Unlisted Share Report | Medical Equipment & Healthcare Infrastructure
1. Company Overview
Marken Healthtech Limited is an unlisted Indian healthcare-equipment company headquartered in Nashik, Maharashtra.
The company operates in medical cold-chain equipment, blood-bank equipment, scientific/laboratory equipment, hospital furniture and healthcare infrastructure. Its products are designed for hospitals, blood banks, laboratories, government healthcare facilities and other institutional customers.
The current public limited company was incorporated on 26 March 2024 under CIN U32509MH2024PLC422114. The company has authorised capital of ₹20 Cr and paid-up capital of approximately ₹11.46 Cr.
| Particular | Details |
|---|---|
| Company | Marken Healthtech Limited |
| Incorporation | 26 March 2024 |
| CIN | U32509MH2024PLC422114 |
| ISIN | INE0VE701013 |
| Registered Office | Satpur MIDC, Nashik, Maharashtra |
| Face Value | ₹10 |
| Paid-up Capital | ~₹11.46 Cr |
| Shares Outstanding | ~1.146 Cr |
| Status | Public Unlisted Company |
| Sector | Medical Equipment / Healthcare |
| Principal NIC | Manufacture of other medical & dental instruments |
The company has roots in the Marken Healthtech business that operated as a private company before the current public-company structure. Older company material describes the business as established in 2017, while current corporate records identify the public company from 2024.
2. Business Model
Marken is primarily a B2B/B2G medical-equipment manufacturer and supplier.
Its business is centred around equipment used in critical healthcare infrastructure rather than pharmaceuticals.
Major business verticals
Medical Cold Chain
- Vaccine refrigerators
- Ice-lined refrigerators
- Deep freezers
- Ultra-low-temperature freezers
- Walk-in cold rooms
- Solar-powered cold-chain equipment
- Vaccine carriers
- Refrigerated transportation
Blood Bank Equipment
- Blood-bank refrigerators
- Plasma thawing baths
- Platelet incubators
- Blood-bag tube sealers
- Blood-tube strippers
- Refrigerated centrifuges
- Plasma expressors
Hospital Equipment
- ICU beds
- Hospital beds
- Pediatric beds
- Operation tables
- Hospital trolleys
- Donor chairs
- Bedside lockers
- Hospital furniture
Scientific & Laboratory Equipment
- Incubators
- Biosafety cabinets
- Laminar-air-flow units
- Autoclaves
- Laboratory refrigerators
- Microscopes
- ELISA equipment
- Laboratory centrifuges
The company’s product catalogue spans medical cold-chain, blood-bank, scientific and hospital infrastructure equipment.
3. Medical Cold Chain – Core Opportunity
One of Marken’s key business areas is temperature-controlled healthcare infrastructure.
This is particularly important for:
- Vaccines
- Blood components
- Plasma
- Biological samples
- Temperature-sensitive medicines
- Laboratory materials
The company offers solar-powered refrigeration and cold-chain equipment alongside conventional refrigeration solutions.
This creates exposure to India’s expanding healthcare infrastructure as well as government immunisation and public-health programmes.
4. Blood Bank Equipment
Marken has a broad portfolio for blood banks and transfusion centres.
Products include:
- Blood-bank refrigerators
- Plasma thawing equipment
- Platelet incubators and agitators
- Blood-bag tube sealers
- Blood-tube strippers
- Plasma expressors
- Refrigerated centrifuges
- Gel-card incubators
Its product certifications also cover multiple blood-bank and laboratory products.
5. Hospital & Healthcare Infrastructure
The company has expanded beyond refrigeration into broader healthcare infrastructure.
Its product range includes:
- ICU beds
- Electric hospital beds
- Semi-Fowler beds
- Pediatric beds
- Operation tables
- Hospital chairs
- Hospital tables
- Medical trolleys
- Bedside screens
- Lockers
The company also highlights modular operating theatres and medical-gas pipeline systems as part of its broader healthcare-infrastructure offering.
6. Manufacturing & Quality Infrastructure
Marken’s Nashik facility is located in MIDC Satpur, Nashik, Maharashtra.
The company’s certification documentation includes ISO 13485:2016, a quality-management standard specifically applicable to medical devices. The certification scope covers a wide range of medical equipment including ventilators, hospital beds, blood-bank equipment, cold-chain equipment, laboratory equipment and other healthcare products.
The company also lists multiple product certifications and compliance credentials across its portfolio. Current company communications reference standards/certifications including ISO 13485, ISO 9001, CE and WHO-related product qualifications; individual product certification should be verified before relying on a specific accreditation.
7. Customer & Distribution Reach
Marken’s current company profile states that it serves:
- Government healthcare institutions
- Defence organisations
- Research institutes
- Private hospitals
- Blood banks
- Laboratories
- Healthcare distributors
The company also claims 20,000+ customers and a network of 500+ service centres. These are company-reported figures rather than independently audited market-share statistics.
Its LinkedIn profile describes the business as having 54+ certified products and operations spanning medical cold chain, blood-bank equipment, hospital infrastructure, modular OTs, medical-gas systems and commercial refrigeration.
8. FY25 Financial Performance
Available private-market financial data reports the following for FY25:
| Particular | FY25 |
|---|---|
| Revenue | ₹118.41 Cr |
| PAT | ₹7.41 Cr |
| EPS | ₹6.46 |
| Operating Profit Margin | 18.1% |
| Net Profit Margin | 6.3% |
These figures imply a relatively healthy operating margin for a medical-equipment manufacturing business, although investors should obtain and review the company’s audited financial statements before using the numbers for a transaction decision.
Earnings observation
At ₹7.41 Cr FY25 PAT against ₹118.41 Cr revenue:
Net margin ≈ 6.3%
The company therefore remained profitable while operating at a moderate net margin.
9. Balance Sheet
The available FY25 secondary-market data reports:
| Particular | FY25 |
|---|---|
| Fixed Assets | ₹8.47 Cr |
| Investments | ₹0.75 Cr |
| Trade Receivables | ₹50.72 Cr |
| Inventory | ₹27.56 Cr |
| Other Assets | ₹35.85 Cr |
| Reported Total Assets | ₹123.36 Cr |
| Borrowings | ₹65.52 Cr |
| Share Capital | ₹5.81 Cr |
| Reserves | ₹21.63 Cr |
However, the published balance-sheet table has an internal inconsistency: the reported trade-payables figure of ₹225.8 Cr does not reconcile with the stated total assets of ₹123.36 Cr. Therefore, this particular liability figure should not be relied upon without checking the underlying audited accounts.
This is an important due-diligence point for investors.
10. Working Capital
Trade receivables of approximately ₹50.7 Cr and inventory of approximately ₹27.6 Cr are significant compared with FY25 revenue of ₹118.4 Cr.
This indicates that working-capital management is an important area to monitor.
For an institutional healthcare-equipment business, receivables can naturally be elevated because government and large institutional orders may have longer payment cycles.
The key metrics to watch are:
Receivable days → inventory days → operating cash flow → customer concentration.
11. Shareholding Pattern
The available FY25 shareholding data reports:
| Shareholder | Holding |
|---|---|
| Comercinate Enterprises Pvt Ltd | 42.16% |
| Korra Praveen Naik | 21.94% |
| Parameshwara Chary Chittoju | 21.94% |
| Other/Public shareholders | 13.95% |
| Promoter/controlling group | ~86.04% |
The company is therefore closely held, with approximately 86% reported under promoters/controlling shareholders.
12. Management
Current corporate records identify:
- Korra Praveen Naik – Director
- Parameshwara Chary Chittoju – Director
- Ritu Maheshwari – Independent Director
The board information is based on the latest available company-record databases and should be cross-checked against the latest MCA filing for transaction-level due diligence.
13. Unlisted Share Price
Marken Healthtech is not listed on NSE or BSE.
Recent private-market references show:
| Source | Indicative Price | Date/Reference |
|---|---|---|
| WWIPL | ₹255 | Recent reference |
| Planify | ₹254.20 | 15 Sep 2026 |
| Unlisted Nivesh | ₹240 | 7 Sep 2026 |
| Unlisted Ideas | ₹245 | Recent reference |
Therefore, a reasonable current private-market reference range is approximately:
₹240–₹255 per share
These are indicative OTC/unlisted-market prices, not exchange-traded prices.
14. Valuation
At approximately ₹255/share and ~1.146 Cr shares:
Implied equity value ≈ ₹292 Cr
WWIPL reports market capitalisation of approximately ₹292.29 Cr at ₹255/share.
Using FY25 EPS of ₹6.46:
P/E at ₹255 ≈ 39.5x
At ₹240:
P/E ≈ 37.2x
This means the market is assigning a relatively high earnings multiple compared with FY25 reported profitability.
The current valuation therefore appears to incorporate expectations of future growth, scale expansion and improved earnings rather than only the current year’s earnings.
15. IPO / Listing Status
Marken Healthtech is currently unlisted.
The latest private-market database reviewed shows:
DRHP Filed: No
There is no confirmed NSE/BSE IPO timetable identified in the sources reviewed.
Any future IPO should therefore be treated as potential rather than confirmed.
16. Growth Drivers
1. Healthcare infrastructure expansion
Growth in India’s hospital, laboratory, blood-bank and diagnostic infrastructure can increase demand for specialised medical equipment.
2. Vaccine & medical cold chain
Expansion of vaccination programmes and biologics increases the need for reliable temperature-controlled storage and transportation.
3. Government procurement
The company participates in a market where government and institutional procurement can provide large order opportunities.
A 2026 government procurement listing, for example, included Marken’s operating-table model among products offered in a Madhya Pradesh medical-education tender.
4. Product diversification
Marken has expanded beyond cold-chain equipment into:
Blood bank → laboratory → hospital furniture → modular OT → medical infrastructure.
This can increase the average value of institutional projects.
5. Export opportunity
The company describes itself as a manufacturer/exporter and has historically reported international business exposure. Its earlier company profile reported an export percentage of 40%, although this should be verified against current audited disclosures.
6. Service network
A broad service network can be important in medical equipment because customers require installation, maintenance and after-sales support.
17. Key Risks
⚠️ High valuation
At approximately ₹240–₹255, the stock is trading around 37–39x FY25 earnings based on available financial data.
Future returns may therefore depend significantly on earnings growth.
⚠️ Working-capital requirements
Receivables and inventory are meaningful relative to revenue, making cash-flow conversion important.
⚠️ Small-company risk
The company is considerably smaller than large listed Indian medical-device and healthcare-equipment businesses.
⚠️ Government/institutional procurement
Large institutional orders can produce uneven revenue recognition and longer collection cycles.
⚠️ Unlisted liquidity
There is no continuous NSE/BSE market. Private-market prices can vary substantially, and exits depend on finding buyers.
⚠️ Financial disclosure limitations
Because the company is unlisted and relatively young in its current public-company structure, public financial disclosure is more limited than for listed peers.
⚠️ Balance-sheet data inconsistency
Secondary sources currently show conflicting/internally unreconciled FY25 balance-sheet figures. This should be resolved by reviewing the audited financial statements before making a significant investment decision.
18. Investment Snapshot
| Parameter | Marken Healthtech |
|---|---|
| Sector | Medical Equipment / Healthcare |
| Headquarters | Nashik, Maharashtra |
| Public-company incorporation | 2024 |
| Business roots | 2017+ |
| FY25 Revenue | ₹118.4 Cr |
| FY25 PAT | ₹7.4 Cr |
| FY25 EPS | ₹6.46 |
| Operating Margin | 18.1% |
| Net Margin | 6.3% |
| Promoter/controlling holding | ~86.04% |
| Indicative OTC Price | ₹240–₹255 |
| Implied Market Cap | ~₹275–292 Cr |
| FY25 P/E | ~37–39x |
| NSE/BSE Listed | No |
| DRHP | No confirmed filing |
19. UnlistedCart Takeaway
Marken Healthtech is an emerging medical-equipment company positioned around some of the most critical parts of healthcare infrastructure — cold chain, blood banks, laboratories and hospital equipment.
The company is interesting because it is moving beyond a single-product category and building a broader healthcare-equipment platform.
Its product portfolio includes medical refrigeration, blood-bank equipment, laboratory systems, hospital furniture and healthcare infrastructure.
The FY25 numbers show approximately ₹118 Cr revenue and ₹7.4 Cr PAT, but the current private-market valuation of roughly ₹275–292 Cr implies a relatively high earnings multiple.
Therefore, the important questions for an investor are:
Can revenue scale rapidly?
Can margins improve?
Can receivables convert into cash efficiently?
Can the company expand its government, hospital and export customer base?
And ultimately, can earnings growth justify the current unlisted valuation?
The medical cold-chain + blood-bank + healthcare infrastructure combination is the central business story, while valuation, working capital and unlisted liquidity remain key areas for due diligence.
Sources & Further Reading
Marken Healthtech – Company Website
Marken Healthtech – Product Portfolio
WWIPL – Marken Healthtech Unlisted Shares
Unlisted Nivesh – Marken Healthtech
Marken Healthtech – ISO 13485 Certificate
Disclaimer: This report is for informational and research purposes only. Unlisted-share prices are indicative private-market references and are not exchange prices. Actual transaction prices may vary based on liquidity, lot size, seller availability and transaction terms. Some FY25 financial information available through secondary unlisted-market databases contains inconsistencies and should be reconciled with audited financial statements before investment decisions.
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