Vaidya Sane Ayurved Laboratories Ltd(MADHAVBAUG)

NSE: MADHAVBAUG

₹ 146.45+0.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 154 crUpdated: 24 Oct 2026

About

Vaidya Sane Ayurved Laboratories runs Madhavbaug, an integrated Ayurvedic healthcare organisation that focuses on preventing, managing and reversing chronic lifestyle diseases such as heart disease, diabetes, hypertension and obesity. Its network has more than 320 clinics across 14 States and Union Territories and 4 hospitals with over 134 beds. Revenue from operations was Rs 106.91 crore in FY26. The company describes itself as one of India's leading integrated Ayurvedic healthcare organisations.^[1][2]

Business segments

Sale of product activity: Rs 71.62 Cr, or 67.0% of revenue, in FY26.^[3]
Hospital activity: Rs 28.63 Cr, or 26.8% of revenue, in FY26. In FY24 it was Rs 21.74 Cr.^[3][4]
Clinics made up nearly 85% of enterprise collections of about Rs 196.91 crore in FY26. Hospitals made up the remaining ~15%.^[1]

Products and services

The core offering is a twelve-month disease reversal protocol. It combines Panchakarma therapies, standardised diet management and proprietary herbal formulations.^[1]
Disease reversal programmes bring in typically Rs 50,000-60,000 per patient a year (FY26), compared with Rs 10,000-13,000 for preventive care programmes.^[5]
Products cover proprietary Ayurvedic medicines, nutraceuticals, therapeutic formulations and wellness products that support its clinical protocols.^[1]
Madhavprash sold 15,000-20,000 units a month in Q4 FY26.^[5]
Urja Neuro Care, a neurological care vertical, was launched in FY26 with a Rs 1.8 Cr investment.^[6][1]
The research body of work includes 83 scientific manuscripts and more than 500 published research papers.^[1]

Hospitals and manufacturing

Four hospitals with 134 beds in FY26: Khopoli 45, Kondhali (Nagpur) 30, Vizag 24 and Vadodara 35.^[6]
Occupancy in Q4 FY26: Khopoli 90-100%, Nagpur 70-80%, Vizag 50-60% and Vadodara 30-40%.^[5]
Vadodara runs on a rental model with no owned capex. All four hospitals have NABH accreditation (Q4 FY26).^[5]
Wholly-owned subsidiaries Dynamic Remedies and UV Ayurgen Pharma make Ayurvedic medicines, nutraceuticals and diet products in-house.^[1]

Clinic network and patients

320+ clinics in Q4 FY26: 24 co-owned, 46 OPD/mini clinics and 250 franchise clinics.^[5]
Average revenue per clinic was Rs 52.05 lakh in FY26, up from Rs 49.19 lakh in FY25.^[6][7]
New patients: 1,18,223 in FY26, compared with 82,049 in FY25.^[5][7]
Care plan conversions were about 28,500-29,000 in FY26, down from about 33,300 in FY25.^[5]
Clinic utilisation was 45-55% in H1 FY26.^[8]
The company receives 35-40% of franchise turnover (FY26).^[5]
It has treated more than 10 lakh patients since inception and has more than 450 Ayurvedic physicians.^[1]

Customers and payers

More than 30 insurers were empanelled in FY26, up from 12+ in Q2 FY26.^[6][8]
As of FY25, corporate health check-up orders covered more than 80,000 police personnel and a similar number of Konkan Railway employees.^[7]

Expansion plans

Plans to reach 250-300 hospital beds in 12-15 months, with a long-term vision of 1,000 beds in 4-5 years.^[6]
Khopoli is targeted to reach 150 operational beds by March 2027. Construction was on the third of seven slabs at the Q4 FY26 call.^[5]
Nagpur is to add 40-50 beds by March 2027, pending government permissions.^[5]
Near-term targets are 50 new franchise clinics and 1 hospital. Mission 2030 targets 1,000 clinics, 10 hospitals and 5,000 OPDs.^[6]
Khopoli and Nagpur hospital capex is estimated at Rs 25-30 Cr (Q2 FY26 call).^[8]

Recent developments

Proposed acquisition of 100% of Parasnath Healthcare (Sangli, joint-pain Ayurveda) for Rs 6 Cr, subject to approvals. It runs about 70 franchise clinics with Rs 14 cr turnover.^[6][5]
First international step: a 70:30 profit-sharing JV in Malaysia with Maxura Healthcare.^[6][1]
A Dubai franchise clinic was expected to open within 1-2 months of the Q4 FY26 call, with all government permissions in place.^[5]
Rs 15.76 Cr was held as share application money pending allotment as at 31 March 2026.^[6]
A move from the NSE Emerge SME board to the NSE main board was under consideration (Q4 FY26 call).^[5]

Market Cap

₹154 Cr

High / Low

₹335 / 140

Stock P/E

19.7

Price / Book

2.6

Book Value

₹68

EPS

₹8.6

No. of Shares

1.05 Cr

ROCE

16.9%

ROE

13.4%

OPM

10.7%

Debt / Equity

0.04

Sales

₹107 Cr

Net Profit

₹9 Cr

Promoter holding

66.3%

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Vaidya Sane Ayurved Laboratories Ltd(MADHAVBAUG)

About

Business segments

Products and services

Hospitals and manufacturing

Clinic network and patients

Customers and payers

Expansion plans

Recent developments

Signal history

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