Gaudium IVF and Women Health Limited is set to become India’s first listed pure-play fertility services provider, tapping into the rapidly expanding assisted reproductive technology market. With declining fertility rates, rising infertility awareness, increasing medical tourism, and regulatory formalisation under the ART Act 2021, the IVF sector is entering a structured growth phase.
The company filed its Draft Red Herring Prospectus with SEBI in early 2025, refiled later in the year, and announced a price band of ₹75 to ₹79 per share for its ₹165 crore IPO opening on 20 February 2026. The issue comprises a ₹90 crore fresh issue and a ₹75 crore offer for sale by the promoter.
This detailed IPO analysis is designed for long-term investors, healthcare sector trackers, and those researching high-growth healthcare IPOs in India.
Table of Contents:
- Gaudium IVF IPO 2026: Issue Details and Valuation
- Company Overview and Business Model
- Promoters and Leadership Behind Gaudium IVF
- IVF Market Opportunity in India
- Services Portfolio and Technology Differentiation
- Revenue Model and Operational Metrics
- Financial Performance and Profitability
- Competitive Landscape in the Indian IVF Industry
- Key Risks in Gaudium IVF IPO
- Investment Outlook and Listing Expectations
- FAQs on Gaudium IVF IPO
Gaudium IVF and Women Health Limited is launching its ₹165 crore initial public offering on 20 February 2026, marking India’s first listed pure-play fertility services company.
IPO Snapshot
| IPO Parameter |
Details |
| Issue Size |
₹165 crore |
| Fresh Issue |
₹90 crore |
| Offer for Sale |
₹75 crore |
| Price Band |
₹75 to ₹79 per share |
| Listing Date |
27 February 2026 |
| Exchanges |
BSE and National Stock Exchange of India |
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Get all the latest updates on the Gaudium IVF IPO, including issue size, price band, listing timelines, and subscription status.
Use of Proceeds
The company plans to utilise IPO proceeds for:
- ₹50 crore for setting up new IVF centres
- ₹20 crore towards debt repayment
- Remaining amount for general corporate purposes
Debt repayment will reduce leverage and strengthen the balance sheet for expansion.
Gaudium IVF IPO Valuation Analysis
At the upper price band of ₹79 per share:
-
Post-issue P/E ratio: 21.80 to 22.97 times FY26 annualised earnings
-
Debt to Equity pre-issue: 0.41
-
EBITDA Margin: Around 40%
This positions the IPO in the mid-valuation range within the healthcare services sector.
Peer Comparison and Relative Valuation
| Company |
Approximate P/E |
Segment |
| Progyny |
~41x |
Global fertility services |
| Gaudium IVF |
~22x |
Indian fertility services |
Compared to global fertility platform Progyny, Gaudium is offered at a significant valuation discount.
Valuation Takeaways
- Strong EBITDA margins near 40%
- High return ratios
- Lower valuation compared to global peers
- Exposure to a 13% CAGR growing Indian IVF market
For investors evaluating healthcare IPOs in 2026, Gaudium IVF presents a growth-oriented fertility services company at a relatively reasonable valuation.
Gaudium IVF and Women Health Limited operates over 30 locations across India using an asset-light hub-and-spoke structure.
Operational Structure
| Component |
Function |
Advantage |
| Company-Owned Hubs |
High-end procedures such as ovum pick-up and embryo transfer |
High-margin core operations |
| Alliance-Based Spokes |
Consultation and referral centres |
Lower capex and wider reach |
| Pharmacy Subsidiary |
In-house IVF drug sales |
Margin expansion and revenue diversification |
Hub Locations
Seven primary hubs operate in:
- Delhi
- Mumbai
- Bengaluru
- Ludhiana
- Srinagar
- Patna
The spoke network includes 28 alliance centres focused on consultations and patient funnel creation.
This model reduces laboratory capital expenditure while maintaining procedural control at centralised hubs.
The company is promoted by:
- Dr. Manika Khanna, Founder, CEO and Chairperson
- Dr. Peeyush Khanna
- Vishad Khanna
Dr. Manika Khanna is a gynaecologist with over 20 years of IVF experience. She founded Gaudium in 2009 using personal savings and pioneered India’s first radiation-free IVF centre.
Under her leadership, the company has delivered thousands of babies globally and built a research-driven fertility ecosystem.
India’s total fertility rate has dropped to 2.0, creating structural demand for assisted reproductive services. The Indian ART market is projected to grow at 13.13% CAGR to reach approximately $4.54 billion by 2034.
Growth Drivers
- Urbanisation and lifestyle changes
- Delayed marriages
- Rising infertility awareness
- Increasing female workforce participation
- Medical tourism inflows
- Regulatory clarity under ART Act 2021
Gaudium serves patients from over 30 countries, including the US, UK, Canada, Kenya, and Oman.
Cost Advantage for Medical Tourists
| Geography |
IVF Cost per Cycle |
| United States |
Approx. ₹18 lakh |
| India at Gaudium |
₹3 to ₹4 lakh |
This 80% cost advantage strengthens India’s positioning in global fertility tourism.
Gaudium provides comprehensive fertility care services, including:
- IVF
- IUI
- ICSI
- Embryo Transfer
- Genetic Testing, including PGT
- Fertility Preservation
- Male Infertility Treatment
- Holistic Wellness Programmes
Proprietary Technology: GAAT Platform
The company has developed GAAT, or Gaudium Advanced Analysis and Treatment, a genome-based personalisation system.
- Focus on high-risk and complex IVF cases
- Specialisation in cases with 10 to 15 failed IVF cycles
- ₹7.39 crore invested in R&D as of March 2025
Clinical Success Rate
- Success Rate as of September 2025: 58.74%
- Industry Average: 40 to 45%
This success differential strengthens brand positioning and patient trust.
Revenue Segmentation
The pharmacy subsidiary, Gaudium International, has transformed its revenue mix significantly.
| Metric |
FY23 |
FY25 |
| Pharmacy Revenue Contribution |
0.50% |
28.85% |
This integration improves margins and reduces external drug procurement dependency.
Operational Growth Metrics
- FY25 IVF Cycles: 3,476
- OPD Growth: 93% to 8,145
- Average Revenue per Patient: ₹3.55 lakh
The company reports OPU and ET separately, enhancing procedural visibility.
Gaudium IVF and Women Health Limited has demonstrated strong revenue growth, high operating margins and efficient capital utilisation. The business operates with a capital-light hub-and-spoke model, allowing it to maintain EBITDA margins above 40% while expanding scale.
Revenue and Profit Growth
| Fiscal Year |
Revenue (₹ Cr) |
PAT (₹ Cr) |
| FY23 |
44.24 |
13.53 |
| FY24 |
47.89 |
10.32 |
| FY25 |
70.72 |
19.13 |
| H1 FY26 |
49.50 |
12.51 |
Revenue grew 47.6% year-on-year in FY25, supported by:
- Expansion of IVF cycles
- Rapid growth in pharmacy contribution
- Higher average revenue per patient
- Increase in OPD consultations
The H1 FY26 performance indicates strong momentum continuing into FY26.
Profitability and Return Ratios
| Metric |
FY23 |
FY25 |
| EBITDA Margin (%) |
45.36 |
40.48 |
| RoCE (%) |
54.40 |
39.70 |
| RONW (%) |
59.11 |
41.71 |
Key Financial Observations
- EBITDA margins consistently remain around 40%, indicating pricing power and operational efficiency.
- Return on Capital Employed remains high despite expansion investments.
- Return on Net Worth above 40% highlights strong shareholder value creation.
- Debt-to-equity ratio before IPO stands at 0.41, reflecting manageable leverage.
The increase in pharmacy revenue contribution from 0.50% in FY23 to 28.85% in FY25 has materially improved margin stability and reduced dependency on third-party suppliers.
Overall, Gaudium IVF presents a financially strong profile within the healthcare IPO space, combining growth, profitability and capital efficiency.
Key competitors include:
- Indira IVF
- Nova IVF
- Cloudnine
- Southend IVF
- Bloom Fertility
Gaudium differentiates itself through:
- Higher success rates
- Pure-play fertility focus
- GAAT technology integration
- Asset-light scalability
- Integrated pharmacy model
1. Staff Attrition Risk
- FY25 Attrition: 63%
- H1 FY26 Attrition: 31%
- Total Employees: 122
High attrition can impact clinical expertise and operational stability.
2. Revenue Concentration Risk
- 78.5% revenue from Delhi hub in FY25
Regional concentration creates vulnerability.
3. Regulatory Risk
- ART Act compliance costs
- Surrogacy restrictions impacting cross-border demand
4. Execution Risk
Scaling hubs and maintaining quality across spokes requires operational discipline.
Gaudium IVF offers exposure to:
- High-growth assisted reproductive technology sector
- 40% EBITDA margin business
- Low leverage model
- Strong clinical differentiation
The grey market premium (GMP) of ₹15 suggests modest listing upside.
For long-term investors seeking a healthcare growth stock with strong return ratios and scalable operations, Gaudium presents a growth-at-reasonable-price opportunity. However, monitoring attrition levels and geographical diversification will remain critical.
Want to assess how Gaudium IVF’s valuation compares with recent healthcare and services listings? Use this IPO dashboard for pricing and subscription trend analysis.
1. What Is the Gaudium IVF IPO Price Band and Issue Size?
The IPO price band is ₹75 to ₹79 per share with a total issue size of ₹165 crore.
2. What is Gaudium IVF’s success rate compared to the industry?
Gaudium reports a 58.74% success rate as of September 2025 compared to industry averages of 40 to 45%.
3. How does Gaudium earn revenue?
Revenue comes from IVF cycles, fertility procedures, consultations, and in-house pharmacy sales, which now contribute nearly 29% of revenue.
4. What makes Gaudium different from Indira IVF or Nova IVF?
Gaudium differentiates through GAAT genome-based personalisation technology, higher success rates, asset-light expansion, and a pure-play fertility focus.
5. Is Gaudium IVF IPO suitable for long-term investment?
Investors looking for exposure to India’s growing fertility services market with strong margins and scalable operations may consider it, while evaluating attrition and regulatory risks.