ARTEMIS MED SERVICE LTD

Runs a chain of multi-specialty hospitals anchored by a flagship facility in Gurugram, with a 300-bed facility in Raipur commenced in July 2026 and a 650-bed South Delhi project (VIMHANS) targeted for FY29, aiming for 2,000+ beds across the network by 2029. In FY26, consolidated revenue was ₹1,081 crores (+15.4% YoY) with EBITDA margin of 20.2% and PAT of ₹104 crores (+26.2%). The Gurugram flagship posted an ARPOB of ₹84,571 and 64.6% occupancy in Q4 FY26, with management targeting 70%+ occupancy to unlock an additional 100 beds under a Platinum Green Building certification that requires no incremental land cost. Roughly 30% of revenue comes from international patients, whose ARPOB is around 1.3x the domestic figure, with management guiding to a 15% pricing hike in FY27 for both segments. The cost stack is dominated by other operating expenses at 43.8% of revenue, followed by materials (consumables, implants, pharmacy) at 23.5% and employee costs at 15.4%. New projects under ramp-up are expected to weigh on FY27 margins, with Raipur alone projected to book a loss of ₹18–20 crore before reaching breakeven at 18 months.