1. At a Glance
Sastasundar Ventures Ltd (SSVL) is that stock which looks like it has cracked the healthcare platform story, sounds like it has unlocked digital scale, but behaves like it’s still figuring out which leg of the business actually wants to run. With a market cap of ₹949 Cr, a current price of ₹298, and a P/E of ~36.6x, this is not a cheap “oops I made money by mistake” stock. This is a “market believes something will eventually work” stock.
Q3 FY26 delivered ₹346 Cr in revenue (+22.9% YoY) and ₹1.13 Cr PAT (+104% YoY). Sounds decent, right? Except operating margins are still negative, ROCE is -1.33%, and a big chunk of reported profits historically came from other income, not from selling medicines or diagnosing diseases.
Promoters own ~74.7%, debt is almost negligible at ₹5.15 Cr, and valuation is being held together by hope, restructuring, and the idea that healthcare + tech + scale = magic. But has the magic actually shown up… or are we still waiting for Hogwarts to open?
Let’s dissect.
2. Introduction
Sastasundar Ventures is not a simple healthcare company. It’s also not a pure investment holding company. It’s a Core Investment Company (CIC) that moonlights as a healthcare platform operator, while juggling financial services, supply chain, diagnostics, and corporate restructuring paperwork thicker than a CA’s audit file.
The original dream was bold: build a digital healthcare ecosystem covering pharmacy, diagnostics, and wellness — both B2C (consumers) and B2B (retailers). Then came Flipkart. Then came restructurings. Then came SEBI saying, “Nope, try again.”
Fast forward to today: Flipkart is gone, Retailer Shakti has been merged, diagnostics are still regional, and SSVL is
left holding a cleaner but still confusing structure.
So the big question is simple:
Is Sastasundar now a focused healthcare platform, or still a financial holding company wearing a lab coat?
3. Business Model – WTF Do They Even Do?
Let’s simplify this before your brain files an FIR.
A) Financial Services (~6% FY24 revenue)
This is the boring but cash-friendly part:
- Financing of loans
- Investments in shares & securities
- Wealth management and financial advisory
Think of it as the uncle who doesn’t talk much but pays for dinner occasionally.
B) Healthcare Network (~94% FY24 revenue)
This is where all the drama, ambition, and losses live.
1. B2C – SastaSundar / Flipkart Health (Exited)
Originally, SSVL partnered with Flipkart to build Flipkart Health+. SSHL held 24.9%, Flipkart 75.1%. In October 2024, SSVL sold its entire stake. Exit done. Chapter closed. No more Big Tech sugar daddy.
2. B2B – RetailerShakti
This is the engine room now.
- Supplies medicines, wellness & FMCG products
- Targets retail pharmacies and kirana stores
- Accounts for ~34% of FY24 revenue
RetailerShakti was merged into Healthbuddy, simplifying structure. This is the only vertical showing scale without
