NSE: ASTERDM · BSE: 540975
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospitals & Clinics (94%), Labs (3%), Wholesale Pharmacies (2%), Others (0%). Asset-heavy, multi-city hospital operator with a strong shift toward complex specialty (CONGO-T) procedures.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,253 | 11,933 | 3,699 | 4,138 | 4,643 |
| EBITDA (ex other income) | 1,483 | 1,565 | 578 | 714 | 868 |
| margin % | 14.5 | 13.1 | 15.6 | 17.3 | 18.7 |
| Owners' profit | 526 | 425 | 129 | 5,378 | 388 |
| EPS, as reported (₹) | 10.58 | 8.55 | 2.60 | 107.98 | 7.53 |
| ROE % · ROCE % | 13.4 · 9.9 | 9.8 · 8.4 | 4.2 · 2.2 | 148.1 · 10.7 | 8.8 · 10.2 |
| Debt / equity (x) | 0.49 | 0.47 | 0.13 | 0.18 | 0.15 |
| Cash from operations | 1,313 | 1,834 | 158 | 425 | 656 |
| Capex | (483) | (717) | (797) | (346) | (469) |
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 | 1,086 | 1,050 | 1,000 | 1,078 | 1,197 | 1,186 | 1,182 | 1,311 |
| Profit before tax | 161 | 105 | 101 | 142 | 181 | 112 | 172 | 86 |
| Net profit | 106 | 64 | 86 | 94 | 121 | 59 | 154 | 29 |
| EPS (₹) | 1.94 | 1.14 | 1.59 | 1.67 | 2.13 | 1.02 | 2.72 | 0.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Hospitals & Clinics | 1,153 | 24.6 |
| Labs | 39 | 0.8 |
| Wholesale Pharmacies | 82 | 1.8 |
| Others | 14 | 0.3 |
| Hospitals | 3,366 | 72.0 |
| Clinics | 23 | 0.5 |
| Total, before eliminations | 4,677 | 100.0 |
Exhibit 4: 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 | 1,12,042 | 53.6 | 11.23 | 29.6 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,239 | 56.4 | 7.65 | 36.1 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 55,603 | 53.1 | 5.47 | 27.5 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 35,048 | 42.7 | 7.72 | 23.5 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD ◆ | 34,204 | 106.8 | 7.08 | 34.9 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 33,865 | 60.9 | 8.50 | 34.4 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,211 | 136.4 | 11.42 | 39.7 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,073 | 101.4 | 7.11 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 106.8 | 42.2 | 27 of 30 | 10% |
| P/B | 7.1 | 5.4 | 15 of 24 | 39% |
| ROCE | 8.5 | 10.9 | 19 of 30 | 38% |
| ROE | 8.8 | 11.8 | 18 of 24 | 26% |
| Debt / Equity | 0.1 | 0.2 | 10 of 24 | 61% |
| EBITDA margin | 14.3 | 22.0 | 24 of 24 | 0% |
| Revenue growth | 21.6 | 20.2 | 10 of 23 | 59% |
| Profit growth | (68.7) | 8.1 | 20 of 21 | 5% |
| Market cap | 34204 | 2481 | 5 of 30 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Aster DM Quality Care files 18th AGM transcript | investor communications | low | — | — |
| 8 Oct 2026 · Compliance certificate filed for quarter ended Sep 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Aster DM Quality Care 18th AGM results: All 5 resolutions passed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Aster DM: Independent Director retires, new appointee joins board | management changes | medium | — | — |
| 28 Sept 2026 · New Independent Director Appointed; Existing One Retires After Term | management changes | medium | — | — |
| 28 Sept 2026 · Aster DM Quality Care Limited has informed the Exchange regarding Change in Director(s) of the company. | management changes | medium | — | — |
| 28 Sept 2026 · Aster DM Quality Care holds 18th AGM, five resolutions tabled | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results announcement | compliance | minimal | — | — |
| 26 Sept 2026 · Aster DM postal ballot: 10 resolutions passed, new MD, ESOP 2026 cleared | board shareholder meetings | medium | — | — |
| 19 Sept 2026 · Aster DM adds capital allocation timeline to AGM Notice | board shareholder meetings | medium | — | — |
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.