AGS Health Limited
UDRHP · filed 14 Aug 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
AGS Health Limited is a healthcare company that has recently completed an acquisition, resulting in a consolidated business with operations both within and outside of India. The IPO structure consists of a fresh issue of Rs 18,000 crore and an offer for sale of Rs 30,000 crore, with the offer for sale comprising 62.5% of the total issue size. The company reported a revenue of Rs 2,041.42 crore and a profit after tax of Rs 206.95 crore in the latest period, with revenue growing at a CAGR of 43.67%. The most material risks include the unreliability of the unaudited proforma financial information for future projections and the challenges of managing an internationally dispersed business under a single point of control.
What stands out
Large related-party dealings. Related-party transactions are 176.2% of revenue.
Risk factor. The Unaudited Proforma Financial Information included in the Updated Draft Red Herring Prospectus-I is not indicative of our future financial condition, results of operations or cash flows.
Strong revenue growth. Restated revenue CAGR of 43.7%.
How the offer is structured
Fresh issue
₹18.00k Cr
New capital into the company
Offer for sale
₹30.00k Cr
Goes to selling shareholders
OFS share
63%
Debt repayment
₹16.00k Cr
From fresh proceeds
- Repayment and/or prepayment, in part or full, of certain borrowings availed by two wholly owned indirect Subsidiaries of our Company, namely, AGS Health BCP LLC and AGS Health BCP Holdings, Inc., through investment in such Subsidiaries₹16.00k Cr
- General corporate purposes
Restated financials
Revenue
₹2.04k Cr
Latest fiscal year
Profit after tax
₹207 Cr
Revenue CAGR
43.7%
Return on equity
4.3%
Debt / equity
0.87
PAT CAGR
33.8%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹989 Cr | ₹116 Cr | ₹512 Cr | |
| 2025 | ₹1.19k Cr | ₹143 Cr | ₹654 Cr | |
| 2026 | ₹2.04k Cr | ₹207 Cr | ₹4.87k Cr |
Promoters, litigation & related parties
Related-party
176.2%
Share of revenue
Except as disclosed in this section
Risks the company discloses
The Unaudited Proforma Financial Information included in the Updated Draft Red Herring Prospectus-I is not indicative of our future financial condition, results of operations or cash flows.(Financial Reporting)
The Unaudited Proforma Financial Information has not been prepared in accordance with accounting or other standards and practices generally accepted in jurisdictions other than India, such as Regulation S-X under the U.S. Securities Act.(Financial Reporting)
The Unaudited Proforma Financial Information is prepared for illustrative purposes only and is subject to change.(Financial Reporting)
The Unaudited Proforma Financial Information may not be an accurate representation of what our actual results of operations, cash flows and financial position would have been for such periods.(Financial Reporting)
The Unaudited Proforma Financial Information should not be relied upon as if it had been prepared in accordance with those standards and practices or generally accepted accounting principles.(Financial Reporting)
Consequent to the completion of the Acquisition, our Company is responsible for overseeing and managing our consolidated business operations within and outside of India.(Operational)
We may face difficulties managing and administering an internationally dispersed business and may not be able to achieve operational efficiencies.(Operational)
We may face challenges in managing the integrated yet dispersed business under a single point of control, such as in maintaining standards, controls or procedures.(Operational)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.