Sector: MedTech / Healthcare Technology / Medical Simulation
Status: Unlisted Public Company / Pre-IPO
Founded: 2006
Incorporated as Public Company: September 2023
Headquarters: New Delhi, India
CIN: U26600DL2023PLC419501
ISIN: INE1BEQ01014
Face Value: ₹10/share
Paid-up Equity Shares: 47.57 lakh shares as of March 2025
Indicative Unlisted Price: ~₹2,300–₹2,630/share
Indicative Market Capitalisation: ~₹1,100–₹1,290 Cr
DRHP: No publicly verified DRHP found; some unlisted-market platforms describe the company as pre-IPO
Core Business: Medical simulation equipment and healthcare training technology
Maverick’s official website describes the company as a medical-simulation business developing and manufacturing advanced simulators for healthcare education. Its roots go back to 2006, while the present public company was incorporated in September 2023.
About the Company
Maverick Simulation Solutions is an Indian medical technology and simulation company that develops realistic physical and digital systems allowing healthcare professionals to practise procedures and emergency scenarios in a controlled environment.
The company began with engineering, 3D scanning and printing capabilities and shifted its primary focus toward healthcare simulation around 2019. It now develops products spanning low-fidelity task trainers to high-fidelity patient simulators, surgical simulators, autonomous lung simulators, virtual anatomy and AR/VR-based training systems.
Its manufacturing facility is located in New Delhi and the company says it has a DSIR-recognised R&D unit, with products designed and manufactured in India.
The core proposition is simple:
Train healthcare professionals on realistic simulations before they treat real patients.
Key Highlights
| Particular | Details |
|---|---|
| Industry | Medical Simulation / MedTech |
| Business Model | B2B healthcare technology |
| Founded | 2006 |
| Public Company | Since 2023 |
| Manufacturing | New Delhi |
| R&D | DSIR-recognised unit |
| Core Customers | Medical colleges, hospitals, government institutions |
| Top Institutions | Multiple AIIMS campuses, IIT Madras and others |
| Trainees Reached | 500K+ claimed |
| Top Institutions Installed | 60+ claimed |
| Products | Patient, surgical, lung, anatomy & task simulators |
| Patents | Proprietary/patented products; multiple patents claimed |
| Listing | Unlisted |
| ISIN | INE1BEQ01014 |
Maverick’s project gallery reports 60+ top institutional installations and 500K+ trainees trained, with deployments including AIIMS Bhopal, AIIMS Rishikesh, AIIMS Bathinda and AIIMS Deoghar.
What Does Maverick Actually Sell?
This is where the company becomes interesting.
1. Patient Simulators
Maverick offers realistic patient simulators designed to reproduce physiological responses and clinical scenarios.
Products include:
- SIDDH Critical Care Simulator
- Mia Neonatal Patient Simulator
- Arthur Paediatric Simulator
- MATT Auscultation Trainer
These products allow doctors, nurses and paramedics to practise emergency medicine, critical care, neonatal care and paediatric scenarios without putting actual patients at risk.
2. Autonomous Human Lung Simulators
One of Maverick’s strongest technology areas is respiratory simulation.
Its portfolio includes:
- LuSi
- TestChest
These systems are designed to simulate human respiratory mechanics and are relevant for ICU, anaesthesia, respiratory therapy and ventilator training.
3. Surgical Simulators
The company offers:
- LapVision Standard
- LapVision Hybrid
- PickUpSim
- TransferSim
These enable hands-on training for minimally invasive and surgical procedures.
4. Task Trainers
The company offers a large range of lower-cost training systems, including:
- IV training arms
- Injection trainers
- Suture pads
- Infant IV/IO trainers
- Breast examination trainers
- Arterial arm
- Episiotomy trainer
- Knot-tying trainer
- FaceSim
- Cyst and abscess removal trainer
This gives Maverick exposure across medical colleges, nursing colleges and hospital skill laboratories.
5. Virtual Anatomy
Maverick is also an authorised partner of Anatomage Inc. for virtual anatomy dissection solutions.
6. AR / VR Simulation
The company is expanding into immersive digital simulation through virtual-reality-based medical training.
SIDDH – The New Flagship
One of the company’s most interesting recent launches is SIDDH, a high-fidelity critical-care adult patient simulator launched in February 2026.
SIDDH is a life-size, approximately 65 kg simulator designed to replicate complex critical-care scenarios.
It combines:
- Advanced lung simulation
- AI-enabled ultrasound
- Real-time physiological responses
- Clinical scenario simulation
- Performance tracking
- Team-based training
The system is designed for scenarios including cardiac emergencies, trauma, respiratory distress and advanced airway management.
This is important because Maverick is moving from selling relatively simple physical training models toward high-value, technology-intensive simulation platforms.
Business Model
Maverick essentially follows a B2B institutional model.
Revenue Sources
Medical Colleges
Equipment for simulation laboratories and clinical training.
Government Institutions
Large procurement/tender-driven installations across medical colleges and healthcare institutions.
Hospitals
Simulation centres and specialised training systems.
Nursing & Allied Healthcare
Task trainers and procedural training equipment.
International Markets
Potential exports of proprietary simulation products.
Software / Digital Training
AR/VR, simulation analytics and technology-enabled learning solutions.
The company’s manufacturing facility handles prototyping, tooling, assembly, testing and packaging, allowing Maverick to control more of its product-development process.
Competitive Advantage
1. Made-in-India Manufacturing
Imported high-fidelity medical simulators can be extremely expensive.
Maverick’s local manufacturing model gives it the opportunity to offer products tailored to Indian budgets and medical-education requirements.
2. Proprietary Products
The company is not merely an importer/distributor.
It develops its own products, including lung simulators and patient simulators.
3. Institutional Relationships
Deployments across AIIMS campuses and other major institutions provide credibility and potentially create repeat-order opportunities.
4. Broad Product Portfolio
The company operates across:
Task Trainer → Patient Simulator → Surgical Simulator → Lung Simulator → Anatomy → VR → AI-enabled Simulation
This creates multiple price points and use cases.
5. R&D Capability
The company operates a DSIR-recognised research unit and has developed proprietary simulation technologies.
Financial Snapshot
FY24 vs FY25
| ₹ Crore | FY24 | FY25 | Growth |
|---|---|---|---|
| Revenue from Operations | 14.22 | 136.31 | +858% |
| Operating Profit | 1.21 | 61.62 | +4,992% |
| Operating Margin | 8.50% | 45.21% | Strong expansion |
| Other Income | 0.23 | 2.56 | — |
| PBT | 1.26 | 61.31 | — |
| PAT | 0.95 | 47.82 | +4,959% |
| PAT Margin | 6.65% | 35.08% | Strong expansion |
| EPS | ₹3.95 | ₹97.32 | — |
FY25 revenue increased from ₹14.22 Cr to ₹136.31 Cr, while PAT increased from ₹0.95 Cr to ₹47.82 Cr. These figures are reported in current financial databases based on the company’s FY25 financial statements.
Balance Sheet
| Particular | FY24 | FY25 |
|---|---|---|
| Total Equity | ₹25.56 Cr | ₹97.00 Cr |
| Borrowings – Non-current | Nil | ₹11.01 Cr |
| Borrowings – Current | ₹7.85 Cr | ₹12.02 Cr |
| Cash & Equivalents | ₹4.64 Cr | ₹8.41 Cr |
| Trade Receivables | ₹5.13 Cr | ₹7.24 Cr |
| Total Assets | ₹87.17 Cr | ₹163.45 Cr |
Debt/equity was reported around 0.23x for FY25, which remains manageable relative to the company’s equity base.
Shareholding Pattern
As of March 31, 2025:
| Shareholder | Holding |
|---|---|
| Anuj Chahal | 78.66% |
| Kanika Chahal | 0.09% |
| Sunil Gupta | 1.25% |
| Others | ~20.00% |
The FY25 annual report specifically records Anuj Chahal holding 37,41,459 shares, representing 78.66% of the company.
This indicates very high promoter ownership, which can be positive from an alignment perspective but also reduces public float and potentially limits liquidity.
Management
Anuj Chahal
Founder & Managing Director
Anuj Chahal is the principal promoter behind Maverick and has been associated with the business since its earlier engineering/3D-printing phase.
Kanika Chahal
Co-Founder & Director
Kanika Chahal is part of the founding management team.
Sunil Tomar
Director
Sunil Tomar is part of the current board and management structure.
Growth Opportunity
The opportunity is driven by several structural trends.
India’s Medical Education Expansion
India has rapidly expanded its medical education infrastructure, increasing demand for:
- Medical colleges
- Simulation laboratories
- Nursing colleges
- Skill centres
- Emergency medicine training
- Clinical competency assessment
Simulation-Based Medical Education
Healthcare education is gradually moving away from purely theoretical learning toward hands-on simulation-based training.
Patient Safety
Doctors can practise high-risk procedures repeatedly without exposing real patients to unnecessary risk.
Government Spending
A significant portion of Maverick’s institutional business comes from government and public medical institutions.
Import Substitution
High-end medical simulators are traditionally dominated by international manufacturers.
Maverick’s domestic manufacturing could potentially create an import-substitution opportunity.
Investment Rationale
1. Exceptional FY25 Growth
The biggest attraction is the jump from ₹14 Cr to ₹136 Cr revenue in one year.
2. Strong Profitability
FY25 PAT of ₹47.82 Cr represents a very strong 35% PAT margin based on reported numbers.
3. Proprietary MedTech
Unlike an ordinary trading/distribution business, Maverick is developing proprietary medical simulation technology.
4. Large Institutional Clients
Deployments across AIIMS and other major institutions provide credibility and reference value.
5. High-End Product Transition
Products such as SIDDH and autonomous lung simulators could increase average selling prices and strengthen the company’s technology positioning.
6. Global Opportunity
Medical simulation is a global market, giving Maverick the possibility of moving beyond India’s institutional market.
7. Strong Promoter Ownership
Anuj Chahal held approximately 78.66% as of March 2025, providing substantial promoter alignment.
Valuation
Current unlisted-market sources show substantial price variation.
| Source / Reference | Indicative Price |
|---|---|
| WWIPL | ~₹2,300 |
| Neoma Capital | ~₹2,450 |
| Moneycontrol | ~₹2,496 |
| InCred | ~₹2,630 |
| Unlisted Valley | ~₹2,375 |
These are indicative OTC prices, not exchange-traded prices, and can vary by quantity and counterparty.
At ₹2,630:
- Market Cap: ~₹1,292 Cr
- EPS: ₹97.32
- P/E: ~27x
- Book Value: ~₹197
- P/B: ~13.3x
- Debt/Equity: ~0.23x
Is the valuation cheap?
No.
But it is also not obviously unreasonable if the company can sustain even a meaningful portion of its FY25 growth.
The critical issue is that the FY25 growth rate of 858% revenue growth is extremely difficult to repeat.
Investors should therefore avoid extrapolating:
₹136 Cr → ₹1,000 Cr automatically.
The business needs to demonstrate repeat orders, international growth and sustainable margins.
IPO / Pre-IPO Status
Maverick is currently unlisted.
Some secondary-market platforms describe it as a pre-IPO opportunity, while other current databases show DRHP not filed.
Therefore, for UnlistedCart I would not claim that a confirmed IPO is imminent unless a formal DRHP/RHP or exchange/SEBI filing becomes publicly verifiable.
The better wording is:
“Unlisted MedTech company with potential future IPO optionality.”
Key Risks
| Risk | Why It Matters |
|---|---|
| Exceptional FY25 Growth Base Effect | 858% growth is unlikely to be repeated every year. |
| Government Customer Concentration | Tenders and government budgets can cause revenue volatility. |
| Unlisted Liquidity | Exit depends on finding a private buyer. |
| High P/B | At ~13x book value, the market already prices in substantial growth. |
| Valuation Risk | A slowdown could lead to significant OTC price compression. |
| Tender Dependency | Large institutional orders may not be evenly distributed across years. |
| Promoter Concentration | ~79% promoter ownership limits public float. |
| Working Capital | Expansion can require inventory and receivables funding. |
| Technology Competition | Global medical-simulation companies have established products and brands. |
| IPO Uncertainty | No publicly verified DRHP means listing timing remains uncertain. |
A particularly important risk is customer concentration: prestigious government institutions are a strength, but government procurement cycles can also make revenue lumpy.
Important Corporate / Capital Structure Point
The FY25 annual report shows that the company had 47,57,276 fully paid equity shares of ₹10 each as of March 31, 2025. It also records that 39,27,500 shares were issued during FY24 to Anuj Chahal in connection with the business transfer from Maverick Solutions Inc.
This is important when comparing historical valuation data because the company has undergone a significant restructuring of its capital base.
Investment View
Bull Case
Medical education expansion
→ More simulation labs
→ Government & private institutional orders
→ Proprietary MedTech products
→ SIDDH + lung simulators + VR
→ Export opportunity
→ Higher-value product mix
→ Potential IPO
Bear Case
Exceptional FY25 growth
→ Growth normalises sharply
→ Government tender cycle slows
→ Revenue concentration creates volatility
→ High valuation multiple compresses
→ OTC liquidity makes exit difficult
Our Assessment
| Parameter | Rating |
|---|---|
| Business Model | ⭐⭐⭐⭐⭐ |
| Industry Opportunity | ⭐⭐⭐⭐⭐ |
| Product Differentiation | ⭐⭐⭐⭐☆ |
| Revenue Growth | ⭐⭐⭐⭐⭐ |
| Profitability | ⭐⭐⭐⭐⭐ |
| Promoter Alignment | ⭐⭐⭐⭐☆ |
| Balance Sheet | ⭐⭐⭐⭐☆ |
| Valuation Comfort | ⭐⭐⭐☆☆ |
| Liquidity | ⭐⭐☆☆☆ |
| IPO Visibility | ⭐⭐⭐☆☆ |
| Overall Risk | Medium–High |
Investment Takeaway
Maverick Simulation Solutions is one of the more differentiated MedTech opportunities in the Indian unlisted market.
The attraction is not simply “healthcare is growing.”
The real thesis is:
India is moving toward simulation-based medical education, while Maverick is attempting to build indigenous high-fidelity simulation technology for that market.
The FY25 numbers are particularly impressive:
₹14 Cr → ₹136 Cr Revenue
₹0.95 Cr → ₹47.82 Cr PAT
But investors should be careful about paying a very high valuation based on one exceptional year.
Our View
Business: Strong
Growth: Exceptional
Technology: Strong
Profitability: Excellent
Valuation: Premium
Liquidity: Low
Risk: Medium–High
UnlistedCart Positioning
I would classify Maverick as:
“High-Growth Indian MedTech | Medical Simulation | Pre-IPO Opportunity”
rather than simply calling it a technology company.
The biggest thing to monitor over the next 12–24 months is whether FY25’s extraordinary growth converts into sustainable recurring institutional orders and whether the company can maintain strong margins while expanding internationally.
How to Invest
Maverick Simulation Solutions is currently unlisted, so its shares are not traded on NSE/BSE.
Current unlisted-market platforms show prices broadly around ₹2,300–₹2,630/share, with some platforms quoting different minimum quantities.
Because there is no exchange-based price discovery:
Always confirm:
- Exact executable price
- Quantity available
- Current share capital
- Latest shareholding
- Any promoter encumbrance
- Latest audited financials
- IPO/DRHP status
- Transfer/settlement process
- Applicable lock-in
- Exit liquidity
Final Verdict
Maverick Simulation Solutions has a compelling business, strong FY25 financial performance and a differentiated position in India’s emerging MedTech ecosystem.
The combination of:
Medical Simulation + Indigenous Manufacturing + AI + Proprietary Products + Government Institutions + Global Opportunity
makes it an interesting unlisted growth story.
However, at ₹2,300–₹2,630, the market is already assigning a substantial valuation to that growth.
Verdict: Attractive Business | Premium Valuation | High-Growth MedTech
Best suited for: Long-term investors/HNIs comfortable with unlisted-market liquidity and growth risk.
Not suited for: Investors looking for low valuation, predictable liquidity or conservative capital preservation.
Disclaimer
This profile is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Maverick Simulation Solutions Limited is an unlisted security and carries liquidity, valuation, execution, customer-concentration and IPO-related risks. Unlisted prices are indicative OTC references and may vary materially by transaction size and counterparty. Investors should independently verify the latest audited financial statements, shareholding, capital structure, IPO filings and transaction documents before investing.
Official company website: Maverick Simulation Solutions
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