MADHAVBAUG
Vaidya Sane Ayurved Laboratories financials
- Market cap
- ₹168 Cr
- Sector
- Healthcare
- Calls analysed
- 2
MADHAVBAUG Q2 FY26
What went well
- Revenue from operations grew 19.48% YoY to INR 49.94 crores in H1 FY26, driven by higher patient engagement and wellness product sales.
- EBITDA (excluding other income) increased 49.59% YoY to INR 8.62 crores, with margin expanding to 17.26%, reflecting operational discipline and better cost optimization.
- Profit after tax rose 28.26% YoY to INR 4.84 crores, and PAT margin improved by 66 bps to 9.68%.
What to watch
- NSE approval for preferential warrants is still pending, delaying the inflow of 25% of the warrant funds earmarked for hospital expansion.
What Vaidya Sane Ayurved Laboratories Ltd does
Vaidya Sane Ayurved Laboratories operates under the 'Madhavbaug' brand, delivering non-invasive disease-reversal treatment through a network of clinics and hospitals that combine Ayurveda with modern diagnostics, diet management and physiotherapy for cardiac disease, diabetes, hypertension and obesity. Its subsidiaries Dynamic Remedies and UV Ayurgen Pharma manufacture the Ayurvedic medicines, nutraceuticals and standardized diet kits used across the clinic and hospital network. The company also runs a digital ecosystem (MIB Pulse app and Power MAP analytics) for patient monitoring, and has begun international expansion via a joint venture in Malaysia and a new neuro-care vertical (Urja Neuro Care).
Segments
- Clinics
- Hospitals
- Products
- Clinics network
- 320+ clinics across 14 states & UTs
- Operational hospitals
- 4 (Khopoli, Kondhali/Nagpur, Vizag, Vadodara)
- Total hospital beds
- 134 (Khopoli 45, Vadodara 35, Kondhali 30, Vizag 24)
- Rural reach
- 46+ OPDs and mini clinics
- Ayurveda physicians
- 450+
- Patients treated (cumulative)
- Over 10 lakh
Guidance record · Q2 FY26
what the last two calls moved 8 tracked 0 delivered 1 missed 7 open- GIPSA Approval Status went quiet said Q4 FY25 Promised: within a couple of months max, we should be GIPSA approved Q2 FY26: No mention of GIPSA approval in the provided text.
- FY26 EBITDA Margin revised up said Q4 FY25 Promised: reach about 16% or so Q2 FY26: Targeting an EBITDA margin of around 17% to 18%
- FY26 Revenue on track said Q4 FY25 Promised: Rs. 110 to Rs. 120 crore kind of revenue next year Q2 FY26: Expect revenue to cross about INR 115 crores to INR 120 crores
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 18.8%, net profit up 300.0% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46 | 54 | 51 | 48 | 42 −9% | 48 −11% | 50 −2% | 57 +19% |
| EBITDA | 4 | 4 | 3 | 2 | 6 +50% | 9 +125% | 9 +200% | 7 +250% |
| Net profit | 3 | 2 | 1 | 1 | 4 +33% | 3 +50% | 5 +400% | 4 +300% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −46.5% 1Y
1Y: ₹298 on 10 Sept 2025 → ₹159.35. High ₹298 (10 Sept 2025), low ₹150 (8 Sept 2026).
How the price took the results
close before → close after
- Q2 FY26
- +6.1%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹30 Cr | ₹45 Cr | ₹57 Cr | ₹77 Cr |
| Borrowings | ₹0 Cr | ₹2 Cr | ₹1 Cr | ₹3 Cr |
| Other liabilities | ₹14 Cr | ₹12 Cr | ₹14 Cr | ₹14 Cr |
| Total liabilities | ₹55 Cr | ₹70 Cr | ₹82 Cr | ₹105 Cr |
| Fixed assets | ₹21 Cr | ₹28 Cr | ₹34 Cr | ₹35 Cr |
| Capital work in progress | ₹2 Cr | ₹2 Cr | ₹0 Cr | ₹2 Cr |
| Investments | ₹15 Cr | ₹18 Cr | ₹22 Cr | ₹40 Cr |
| Other assets | ₹17 Cr | ₹21 Cr | ₹26 Cr | ₹28 Cr |
| Total assets | ₹55 Cr | ₹70 Cr | ₹82 Cr | ₹105 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
The ownership split has held steady since Mar 2025. The shareholder count shrank 15% to 671.
- Promoters
- 66.3%
- Public
- 33.7%
Since Mar 2025
- Promoters 0.00 pp
- DIIs 0.00 pp
- Public 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '22: Promoters 66.3%, Public 33.7%.Dec '22: Promoters 66.3%, Public 33.7%.Mar '23: Promoters 66.3%, Public 33.7%.Jun '23: Promoters 66.3%, Public 33.7%.Sep '23: Promoters 66.3%, Public 33.7%.Dec '23: Promoters 66.3%, Public 33.7%.Mar '24: Promoters 66.3%, Public 33.7%.Sep '24: Promoters 66.3%, Public 33.7%.Mar '25: Promoters 66.3%, Public 33.7%.Sep '25: Promoters 66.3%, DIIs 0.2%, Public 33.5%.Dec '25: Promoters 66.3%, Public 33.7%.Mar '26: Promoters 66.3%, Public 33.7%.
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Thermo Pads Private Limited newly disclosed 2.88% held
- Medemy Life Sciences Private Limitedt newly disclosed 0.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Vaidya Sane Ayurved Laboratories Ltd above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Rohit Madhav Sane | 66.29% | unchanged |
| Thermo Pads Private Limited | 2.88% | newly disclosed |
| Virtuous Capital Limited | 2.28% | unchanged |
| Rekha Jitesh Paralkar . | 0.05% | unchanged |
| Medemy Life Sciences Private Limitedt | 0.00% | newly disclosed |
| Thermo Capital Private Limited | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 2.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Vaidya Sane Ayurved Laboratories Ltd
Guides on how to read this kind of business and the numbers that matter.