ABATE AS INDUSTRIES LIMITED (ABATEAS) share price

₹7.60 on BSE as of 2026-10-07. -4.64% on the day. market cap ₹120 Cr. P/E 14.3. 52-week range ₹7.58 to ₹19.16. Healthcare.

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

At a glance

Abate As Industries sells eye care. It runs super-specialty eye hospitals, plus a chain of optical outlets selling eyewear.

Consolidated revenue in the year to March 2025 was ₹14.09 crore. In the year to March 2026 it was ₹159.41 crore, growth of 1,031%. Net profit moved from ₹1.1 crore to ₹12.3 crore across the same two years. On the face of it, this is an eleven-fold year.

One layer down, the picture rearranges. In February 2025 the company issued 7.37 crore equity shares on a preferential basis. The filing records that issue as made "for a consideration other than cash". The consolidated accounts for the year to March 2026 now fold in three subsidiaries, one of them in Bahrain.

The auditor's own note records where the group's figures came from. Of some ₹161 crore of group revenue, ₹160.65 crore sat in subsidiaries reviewed by other auditors. ₹10.44 crore of group profit came from those subsidiaries rather than from the parent. The parent on its own earned its keep on other income, which is money from outside the main trade.

So the headline growth and the corporate housekeeping arrived in the same twelve months. Both sets of figures are audited. They describe two different companies wearing one name.

The market pays ₹12.70 for every ₹1 of yearly profit here. Among listed hospital peers the middle figure is nearer ₹48 for every ₹1 of profit.

Introduction

Abate As Industries was incorporated in 1991. Until recently it 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. It also describes itself as a "multi-sector enterprise". That enterprise spans healthcare, education, retail and technology, with real estate and consultancy alongside. Six stated lines of business, then, under one registration.

The record of the year to March 2026 is dominated by capital-structure events, meaning changes to the shares themselves. In February 2025 the board allotted 7.37 crore shares on a preferential basis. A preferential issue goes to selected buyers rather than to the market at large. Paid-up capital, the money shareholders have actually put in, went from about ₹5 crore to ₹78.8 crore.

On 31 July 2025 the company issued bonus shares at one for one. Bonus shares are free shares, which double the count without bringing in new money. The share count duly doubled, to 15.76 crore. In December 2025 authorised capital was raised to ₹200 crore. That figure is the ceiling on shares a company is permitted to issue. A board note in February 2026 took the ceiling further still.

Alongside the capital work, an independent director resigned in November 2025, citing personal reasons. An internal auditor was appointed in May 2026.

Management, on its earnings call in June 2026, framed the year as a move "from platform building phase to platform scaling phase". Healthcare, management said on the same call, is intended to become the primary long-term driver.

Business model

Start with the part that has a building attached to it. Abate runs four working eye hospitals, at Perinthalmanna, Calicut, Kannur and Chennai. The company states a target network of 44, across "South India and the Gulf". Around the hospitals sits a chain of optical outlets selling eyewear. That pairing is coherent: eye surgery, and the spectacles that follow from it. A hospital bills a patient only after the building, the equipment and the surgeon are paid for.

The rest of the portfolio is considerably wider. The company lists wholesale mobile-accessory retail, departmental stores and an electronics range "from different brands under one roof". It lists educational institutions teaching healthcare, architecture and business, and a private-university ambition across five cities. It lists business and financial consultancy, including "public listing support such as BSE acquisition". Architecture consultancy, marketing consultancy and value-driven real estate are listed too. Six sectors, one micro-cap company, and no segment breakdown filed.

The consolidated group makes the spread concrete. The subsidiaries for the year to March 2026 are Salamath Import & Exports, Prudential Management Services and Sky International Trading WLL in Bahrain. There is also an associate, SAIA Educational Support Services, again in Bahrain. An associate is a company part-owned but not controlled.

On the June 2026 earnings call, management put healthcare at roughly 22% of consolidated revenue for the year to March 2026. Management stated a directional aim of lifting that share toward 70 to 80% "over time", without naming a year.

The company's own revenue split for the year to March 2025 puts sale of services near 90%. Sale of products came in near 3%. So the eye-care company is, for now, largely a trading-and-services company that also does eye care. The hospitals are the story management tells on the call. The trade is where the revenue currently sits.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for ABATE AS INDUSTRIES LIMITED.

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