Courtesy: https://www.chittorgarh.com/
- The company is engaged in healthcare related engagements and services.
• It is operating only in Maharashtra as of now, with major focus on Mumbai and around.
• The company marked growth in its top and bottom lines for the reported periods.
• Based on its financial data and market price trends, the issue appears aggressively priced.
• Well-informed investors may park moderate funds for long term.
ABOUT COMPANY:
QMS Medical Allied Services Ltd. (QMASL) operates as a holistic healthcare engagement provider in the Indian Healthcare Industry. With operations spanning a 30-year period, the company has evolved from a medical device management platform to a nationwide patient screening provider as well as specialized patient support program enabler. Majority of the latter developments have occurred within the last 4 years.
The company operates with 5 verticals which are separated into product based and solutions based. They comprise- 1. B2B Promotion, 2. Point of Care Device Distribution, 3. Hospital and Trade distribution, 4. Patient Service Programs, 5. E-Commerce.
Each of the above verticals runs as an independent business unit with their own teams and management structure all following the strategic vision of the company’s experienced promotor and senior management team. The company is operating in the state of Maharashtra with major activities in the Mumbai and surrounding regions. Thus, the company poses a threat of concentration of its business. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 1487500 equity shares of Rs. 10 each at a fixed price of Rs. 81.00 per share to mobilize Rs. 12.05 cr. The RI has already opened for subscription on September 12, 2025, and will close on September 22, 2025. The company is offering RI in the ratio of 1 for 12 to its eligible stakeholders as of the record date of September 04, 2025. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on NSE. The company is spending Rs. 1.70 cr. for this RI process, and from the net proceeds, it will utilize Rs. 10.00 cr. for acquiring additional 25% stake in its subsidiary to take total holding at 76%, and Rs. 0.35 cr. for general corporate purposes. Minimum market lot for applying this RI shall be 83 shares.
The RI is self-managed by the company itself, and Bigshare Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 17.85 cr. will stand enhanced to Rs. 19.34 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 156.63 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 122.13 cr. / Rs. 9.00 cr. (FY24), and Rs. 156.01 cr. / Rs. 13.70 cr. (FY25). For Q1 of FY26 ended on June 30, 2025, it earned a net profit of Rs. 3.15 cr. on a total income of Rs. 46.50 cr. It posted continuous growth in its top and bottom lines. Its NAV stood at Rs. 51.90 as of June 30, 2025.
DIVIDEND POLICY:
The company has not declared any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. However, the offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON NSE WEBSITE DATA: SCRIP CODE: QMSMEDI (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 93.80 on September 03, 2025, and opened on an ex-right basis at Rs. 93.15 on September 04, 2025. Since then, it has marked a high/low of Rs. 103.00 / Rs. 85.00. The scrip last closed at Rs. 99.30 as of September 16, 2025. For the last 52 weeks’ it has posted a high/low of Rs. 140.30 / Rs. 71.63. Based on its last traded price of Rs. 99.30, the RI is at a discount of around 18.43%.
The promoters’ holding has been constant around 73.67% for the last three quarters ended with June 30, 2025. The counter is well managed above the RI price to tempt investors.
Conclusion / Investment Strategy
QMASL is engaged in healthcare related engagements and services. It is operating only in Maharashtra as of now, with major focus on Mumbai and around. The company marked growth in its top and bottom lines for the reported periods. Based on its financial data and market price trends, the issue appears aggressively priced. Well-informed investors may park moderate funds for long term.
Review By Dilip Davda on September 16, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
