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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Catalyst Trusteeship reports pledge release and new share hold on Aster DM shares | ownership changes | high | — | — |
| 9 Sept 2026 · Aster DM: Promoter releases old share pledge, creates new encumbrance | ownership changes | high | — | — |
| 9 Sept 2026 · Promoter UMHL replaces share pledge with non-disposal undertaking | ownership changes | medium | — | — |
| 5 Sept 2026 · 18th AGM notice and Annual Report FY2025-26 dispatched to members | compliance | minimal | — | — |
| 5 Sept 2026 · Aster DM files FY26 BRSR with independent assurance from BDO India | compliance | low | — | — |
| 4 Sept 2026 · Annual Report FY 2025-26 and Notice of 18th AGM submitted | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · 18th AGM on Sep 28, 2026; nod sought for higher lending and investment limits | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Dr. Moopen family raises stake in Aster DM Quality Care to 24.58 percent | compliance | high | — | — |
| 2 Sept 2026 · Aster DM Quality Care 18th AGM notice published in newspapers | compliance | minimal | — | — |
| 31 Aug 2026 · Aster DM subsidiary to add 184 beds at Trivandrum hospital, invests Rs 134.4 cr | capex operations | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| APOLLO HOSPITALS ENTER. L |
| 1,27,062 |
| 60.8 |
| 12.74 |
| 33.5 |
| 20.1 |
| 16.6 |
| 19.0 |
| 16.2 |
| MAX HEALTHCARE INS LTD | 1,00,993 | 69.2 | 9.40 | 44.0 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 67,025 | 64.0 | 6.59 | 32.9 | 10.5 | 9.7 | 17.8 | 22.0 |
| ASTER DM QUALITY CARE LTD ◆ | 39,689 | 124.0 | 8.21 | 40.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 38,972 | 70.0 | 9.78 | 39.4 | 13.9 | 13.5 | — | 23.7 |
| NARAYANA HRUDAYALAYA LTD. | 38,213 | 46.5 | 8.42 | 25.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| KRISHNA INST OF MED SCI L | 32,235 | 150.5 | 12.60 | 43.4 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 16,043 | 107.9 | 7.57 | 26.2 | 7.9 | 7.1 | — | 28.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 124.0 | 47.3 | 27 of 30 | 10% |
| P/B | 8.2 | 6.2 | 17 of 24 | 30% |
| 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 | 39689 | 2415 | 4 of 30 | 90% |
| 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 |
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.
