Company Overview

Aatmaj Healthcare Limited was originally incorporated as Aatmaj Healthcare Private Limited on March 10, 2014, and subsequently converted to a Public Limited Company with the name changed to Aatmaj Healthcare Limited on December 06, 2022. The company is based in Vadodara, India, and has established itself as a growing healthcare services provider in the region.

The company provides multi-specialty and super-specialty healthcare services and is an NABH accredited healthcare provider of modern medical and surgical care solutions. Aatmaj Healthcare is a rapidly growing organization working to establish itself as a leading healthcare provider, utilizing modern medicinal practices and advanced infrastructure for medical and surgical care solutions, with the main business focused on enhancing the quality of life of patients by providing comprehensive, high-quality hospital services.

Business Operations and Infrastructure

The company operates 6 hospitals with 30 consultant doctors and 330 beds, extendable up to 430 beds. Through its hospitals, it provides inpatient and outpatient healthcare services with an aggregate bed capacity of 130 beds, extendable up to 175 beds. The healthcare network includes 15+ facilities and services, and 25+ infrastructure and equipment.

The healthcare staff comprises unit heads, consultant doctors, clinical pharmacists, x-ray technicians, microbiologists, medical officers, clinical assistants, medical executives, operation theater assistants, infection control nurses, other nursing staff, attendants, maintenance heads, dieticians/nutritionists, and others. The healthcare facilities consist of advanced technology, and doctors, nurses, and other healthcare professionals follow treatment protocols that match acceptable standards.

The company is associated with companies, organizations, universities, and institutes for providing regular healthcare check-up facilities for their employees and their post-graduation students at affordable rates. It also has associations and affiliations with insurance companies that process insurance claims. Furthermore, the company is part of the Government of India's Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana, aiming to achieve universal health coverage.

Market Position and Valuation

Aatmaj Healthcare Ltd has a market capitalization of ₹42 Cr as on June 12, 2025. As per Value Research classification, it is a Small Cap company. The company's stock trades on both NSE and BSE exchanges under the symbol AATMAJ.

The P/B ratio of Aatmaj Healthcare Ltd is 0.86 times as on June 12, 2025, representing a 74% discount to its peers' median range of 3.37 times. The P/E ratio stands at 66.31 times as on June 12, 2025, which is a 60% premium to its peers' median range of 41.51 times.

Financial Performance

Revenue and Profitability

The company reported revenue of ₹19.5 Cr and profit of ₹0.64 Cr. Aatmaj Healthcare Ltd has an operating revenue of ₹59.98 Cr on a trailing 12-month basis. The company experienced an annual revenue de-growth of -39%, while maintaining a pre-tax margin of 9%.

In 2023, Aatmaj Healthcare's revenue was ₹157.38 million, representing a decrease of -42.06% compared to the previous year's ₹271.63 million. Earnings were ₹8.81 million, showing a decrease of -85.09%.

Return Metrics and Financial Health

The company has a low return on equity of 8.00% over the last 3 years. ROE stands at 1%, which is considered fair but needs improvement. Earnings include other income of ₹1.32 Cr.

The company maintains a reasonable debt-to-equity ratio of 3%, which signals a healthy balance sheet. However, the company has high debtors of 459 days, indicating potential working capital challenges.

Shareholding Pattern

Promoter holding stands at 63.7%. The promoters of Aatmaj Healthcare Ltd are Tushar Karshanbhai Suvagiya and Karshanbhai Jethabhai Suvagiya, who collectively own 50.2% of the total equity. There is no promoter pledging in Aatmaj Healthcare Ltd.

Recent Developments

On May 30, 2025, shareholders voted on reallocating ₹913.11 Lakhs IPO funds to medical equipment and hospital acquisitions. This strategic move indicates the company's focus on expanding its infrastructure and capabilities.

Investment Considerations

From an O'Neil Methodology perspective, the stock has an EPS Rank of 9, which is considered poor, indicating inconsistency in earnings, and an RS Rating of 10, which is poor, indicating underperformance compared to other stocks. Overall, the stock has poor technical strength and poor fundamentals, and it is noted as a thinly traded stock.

The peers of Aatmaj Healthcare Ltd include Max Healthcare Institute Ltd, Apollo Hospitals Enterprise Ltd, Fortis Healthcare Ltd, Narayana Hrudayalaya Ltd, Global Health Ltd, Aster DM Healthcare Ltd, and Krishna Institute of Medical Sciences Ltd.

The company operates in the competitive healthcare sector and continues to work towards establishing itself as a significant player in the multi-specialty healthcare services market, despite facing recent financial challenges that require strategic attention and operational improvements.