Transcript of Earnings Conference Call - Q4 and FY26

Artemis Medicare reported strong FY26 results with consolidated revenue of INR 1,081 crores (up 15.4% YoY), EBITDA of INR 218 crores (20.2% margin), and PAT of INR 104 crores (up 26.2%). Q4 FY26 revenue was INR 279 crores with EBITDA margin of 21.3%. The Gurugram flagship hospital operates at 64.6% occupancy with ARPOB of INR 84,571 (up 7.3% YoY). International patients contribute 30-31% of revenue despite West Asia tensions, growing 26.9%. The company received Green Building certification enabling 100 additional beds at Gurugram. Key expansion includes a 300-bed Raipur facility launching Q1 FY27 (150 beds initially) and a 650-bed South Delhi hospital by FY29 (capex INR 500 crores). Management guided that Gurugram margins will remain above 20% driven by case mix improvement, operational efficiency, and corporate cost leverage. Raipur is expected to incur INR 18-20 crores losses in FY27 before breakeven in 18 months, dragging consolidated margins by 1-1.5% temporarily.