Is Gaudium IVF & Women Health IPO a good or bad

Gaudium IVF & Women Health Ltd. is launching its initial public offering (IPO), which will be open for subscription from February 20, 2026, to February 24, 2026. If you're considering investing in this IPO, you may be wondering whether the Gaudium IVF & Women Health IPO is good or bad, and whether it's worth investing in. This article will help you make the right investment decision by explaining the company's business, growth, financials, and risks in simple terms.

Company Overview of Gaudium IVF & Women Health Ltd.

Gaudium IVF & Women Health Ltd. was founded in March 2015 and provides In Vitro Fertilization (IVF) and women's healthcare services across India. The company's business model is based on a hub-and-spoke approach, expanding its services through a main hub in major cities and smaller spoke centers in other cities. The company currently has over 30 locations, including seven hubs and 28 spokes. The company has also entered into a strategic partnership with Infertility Experts to increase awareness of Assisted Reproductive Technology (ART) and IVF. Gaudium IVF also serves international patients, including those from countries such as Canada, the United Kingdom, the United States, Kenya, South Africa, and Oman. The company has centers in major cities such as Delhi (Janakpuri and Kailash Colony), Mumbai (Khar West), Ludhiana, Srinagar, Patna, and Bangalore.

The company offers fertility services such as IVF, ICSI, IUI, and ovulation induction, designed to address both male and female infertility issues. It also offers comprehensive gynecological services such as PCOD/PCOS, endometriosis, and high-risk pregnancy management, as well as advanced treatments for men, including advanced sperm retrieval. The company's focus on a patient-centric approach, a team of experienced doctors, and the use of advanced technology has positioned it firmly in the rapidly growing IVF and women's healthcare sector.

Industry Overview of IVF & Women Healthcare Sector in India

The IVF and women's healthcare sector is growing rapidly in India. Changing lifestyles, older age at which women are getting married and planning for pregnancy, and health problems are driving a rise in infertility cases. Awareness about fertility treatments is also increasing, fueling the demand for IVF and ART services. Awareness about Assisted Reproductive Technology (ART) and IVF is spreading more widely than ever before. People in urban areas, as well as smaller towns, are now learning about these treatments and are willing to adopt them. Improved medical facilities, advanced technology, and the availability of specialized doctors are supporting the sector's growth. In addition, PCOS, endometriosis, and other lifestyle-related problems are also contributing factors to infertility, increasing the need for fertility clinics and women's healthcare services. Male infertility cases are also on the rise, driving demand for advanced treatments and diagnostic services.

India is gradually becoming a global destination for fertility treatment, as advanced treatments are available at relatively low costs. Many foreign patients are coming to India for IVF and related services, driving additional growth for the sector.

Fertility awareness, medical tourism, the use of new technologies, and the expansion of clinic networks could bring significant opportunities for the industry in the future. Overall, the outlook for the IVF and women's healthcare sector is positive, and companies operating in it show strong potential for long-term growth.

Financial Overview of Gaudium IVF & Women Health Ltd.

Gaudium IVF & Women Health Ltd.'s financial performance reflects its business expansion over the past few years, reflected in its revenue, assets, and equity. The company is continuously investing in new technology, centers, and services, increasing its scale and strengthening its future growth potential.

Assets and Balance Sheet Status : The company's total assets have shown strong growth over the past few years. Total assets were Rs.3,662.70 lakh in FY 2023, which increased to Rs.5,100.67 lakh in FY 2024 and Rs.8,851.27 lakh in FY 2025. By September 2025, they have reached Rs.10,661.85 lakh. This has seen an increase, particularly in Property, Plant & Equipment, Intangible Assets, and Intangible Assets Under Development, indicating that the company is investing in new IVF centers, labs, and technology. Financial assets, such as investments and loans, have also increased, which could support future expansion plans.

Analysis of Equity and Liabilities : The company's total equity has also steadily strengthened. Equity was Rs.2,272.96 lakh in FY2023, which increased to Rs.4,629.74 lakh in FY2025 and Rs.5,885.47 lakh by September 2025. This indicates that the company has strengthened its net worth. However, the company's borrowings have also seen fluctuations. 

Revenue Growth and Demand Trend :  The company has shown a good growth trend in terms of revenue. Revenue from operations was Rs.4,423.69 lakh in FY 2023, which increased to Rs.4,789.01 lakh in FY 2024 and Rs.7,072.40 lakh in FY 2025. By September 2025, it stood at Rs.4,949.88 lakh. 

Profitability and Margins :  The company's profitability has also remained strong. Net profit was Rs.1,352.54 lakh in FY2023, which increased to Rs.1,031.69 lakh in FY2024 and Rs.1,912.74 lakh in FY2025. As of September 2025, the company has reported a profit of Rs.1,250.56 lakh. 

Cash Flow and Investing Activities :  Operating cash flow was Rs.871.76 lakh in FY2025, an improvement from Rs.344.06 lakh in FY2024. However, cash outflows from investing activities are higher as the company is investing in new centers, technology, and infrastructure. The company has also raised funds through financing activities, which has supported expansion. 

Overall, the company's financial position appears growth-oriented. Improvements in assets, equity, revenue, and profit indicate that Gaudium IVF & Women Health Ltd. is operating a scalable business model over the long term.

Strengths of Gaudium IVF & Women Health Ltd.

Patient-Centric Approach : Gaudium IVF & Women Health Ltd.'s primary focus is providing superior and personalized services to patients. The company bases its treatments and services on a patient-centric model, enhancing the patient experience. This approach helps enhance brand credibility in the healthcare and IVF sector and builds long-term patient relationships.
Experienced and Expert Fertility Team : The company has a team of experienced and expert doctors and medical professionals who provide advanced fertility treatments. The doctors' expertise in complex treatments like IVF and ART improves success rates, giving the company a strong market presence.
Advanced Technology and INTEGRA Ti Labs : Gaudium IVF utilizes modern technology, including next-generation INTEGRA Ti labs for advanced fertility procedures like ICSI. This increases treatment quality and success rates, which is a major advantage for patients and gives the company a competitive edge.
Strong Hub-and-Spoke Business Model : The company's hub-and-spoke model is scalable and efficient. By offering services through hubs in major cities and spokes in other regions, the company can expand at a lower cost. This model improves both operational efficiency and patient access, increasing the potential for future growth.
Asset-Light and Scalable Business Model : The company's asset-light model helps it expand rapidly. Opening new centers with low capital investment and expanding through partnerships can prove cost-effective for the company. This can improve long-term profitability and scalability.
Presence in Prime Urban Locations : Gaudium IVF centers are located in major cities such as Mumbai, Bangalore, Delhi NCR, and Patna. These areas have high demand for healthcare and fertility services, providing the company with a steady and growing patient flow.

Risks of Gaudium IVF & Women Health Ltd.

High Competition in the IVF Industry : The IVF and fertility treatment sector in India is growing rapidly, leading to intense competition. Many large and established hospitals and fertility chains already exist. Maintaining and increasing market share can be challenging for new and smaller players.

Regulatory and Healthcare Compliance Risks : Strict regulations and guidelines apply to the IVF and ART sector. Changes in regulations by the government and regulatory bodies can impact a company's operations and costs. Failure to comply in a timely manner can negatively impact its business.

Dependence on Key Doctors and Specialists : A company's success largely depends on its experienced doctors and specialists. If key doctors or medical professionals leave the company, it can impact both patient trust and business. The reputation and experience of doctors play a crucial role in the IVF sector.

Expansion and Execution Risk : The company plans to establish new IVF centers and expand its network. However, location selection, operational management, and maintaining quality during rapid expansion can be challenging. If expansion is not executed properly, it could increase costs and impact profits.

Increasing Operational and Technology Costs : IVF and fertility treatment require advanced technology, labs, and medical equipment, which are highly expensive. Continuous technological upgrades and equipment investments could increase the company's operational expenses, putting pressure on margins.

Strategies of Gaudium IVF & Women Health Ltd.

Expansion through new IVF centers : The company plans to invest a significant portion of the funds raised from its IPO in setting up new IVF centers. Approximately Rs.50 crore will be used for this. This will expand its presence in new cities and regions, potentially increasing patient reach and revenue.

Brand Awareness and Increasing Awareness : Gaudium IVF is focusing on increasing awareness about Assisted Reproductive Technology (ART) and IVF. The company is already running awareness programs through partnerships with infertility experts. This strategy could help increase patient numbers and strengthen brand credibility in the future.

Focus on International Medical Tourism : The company already serves patients from countries such as Canada, the United Kingdom, the United States, Kenya, South Africa, and Oman. In the future, the company plans to expand its business through medical tourism by focusing more on international patients, as IVF treatment is available at a low cost in India.

Technology and Lab Upgrades : Gaudium IVF utilizes advanced technology and modern lab facilities, such as INTEGRA Ti labs. The company is focused on adopting new technology and upgrading its labs in the future to improve treatment success rates and increase patient confidence.

Strengthening Partnerships and Hub-and-Spoke Network : The company's business model is based on a hub-and-spoke approach, with services provided through hubs in major cities and spoke centers in other regions. The company intends to strengthen this network strategy to expand rapidly at lower costs and provide fertility services in smaller cities.

Gaudium IVF & Women Health IPO Peer Comparison

Gaudium IVF & Women Health Ltd.'s financial performance and return profile appear quite balanced when compared to its listed industry peers. The company has a face value of Rs.5, with total revenues of Rs.7,095.84 lakh and PAT of Rs.1,912.74 lakh for FY2025. The company's basic EPS is Rs.3.12 and RoNW is approximately 41.71%, indicating strong profitability. The company's NAV per share is Rs.7.54, although its P/E ratio and market price are not yet available, as these will be determined only after the IPO.

Compared to its international peer, Progyny Inc., this company operates on a much larger scale, with significantly higher revenues and profits than Gaudium IVF. Progyny has an EPS of Rs.50.52 and a P/E ratio of 41.56, but its RoNW is 12.90%, which is lower than Gaudium IVF. This means that Gaudium IVF is providing a better return on net worth for its size.

When compared to Inspire IVF Public Company Limited, Gaudium IVF's financial position and margins appear stronger. Inspire IVF has an EPS of Rs.0.17, P/E of 11.43 and RoNW of 3.97%, which is much lower than Gaudium IVF. This indicates that Gaudium IVF has better profitability and operational efficiency.

Objectives of Gaudium IVF IPO

Capital Expenditure to Establish New IVF Centers : Gaudium IVF & Women Health Ltd. will invest a significant portion of the funds raised from this IPO in establishing new IVF centers. The company will use approximately Rs.50 crore to open new centers across the country. The company aims to expand its reach in underserved and high-demand areas. As part of this expansion, the company plans to establish a total of 19 new IVF centers in a phased manner, providing access to advanced fertility services to more patients. This strategy could help boost the company's growth, brand recognition, and revenue.

Debt Repayment and Balance Sheet Strengthening : The company will use approximately Rs.20 crore of the funds raised through the IPO to repay or prepay its existing loans. This will reduce the company's debt level and reduce interest expenses. A strong balance sheet improves the company's financial stability, making it easier for it to raise funds in the future.

General Corporate Purposes : The Company will use the remaining proceeds for general corporate purposes, such as working capital, operational needs, and day-to-day business activities. This will help the Company maintain its operations and pursue new growth opportunities.

Expansion and Long-Term Growth Impact : Through these objectives, the Company intends to strengthen its hub-and-spoke model, expand into new locations, and increase the availability of fertility services. Additionally, through debt reduction and improved cash flow, the Company is working to strengthen its financial performance and long-term scalability.

Gaudium IVF IPO Details

IPO Dates : 

The Gaudium IVF & Women Health IPO will be open for subscription from February 20, 2026, to February 24, 2026. Allotment of shares to investors is expected on February 25, 2026, and the company's shares are expected to be listed on the BSE and NSE on February 27, 2026.

IPO Issue Price : 

Gaudium IVF is offering its shares in a price band of Rs.75 to Rs.79 per share. The minimum lot size for applying for this IPO is 189 shares. If you apply at the upper price band, the minimum investment amount for retail investors will be Rs.14,931.

IPO Size : 

The company plans to raise a total of Rs.165 crore through this IPO. This includes a fresh issue of approximately Rs.90 crore and an offer for sale (OFS) of Rs.75 crore. A total of 20.9 million shares will be issued, including 11.4 million shares in the fresh issue and 09.5 million shares in the OFS.

Gaudium IVF IPO Allotment Status : 

Investors who applied for this IPO can check their allotment status on February 25, 2026. Investors can easily access allotment information through the IPO registrar Bigshare Services Pvt. Ltd., BSE, NSE, or their stockbroker platform.

Gaudium IVF IPO Listing Date : 

Gaudium IVF & Women Health shares are expected to be listed on the BSE and NSE on February 27, 2026. Listing performance will depend on several factors such as market sentiment, sector growth, and investor demand.

Gaudium IVF IPO Application Link : 

You can easily apply for this IPO through your brokerage platform. The application process is simple and fast through options like UPI and ASBA. Open your demat account with Rupeezy today and enjoy a smooth and seamless IPO investing experience.

Apply for Gaudium IVF IPO