AATMAJ - Aatmaj Health

📊 NSE: AATMAJ 🏢 Healthcare 📅 Last Updated: 12/13/2025 17:45

💰 Financial Performance

Revenue Growth by Segment

Total revenue reached INR 8.8 Cr in H1 FY24. The company focuses on multi-specialty healthcare services, including PMJAY, Cash, and Mediclaim patients. Management targets a revenue vision of INR 45-50 Cr in the next 2-3 years, representing a projected growth of approximately 150-180% from annualized H1 FY24 levels.

Geographic Revenue Split

100% of revenue is generated in India, specifically from operations in Vadodara, Gujarat, where the registered office and Jupiter Hospital are located.

Profitability Margins

The company reported a Profit After Tax (PAT) of INR 2.42 Cr in H1 FY24. Management targets a long-term net profit margin of approximately 20% as turnover increases to the INR 45-50 Cr range.

EBITDA Margin

EBITDA margin stood at 46.7% in H1 FY24, with an absolute EBITDA of INR 4.11 Cr. This high margin is attributed to a fixed-cost business model utilizing full-time professional staff rather than variable per-surgery payments.

Capital Expenditure

The company raised INR 38.40 Cr through its IPO. As of March 31, 2025, INR 29.27 Cr has been utilized, including INR 6.20 Cr for hospital acquisitions and INR 9.00 Cr for debt repayment. A planned expenditure of INR 9.13 Cr for medical equipment remains unspent and is held in FDRs.

Credit Rating & Borrowing

The company is exempt from internal financial control audit requirements as its borrowings from banks and financial institutions are less than INR 25 Cr and turnover is less than INR 50 Cr. INR 9.00 Cr of existing secured debt was repaid using IPO proceeds.

⚙️ Operational Drivers

Raw Materials

Key operational inputs include medical consumables, pharmaceuticals, and advanced medical equipment (INR 9.13 Cr allocated for purchase).

Capacity Expansion

Current bed capacity has expanded from 130 to 330 beds (a 153.8% increase) through strategic acquisitions and improvements. There is a potential plan to further extend capacity to 430 beds.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the company manages costs by hiring full-time professionals on fixed CTCs, which allows them to retain a higher portion of revenue from schemes like PMJAY.

Manufacturing Efficiency

Bed capacity increased by 153.8% YoY following the IPO, significantly improving the potential for patient throughput and revenue generation.

Logistics & Distribution

Not applicable for hospital service operations.

📈 Strategic Growth

Expected Growth Rate

45%

Growth Strategy

Growth will be achieved through inorganic expansion (INR 6.20 Cr already spent on two hospital acquisitions), increasing bed capacity from 330 to 430, and deepening participation in the Ayushman Bharat (PMJAY) scheme.

Products & Services

Multi-specialty medical and surgical care solutions, healthcare check-up options for employees, and emergency medical management.

Brand Portfolio

Jupiter Hospital.

New Products/Services

Expansion into new medical specialties and enhanced diagnostic services through the planned INR 9.13 Cr medical equipment upgrade.

Market Expansion

Strategic focus on the Gujarat region through the acquisition of existing hospitals to rapidly scale bed capacity.

Strategic Alliances

Collaborations with partner organizations to offer affordable healthcare check-up options for corporate employees.

🌍 External Factors

Industry Trends

The Indian healthcare sector is projected to reach $638 billion by 2025. Trends include a shift toward universal health coverage and government-backed insurance schemes like PMJAY.

Competitive Landscape

Operates in the rapidly growing multi-specialty hospital segment, competing with both local private clinics and larger corporate hospital chains.

Competitive Moat

The company's moat is built on its fixed-cost professional model and its integration with the PMJAY scheme, which provides a steady patient pipeline. This is sustainable as long as the company maintains its cost leadership in the SME healthcare segment.

Macro Economic Sensitivity

Highly sensitive to government healthcare spending; the Union Budget 2025 increased healthcare allocation by 9.8% to INR 99,859 Cr.

Consumer Behavior

Increasing consumer reliance on government-subsidized healthcare schemes and a growing preference for organized multi-specialty care over standalone clinics.