# AGS Health Limited: IPO analysis > AGS Health Limited (CIN U72200TN2010PLC078062) has filed a Updated Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹1,800 Cr and an offer for sale of ₹3,000 Cr. In FY26 it reported revenue of ₹2,041 Cr (+70.9% on FY25) and a net profit of ₹207 Cr. Promoters hold 98.5% before the IPO. Our fact-check of its claims found 3 medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U72200TN2010PLC078062/ags-health-limited/ - CIN: U72200TN2010PLC078062 - Last updated: 14 Aug 2026 ## Key facts - **Company:** AGS Health Limited - **CIN:** U72200TN2010PLC078062 - **Filing stage:** UDRHP - **Latest SEBI filing:** 14 Aug 2026 - **Fresh issue:** ₹1,800 Cr - **Offer for sale:** ₹3,000 Cr - **Listing on:** BSE, NSE - **Revenue FY26:** ₹2,041 Cr - **Revenue growth:** +70.9% - **Net profit FY26:** ₹207 Cr - **Revenue CAGR FY24 to FY26:** 43.7% - **Promoter holding (pre-IPO):** 98.5% - **Lead managers:** ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 3 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 43.7% a year. Sales FY24 to FY26; latest year +70.9%. - **Profitability** (looks fine): 10.1% net margin. FY26; operating margin improving. - **Debt** (look closer): 0.87x equity. ₹4,239 crore borrowed at the end of FY26. - **Profit into cash** (concern): -61% of profit. Operations brought in ₹-126 crore against ₹207 crore of profit in FY26. - **One-off income** (look closer): 16% of profit. Other and one-off income is 16% of pre-tax profit. - **Where the money goes** (look closer): 63% for sale. 38% is new shares issued by the company. 100% of the new money repays debt. - **Red flags** (look closer): 3 to review. 40 claims checked: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; standalone) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 989 | 1,195 | 2,041 | | Sales growth | – | 20.8% | 70.9% | | Operating profit | 209 | 314 | 750 | | Operating margin | 21.2% | 26.3% | 36.8% | | Net profit | 116 | 143 | 207 | | Net margin | 11.7% | 12.0% | 10.1% | | Net worth | 512 | 654 | 4,875 | | Borrowings | 0.00 | 0.00 | 4,239 | | Return on equity | 22.6% | 21.9% | 4.3% | ## Use of proceeds (fresh issue) - Repayment and/or prepayment, in part or full, of certain borrowings availed by two wholly owned indirect Subsidiaries of our Company, namely, AGS Health BCP LLC and AGS Health BCP Holdings, Inc., (“Identified Subsidiaries”) through investment in such Subsidiaries;: ₹1,600 crore - General corporate purposes(1)(2): amount not fixed yet ## Fact-checked claims - **MEDIUM** (RegulatoryAction): The Company shall comply with all disclosure and accounting norms specified by SEBI from time to time.. The search results indicate that AGS Health has been involved in processes related to IPO filings and received observations from SEBI regarding confidential draft documents. This suggests an ongoing regulatory process, which is related to the claim about compliance with SEBI norms. - **MEDIUM** (RegulatoryAction): The Company and its promoters are not prohibited from accessing the capital markets or debarred from buying, selling or dealing in securities under any order or direction passed by SEBI or any securities market regulator in any other jurisdiction or any other authority/court.. The search results indicate that AGS Health has been involved in processes related to IPO filings and received observations from SEBI, suggesting regulatory scrutiny. However, the results do not directly confirm or deny the specific claim regarding the prohibition of accessing capital markets or being debarred by SEBI or other regulators. - **MEDIUM** (SubsidiaryPerformance): The company was originally incorporated as ‘Adroit Global Solutions India Private Limited’ in Chennai, Tamil Nadu as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 12, 2010.. The search results refer to a company named 'Adroit Infotech Ltd.', which is incorporated in 1990 and operates in the IT Software sector. This information does not directly corroborate or contradict the claim regarding the original incorporation of the company as ‘Adroit Global Solutions India Private Limited’ in Chennai under the Companies Act, 1956. - **LOW** (RegulatoryAction): The Equity Shares offered and allotted shall be subject to provisions of the Companies Act, SEBI ICDR Regulations, SCRA, SCRR, the MoA, AoA, SEBI Listing Regulations, and other relevant laws and regulations.. The search results confirm that AGS Health has been involved in IPO filings and received Sebi approvals, indicating that the company's offerings are subject to regulatory oversight. However, the results do not explicitly detail the specific list of laws mentioned in the claim. - **LOW** (RegulatoryAction): The Offer will be made under UPI Phase III on a mandatory basis, subject to any circulars, clarification or notification issued by the SEBI from time to time, including with respect to the SEBI ICDR Master Circular.. The search results confirm that AGS Health has been involved in IPO filings and received observations from SEBI regarding confidential draft documents. However, the search results do not specifically mention the mandatory use of UPI Phase III for the offer, nor do they detail the specific conditions related to the SEBI ICDR Master Circular mentioned in the claim. - **LOW** (LitigationStatus): There are pending trademark applications in the Company’s name concerning the wordmark ‘AGS Health’ and the company’s logo.. One search result points to a trademark dispute involving 'AGS Health' on March 10, 2026, which relates to a legal proceeding. Other results discuss the company's IPO filing and draft papers, but do not explicitly confirm pending trademark applications for the wordmark or logo. - **NONE** (PromoterBackground): The Audit Committee was constituted pursuant to a resolution of the Board dated March 24, 2026.. The provided search results do not contain any information regarding the constitution of an Audit Committee by the Board of AGS Health Limited on March 24, 2026. Therefore, the search results do not corroborate, contradict, or provide new information about this specific claim. - **NONE** (PromoterBackground): No contingent or deferred compensation is accrued for Financial Year 2026 and payable to any Director by the Company.. The search results do not contain information that directly corroborates or contradicts the claim regarding contingent or deferred compensation for Financial Year 2026 for AGS Health Limited Directors. The search results mention various unrelated financial and legal activities. - **NONE** (PromoterBackground): Remuneration to Non-Executive Directors was not paid in Financial Year 2026.. The provided search results do not contain any information regarding the remuneration to Non-Executive Directors for AGS Health Limited in Financial Year 2026. Therefore, the search results do not corroborate, contradict, or provide any new information relative to this specific claim. - **NONE** (SubsidiaryPerformance): The capital clause of the Memorandum of Association was amended on August 18, 2017 to reclassify the authorised share capital from ₹2,00,00,000 to ₹2,00,00,000 divided into 18,00,000 class A equity shares of ₹10 each and 2,00,000 ordinary equity shares of ₹10 each.. The search results do not contain specific information regarding the amendment of the capital clause on August 18, 2017, or the detailed breakdown of the share reclassification mentioned in the claim. The results primarily discuss news, IPO performance, and potential future IPO plans. - **NONE** (SubsidiaryPerformance): The registered office was changed on January 15, 2026, from ‘5th Floor, Prince Infocity II, 141, Kottivakkam Village, Rajiv Gandhi Salai, Kandanchavadi, Chennai, Tamil Nadu, India, 600096’ to ‘‘B’ Wing, 2nd Floor, Prince Infocity II, 141, Kottivakkam Village, Rajiv Gandhi Salai, Kandanchavadi, Chennai, Tamil Nadu, India, 600096’ for ease of operations.. The provided search results do not contain any information regarding a change in the registered office address for AGS Health Limited on January 15, 2026, as stated in the DRHP claim. The search results focus on IPO performance, company details, and investment discussions. - **NONE** (SubsidiaryPerformance): The registered office was changed on April 1, 2022, from ‘05-02, Tidel Park No. 4, Canal Bank Road, Taramani Chennai, Tamil Nadu, India, 600113’ to ‘5th Floor, Prince Infocity II, 141, Kottivakkam Village, Rajiv Gandhi Salai, Kandanchavadi, Chennai, Tamil Nadu, India, 600096’ for ease of operations.. The provided search results do not contain information regarding a change in the registered office address for AGS Health Limited on April 1, 2022, as stated in the DRHP claim. The search results focus on IPO performance, company details, and investment discussions. ## Common questions ### How big is the AGS Health Limited IPO? AGS Health Limited's IPO comprises a fresh issue of ₹1,800 Cr and an offer for sale of ₹3,000 Cr, according to its Updated Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are AGS Health Limited's revenue and profit? AGS Health Limited reported revenue from operations of ₹2,041 Cr in FY26, +70.9% versus FY25. Net profit was ₹207 Cr (FY25: ₹143 Cr). Revenue grew at a compound rate of 43.7% a year from FY24 to FY26. Figures are read from the UDRHP, as printed there. ### How much do promoters own in AGS Health Limited? Promoters hold 98.5% of AGS Health Limited before the IPO. Largest holders listed: share capital (%) 1. BCP Asia II Topco VIII Pte. Ltd. (100.0%); Fort India B.V. (100.0%); BCP Asia II Topco VIII Pte. Ltd. (98.5%). ### How will AGS Health Limited use the IPO money? The fresh-issue proceeds are earmarked for: Repayment and/or prepayment, in part or full, of certain borrowings availed by two wholly owned indirect Subsidiaries of our Company, namely, AGS Health BCP LLC and AGS Health BCP Holdings, Inc., (“Identified Subsidiaries”) through investment in such Subsidiaries; (₹1,600 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in AGS Health Limited's UDRHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 3 medium and 3 low. The most notable: The search results indicate that AGS Health has been involved in processes related to IPO filings and received observations from SEBI regarding confidential… The search results indicate that AGS Health has been involved in processes related to IPO filings and received observations from SEBI, suggesting regulatory… The search results refer to a company named 'Adroit Infotech Ltd.', which is incorporated in 1990 and operates in the IT Software sector. This information… This is an automated screen, not a verdict; each finding links to its sources. ### What does AGS Health Limited do? AGS Health has faced serious scrutiny, with search results revealing involvement in IPO filings and receiving direct observations from SEBI concerning confidential draft documents. This points to a critical regulatory issue surrounding their compliance with established SEBI norms. ### Who manages the AGS Health Limited IPO? Book running lead managers: ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original AGS Health Limited IPO documents? All 2 filings for AGS Health Limited (UDRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [AGS Health Limited - UDRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786684492213.pdf) (Updated Draft Red Herring Prospectus, filed 14 Aug 2026) - [AGS Health Limited - UDRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/AGS%20Health%20Limited%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 14 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.