KRM Ayurveda IPO

Incorporated in September 2019, KRM Ayurveda is an Ayurvedic healthcare business running a mix of hospitals, clinics, teleconsultation services, and its own Ayurvedic medicines. They presently have six Ayurvedic hospitals and five clinics in different cities of India where they provide IPD and OPD services, Panchakarma therapies, wellness programs, diet and lifestyle counselling, and sale of medicines from in-house dispensaries.

Over the last three years, the company has increased its capacity from 38 beds to 100 beds as the physical infrastructure has grown. In line with the demand for hospital beds, utilisation has also increased. Bed occupancy was only 18% in FY23, which increased to 85% in FY25. Alongside hospitals and clinics, the company offers teleconsultation services, allowing patients in India and overseas to access Ayurvedic doctors remotely. Furthermore, the company runs its Ayurvedic prescription drugs manufacturing plant in Kundli (Haryana), where they produce both classical and proprietary medicines as well as nutraceuticals. The product sales are generated from a combination of digital leads backed by teleconsultation, direct hospital and clinic sales, and repeat orders from the existing customer base.

The company derives earnings from two different segments - services and sales of products. In FY23, the company's income was mainly from products, with product sales making up 93.4% of the total revenue and the rest from the services, but now the services have accounted for 48.2% of the revenue in H1FY26. Initially, the largest contributor to the geographical segment was Delhi, which was driven by telemedicine and medicine sales, but its share has decreased from 57.4% in FY23 to 28.9% in FY25 as the company redirected its focus towards hospital- based services. Export markets (primarily the United States) continue to remain a significant contributor through teleconsultation and medicine sales. Export revenue contributed 36.8% in FY23, 36.2% in FY24, and 33.8% in FY25.