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  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary




Business Type

Traditional Business




Business Type

Traditional Business

Here in this research report, you will get:

- Hicks Thermometers India IPO Review and Analysis

- Hicks Thermometers India Pre IPO Details

- Hicks Thermometers India Upcoming IPO Details

- Expected Hicks Thermometers India Upcoming IPO Date

- Expected Price Band

- Management Details (Ownership)

- Business Model

- Key Ratios

- Peer Comparisons

- Financial reports (Profit and Loss Statements, Balance Sheets, Results, Growth, Valuations, Funding Rounds)

- Latest News (Articles and Videos)

- Upcoming and Past Events Details

- Rating and recommendations for the Company's shares (Whether to Buy/Sell/Hold)

- Hicks Thermometers India Share Price (Latest in Pre IPO Market)

Discover and get a complete analysis on Hicks Thermometers India Limited - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get the latest updates on Hicks Thermometers Upcoming IPO.



Face Value


Total Share


Total Income

₹6,923.95 L

Profit After Tax

₹549.05 L







Market Capitalisation

₹61.50 Cr

Enterprise Value

₹55.59 Cr

Book Value


Intrinsic Value


Earnings Yield

9.06 %


Health Care


Health care Equipments & supplies


Micro Cap

Cashflow - Operations

₹288.14 L

Cashflow - Financing

-₹157.23 L

Hicks Thermometer India Growth

Compounded Sales Growth

  • 17.77%

    1 Year

  • 9.85%

    3 Year

  • 7.62%

    6 Year

Pro Only

Compounded Profit Growth

  • 70.57%

    1 Year

  • 52.84%

    3 Year

  • 21.65%

    6 Year

Pro Only

Return On Equity

  • 27.62%


  • 14.60%


  • 19.95%


Pro Only

About Hicks Thermometer India

  • Hicks Thermometers India Ltd. manufactures and markets a wide range of medical and healthcare products. Its manufacturing unit is located at Aligarh, a widely known industrial place situated in U.P., India and the production unit is spread over an area of 7000 square yards.
  • It manufactures and markets clinical prismatic/enclosed scale/digital thermometers and disposable surgical/hospital products under the HICKS brand name in India. Its product portfolio includes digital, prismatic clinical, enclosed scale clinical, indoor/outdoor thermometers; hot water and ice bags; adult diapers; under sheets; finger pulse oximeters; aneroid sphygmomanometers; electronic B.P. monitors; nebulizers; anti decubitus mattress; and pregnancy card/cassettes.
  • The company also offers malaria test cards, HIV test cards, stethoscopes, crepe bandages, elastic adhesive bandage B.P., surgical dressings, povidone-iodine ointment USP, antiseptic liquids, povidone-iodine solution I.P., disinfection solutions, SenSex condoms, ear buds, wound plasters, infusion sets, face masks, cast paddings, zinc oxide adhesive tape USP, plaster of Paris bandages, and I.V. cannula fixators.
  • The key clients of the companies are various Hospitals, Laboratories, and Pharmaceutical companies like Apollo Hospital, Cadila Pharmaceuticals, Dr. Reddy’s Laboratories, Bayer India, Cadila , Glaxo Smith Kline etc.
  • It has 1500 distributors in various states of India and has distribution offices in Delhi, Kolkata, Patna, Jaipur, Nagpur, Mumbai, Guwahati, and Chennai along with a marketing team to provide these products to various outlets regularly.

  • Hicks Thermometer India IPO Details

The company has not filed for DRHP as of now

  • Hicks Thermometer India Subsidiaries

  • The company has no subsidiary as of 31st March 2021 

Hicks Thermometer India Business Model

  • Hicks Thermometers: The company is engaged in manufacturing Healthcare equipment and has an ISO and BIS certified company. The company is the market leader in medical instruments like clinical thermometers, digital thermometers, diagnostic products & equipment, medical disposable, medical surgical instruments, and health care products. They are a well-known manufacturer and supplier of medical instruments. Hicks is a well know and a household name in Indian Market.
  • Hicks Thermometer India Revenue Segmentation

  • Revenue from operations
  • Other Income
  • Hicks Thermometer India Product & Services

The key products offered by the company include the following:

  • Medical Digital Thermometers
  • Enclosed Scale Clinical Thermometers
  • Prismatic Clinical Thermometers
  • Indoor and Outdoor Room Thermometers

Health Care Product:
  • Hot Water Bags
  • Ice Bags
  • Adult Diapers
  • Under Sheets - Bed Pads
  • Wound Plaster
  • Anti Decubitus Mattress
  • Crepe Bandage
  • Cast Padding
  • Hand Sanitizer
  • Face Mask
  • Ear Buds
  • Antiseptic Liquid
  • Povidone-Iodine Ointment USP
  • Povidone-Iodine Ointment IP
  • Emergency Contraceptive Pill
  • Combine Dressing
  • SenSex Condom
  • Disinfection Solution

Diagnostics Products:

  • Pregnancy Card and Cassette
  • Malaria Test Card
  • HIV Test Card
  • Stethoscope

Medical Instruments:

  • Electronic B.P. Monitor
  • Nebulizer
  • Infusion
  • Finger Pulse Oximeter
  • Aneroid Sphygmomanometer

  • Hicks Thermometer India Assets

As of 31st March, 2021 company's fixed assets are bifurcated as follows:

All figures are in Lakhs:

Motor Vehicles57.46
Plant and Machinery 24.34
Generator 0.49
Fire Extinguisher 11.13
Building 3.88
Furniture 23.32
Office Equipment 42.86
Computer 2.50


  • Hicks Thermometer India Industry Overview

Industry Statistics

  • A medical device is defined as any instrument, apparatus, appliance, implant, in vitro reagent or calibrator, software, material, or other similar or related object under Section 3(b)(iv) of the Drugs and Cosmetics Act, 1940. Medical device producers create and manufacture their products to be used as standalone instruments or in conjunction with other tools to diagnose, prevent, treat, monitor, and/or alleviate ailments.
  • Medical devices are split into many types according to their risk factors and intended uses. The Drugs Technical Advisory Board's schedule M-annex III's IX is the basis for the classification (DTAB). The bifurcation for the same is shown in the table below.

  • Key products and their segments are explained by the help of the table below:


  • According to Netscribes, the Indian medical devices market has grown from Rs. 734.73 bn in FY20 to Rs. 816.42 bn in FY21, showcasing an growth of 11% year on year (y-o-y). The core reason for this growth was an increase in the incidence of non-communicable diseases, expansion of purchasing power and affordability, changing landscape of medical devices, and a substantial rise in investments in the healthcare industry.
  • In India, there is now a substantial disparity between supply and demand for medical devices. The medical equipment business in India is currently led by large international corporations with substantial service networks. There are 750–800 domestic medical device firms in India, with average investments of Rs. 185 Mn and average sales of Rs. 480 Mn.
  • While According to Netscribes, healthcare spending increased dramatically, from Rs. 2730 bn to Rs. 4720 bn from FY20 to FY21. Along with the exports has also increased from Rs 44 bn in FY18 to Rs 69.82 bn at a CAGR of 16.56% and imports grew from Rs 98.32 to Rs 107.85 bn at a CAGR of 3.13%. In which major export was to the USA accounting for 21.84% of the total value and major imports were from China accounting up to 21.55% of total import value.
  • According to Global Manufacturing and Markets,the size of Indian Thermometer market is Rs. 27.96 bn in FY21 and is forecasted to grow at a CAGR of 6% to a value of Rs 41.59 bn till FY28. The same is explained wih the help of a table on below.

Key Trends:

  • The major key trends in the industry are 3D printing, augmented reality, virtual reality & CAD/CAE applications for the Research & development segment, Automation & Robotics for the Manufacturing Segment, Artificial intelligence, and machine learning in the supply chain segment and Big data and data analytics in Sales & Marketing segment for the Medical Devices sector .
  • Were as the trends as per products are Artificial intelligence (AI) and big data transforms the medical technology market, Robotics and patient-specific medical technology ,Sensor technology, Wearables for continuous health monitoring and Innovative startup being born.
  • Few challenges for the sector are shallow penetration of medical devices, shortage of healthcare professionals and infrastructure, regulatory challenges and high reliance on imports.
  • Along with it without industry-specific regulation, lower-quality products have entered the market, increasing price and quality discrepancies within the same product category as well as the penetration and demand growth is rapid in urban India but adoption of healthcare facilities remains low in rural areas, small cities, and towns due to lack of awareness, accessibility, and affordability . This is justified by the literacy rate of the country as the overall literacy rate of the country is 74% in 2011 out of which 85% in urban out of total urban population will in rural segment the literacy rate just 69% of the total rural population in the country.
  • Covid 19- Covid 19 had both positive and negative long term impacts on the sector. The positive impacts the like pandemic has created manufacturing opportunities in the import-driven medtech market in India ,medical technology companies and academic institutions have worked together to create cutting-edge medical technology solutions and  Masks, ventilators, PPE kits, and other COVID-19 necessities are now being produced on non-medtech enterprises' new production lines. While the negative impacts are curtailing of R&D investments owing to financial stress, industrial facilities closing due to a lack of workers and supply-demand imbalances and demand decline, payment delays, and low consumer engagement.

Major Players:

  • Major listed players in these sectors are Tarson Products Ltd, Poly Medicure Ltd, Wipro GE Healthcare Pvt. Ltd. and Siemens Healthineers, Inc.

Listed Peers:

  • The listed peers of Hicks Thermometers Ltd, as per its market capitalization and portfolio sizes, are Mohini Health & Hygiene Ltd  and Centenial Surgical Suture Ltd

Future Prospects

  • According to net scribes the industry is projected to grow up to a value of Rs. 4370.42 bn till FY27 which is a CAGR of 36.81% for FY22-27. There are many factors for this exponential growth forecast.
  • Changing landscape of medical devices - The orthopedic market is expanding as a result of novel implant materials and improved surgical procedures (such as the hybrid replacement approach utilized in hip replacement surgery).
  • Increase in incidence of non-communicable diseases - An increase in NCDs such as cardiovascular illnesses, cancer, obesity, and diabetes (India has the greatest number of diabetes patients in the world) has been attributed to sedentary lifestyles, an aging population, and high levels of stress. Non-communicable illnesses are anticipated to account for more than 75% of India's disease burden by 2025.
  •  Growth in medical tourism - Increased medical tourism means an increase in the number of patients in hospitals, which means a larger need for advanced and high-quality medical care from doctors and medical institutions.
  • Expansion of purchasing power and affordability - A thriving economy has increased disposable income and contributed to a rise in the standard of living while rising income and affordability have raised the need for healthcare services. From FY 2019 to FY 2021, healthcare spending increased dramatically, from Rs. 2730 bn to Rs. 4720 bn.
  • Substantial rise in investments in the healthcare industry- Given that the industry is supported by government policies that have been liberalized and the provision for allowing up to 100% foreign direct investment (FDI) through the automatic route, there are chances in this expansion for both Indian companies and foreign manufacturers.

Government Initiatives

  • The industry is regulated by Section 3(b)(iv) of the Drugs and Cosmetics Act, 1940.
  • The Indian government has taken a number of actions, including lowering taxes and easing import duties as well as funding research and development.To expand the market for medical devices, (R&D) and 100 percent FDI are needed.
  • In an effort to improve the market, it started Atmanirbhar Bharat. Indian producers were encouraged by the Make in India programme to address the rising demand for necessary medical equipment. Several state governments have taken on the responsibility of establishing medical device manufacturing parks in their respective states as part of the Make in India initiative. This would promote low-cost domestic production of high-end medical equipment and quickly increase employment growth.
  • In 2020 the government has started in Incentive schemes like the production-linked incentives (PLI) scheme for medical devices , along with this they did an international collaboration with the UK to establish an effective framework for information sharing and collaboration between the UK Medicines and Healthcare Products Regulatory Agency and the Central Drugs Standard Control Organization (CDSCO), an Indian organization (UK MHRA). 
  • In India, there were 25,778 governmental hospitals and about 43,486 private hospitals as of November 2020. As the senior population and income base grow, the numbers are expected to rise.
  • To improve the acceptance of Indian medical products in the international market, the government proposed new medicine, cosmetics, and medical devices bill in October 2021.
  • In September 2021, the government granted approval for a plan to erect a medical devices park in the industrial township of Nalagarh, Himachal Pradesh, which is located in the Solan district.
  • The government provided each state Rs 1 billion in November 2019 and approved the construction of four medical device parks in Tamil Nadu, Telangana, Andhra Pradesh, and Kerala.

Hicks Thermometer India Strengths

  • Due to COVID-19 there is an increase in demand for medical equipment like thermometers, monitoring devices, disposable masks, and gloves and the company can benefit from this increase in demand. 
  • Company has a higher ROE and ROCE as compared to its Peers along with the highest 5-year CAGR profit growth 
  • Company is the market leader in the Indian market for thermometers which gives them an upper edge against its competitors

Hicks Thermometer India Shortcomings

  • The overall debt of the company has been increasing which can be a concern as the GSec yields are rising with inflation.
  • The company should focus to take into consideration of the PLI scheme which can benefit them because till now the management has taken no step to be a part of the incentive scheme. The Production Linked Incentives Scheme (PLI) Scheme for Medical Devices manufacturing proposes a financial incentive to boost domestic manufacturing and attract large investment in medical devices segments such as cancer care devices, radiology and imaging devices, anesthetics devices, and implants, etc. A document for the same is attached to the report.

Hicks Thermometer India Opportunities

  • Large potential to increase market penetration due to COVID-19.
  • It is a sector with high growth potential in India due to the large gap between demand and supply of medical equipment.
  • Changing landscape of medical devices, expansion of purchasing power and affordability, and substantial rise in investments in the healthcare industry are the key driver for the growth in the industry

Hicks Thermometer India Threats

  • Many medical devices are expected to have a price cap fixed by the government, which is expected to have a negative impact on the hospital industry in the short term, thereby negatively impacting the market for non-contact thermometers.
  • A high competition from both international and domestic competitors such as Johnson and Johnson, Opto Circuits, ResMed, Poly medicure poses a threat to business.
Hicks Thermometer India Rating



  • Hicks Thermometer India Detail Info

Industry Statistics


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