Focused networks in eye care, cancer, fertility (IVF), mother & child, orthopaedics and dental - smaller centres, repeatable formats.
Dr Agarwal's Health CareOperator · HighListed
Rainbow Children's MedicareOperator · HighListed
HealthCare Global Enterprises (HCG)Operator · HighListed
ShalbyOperator · HighListed
Indira IVFOperator · HighUnlisted
Cloudnine HospitalsOperator · HighUnlisted
Indira IVF
India's largest fertility (IVF) clinic chain, majority-owned by EQT
Strengths
Scale leader in IVF with a standard clinic format across India
Risks
Unlisted; SEBI cleared its ~₹3,500 Cr IPO, entirely an offer for sale by EQT and the founders, around 30 Dec 2025
Background
Udaipur-based; EQT bought control in 2022
Confidential IPO filing withdrawn (Mar 2025), refiled (Jul 2025) and cleared by SEBI (Dec 2025)
Compiled from public reporting — not exchange-listed.
Where it fits
Runs one specialty in a standard format that can be copied city to city: eye hospitals and clinics, cancer centres with radiation and day-care chemo, IVF clinics, paediatric and maternity hospitals, orthopaedic and joint-replacement centres. Many use hub-and-spoke networks, partner doctors and asset-light leases.
Why it matters
Specialty formats need less capital per rupee of revenue than a multi-specialty hospital, scale faster and attract private equity: eye care, IVF and oncology have seen most of the sector's recent buyouts (KKR in HCG, EQT in Indira IVF, TPG and Temasek in Dr Agarwal's). They are also more exposed to cash patients and price competition.
Where the value pool sits
High-teens to high-20s EBITDA margins for mature centres; much of the spending is cash or partly insured (cataract and IVF are often out-of-pocket). Growth comes from new centres in tier-2/3 towns and from higher-value procedures (premium lenses, robotic joint replacement, advanced radiation).
Key drivers
Ageing (cataract, joint replacement, cancer) and later parenthood (IVF)
Insurance now covering more day-care and specialty procedures
Private-equity capital funding roll-ups of regional specialty chains
Potential bottlenecks
Specialist doctors (oncologists, fertility specialists, paediatric intensivists) are scarce outside metros
Expensive equipment (linear accelerators, PET-CT) for oncology
Regulation of IVF/ART clinics under the ART Act 2021 and surrogacy rules