1. At a Glance – The Eye Hospital That Also Sells Mobile Covers
At ₹12.5 per share and a market cap of ₹197 crore, Abate As Industries Ltd is trading at a P/E of 18.7 — less than half the industry median P/E of 44.53. Sounds cheap, right? But wait. ROE is just 0.67%. Debt is modest at ₹9.33 crore. Price-to-book is 1.17. OPM sits at 7.92%.
In Q3 FY26 (Dec 2025 quarter), the company reported ₹42.69 crore in revenue and ₹3.06 crore PAT. Profit growth? A hilarious 15,400% — because last year’s comparable quarter profit was almost non-existent.
Stock is down 28.7% in the last 3 months, but still up 39.8% over 1 year.
So what is this company?
An eye hospital chain?
A retail electronics store?
An education group?
A consultancy firm?
A real estate developer?
Answer: Yes.
Welcome to Abate As Industries — where focus seems to be optional.
Let’s open our financial ophthalmology kit and check if this patient needs spectacles… or surgery.
2. Introduction – Multi-Sector or Multi-Confused?
Incorporated in 1991, Abate As Industries Ltd (AAIL) primarily operates in eye healthcare through super-specialty hospitals and optical outlets.
That sounds neat. Focused. Clean.
But then we read further.
Healthcare.
Retail mobile accessories.
Departmental stores.
Electronics.
Education institutions.
Private university.
Business consultancy.
Architecture consultancy.
Marketing consultancy.
Real estate development.
Overseas expansion in Bahrain.
At this point, even a CA would need a headache tablet.
Revenue breakup FY25:
- Sale of Services: ~90%
- Sale of Products: ~3%
- Other income: ~7%
Okay. So services dominate. Mostly healthcare.
They operate eye hospitals in:
- Perinthalmanna
- Calicut
- Kannur
- Chennai
And they are “planning” 44 hospitals globally.
Planning is easy. Execution is expensive.
But here’s what makes this interesting: the company recently launched an indigenous EMR and integrated eye hospital clinic management system. That means they’re trying to bring tech into their healthcare vertical.
Are they building a healthcare-tech platform? Or just adding another item to the buffet?
Let’s break this down properly.
3. Business Model – WTF Do They Even Do?
Let’s simplify this for the smart-but-lazy investor.
Core Business: Eye Healthcare
- Super specialty eye hospitals
- Optical outlets selling eyewear
This is the bread-and-butter. Cataracts, lenses, check-ups — high repeat business if executed well.
Retail & Consumer Goods
- Mobile accessories
- Electronics
- Departmental stores
Yes, because apparently when you get an eye check-up, you might also buy a phone cover.
Education
They run educational institutions offering professional courses in healthcare, architecture, and business.
So they treat patients… and also train future professionals. Vertical integration? Maybe.
Consultancy & Real Estate
- Business & financial consultancy
