Gujarat Kidney and Super Speciality claims to have developed a strong focus in renal sciences, supported by multiple sub-specialities within its urology department, including endourology, urologic oncology, pediatric urology, reconstructive urology, renal transplant, laparoscopic urology, and female urology. The company also claims to have expanded into advanced laparoscopic procedures and established laparoscopic departments across all its hospitals. It has also reported further expansion into cardiology through in-house interventional and non-interventional cardiology units at select hospitals.
Gujarat Kidney and Super Speciality claims to follow an asset-light model in central Gujarat by operating hospitals on leased properties and through controlling stakes in entities such as Raj Palmland Hospital Private Limited, Surya Hospital and ICU, Gujarat Surgical Hospital, Ashwini Medical Centre, and Harmony Medicare Private Limited, thereby avoiding direct investment in land, buildings, and major medical infrastructure.
Gujarat Kidney and Super Speciality claims to attract and retain skilled medical professionals, reporting low attrition ratios in FY25 and for the three months ended June 30, 2025, with full-time doctors at 2.40 percent and 2.99 percent, visiting doctors at 2.10 percent and nil, and nurses at 0.85 percent and nil, respectively. As of June 30, 2025, the company states that its medical team comprised 89 doctors and 332 nurses, supported by initiatives such as continuing medical education (CME) programs and varied doctor engagement models, including minimum guarantee and fee-for-service structures. It claims that these arrangements are designed to support longer-term doctor associations and link part of doctor compensation to revenue generation.
Gujarat Kidney and Super Speciality has a limited operating history in its current form, having commenced business operations only in 2024 following the transfer of the Vadodara and Godhra hospital businesses from Gujarat Kidney and Superspeciality Hospital under a business transfer agreement. This short track record makes it difficult to reliably assess its long-term performance, scalability, and ability to handle industry risks.
Gujarat Kidney and Super Speciality has limited experience in executing greenfield projects, with its managing director, Dr Pragnesh Bharpoda, having overseen only the construction of Gujarat Kidney and Super Speciality Hospital as a greenfield facility. This limited track record increases the risk of delays, cost overruns, and difficulties in meeting regulatory and operational requirements in future new-build projects, which could adversely affect its business, financial performance, and reputation. The company may also face challenges in adopting unfamiliar or untested technologies and processes, and any failure to integrate these smoothly could lead to operational disruptions, financial losses, and reduced patient trust.
Gujarat Kidney and Super Speciality’s revenues are significantly concentrated in a few hospitals located in western and central Gujarat. Gujarat Kidney and Superspeciality Hospital, Vadodara, and Gujarat Multispeciality Hospital, Godhra, accounted for Rs 11.45 crore (36.83 percent) of the company’s revenue for the period ended June 30, 2025; Rs 35.17 crore (29.31 percent) in FY25; Rs 24.57 crore (23.75 percent) in FY24; and Rs 20.78 crore (24.22 percent) in FY23. Any adverse political, social, or economic developments, localised unrest, natural disasters, or regulatory changes in western India, particularly in and around Vadodara and central Gujarat, could negatively impact the company’s business, financial condition, and results of operations.
As of June 30, 2025, the company had trade receivables of Rs 21.39 crore, representing 140.20 percent of its revenue from operations. This is an increase from Rs 15.15 crore (37.66 percent) in FY25, Rs 4.20 crore (88.01 percent) in FY24, and Rs 1.15 crore in FY23. Furthermore, as of June 30, 2025, trade receivables that were either due or aged less than six months amounted to Rs 11.33 crore, representing 52.98 percent of the company’s revenue. Failure to collect these receivables, including from patients, insurers, and government or third-party schemes, could negatively impact the company’s business, cash flows, and financial condition.
Inpatient revenue accounted for Rs 21.86 crore (70.30 percent) of the company’s hospital revenue for the period ended June 30, 2025; Rs 81.72 crore (68.12 percent) in FY25; Rs 71.94 crore (69.55 percent) in FY24, and Rs 62.74 crore (73.13 percent) in FY23. Bed occupancy rate stood at 54.77 percent, 56.12 percent, 53.81 percent, and 54.49 percent during the same period. The company needs to optimise the use of beds, infrastructure, and technology to achieve maximum revenue generation, profitability and operating efficiencies.
The company, its directors, promoters, and subsidiaries are involved in certain ongoing legal proceedings. Adverse judgments in any of these cases could hurt the company’s business prospects.
As of September 30, 2025, the company and its subsidiaries had outstanding financial indebtedness of Rs 15.35 crore. Failure to service or repay these loans can harm the company’s operations and financial position.