👨⚕️ Healthcare meets SaaS vibes — with 31% profit growth, 33% ROE, and a P/E of 60. But is this future-ready or frothy already?
⚡ At a Glance
IKS Health builds backend tech platforms for outpatient and inpatient care providers in the US, Australia, and Canada. Revenues have grown 5x in 5 years, margins are elite, and ROE is 33%. But the P/E of 60 and promoter silence on future margin levers might leave you clutching your stethoscope.
🧬 1. What Does IKS Even Do?
IKS =Inventurus Knowledge Solutions Ltd, but it really should stand for:
I Know Systems (and Billing)
👩⚕️ Core Business:
- Technology-enabledcare enablementplatform
- Helps hospitals and clinics (esp. in the US) with:
- Revenue cycle management
- Clinical documentation
- Patient coordination
- Administrative
- workflows
💼 Clients:
- Outpatient + inpatient physician groups
- Mostly US-based
- Fee-for-value model (outcomes > volume)
🧪 TL;DR: They’re the invisible back office that helps American doctors stop bleeding cash while billing insurance faster.
📈 2. Financials: Can This Be the Next Narayana TechCare?
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | ROE % | ROCE % |
|---|---|---|---|---|---|
| 2020 | 529 | 137 | 31% | — | — |
| 2021 | 553 | 165 | 37% | — | 47% |
| 2022 | 764 | 233 | 39% | 39% | 47% |
| 2023 | 1,031 | 305 | 38% | 37% | 50% |
| 2024 | 1,818 | 370 | 29% | 33% | 30% |
| 2025 | 2,664 | 486 | 29% | 33% | 27% |
🧠Takeaways:
- Revenue: 5x in 5 years 😮
- Net Profit: 3.5x in 5 years
- Margins dipped post-IPO, but still elite
- ROE = consistently above 30%
💬 They’re basically a bootstrapped SaaS machine until 2023. Now flush with IPO cash, things are scaling — but costs too.
💰 3. Cash Flow
