ICICI SECURITIES ON ENTERO HEALTHCARE
BUY | TP ₹2,100 | 20% UPSIDE
• Top-3 healthcare product distributor with presence across 475+ districts in 19 states.
• Network of 1.05 lakh pharmacies and 3,600 hospitals.
• Revenue CAGR of around 30% over FY21–26; EBITDA margin at ~4%.
• 22 acquisitions in 4 years contributed ~29% of FY26 revenue.
• Medical devices entry expected to support higher growth, better margins and lower working capital.
• FY26–29E CAGR: Revenue 20.6% | EBITDA 37.6% | PAT 40.4%.
• Valuation at 17x FY28E EV/EBITDA, around 10% premium to Keimed.
