Gaudium IVF and Women Health Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Gaudium IVF and Women Health Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gaudium IVF reported Q1 FY27 revenue of ₹19.4 crores, up 9.1% year-on-year, with EBITDA of ₹2.4 crores and PAT of ₹1.8 crores, both moderating versus the prior year due to expansion-related spending. Management said the margin decline reflected front-loaded costs including pre-operational spends, clinical hiring, and a marketing push for its AI embryology tools SiD and ERICA. The company opened its South Extension hub in July 2026, with Gurgaon and Nagpur hubs expected to follow, and the board approved a new women's hospital project in Lucknow.
Numbers mentioned
Revenue: ₹19.4 crores (Q1 FY27)
p. 4
“our revenue for Q1 FY27 grew by 9.1% year-on-year to ₹19.4 crores”
Dr. Manika Khanna, page 4 of the filed PDF · View the filing
EBITDA: ₹2.4 crores (Q1 FY27)
p. 4
“Reported EBITDA and PAT for the quarter stood at ₹2.4 crores and ₹1.8 crores respectively, moderating on a year-on-year basis”
Dr. Manika Khanna, page 4 of the filed PDF · View the filing
EBITDA margin: 12.5% (Q1 FY27)
p. 6
“Reported EBITDA margin stood at 12.5% for the quarter versus 29% in Q1 FY26.”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Clinical pregnancy success rate (first attempt): 62% (Q1 FY27)
p. 4
“which I am very happy to share has grown to 62% in the first attempt”
Dr. Manika Khanna, page 4 of the filed PDF · View the filing
Cumulative pregnancy rate: 85%
p. 4
“Our cumulative pregnancy rate stands at as high as 85%”
Dr. Manika Khanna, page 4 of the filed PDF · View the filing
PAT: ₹1.8 crores (Q1 FY27)
p. 6
“PAT from continuing operations for Q1 27 stood at ₹1.8 crores as against ₹3.1 crores in Q1 FY26, a moderation of 42.27% year-on-year.”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Cash and bank balances: ₹8.12 crores (as on 30th June 2026)
p. 6
“Cash and bank balances as on 30th June stood at ₹8.12 crores against the borrowings of ₹6.74 crores”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Debt-to-equity ratio: approximately 0.04 times (Q1 FY27)
p. 6
“our consolidated debt-to-equity ratio remains comfortably at approximately 0.04 times”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Adjusted EBITDA (excluding one-off expansion costs): approximately ₹5.35 crores (Q1 FY27)
p. 6
“Excluding these expansion related one-off costs, EBITDA would have been approximately ₹5.35 crores with an EBITDA margin of approximately 27.63%”
Rakesh Sharma, page 6 of the filed PDF · View the filing
International patient contribution to patient mix: approximately 25% to 30%
p. 5
“International patients today contribute approximately 25% to 30% of our patient mix”
Dr. Manika Khanna, page 5 of the filed PDF · View the filing
Network hubs and spokes: eight hubs and 28 spokes
p. 5
“So we are operating out of eight hubs and 28 spokes.”
Dr. Manika Khanna, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 30% · FY27
stated firmly by Dr. Manika Khanna
p. 12
“Yes, so we, I would say a guidance of 30% growth year-on-year, which we have delivered historically also and we will be able to sustain our EBITDAs and PAT respectively.”
Dr. Manika Khanna, page 12 of the filed PDF · View the filing
New hub openings — 10 new hubs · FY27
stated firmly by Dr. Manika Khanna
p. 5
“we remain confident of achieving the full FY27 target of 10 new hubs, followed by eight new centres in FY28 and one in FY29 in line with the phase roll-out we had shared at the time of listing”
Dr. Manika Khanna, page 5 of the filed PDF · View the filing
Gurgaon hub commissioning — 10 days from call date
stated firmly by Dr. Manika Khanna
p. 5
“The second one in Gurgaon will be operational in 10 days from now, and the third one in Nagpur, as we said we will be including Tier 2, will be operational in 25 days from now.”
Dr. Manika Khanna, page 5 of the filed PDF · View the filing
Capex for new hubs — approximately ₹25 crores · FY27
stated firmly by Rakesh Sharma
p. 6
“for FY27, we had earlier guided a capex of approximately ₹25 crores for the 10 new hubs at an estimated average cost of ₹2.5 crores per hub, funded primarily through IPO proceeds and internal accruals.”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Lucknow hospital project cost — up to ₹15 crores · FY28-FY29 commercialization
stated firmly by Rakesh Sharma
p. 6
“our board has approved an estimated project cost of up to ₹15 crores for the Gaudium Women Hospital at Lucknow, which will be incurred progressively over the setup and commissioning phase, with the commercialization expected in FY28-FY29.”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed Q1 slowness to seasonality and said it expects to reach its historical growth rate of around 30% by year end, with EBITDA margins similar to FY26 levels.
Answered by Dr. Manika Khanna
Asked by Arman: Given the slow 9% Y-o-Y growth in Q1 against a lower base, and comparing to 46-48% growth in FY26/FY25, is management confident of 40% growth for FY27?
p. 7
“So we are confident that by the end of the year we'll be achieving that growth.”
Dr. Manika Khanna, page 7 of the filed PDF · View the filing
Management said breakeven is guided at six months but has historically occurred within three months.
Answered by Dr. Manika Khanna
Asked by Vileh Rai: How long does it take a new hub to break even?
p. 8
“the breakeven usually comes, like we say six months, but historically it has always come in three months.”
Dr. Manika Khanna, page 8 of the filed PDF · View the filing
Management said Lucknow was already part of its planned IVF expansion cities and the hospital extends its women's health focus, funded through internal accruals rather than IPO proceeds.
Answered by Dr. Manika Khanna
Asked by Vileh Rai: What was the rationale for entering the hospital business in Lucknow?
p. 8
“we are not disturbing the IPO proceeds for it at all, we are doing it from our internal accruals.”
Dr. Manika Khanna, page 8 of the filed PDF · View the filing
The CFO said average revenue per patient would rise to around ₹4 lakhs excluding minimum-value services, considering only fresh pickups.
Answered by Rakesh Sharma
Asked by Manish Kela: What would average revenue per patient be excluding low-value services like egg freezing?
p. 10
“if we will remove all the minimum services, then it will go up to like ₹4 lakhs.”
Rakesh Sharma, page 10 of the filed PDF · View the filing
The CFO said average construction cost per hub is ₹2.5 crores, and a mature hub is expected to run about 30 cycles annually in Tier 2 cities and about 50 cycles in metros.
Answered by Rakesh Sharma
Asked by Raman KV: What is the capex per hub and expected annual revenue once a hub is mature?
p. 11
“See if at a matured hub if it is in a tier 2 cities, then 30 cycles annually is what we are expecting. And if you talk about a metro then we are talking about like somewhere 50 cycles.”
Rakesh Sharma, page 11 of the filed PDF · View the filing
Management said the decline was mainly due to a one-time, pan-India marketing push for SiD and ERICA.
Answered by Dr. Manika Khanna
Asked by Raman KV: What caused the sharp margin decline from 30% to 12.5% this quarter?
p. 11
“this margin decline is mainly because of just one heavy marketing push that we did. This was a one-time marketing push which contributed to this difference.”
Dr. Manika Khanna, page 11 of the filed PDF · View the filing
Management said implementation varies by state, with some states having formed boards and registrations underway while others have not, and expects proper execution to take about another year.
Answered by Dr. Manika Khanna
Asked by Anuj Goyal: What is the ground-level status of ART Act implementation across states?
p. 10
“So I think it will take probably another year or so before it gets executed properly.”
Dr. Manika Khanna, page 10 of the filed PDF · View the filing
Management said Patna relocated to a more prominent medical hub location, Srinagar performs seasonally better in winter, and Ludhiana is building more spokes across Punjab to feed the centre.
Answered by Dr. Manika Khanna
Asked by Anuj Goyal: How are the older, previously struggling centres in Ludhiana, Srinagar and Patna performing?
p. 10
“Srinagar is a seasonal centre, so always picks up more in the winter time”
Dr. Manika Khanna, page 10 of the filed PDF · View the filing
Risks flagged
Seasonal slowdown in Q1 and Q3 due to heat and festivals affecting patient volumes
p. 7
“basically IVF has a seasonality about it and Q1 because of heat and Q3 because of festivals are usually poor, whereas Q2 and Q4 more than make up for them”
Dr. Manika Khanna, page 7 of the filed PDF · View the filing
Margin contraction from front-loaded expansion and marketing costs ahead of hub roll-out
p. 6
“This moderation reflects a concise front loading of expansion related costs including pre-operational spends at South Extension, preparatory expenses for the upcoming centres, incremental clinical talent hiring, and integration of AI led embryo tools, marketing costs of SiD and ERICA.”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Uneven and slow implementation of the ART Act across states
p. 9
“In most of the states, in some of them state ART board is not completely formed, or somewhere there are also places where they have not opened a bank account.”
Dr. Manika Khanna, page 9 of the filed PDF · View the filing
Ludhiana centre operating in a smaller market limiting revenue growth
p. 10
“in Ludhiana, because Ludhiana per se is a smaller market, we are working to create more and more spokes in the rest of Punjab so that, you know, all those patients can drain into Ludhiana”
Dr. Manika Khanna, page 10 of the filed PDF · View the filing
Increasing competition from new centres entering the IVF market
p. 8
“with so much competition coming in and we are opening 19 new centres of IVF”
Anuj Goyal, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.