NSE: ARTEMISMED · BSE: 542919
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic hospital services, International patient services. Asset-heavy, multi-specialty hospital operator with high-margin flagship and expansion-driven ramp-up phase.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 555 | 737 | 879 | 937 | 1,081 |
| EBITDA (ex other income) | 67 | 94 | 133 | 152 | 185 |
| margin % | 12.2 | 12.7 | 15.1 | 16.2 | 17.1 |
| Owners' profit | 32 | 36 | 49 | 83 | 104 |
| EPS, as reported (₹) | 2.40 | 2.89 | 3.62 | 5.37 | 6.56 |
| ROE % · ROCE % | 8.7 · 8.6 | 9.3 · 10.1 | 10.8 · 12.7 | 9.7 · 12.2 | 11.0 · 13.7 |
| Debt / equity (x) | 0.51 | 0.59 | 0.56 | 0.29 | 0.24 |
| Cash from operations | 60 | 127 | 109 | 146 | 132 |
| Capex | (109) | (146) | (73) | (93) | (105) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 241 | 232 | 240 | 255 | 275 | 272 | 279 | 287 |
| Profit before tax | 31 | 27 | 29 | 30 | 39 | 30 | 40 | 43 |
| Net profit | 22 | 21 | 23 | 21 | 30 | 22 | 30 | 31 |
| EPS (₹) | 1.42 | 1.32 | 1.47 | 1.35 | 1.90 | 1.41 | 1.90 | 1.98 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.6 | 42.0 | 15 of 30 | 52% |
| P/B | 5.0 | 5.5 | 10 of 24 | 57% |
| ROCE | 11.4 | 10.9 | 14 of 30 | 55% |
| ROE | 11.0 | 11.8 | 14 of 24 | 44% |
| Debt / Equity | 0.2 | 0.2 | 13 of 24 | 48% |
| EBITDA margin | 21.5 | 22.0 | 15 of 24 | 39% |
| Revenue growth | 12.7 | 20.2 | 18 of 23 | 23% |
| Profit growth | 48.3 | 8.1 | 4 of 21 | 85% |
| Market cap | 4733 | 2462 | 13 of 30 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Artemis Medicare schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 6 Oct 2026 · Reg 74(5) Compliance Certificate for Quarter Ended Sep 30 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Artemis Medicare gets GST show cause notice worth Rs 11.11 Crore for FY23 | regulatory legal | high | — | — |
| 29 Sept 2026 · GST show cause notice for FY23, potential Rs 11.11 Cr impact | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 FY27 results | compliance | minimal | — | — |
| 24 Sept 2026 · CARE reaffirms Artemis Medicare credit rating at A with Stable outlook | credit debt | medium | — | — |
| 15 Sept 2026 · Artemis Medicare informs about newspaper notice on physical share demat window | compliance | minimal | — | — |
| 8 Sept 2026 · Artemis Med to attend Anand Rathi G-200 Summit on September 22 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Artemis Medicare to attend PhillipCapital investor conference on Sep 3, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.