ASTER DM QUALITY CARE LTD

Operates hospitals and clinics in India, with the bulk of revenue coming from in-patient and out-patient care. For FY26, Hospitals & Clinics made up 94.2% of segment revenue (INR 4,506.39 crore), Labs contributed 3.2% (INR 153.5 crore), Wholesale Pharmacies 2.3% (INR 108.32 crore) and Others 0.3%. The merger with Quality Care India Limited (QCIL) was made effective on 1 July 2026, creating a combined proforma entity operating 39 hospitals across 28 cities with over 10,600 beds and 45,000+ staff under four brands — Aster DM, CARE Hospitals, Evercare and KIMSHEALTH. Combined proforma FY26 revenue was INR 9,273 crore and Operating EBITDA INR 2,013 crore. The business is shifting its case mix toward CONGO-T (cardiology, orthopaedics, neurosurgery, oncology, transplants) — Aster blended at 55% and QCIL at 58.7% — with cash plus insurance payors making up roughly 79–83% of revenue. Expansion is bed-led: a 4,445-bed pipeline is targeted to take combined capacity beyond 15,000 beds over 3–4 years, with Aster budgeting INR 2,700 crore and QCIL INR 2,000 crore for this. Costs are dominated by people and operations — employee cost is 18.3% of revenue and other operating expenses 39.7%.