 years of positive FCF.
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
- 11.70
- P/B
- 2.73
- EV/EBITDA
- 6.64
- Market Cap
- 184.00Cr
Profitability
- ROE
- 26.50%
- ROCE
- 35.60%
- ROA
- 20.00%
- Dividend Y
- 0.60%
Growth (CAGR)
- Revenue 5Y
- 23.31%
- EPS 5Y
- 70.00%
- Revenue 3Y
- 23.31%
- EPS 3Y
- 70.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 25.00×
- Altman Z
- 10.48
- Book Value
- 42.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- 10.86
Shareholding
- Promoter Hold
- 63.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Pharma, ranked by similarity
Peers
Business-comparable names in Pharma, ranked by similarity
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.