As Gaudium IVF and Women Health Ltd is gearing up to go public, it is undoubtedly a litmus test of investor appetite for a sector in India that still considers fertility care a socially sensitive business rather than a medical necessity. However, if successful, the listing of Gaudium IVF and Women Health Ltd on India’s stock markets could normalise fertility care in the public market, paving the way for others. Less than a year ago, the country’s largest fertility chain, Indira IVF, had to withdraw its Rs 3,500 crore initial public offering (IPO) plans in March due to regulatory concerns.
Even as fertility care or assisted reproduction is socially stigmatised in India, the industry is shifting from fragmented boutique clinics to institutionalised, technology-driven healthcare. Therein lie opportunities for investors, say experts.
“Gaudium IVF and Women Health Limited presents a first-of-its-kind opportunity for public market investors to gain pure-play exposure to this high-margin, high-growth IVF sector,” says Prathamesh Sawant, research analyst, Deven Choksey Research.
The fertility market is growing in India, driven by rising infertility rates, increasing lifestyle-related reproductive challenges, delayed parenthood trends, growing awareness and social acceptance of assisted reproductive technology (ART) procedures, and improving affordability of fertility treatments.
Delhi-based Gaudium IVF plans to raise Rs 165 crore through the IPO. The three-day sale, with a price band of Rs 75 to Rs 79 per share, will close for subscription on February 24. Ahead of the public issue, Gaudium IVF has raised Rs 49.5 crore from a clutch of anchor investors, including Meru Investment Fund, Sanshi Fund, Hornbill Orchid India Fund, and Carnelian India Multi Strategy Fund.
The company plans to utilise most of the fresh issue proceeds to set up new IVF centres and repay certain outstanding borrowings.
Incorporated in 2015 by Manika Khanna, a specialist with advanced training in gynaecological endoscopic surgery, Gaudium IVF and Women Health is a pan-India fertility and women's healthcare services provider operating through a hub-and-spoke model.
“Gaudium IVF appears well-positioned to benefit from the structurally growing fertility market in India, supported by its proprietary Gaudium Advanced Analysis and Treatment (GAAT) module, consistent clinical success rates of 58 percent, and stable treatment volumes,” says Abhishek Jain, analyst, Arihant Capital. Designed for complex infertility cases, the GAAT module reflects a strategic focus on personalised, genome-based fertility solutions.
What positions the company for sustainable cash-flow generation as utilisation scales is its asset-light structure, which supports calibrated capex intensity, better return ratios, and controlled leverage.
“On the financial front, the business model is characterised by revenue visibility driven by IVF cycle volumes, relatively high gross margins inherent in ART procedures, and improving EBITDA margins as centres mature and fixed costs are absorbed over higher throughput,” analysts at BP Equities add.
According to Jain, with strong clinical credibility, integrated service offerings and scalable infrastructure, the company is strategically placed to drive sustainable growth, improve average revenue per patient, and strengthen its competitive standing in the organised fertility care segment. “At the upper band of Rs79, the issue is valued at a PE ratio of 22.98 times, based on trailing 12 months earnings per share (EPS) of Rs3.4.”
Others concur. Greater awareness of assisted reproductive technologies (ART), particularly IVF, across urban and semi-urban centres is expected to accelerate adoption among patients.
Sawant finds Gaudium IVF trading at 20 times, 18 times and 14 times FY26, FY27 and FY28 earnings respectively. This growth is expected to be driven largely by centre expansion, rising medical tourism and increased adoption of advanced treatment technologies. However, he will watch out for execution and scaling, particularly talent acquisition and retention.
In FY2025, revenue from operations of Gaudium IVF was Rs70.7 crore, EBITDA was Rs28.62 crore, while net profit was Rs19.1 crore. This compares with Rs47.9 crore in revenue and Rs10.3 crore in net profit in FY2024.
In contrast, market leader Indira IVF’s revenue from operations was Rs1,604.53 crore in FY25, EBITDA was Rs530.55 crore and net profit was Rs297.75 crore. Financial data for FY25 for peer companies Nova Medical Centre and CK Birla Healthcare are not available for comparison as they are unlisted.
The Indian IVF market, valued at $1.32 billion in 2024, is projected to reach $4.54 billion by 2034 at a CAGR of 13.13 percent, according to an Infomerics Research Report. It estimates India’s share in the global IVF market rising to 8.3 percent from 4.8 percent, positioning the country among the fastest-growing fertility markets worldwide. The global IVF market, pegged at $27.49 billion in 2024, is projected to double to $54.60 billion by 2034 at a CAGR of 7.10 percent.
With an estimated 27.5 million couples affected by infertility and only 300,000 IVF cycles performed annually, a significant treatment gap persists, underscoring both the depth of unmet demand and the sizeable runway for sustained long-term growth.
According to industry estimates, India offers IVF at $3,000-4,000 compared to $15,000-20,000 in the US, a 75-80 percent mark-up. The government's medical visa facilitation framework further reduces friction for inbound patient flow, positioning India as a leading fertility tourism destination in Asia.
“The company is exposed to regulatory and workforce retention risks in a specialist healthcare segment, with high attrition among key professionals potentially affecting service quality. It also faces significant contingent liabilities and competition from larger healthcare players that could pressure margins and growth,” say analysts at Ventura Securities.
Employee attrition remains an elevated operational risk, with the company reporting rates of 51 percent, 51 percent, and 63 percent in FY2023, FY2024, and FY2025, respectively, implying nearly two-thirds of the workforce turned over in FY2025 alone. The three-year trend reflects a structural retention challenge rather than a one-off disruption.
However, it remains to be seen whether the listing of a fertility care brand becomes sector-defining for capital markets in India, or simply another entry in the IPO ledger.
First Published: Feb 23, 2026, 11:37
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