Vaidya Sane Ayurved Laboratories Limited (MADHAVBAUG)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Vaidya Sane's revenue was ₹57.0 Cr (+18.7% year on year, +13.9% on the previous half-year), and net profit ₹4.2 Cr (+38.5% year on year); the operating margin was 11.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹57.0 | +18.7% | +13.9% |
| Operating profit | ₹6.8 | -24.5% | -24.5% |
| Net profit | ₹4.2 | +38.5% | -16.9% |
| EPS (₹) | 3.95 | +23.1% | -13.9% |
| Operating margin | 11.9% | — | — |
MADHAVBAUG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the MADHAVBAUG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 96.82%. That is close to its usual level. Turnover was only ₹3 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 3 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 80.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vaidya Sane Ayurved Laboratories Limited (Madhavbaug) has signed a Memorandum of Understanding (MoU) dated October 9, 2026, with Parul Institute of Ayurved, Parul University. The MoU establishes a broad framework for clinical research, prototype development, training, and potential commercialisation of Ayurvedic formulations. Crucially, the agreement does not carry any direct financial commitment or revenue obligation at this stage, with specific projects subject to separate future agreements.
- MoU executed with Parul Institute of Ayurved on October 9, 2026
- Collaboration spans 7 key areas including clinical research, product development, and technology transfer
- MoU creates zero direct financial commitment or immediate revenue obligations
- Specific deliverables, timelines, and commercial terms to be finalized in separate agreements
Vaidya Sane Ayurved Laboratories Limited (Madhavbaug) submitted copies of newspaper advertisements regarding its 27th Annual General Meeting (AGM). The AGM is scheduled to be held virtually via Video Conferencing/OAVM on September 30, 2026, at 1:00 PM IST. The company confirmed that dispatch of the Annual Report and AGM Notice to shareholders was completed on September 4, 2026. The submission complies with Regulation 47 of SEBI LODR Regulations.
- 27th Annual General Meeting scheduled for September 30, 2026, at 1:00 PM IST
- Electronic dispatch of AGM Notice and Annual Report completed on September 4, 2026
- Newspaper advertisements published on September 09, 2026, in Free Press Journal and Navshakti
- Filing made pursuant to Regulation 47 of SEBI LODR Regulations
Vaidya Sane Ayurved Laboratories Limited (Madhavbaug) has issued notice for its 27th Annual General Meeting scheduled for September 30, 2026, along with its FY25-26 Annual Report. In the report, the company highlighted FY26 revenue from operations of ₹106.91 crore (up 18.89% YoY) and a net profit of ₹8.99 crore (up 25.66% YoY). The wider enterprise collections reached ₹196.91 crore across its network of 320+ clinics and 4 hospitals (134 beds). E-voting will run from September 27 to September 29, 2026, with a record cut-off date of September 23, 2026.
- 27th AGM to be held on September 30, 2026, via Video Conferencing; cut-off date for e-voting is September 23, 2026
- Reported standalone FY26 revenue from operations of ₹106.91 crore, up 18.89% YoY
- Net profit (PAT) for FY26 reached ₹8.99 crore, growing 25.66% YoY with basic EPS of ₹8.51
- Enterprise-level network collection reached ₹196.91 crore (Clinics ₹166.55 Cr, Hospitals ₹30.36 Cr)
- Network footprint expanded to 320+ clinics, 4 hospitals with 134 beds, and 450+ Ayurvedic physicians
Vaidya Sane Ayurved Laboratories Limited announced the outcome of its board meeting held on September 04, 2026. The board approved the introduction of the VSALL - ESOP 2026 scheme covering up to 3,00,000 equity shares (approximately 3% dilution against existing equity base), subject to shareholder approval. The board also recommended the re-appointment of MD Dr. Rohit Madhav Sane and Whole-Time Director Ms. Vidyut Ghag for a 5-year term ending September 2031, including revised remuneration limits for the MD. The 27th Annual General Meeting is scheduled for September 30, 2026, with a cut-off date of September 23, 2026.
- Approved introduction of ESOP 2026 scheme covering up to 3,00,000 equity shares
- Recommended 5-year re-appointment of MD Dr. Rohit Madhav Sane from Sep 30, 2026 to Sep 30, 2031
- Set 27th AGM date for September 30, 2026 with cut-off date on September 23, 2026
- Recommended re-appointment of Statutory Auditors M/s A.A. Mohare & Co. for a 5-year term through 2031
Vaidya Sane Ayurved Laboratories Limited (Madhavbaug) has submitted its Statement of Deviation or Variation under Regulation 32(1) of SEBI LODR Regulations. The disclosure concerns the utilisation of proceeds raised through its public issue. The filing was formally submitted to the National Stock Exchange on August 18, 2026, as part of mandatory periodic compliance.
- Submitted compliance under Regulation 32(1) of SEBI LODR Regulations, 2015
- Pertains to tracking fund utilization from public issue proceeds
- Filing submitted and digitally signed on August 18, 2026
Financial Performance
Revenue Growth by Segment
In H1 FY26, total revenue reached INR 49.94 Cr, a 19.48% YoY increase. For FY24, Hospital Activity revenue was INR 21.73 Cr (up 9.3% from INR 19.87 Cr), while Sale of Products contributed INR 63.21 Cr (up 5.7% from INR 59.79 Cr). Common/Unallocable activity revenue declined to INR 12.39 Cr from INR 19.35 Cr.
Geographic Revenue Split
The company is primarily based in India with a corporate office in Thane, Maharashtra. It is expanding internationally with a foundation stone in Dubai and a partnership with Maxura in Malaysia to target international patient beds. Specific % split per region is not disclosed.
Profitability Margins
Net Profit Margin for H1 FY26 stood at 9.68%, a 66 bps YoY increase from 9.02%. However, FY24 saw a sharp decline in Net Profit Margin to 1.07% compared to 5.24% in FY23, primarily due to increased employee expenses and depreciation costs.
EBITDA Margin
EBITDA margin for H1 FY26 was 17.26%, up significantly from 13.7% in H1 FY25, representing a 49.59% YoY growth in absolute EBITDA to INR 8.62 Cr. The company targets a 20% EBITDA margin by FY28 through operating leverage.
Capital Expenditure
The company has planned a CAPEX of INR 45.00 Cr to be funded through a preferential issue of warrants. This investment is aimed at expanding the hospital and clinic network to reach 10 hospitals and 1,000 clinics by 2028.
Credit Rating & Borrowing
The Debt-Equity ratio increased to 3.50x in FY24 from 0.003x in FY23 due to a rise in short-term borrowings. Interest Coverage Ratio dropped by 82% to 6.85x in FY24 from 37.87x in FY23, reflecting higher interest obligations on outstanding overdraft balances.
Operational Drivers
Raw Materials
Ayurvedic ingredients and herbs for Madhavprash and other medicinal products represent the primary raw material costs. Specific chemical or botanical names and their individual % of total cost are not disclosed.
Import Sources
Not disclosed in available documents; however, the company operates its own manufacturing capabilities for Ayurvedic products in India.
Capacity Expansion
Madhavprash production is scaling from 15,000-20,000 packs per month to a capacity of 1,00,000 packs. The company currently operates 110 beds and plans to expand to 10 hospitals and 1,000 clinics by FY28.
Raw Material Costs
Inventory turnover ratio decreased by 23% to 8.65 times in FY24, suggesting slower movement of stock or higher inventory levels for retail expansion. Specific raw material cost as a % of revenue is not disclosed.
Manufacturing Efficiency
Clinic utilization is currently at 45% to 55%, providing significant headroom for growth without immediate heavy infrastructure investment. Hospital utilization is also a key driver for the projected FY26 revenue of INR 115-120 Cr.
Logistics & Distribution
The company is shifting its corporate office to a 17th-floor facility in Thane to centralize operations. Distribution involves both franchise clinics (85-90% of total) and online platforms for product sales.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
The company plans to achieve growth by increasing clinic utilization from 45-55% to higher levels, adding 1,000 clinics, and expanding to 10 hospitals by FY28. It is also leveraging digital patient acquisition, insurance empanelment with 35+ providers, and scaling Madhavprash production to 1 lakh packs per month.
Products & Services
Heart disease reversal treatments, Ayurvedic medicines, Madhavprash (wellness product), and diagnostic services through clinics and hospitals.
Brand Portfolio
Madhavbaug, Madhavprash.
New Products/Services
Expansion of the Madhavprash line into retail and online platforms; international healthcare services in Dubai and Malaysia.
Market Expansion
Targeting 5 crore people by 2028. International expansion initiated in Dubai (Foundation stone) and Malaysia (Maxura collaboration).
Strategic Alliances
Collaborations with NBFCs like SaveIn, Aarogya Finance, Credit Fair, and Bajaj Finance for patient financing. Corporate empanelments with JSW Ispat and SBI Pensioner’s Association.
External Factors
Industry Trends
The industry is shifting toward 'Ayurveda Beyond Wellness' and disease reversal. Madhavbaug is positioning itself as a clinical evidence-based Ayurvedic provider, moving away from just 'wellness' to chronic disease management.
Competitive Landscape
Competitors include traditional Ayurvedic firms and modern cardiac care hospitals. Madhavbaug competes by offering a non-invasive 'reversal' alternative.
Competitive Moat
The moat is built on a network of 1,000+ trained BAMS doctors (Madhavbaug Associates), 63 research publications validating their treatments, and empanelment with 35+ insurance companies which creates high switching costs and trust.
Macro Economic Sensitivity
Sensitivity to healthcare spending and digital advertising inflation. Increased social media costs are cited as a direct threat to profitability.
Consumer Behavior
Increasing preference for non-invasive, natural treatments for lifestyle diseases like diabetes and heart disease.
Geopolitical Risks
International expansion into the Middle East and SE Asia subjects the company to local regulatory healthcare standards and geopolitical stability in those regions.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013, SEBI Listing Regulations, and clinical standards for Ayurvedic practice. The company underwent a Secretarial Audit for FY24.
Taxation Policy Impact
Effective tax rate is not explicitly stated, but Deferred Tax Assets of INR 0.01 Cr are noted on the balance sheet.
Legal Contingencies
The Secretarial Audit Report for FY24 did not highlight specific pending litigation values, though it confirmed compliance with the Companies Act and SEBI regulations.
Risk Analysis
Key Uncertainties
Patient Acquisition Cost (PAC) volatility on digital platforms and the success of the retail transition for marquee products like Madhavprash.
Geographic Concentration Risk
High concentration in Western India (Maharashtra), though expanding to other geographies and international markets.
Third Party Dependencies
High dependency on social media platforms for patient leads and NBFC partners (Bajaj Finance, etc.) for patient treatment financing.
Technology Obsolescence Risk
The company is mitigating this by investing in digital capabilities and a 'strong digital' mission for 2028.
Credit & Counterparty Risk
Trade receivables stood at INR 7.84 Cr as of Sept 2025. The company uses NBFC associations to mitigate direct credit risk from patients.
