Aashka HospitalsShare price, financial results, shareholding and management
- Market cap
- ₹224 cr
- Stock P/E
- 67.1peers 43.5
- Book value
- ₹44.1
- Price to book
- 2.17
- EV / operating profit
- -
- Market cap to sales
- 9.74
- ROCE · FY26
- 4.6%
- ROE · FY26
- 3.3%
- ROE, 3-year average
- 3.0%
- Operating margin · FY26
- 22.8%peers 13.4%
- Sales growth, 3 years
- 6.7%
- Profit growth, 3 years
- +2.1%
- Debt to equity
- 0.08peers 0.15
- Borrowings
- ₹8.2 cr
- Interest cover
- 4.4×
- Cash from business / op. profit
- 149%
- Debtor days
- 111
- Pledged
- 0.00%
- Promoter holding
- 61.34%
- Change in promoter holding
- +0.01 pts
- Shareholders
- 1,012
- 52-week high / low
- ₹108 / ₹59
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Aashka Hospitals share price chart
Close on 6 Nov 2026 · -0.21% on the day · Vol 3,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.5%
- 3 months
- +33.1%
- 6 months
- +24.4%
- 1 year
- +11.4%
- Traded a day, 20 days
- ₹0.06 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +2% | +2% |
| 3 years, a year | +7% | - |
| Latest half, H2 FY26 | +22% | +55% |
About Aashka Hospitals: business, products and customers
Aashka Hospitals runs one multispeciality hospital in Gandhinagar, Gujarat, with a large intensive care wing, treating patients who pay themselves, through insurance or through government health schemes. Its shares trade on BSE SME.
Aashka Hospitals was set up in 2012 and opened its hospital at Sargasan, Gandhinagar in 2015. The hospital has 150 beds, 65 of them in intensive care, with two cardiac operating theatres, four other theatres, a cath lab and a CT scanner, and offers cardiology, neurosurgery, orthopaedics, nephrology, critical care and other specialities. It is NABH accredited and treats patients under Ayushman Bharat and Gujarat's Mukhyamantri Amrutam scheme as well as insured and self paying patients.
The hospital earns per admission and per procedure: in FY25 inpatient income was ₹17.6 cr of ₹22.6 cr revenue, the pharmacy ₹3.5 cr and outpatient visits ₹1.2 cr. Doctors, nurses, equipment and the building cost much the same whether beds are full or not, so profit depends on how full the hospital is; the latest occupancy in the documents is about 65% in FY21. In FY25 and FY26 other income, mostly interest, was larger than the profit the hospital earned from treating patients, so reported profit rests heavily on it.
Read more about the business
Revenue was highest in FY21, when the hospital was a designated Covid hospital and treated more than 2,000 Covid patients, and has stayed near ₹23 cr a year since FY24. At its 2021 IPO the company set aside ₹28.5 cr to take on management contracts with smaller hospitals in Gujarat, with no agreements signed at the time; the FY25 and FY26 annual reports do not report any such contract. The FY26 report lists filling existing beds, stronger cardiac and critical care, and tie ups with clinics in smaller towns among its priorities.
The prospectus compared the company with listed hospital groups Narayana Hrudayalaya, KMC Speciality Hospitals, Fortis Malar Hospitals, Shalby and Krishna Institute of Medical Sciences, each with far larger income. The FY26 report names established hospitals in the Ahmedabad and Gandhinagar region and the entry of national and regional chains as its competition.
From the prospectus (2021), the annual reports for FY25 and FY26, and Crisil's rating notes of February 2024 and March 2025.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹7.8 cr against ₹3.3 cr in FY26.
- It has little debt for its size: debt to equity 0.08.
- The promoters own a large part of the company: 61.34%.
To watch
- Recovery of the advance against property (₹22.3 cr at March 2026) and the ₹33.9 cr of other advances, which the notes say are subject to confirmation; the FY25 report showed ₹25.6 cr of the property advance with the Managing Director (annual report FY26, p.47, p.52; FY25, p.44).
- Managing Director's pay: the September 2026 AGM notice sought up to ₹10 lakh a month basic pay plus up to ₹10 lakh a month of perquisites and says profits are inadequate for this pay (annual report FY26, p.59 to 60 and p.71).
- Record keeping: the auditor reported in FY25 and FY26 that the accounting software has no audit trail, and Crisil kept a 'D, issuer not cooperating' rating until withdrawal in March 2025 (annual report FY26, p.29; FY25, p.26; Crisil, 21 Mar 2025, p.1).
- Limits sought at the 2026 AGM: borrowing up to ₹25 cr and loans, guarantees and investments up to ₹50 cr; BSE also sought a clarification on the share price movement on 30 Sep 2026 (annual report FY26, p.60 to 61; BSE filing, 30 Sep 2026).
- Customers take longer to pay than before: 111 days in FY26, against 46 in FY19.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Aashka Hospitals revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Aashka Hospitals half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 11.54 | 7.41 | 10.80 | 12.07 | 12.36 | 10.28 | 10.44 | 12.57 |
| Expenses | 10.45 | 7.91 | 9.97 | 8.44 | 7.89 | 10.49 | 8.34 | 9.43 |
| Operating profit | 1.09 | -0.50 | 0.83 | 3.63 | 4.48 | -0.20 | 2.11 | 3.13 |
| OPM | 9.4% | -6.7% | 7.7% | 30.1% | 36.2% | -2.0% | 20.2% | 24.9% |
| Interest | 0.17 | 3.17 | 1.46 | 1.45 | 1.02 | 0.70 | 0.63 | 0.55 |
| Depreciation | 1.44 | 1.49 | 1.47 | 1.45 | 1.58 | 1.37 | 1.46 | 1.51 |
| Profit before tax | -0.47 | -2.10 | 0.51 | 2.33 | 1.94 | 1.93 | 0.92 | 3.03 |
| Net profit | -0.47 | -2.10 | 0.42 | 1.93 | 1.62 | 1.65 | 0.78 | 2.56 |
Aashka Hospitals profit and loss
Full years to March, FY19 to FY26 · ₹ crore, consolidated where reported
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 27.67 | 27.23 | 40.69 | 39.73 | 18.95 | 22.87 | 22.65 | 23.01 |
| Expenses | 18.08 | 18.41 | 30.72 | 31.16 | 18.70 | 18.41 | 18.37 | 17.77 |
| Operating profit | 9.59 | 8.82 | 9.97 | 8.57 | 0.24 | 4.46 | 4.28 | 5.24 |
| OPM | 34.7% | 32.4% | 24.5% | 21.6% | 1.3% | 19.5% | 18.9% | 22.8% |
| Other income | 0.06 | 0.02 | 0 | 0.13 | 3.12 | 4.22 | 3.34 | 2.27 |
| Interest | 5.75 | 4.90 | 3.25 | 2.96 | 3 | 2.91 | 1.72 | 1.18 |
| Depreciation | 2.54 | 2.56 | 2.61 | 2.90 | 2.93 | 2.92 | 2.95 | 2.97 |
| Exceptional and other items | · | · | · | · | · | · | 0.92 | 0.60 |
| Profit before tax | 1.36 | 1.38 | 4.11 | 2.84 | -2.57 | 2.85 | 3.87 | 3.96 |
| Tax rate | 0.0% | 0.0% | 0.0% | 16.5% | 0.0% | 17.2% | 15.5% | 15.7% |
| Net profit | 1.36 | 1.38 | 4.11 | 2.37 | -2.57 | 2.36 | 3.27 | 3.34 |
| EPS ₹ | 0.76 | 0.77 | 2.28 | 1.01 | -1.10 | 1.01 | 1.40 | 1.43 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Aashka Hospitals profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 34.7% | 32.4% | 24.5% | 21.6% | 1.3% | 19.5% | 18.9% | 22.8% |
| Tax rate | 0.0% | 0.0% | 0.0% | 16.5% | 0.0% | 17.2% | 15.5% | 15.7% |
| ROCE | · | 12.1% | 13.1% | 6.4% | 0.3% | 4.8% | 4.9% | 4.6% |
| ROE | · | 7.0% | 15.4% | 3.8% | -2.7% | 2.5% | 3.3% | 3.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Aashka Hospitals debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Aashka Hospitals balance sheet
At each 31 March · ₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 17.16 | 17.91 | 18 | 23.37 | 23.37 | 23.37 | 23.37 | 23.40 |
| Reserves | -1.80 | 6.28 | 11.25 | 73.20 | 70.55 | 72.91 | 76.17 | 79.87 |
| Net worth | 15.36 | 24.19 | 29.25 | 96.57 | 93.92 | 96.28 | 99.54 | 103.27 |
| Borrowings | 32.99 | 30.92 | 27.87 | 28.21 | 29.19 | 20.39 | 12.61 | 8.24 |
| Other liabilities | 5.71 | 4.93 | 7.96 | 4.34 | 4.92 | 4.78 | 3.91 | 4.33 |
| Total liabilities | 54.06 | 60.04 | 65.08 | 129.12 | 128.03 | 121.45 | 116.06 | 115.84 |
| Fixed assets | 46.36 | 44.12 | 49.49 | 48.46 | 45.47 | 42.78 | 40.79 | 39.52 |
| Capital work in progress | 0.08 | 0 | 0 | 0 | 0.05 | 0.45 | 0.88 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 7.62 | 15.92 | 15.59 | 80.66 | 82.51 | 78.22 | 74.39 | 74.32 |
Aashka Hospitals cash flow
₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | · | -0.96 | 14.50 | -62.63 | 1.01 | 7.18 | 9.19 | 7.79 |
| Cash from investing | · | -0.24 | -7.98 | -1.87 | -0.07 | -0.63 | -1.38 | -2.82 |
| Cash from financing | · | 4.16 | -7.97 | 62.64 | 1.05 | -7.62 | -7.20 | -3.24 |
| Net cash flow | · | 2.96 | -1.45 | -1.86 | 1.99 | -1.07 | 0.61 | 1.73 |
Working capital
Days
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 46 | 90 | 66 | 72 | 132 | 77 | 76 | 111 |
| Inventory days | 51 | 67 | 30 | 35 | 57 | 49 | 59 | 49 |
| Days payable | 297 | 247 | 241 | 101 | 365 | 264 | 130 | 195 |
| Cash conversion cycle | -200 | -90 | -145 | 6 | -176 | -138 | 4 | -35 |
| Working capital days | -93 | 20 | -38 | -34 | -126 | -123 | 3 | 104 |
Aashka Hospitals peers and competitors
Listed SME companies in the same industryBy sales, Aashka Hospitals is number 17 of the 23 listed SME companies in healthcare services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shanmuga Hospital | 57 | 13.4 | 45 | 4.2 | 18.4% | 0.16 |
| Maitreya Medicare | 80 | - | 44.9 | -2.5 | -0.7% | 0.80 |
| Invicta Diagnostic | 84 | 17.3 | 32.4 | 4.9 | 30.2% | 0.07 |
| Nidan Laboratories and Healthcare | 19 | 12.4 | 25.5 | 1.5 | 19.0% | 0.16 |
| Aatmaj Healthcare | 50 | 69.7 | 24.3 | 0.7 | 9.7% | 0.41 |
| Aashka Hospitals | 224 | 67.1 | 23 | 3.3 | 22.8% | 0.08 |
| Clinitech Laboratory | 7 | 17.4 | 9.5 | 0.4 | 10.4% | 0.06 |
| KK Shah Hospitals | 31 | - | 9.3 | -0.6 | 8.3% | 0.00 |
| Broach Lifecare Hospital | 8 | 94.4 | 6 | 0.1 | 8.5% | 0.00 |
| Dr Lalchandani Labs | 6 | 104.9 | 4.2 | 0.1 | 16.5% | 0.15 |
| Vanta Bioscience | 15 | 132.0 | 1.8 | 0.1 | 56.0% | 1.80 |
| Median of the 10 others | 25 | 43.6 | 16.9 | 0.3 | 13.4% | 0.15 |
Aashka Hospitals shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Aashka Hospitals shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 23 | Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 61.28% | 61.28% | 61.28% | 61.28% | 61.28% | 61.34% | 61.33% | 61.34% |
| Number of shareholders | 2,435 | 2,066 | 1,641 | 1,244 | 1,174 | 1,172 | 1,126 | 1,012 |
Aashka Hospitals study: the business from its own documents
Read from 6 of the company's own documentsAashka Hospitals key facts from the filings
Each figure with the document it comes from
- Beds
- 150 (65 in ICU)
- One hospital at Gandhinagar with two cardiac theatres, four other theatres, a cath lab and a CT scanner.Annual report FY26, p.4
- FY26 revenue
- ₹23.0 cr
- Against ₹22.6 cr in FY25 and ₹22.9 cr in FY24; profit after tax was ₹3.3 cr.Annual report FY26, p.4; annual report FY25, p.4
- Other income, FY26
- ₹2.3 cr
- About two thirds of profit before exceptional items and tax of ₹3.4 cr; it was ₹4.2 cr in FY24. Reported results; our arithmetic.Annual report FY26, p.4; annual report FY25, p.4
- Inpatient share of revenue
- 78%
- FY25 inpatient income of ₹17.6 cr out of ₹22.6 cr. Reported results; our arithmetic.Annual report FY25, p.46
- Advance against property
- ₹22.3 cr
- At March 2026; the FY25 report said ₹25.6 cr of the ₹28.7 cr then outstanding was given to the Managing Director.Annual report FY26, p.47; annual report FY25, p.44
Show 5 more facts
- Other advances
- ₹33.9 cr
- Unsecured non-current advances at March 2026, against net worth of ₹103.3 cr; the notes say these balances are subject to confirmation.Annual report FY26, p.36, p.47 and p.52
- Managing Director's pay
- ₹1.44 cr a year
- Paid in FY25 and FY26, after nothing in FY24, against profit after tax of about ₹3.3 cr.Annual report FY26, p.10; annual report FY25, p.10
- Credit rating
- Crisil D
- The bank loan rating stayed 'D, issuer not cooperating' from at least 2022 until Crisil withdrew it in March 2025 at the company's request.Crisil rating rationale, 21 Mar 2025, p.1
- Bed occupancy, FY21
- 65.2%
- The latest occupancy figure in the documents read, with an average stay of 4.8 days.Prospectus, p.139
- Promoter holding
- 61.34%
- At September 2026, held mainly by Bipinchandra Shah and Aashka Hospitality Private Limited.Shareholding pattern, September 2026; annual report FY26, p.41
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Aashka earns from patients treated at its one hospital, but the hospital itself makes only a small operating profit and interest income makes up much of what the company reports.
Its weak spots are flat sales, competition from large hospital chains, and big advances on its books, including one that went to its Managing Director.
WatchCan it set its own prices?It competes with large hospitals nearby, and a growing share of patients pay through insurers and government schemes whose rates it does not set.
WatchHow strong is it against rivals?One hospital in a region where large chains are expanding.
StrongWho are its customers?Many individual patients, so no single payer dominates.
WatchDoes it need a lot of money?Hospitals need buildings and costly equipment, and a large part of the company's assets sits in advances rather than in the hospital.
WatchCan it keep finding new work?Sales have not grown since FY24, and the IPO plan to manage other hospitals has not been reported as done.
AverageDo good and bad years swing a lot?Patient demand is steady, but profit has moved with interest income, and sales rose and fell sharply around the pandemic.
Who runs Aashka Hospitals?
Promoters, directors and officers; tap a name for the background
BSBipinchandra ShahPromoter, Chairman and Managing Director
BE (Civil) from Gujarat University; proprietor of Pyramid Associates, a structural design consultancy, since 1993, and a director of Calica Construction and Impex and Aashka Hospitality. The FY26 report describes nearly 30 years in real estate and construction. A director since incorporation in November 2012, proposed for re-appointment for three years from 20 September 2026. The company bought a house at Navrangpura, Ahmedabad from Bipinchandra Shah for ₹6.5 cr in March 2021, and the FY26 report says Bipinchandra Shah paid the subscription money for 32,000 IPO shares allotted to applicants who never paid.
Prospectus, p.162 and p.165; annual report FY26, p.39, p.59 and p.70SSShreyarthi ShahNon-Executive Director
B.Sc. (Statistics) from Gujarat University; on the board since June 2018 and a member of the audit, nomination and stakeholders committees. The annual report states that Shreyarthi Shah is the spouse of Bipinchandra Shah.
Prospectus, p.162; annual report FY26, p.3 and p.74PTParag ThakerPromoter (100 shares)
Listed among the promoters with 100 shares in the FY26 report. The prospectus describes Dr. Parag Thaker as an MD in paediatrics from Gujarat University who runs Poojan Children hospital, and a director of the company from 2012; Dr. Parag Thaker is not on the FY26 board list.
Annual report FY26, p.3 and p.41; prospectus, p.162 to 163LKLokesh KhandelwalChief Financial Officer
Named as Chief Financial Officer in the FY25 and FY26 annual reports; the reports read give no further background.
Annual report FY26, p.3; annual report FY25, p.10UAUmang A. ShahIndependent Director
Chairs the audit, nomination and remuneration, and stakeholders committees; the reports read give no further background.
Annual report FY26, p.3 and p.9JKJigar K. TrivediIndependent Director
Appointed from 1 November 2024 in place of Hiteshkumar Shah on the committees; Hiteshkumar Shah, an independent director, resigned on 28 January 2025. The reports read give no further background.
Annual report FY25, p.8 and p.9Aashka Hospitals latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹12.6 cr (+22%), net profit ₹2.6 cr (+55%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters 61.33% to 61.34%.
Aashka Hospitals announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateDisclosure under Regulation 74(5) for September 30, 2026PDF ↗
- Company UpdateClarification LetterPDF ↗
- Company UpdateThe Exchange has sought clarification from Aashka Hospitals Ltd on September 30, 2026 with reference to significant movement in price, in order to ensure that i
- Insider Trading / SASTIntimation for Trading Window ClosurePDF ↗
- AGM/EGMAGM ProceedingsPDF ↗
Aashka Hospitals annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Aashka Hospitals share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Aashka Hospitals' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,34,00,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY19 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Aashka Hospitals
What does Aashka Hospitals do?
Aashka Hospitals runs one multispeciality hospital in Gandhinagar, Gujarat, with a large intensive care wing, treating patients who pay themselves, through insurance or through government health schemes. Its shares trade on BSE SME.
What is the share price of Aashka Hospitals?
₹95.8 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Aashka Hospitals?
₹224 cr at the close on 6 Nov 2026, on 2,34,00,000 shares.
What is the P/E of Aashka Hospitals?
67.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Aashka Hospitals' revenue and profit?
Revenue ₹23 cr and profit after tax ₹3 cr in FY26.
Who are the promoters of Aashka Hospitals?
Bipinchandra Shah, Parag Thaker; promoters held 61.34% at 30 Sept 2026.
What is Aashka Hospitals' website?
aashkahospitals.in
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Built from 3 annual reports, 2 credit rating notes, 1 offer document, 5 exchange announcements, 8 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.