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Aster DM Quality Care Q2 FY27 results: net profit up 1.5% to ₹106.15 crore, revenue up 76.6%
Aster DM Quality Care Limited reported standalone revenue of ₹1,204 crore in Q2 FY27, up 76.6% from Q2 FY26. EBITDA rose 46.1% to ₹218.92 crore, but margin fell 3.8 percentage points to 18.2%, while net profit was ₹106.15 crore and basic EPS was ₹1.29.
Key points
- Standalone revenue was ₹1,204 crore in Q2 FY27, up 76.6% year on year and 65.9% from Q1 FY27.
- EBITDA was ₹218.92 crore, up 46.1% year on year, while the margin fell to 18.2% from 22.0%.
- Net profit was ₹106.15 crore versus ₹104.61 crore in Q2 FY26 and a net loss of ₹14.30 crore in Q1 FY27.
- Basic EPS was ₹1.29, down from ₹2.04 in Q2 FY26; Q1 FY27 had a loss of ₹0.28 per share.
- H1 FY27 revenue was ₹1,929.94 crore, up 49.0%, while PAT was ₹91.85 crore, down 50.4%.
How did Aster DM Quality Care perform in Q2 FY27?
Aster DM Quality Care reported standalone revenue of ₹1,204 crore in Q2 FY27, up 76.6% from ₹681.81 crore in Q2 FY26 and 65.9% from ₹725.73 crore in Q1 FY27. EBITDA was ₹218.92 crore, against ₹149.81 crore a year earlier and ₹146.99 crore in the previous quarter. The EBITDA margin was 18.2%, down 3.8 percentage points year on year and 2.1 percentage points sequentially.
Standalone net profit was ₹106.15 crore, compared with ₹104.61 crore in Q2 FY26 and a net loss of ₹14.30 crore in Q1 FY27. Basic EPS was ₹1.29, compared with ₹2.04 in Q2 FY26 and a loss of ₹0.28 in Q1 FY27. PBT was ₹111.92 crore, lower than ₹132.43 crore in Q2 FY26 but higher than ₹10.89 crore in Q1 FY27.
The company also filed consolidated results for the quarter and half-year ended 30 September 2026. Its investor presentation reported Q2 FY27 revenue of INR2,829 Cr, operating EBITDA of INR 678 Cr and normalised PAT of INR 281 Cr on a combined basis; these figures are not comparable with the standalone results above.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,204 | 725.73 | 681.81 | +76.6% | +65.9% |
| Other income | 46.12 | 39.03 | 44.64 | +3.3% | +18.2% |
| Total expenses | 1,124 | 644.08 | 593.66 | +89.4% | +74.5% |
| EBITDA | 218.92 | 146.99 | 149.81 | +46.1% | +48.9% |
| EBITDA margin | 18.2% | 20.3% | 22.0% | −3.8 pp | −2.1 pp |
| Profit before tax | 111.92 | 10.89 | 132.43 | −15.5% | +927.7% |
| Tax | 5.77 | 25.19 | 27.82 | −79.3% | −77.1% |
| Net profit | 106.15 | −14.30 | 104.61 | +1.5% | turned to profit |
| EPS (₹) | 1.29 | −0.28 | 2.04 | −36.8% | turned to profit |
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 Aster DM Quality Care's costs and profit?
Total expenses were ₹1,124.18 crore in Q2 FY27, up ₹530.52 crore from ₹593.66 crore in Q2 FY26. Employee cost rose by ₹90.92 crore to ₹193.85 crore, finance costs by ₹49.12 crore to ₹71.66 crore, depreciation by ₹28.11 crore to ₹67.23 crore and other expenses by ₹254.35 crore to ₹541.81 crore. The cost of materials remained unchanged at ₹0 crore.
Other income was ₹46.12 crore, up ₹1.48 crore from ₹44.64 crore in Q2 FY26. The exceptional item was a charge of ₹14.23 crore, compared with a charge of ₹0.36 crore in the year-ago quarter. Tax fell by ₹22.05 crore to ₹5.77 crore from ₹27.82 crore. Despite the higher expenses, PBT fell by ₹20.51 crore while PAT rose by ₹1.54 crore.
Against Q1 FY27, total expenses rose by ₹480.10 crore, employee cost increased by ₹72.46 crore, finance costs by ₹47.64 crore, depreciation by ₹25.91 crore and other expenses by ₹234.22 crore. Other income increased by ₹7.09 crore, while the exceptional charge fell from ₹109.79 crore to ₹14.23 crore and tax declined by ₹19.42 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 193.85 | 102.93 | +90.92 | +88.3% |
| Finance costs | 71.66 | 22.54 | +49.12 | +217.9% |
| Depreciation | 67.23 | 39.12 | +28.11 | +71.9% |
| Other expenses | 541.81 | 287.46 | +254.35 | +88.5% |
| Total expenses | 1,124 | 593.66 | +530.52 | +89.4% |
| Other income | 46.12 | 44.64 | +1.48 | +3.3% |
| Tax | 5.77 | 27.82 | −22.05 | −79.3% |
| Exceptional items | −14.23 (charge) | −0.36 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹1,929.94 crore, up 49.0% from ₹1,294.85 crore in H1 FY26. Total income rose 46.2% to ₹2,015.09 crore from ₹1,377.92 crore, while PBT fell 48.9% to ₹122.81 crore from ₹240.46 crore.
PAT for the first half declined 50.4% to ₹91.85 crore from ₹185.2 crore in H1 FY26. Basic EPS was ₹1.37, compared with ₹3.60 in the previous first half. The auditor's review noted that the Scheme of Amalgamation with Quality Care India Limited became effective from 1 July 2026 and was accounted for under Ind AS 103.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,930 | 1,295 | +49.0% |
| Profit before tax | 122.81 | 240.46 | −48.9% |
| Net profit | 91.85 | 185.20 | −50.4% |
| EPS (₹) | 1.37 | 3.60 | −61.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹11,793.26 crore, compared with ₹6,340.04 crore at 31 March 2026. Total equity rose to ₹7,519.13 crore from ₹4,366.22 crore, while borrowings increased to ₹2,106.08 crore from ₹313.68 crore and cash to ₹174.58 crore from ₹119.44 crore.
Inventories were ₹75.36 crore at 30 September 2026, compared with ₹33.24 crore at 31 March 2026. Trade receivables rose to ₹462.47 crore from ₹178.94 crore, and trade payables increased to ₹576.07 crore from ₹292.34 crore. H1 FY27 operating cash flow was ₹161.17 crore, compared with ₹229.92 crore in H1 FY26.
Investing cash flow was ₹109.58 crore in H1 FY27, compared with an outflow of ₹76.93 crore in H1 FY26, while financing cash flow was an outflow of ₹215.61 crore compared with ₹149.33 crore. Capital expenditure was ₹160.93 crore, up from ₹70.91 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 11,793 | 6,340 |
| Total equity | 7,519 | 4,366 |
| Borrowings | 2,106 | 313.68 |
| Cash and equivalents | 174.58 | 119.44 |
| Inventories | 75.36 | 33.24 |
| Trade receivables | 462.47 | 178.94 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 161.17 | 229.92 |
| Cash from investing | 109.58 | −76.93 |
| Cash from financing | −215.61 | −149.33 |
| Capital expenditure | 160.93 | 70.91 |
Source: Company's results filing (XBRL).
How has Aster DM Quality Care done over the last 8 quarters?
Standalone revenue rose year on year in each of the last eight quarters. In the supplied standalone series, revenue reached its highest level in Q2 FY27 at ₹1,204.21 crore, while Q4 FY25 marked the low at ₹573.86 crore. The latest reading was above the ₹725.73 crore recorded in Q1 FY27.
Net profit peaked at ₹104.61 crore in Q2 FY26 before moving lower, and the lowest reading was a net loss of ₹14.30 crore in Q1 FY27. It recovered to ₹106.15 crore in Q2 FY27, the highest point in the series. The EBITDA margin peaked at 22.0% in Q2 FY26, fell to 19.3% in Q3 FY26 and ended the latest quarter at 18.2%.
What else did the company announce?
On 6 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, following review by the audit committee. Deloitte Haskins & Sells issued a limited review report and reported that nothing had come to its attention that caused it to believe the standalone statements were not prepared in accordance with Ind AS 34 and applicable accounting principles.
The company filed investor communications on 6 November 2026 covering Q2 and H1 FY27. The same-day filings did not announce a dividend, fund raise or appointment. The company later filed a revised presentation to correct an inadvertent typographical error in the workforce number stated in the earlier version.
What did Aster DM Quality Care's management say?
In the revised investor presentation, management said the combined business generated INR2,829 Cr of Q2 FY27 revenue, up 19% year on year, with operating EBITDA up 25% and margin at 24.0%. Management attributed revenue growth to a 12% rise in patient volumes and 4% growth in operational beds, while occupancy increased from 65% to 68%.
Management said INR 16.6 Cr of synergies were realised in Q2 FY27. The presentation stated that the annualised synergy runway was INR 65 Cr, including the INR 16.6 Cr achieved, against full synergy potential of INR 200 Cr. Management also said the network roadmap included 4,230 bed additions, taking total capacity to over 15,000, with additions shown from FY27 through FY30 and beyond.
Management identified several areas of focus: academics, nursing and talent sharing; business-keypoint and reporting standardisation; material-cost optimisation; international medical tourism; quality and accreditation; F&B insourcing; renewable-energy savings; indirect-cost optimisation; capital-expenditure efficiencies; and information-technology integration. The presentation also noted that an under-performing hospital cohort was defined as units older than three years with EBITDA margin below 15%.
How did other Hospital companies do?
Nineteen other Hospital companies had filed results for the quarter as of 6 November 2026. Their median revenue growth was 20.8%. Eighteen peers grew more slowly than Aster DM Quality Care and one grew faster, based on the standalone revenue comparison for this quarter.
Profit was compared for 16 peers, of which 11 reported higher profit. The peer figures use the companies filed at the stated comparison date and are separate from the standalone Q2 FY27 results of Aster DM Quality Care.
| Aster DM Quality Care revenue growth (YoY) | +76.6% |
|---|---|
| Median of 19 other Hospital companies | +20.8% |
| Companies with slower revenue growth than Aster DM Quality Care | 18 of 19 |
| Companies with faster revenue growth than Aster DM Quality Care | 1 of 19 |
| Companies whose net profit rose | 11 of 16 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Aster DM Quality Care's revenue in Q2 FY27?
Revenue from operations was ₹1,204 crore, up 76.6% from ₹681.81 crore in Q2 FY26 (standalone).
Did Aster DM Quality Care make a profit in Q2 FY27?
Yes. Net profit was ₹106.15 crore, against a net profit of ₹104.61 crore in Q2 FY26.
What was Aster DM Quality Care's EPS in Q2 FY27?
Basic earnings per share were ₹1.29, against ₹2.04 in Q2 FY26.
When did Aster DM Quality Care announce its Q2 FY27 results?
On 6 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30 Sep 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting - Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30 September 2026 (BSE, 6 November 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30 September 2026 (BSE, 6 November 2026) · PDF
- The investor presentation (6 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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