Abate As Industries FY2026: A ₹14 Cr Company Became a ₹159 Cr One Without Selling Much More Eyewear

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1 — At a Glance

Consolidated revenue at Abate As Industries went from ₹14.09 crore in FY2025 to ₹159.41 crore in FY2026. Net profit moved from ₹1.1 crore to ₹12.3 crore over the same stretch. On the face of it, this is an eleven-fold year. Look one layer down and the picture rearranges: in February 2025 the company issued 7.37 crore equity shares on a preferential basis “for a consideration other than cash,” and its FY2026 consolidated statements now fold in three subsidiaries, one of them in Bahrain. The auditor’s own note records that ₹160.65 crore of the ₹161-odd crore group revenue and ₹10.44 crore of group profit came from subsidiaries reviewed by other auditors, not the parent.

So the headline growth and the corporate housekeeping arrived in the same twelve months. The parent standalone entity earned its keep on other income; the consolidated entity earned its scale on additions. Both numbers are audited, both are real, and they describe two different companies wearing one name.

The market currently pays 12.7x earnings for the whole thing — against a hospital-peer median near 48x. A company that grew revenue 1,031% trades at a quarter of its sector’s multiple. That gap is the entry’s central tension.

Does a company become eleven times bigger, or does it simply consolidate eleven times more of itself onto one page?

2 — Introduction

Abate As Industries was incorporated in 1991 and, until recently, went by the name Trijal Industries Limited. The rename tracks a change in purpose: the company today describes itself as an eye-healthcare operator running super-specialty hospitals and optical outlets, and simultaneously as a “multi-sector enterprise” spanning healthcare, education, retail, technology, real estate and consultancy.

The FY2026 record is dominated by capital-structure events. In February 2025 the board allotted 7.37 crore shares on a preferential basis, lifting paid-up capital from about ₹5 crore to ₹78.8 crore. On 31 July 2025 it issued 1:1 bonus shares, doubling the count again to 15.76 crore shares. In December 2025 authorized capital was raised to ₹200 crore, and a February 2026 board note took it further still. Alongside, an independent director resigned in November 2025 citing personal reasons, and an internal auditor was appointed in May 2026.

Management, on its June 2026 earnings call, framed the year as a move “from platform building phase to platform scaling phase,” with healthcare intended to become the primary long-term driver. The filings, meanwhile, record segment reporting as “not applicable” — so the group runs six stated business lines and reports them as one.

3 — Business Model: WTF Do They Even Do?

Start with the part that has a building attached to it. Abate runs four operational eye hospitals — Perinthalmanna, Calicut, Kannur and Chennai — and states a target network of 44 across “South India and the Gulf.” Around that sits a chain of optical outlets selling eyewear. This is the coherent business: ophthalmology and the spectacles that logically follow.

Then the portfolio widens considerably. The company also lists wholesale mobile-accessory retail, departmental stores, an electronics range “from different brands under one roof,” educational institutions offering courses in healthcare, architecture and business, a private-university ambition across five cities, business and financial consultancy (including “public listing support such as BSE acquisition”), architecture consultancy, marketing consultancy, and value-driven real estate. Six sectors, one micro-cap, no segment disclosure.

The consolidated group makes this concrete. Its FY2026 subsidiaries are Salamath Import & Exports, Prudential Management Services, and Sky International Trading WLL in Bahrain, plus an associate, SAIA Educational Support Services, also in Bahrain. Per the concall, healthcare contributed roughly 22% of consolidated revenue in FY2026; management stated a directional aim of pushing that toward 70–80% “over time” without giving a year.

Which means the eye-care company is, for now, mostly a trading-and-services company that also does eye care. The FY2025 revenue split the company itself disclosed puts sale of services near 90% and sale of products near 3%. The hospitals are the story management tells; the trade is where the revenue currently sits.

4 — Financials Overview

Figures are consolidated, in ₹ crore.

The March quarter shows revenue more than double its year-ago level, while stepping down from the December quarter’s ₹42.69 crore. Operating margin for the quarter sits at 9.1%, up from 5.75% a year earlier — the figures are on the data sheet. Note the earlier quarters of FY2025: through June, September and December 2024 the entity recorded revenue of zero and small operating losses, then ₹14.09 crore lands in the March 2025 quarter alone. The revenue base, in other words, switches on