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Artemis Medicare Services Q2 FY27 results: net profit up 3.7% to ₹31.10 crore, revenue up 13.2%
Artemis Medicare Services Limited reported Q2 FY27 consolidated revenue of ₹311.04 crore, up 13.2% from a year ago, with net profit of ₹31.10 crore and basic EPS of ₹1.96. Against Q1 FY27, revenue rose 8.3% while EBITDA fell 2.9% and net profit fell 1.1%, as the EBITDA margin narrowed to 17.6% from 19.6%.
Key points
- Consolidated revenue was ₹311.04 crore in Q2 FY27, up 13.2% from ₹274.70 crore in Q2 FY26 and 8.3% from ₹287.32 crore in Q1 FY27.
- EBITDA was ₹54.82 crore, up 8.3% year on year but down 2.9% from ₹56.44 crore in the previous quarter.
- The EBITDA margin was 17.6%, down 0.8 percentage points from Q2 FY26 and 2.0 percentage points from Q1 FY27.
- Net profit was ₹31.10 crore, up 3.7% from ₹30 crore a year earlier and down 1.1% from ₹31.44 crore in Q1 FY27; basic EPS was ₹1.96.
- In H1 FY27, revenue was ₹598.36 crore, up 13.0%, and net profit was ₹62.54 crore, up 22.1% from H1 FY26.
How did Artemis Medicare Services perform in Q2 FY27?
On a consolidated basis, Artemis Medicare Services reported revenue of ₹311.04 crore for Q2 FY27, up 13.2% from ₹274.70 crore in Q2 FY26 and 8.3% from ₹287.32 crore in Q1 FY27. Total income was ₹319.12 crore, up 13.0% year on year and 9.0% sequentially.
EBITDA for the quarter was ₹54.82 crore, up 8.3% from ₹50.62 crore a year earlier but down 2.9% from ₹56.44 crore in Q1 FY27. The EBITDA margin was 17.6%, against 18.4% in Q2 FY26 and 19.6% in the previous quarter. Profit before tax was ₹40.98 crore and net profit was ₹31.10 crore, with basic EPS of ₹1.96.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 311.04 | 287.32 | 274.70 | +13.2% | +8.3% |
| Other income | 8.08 | 5.37 | 7.65 | +5.6% | +50.5% |
| Total expenses | 278.14 | 250.07 | 242.98 | +14.5% | +11.2% |
| EBITDA | 54.82 | 56.44 | 50.62 | +8.3% | −2.9% |
| EBITDA margin | 17.6% | 19.6% | 18.4% | −0.8 pp | −2.0 pp |
| Profit before tax | 40.98 | 42.63 | 39.38 | +4.1% | −3.9% |
| Tax | 9.88 | 11.19 | 9.37 | +5.4% | −11.7% |
| Net profit | 31.10 | 31.44 | 30 | +3.7% | −1.1% |
| EPS (₹) | 1.96 | 1.98 | 1.90 | +3.2% | −1.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Artemis Medicare Services' costs and profit?
Total expenses were ₹278.14 crore in Q2 FY27, up 14.5% from ₹242.98 crore in Q2 FY26 and 11.2% from ₹250.07 crore in Q1 FY27. Other expenses rose 23.6% year on year to ₹148.61 crore from ₹120.20 crore, and against the previous quarter rose 16.1% from ₹128.05 crore.
Employee cost was ₹44.09 crore, up 12.3% from ₹39.27 crore a year earlier, while depreciation was ₹14.50 crore, up 23.8% from ₹11.71 crore. Finance costs were ₹7.42 crore, up 3.2% from ₹7.19 crore. Cost of materials was ₹63.53 crore, down 1.7% from ₹64.61 crore.
Other income was ₹8.08 crore, up 5.6% from ₹7.65 crore a year earlier and 50.5% from ₹5.37 crore in Q1 FY27. There was no exceptional item. Tax was ₹9.88 crore, up 5.4% from ₹9.37 crore a year earlier and down 11.7% from ₹11.19 crore in the previous quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 63.53 | 64.61 | −1.08 | −1.7% |
| Employee cost | 44.09 | 39.27 | +4.82 | +12.3% |
| Finance costs | 7.42 | 7.19 | +0.23 | +3.2% |
| Depreciation | 14.50 | 11.71 | +2.79 | +23.8% |
| Other expenses | 148.61 | 120.20 | +28.41 | +23.6% |
| Total expenses | 278.14 | 242.98 | +35.16 | +14.5% |
| Other income | 8.08 | 7.65 | +0.43 | +5.6% |
| Tax | 9.88 | 9.37 | +0.51 | +5.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹598.36 crore, up 13.0% from ₹529.66 crore in H1 FY26, and total income was ₹611.81 crore, up 12.4% from ₹544.25 crore.
Profit before tax for the half year was ₹83.61 crore, up 20.9% from ₹69.16 crore, while net profit was ₹62.54 crore, up 22.1% from ₹51.2 crore. EPS for H1 FY27 was ₹3.94, against ₹3.25 in H1 FY26, up 21.2%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 598.36 | 529.66 | +13.0% |
| Profit before tax | 83.61 | 69.16 | +20.9% |
| Net profit | 62.54 | 51.20 | +22.1% |
| EPS (₹) | 3.94 | 3.25 | +21.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹1,598.10 crore as on 30 September 2026, against ₹1,428.65 crore as on 31 March 2026. Total equity was ₹995.66 crore, up from ₹940.68 crore, and borrowings were ₹242.04 crore against ₹226.86 crore at the previous balance sheet date.
Cash and cash equivalents were ₹19.11 crore on 30 September 2026, against ₹33.41 crore on 31 March 2026. Inventories were ₹17.00 crore against ₹13.42 crore, trade receivables ₹158.54 crore against ₹119.61 crore, and trade payables ₹120.71 crore against ₹98.46 crore.
In H1 FY27, operating cash flow was ₹112.31 crore, against ₹80.48 crore in H1 FY26. Investing cash flow was negative ₹120.75 crore, against negative ₹68.17 crore, and financing cash flow was negative ₹5.86 crore against negative ₹27.08 crore. Capital expenditure was ₹112.36 crore, against ₹66.85 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,598 | 1,429 |
| Total equity | 995.66 | 940.68 |
| Borrowings | 242.04 | 226.86 |
| Cash and equivalents | 19.11 | 33.41 |
| Inventories | 17 | 13.42 |
| Trade receivables | 158.54 | 119.61 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 112.31 | 80.48 |
| Cash from investing | −120.75 | −68.17 |
| Cash from financing | −5.86 | −27.08 |
| Capital expenditure | 112.36 | 66.85 |
Source: Company's results filing (XBRL).
How has Artemis Medicare Services done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis, reaching ₹311.04 crore in Q2 FY27, the highest of the series shown. It was lower than the ₹311.04 crore peak only in the sense of being the latest point; the earlier high was ₹279.23 crore in Q4 FY26, with ₹287.32 crore in Q1 FY27 before the latest rise.
Net profit over the same period moved between a low of ₹20.60 crore in Q3 FY25 and a high of ₹31.44 crore in Q1 FY27, before easing to ₹31.10 crore in Q2 FY27. The EBITDA margin bottomed at 15.0% in Q4 FY25 and peaked at 19.6% in Q1 FY27, then eased to 17.6% in the latest quarter.
Profit rose year on year in each of the last eight quarters. The latest quarter showed revenue moving higher while EBITDA and margin were lower than the immediately preceding quarter.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 30 October 2026, along with limited review reports issued by the statutory auditors. The meeting began at 4:00 PM and concluded at 5:00 PM.
No dividend, appointment or other corporate action was disclosed in the same-day filings reviewed. The company had earlier informed the exchanges on 27 October 2026 that the board would meet on 30 October 2026 to consider the results, and that the trading window would remain closed until 1 November 2026.
What did Artemis Medicare Services' management say?
Management said on the 2 November 2026 earnings call that Raipur, which opened on 29 July, ran at 10% occupancy and recorded a loss of approximately ₹9 crore, with break-even expected in 12-15 months from the July 2026 launch. Dr. Devlina Chakravarti said, “our loss stands at nine crores. We had anticipated a top line of four point three crores. We have done five point three crores”.
Management said the equity fundraising is targeted for late January or early February 2027, following asset finalisation and compliance checks, with acquisitions planned in Central and Eastern India. On regulatory sensitivity, management said a 20% oncology-drug cap is estimated to cost 0.5-0.8% of EBITDA, and a broader cap could cost 1-1.25%. Dr. Chakravarti said, “International patients contributed approximately thirty percent of the revenue during this quarter.”
How did Artemis Medicare Services shares react?
The stock was down 1.5% within 5 minutes, 1.4% within 15 minutes and 1.3% within 30 minutes of the filing appearing after market. From the previous close of ₹296.15, the reaction-day close was 4.0% lower. By the next day's close, the stock was down 3.1% from its pre-results close.
Over the same reaction-day close, the median move for the other Hospital stocks was 0.9%, so Artemis Medicare Services underperformed the industry by 4.8 percentage points. The Nifty Microcap 250 rose 1.4% on the reaction day. By the next day's close, the industry median move was 1.7% and the stock's shortfall against it was 4.8 percentage points.
The reaction-day moves on earlier results were mixed: the stock fell 0.7% on 3 August 2026, rose 5.6% on 8 May 2026, fell 8.8% on 2 February 2026 and rose 7.3% on 11 November 2025.
| After the filing | Stock | Hospital median |
|---|---|---|
| 5 minutes | −1.5% | |
| 15 minutes | −1.4% | |
| 30 minutes | −1.3% | |
| Reaction day | −4.0% | +0.9% |
| Next day | −3.1% | +1.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | −0.7% |
| 8 May 2026 | +5.6% |
| 2 February 2026 | −8.8% |
| 11 November 2025 | +7.3% |
| 5 August 2025 | −0.4% |
| 12 May 2025 | −2.2% |
| 5 February 2025 | −8.5% |
| 8 August 2024 | −0.8% |
Source: MarketPing price-reaction measurement.
How did other Hospital companies do?
Thirteen other Hospital companies that have filed this quarter were compared, with a median revenue growth of 23.2%, against revenue growth of 13.2% for Artemis Medicare Services in Q2 FY27. Eleven of those peers grew revenue faster than the company, while two grew slower.
Of the 11 peers for which profit was compared, eight reported higher profit. The peer figures are as of 4 November 2026.
| Artemis Medicare Services revenue growth (YoY) | +13.2% |
|---|---|
| Median of 13 other Hospital companies | +23.2% |
| Companies with slower revenue growth than Artemis Medicare Services | 2 of 13 |
| Companies with faster revenue growth than Artemis Medicare Services | 11 of 13 |
| Companies whose net profit rose | 8 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Artemis Medicare Services' revenue in Q2 FY27?
Revenue from operations was ₹311.04 crore, up 13.2% from ₹274.70 crore in Q2 FY26 (consolidated).
Did Artemis Medicare Services make a profit in Q2 FY27?
Yes. Net profit was ₹31.10 crore, against a net profit of ₹30 crore in Q2 FY26.
What was Artemis Medicare Services' EPS in Q2 FY27?
Basic earnings per share were ₹1.96, against ₹1.90 in Q2 FY26.
How did Artemis Medicare Services shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.0% from the previous close; the median Hospital stock moved +0.9%.
When did Artemis Medicare Services announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration Of Un-Audited Financial Results (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Held On October 30, 2026 (BSE, 30 October 2026) · PDF
- Un-Audited Financial Results (Standalone And Consolidated) Of The Company For The Quarter/ Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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