Aster DM Quality Care

ASTERDM

NSE

BSE

SectorHealthcare Services

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Company insights, generated from the most recent coverage.

Merger with Quality Care expected to deliver 10-15% EBITDA uplift, strengthening Aster DM's competitive position in India's consolidating healthcare landscape.
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TPG's sale of 6.66% stake at ₹766/share (premium to market) with strong institutional buyer demand indicates high confidence in healthcare sector fundamentals.
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Merger with Quality Care approved by 96.68% of shareholders; Q1 FY27 proforma EBITDA margin expanded 170 bps to 22.2%.
Read more

The Quarter story

The two most recent quarterly results, compared side-by-side.

Aster DM Healthcare drives steady capacity expansion and occupancy growth, with improving profit margins offset by earnings volatility and rising operational costs.

Occupancy grows from 59% in Q1 FY26 to 62% in Q1 FY27, signaling strong patient demand.

Normalised PAT drops from ₹200 Cr in Q2 FY26 to ₹125 Cr in Q1 FY27, indicating earnings volatility.

Operational beds expand from 3,832 in Q1 FY26 to 5,385 in Q1 FY27, reflecting rapid capacity rollout.

Normalised PAT margin falls from 9.2% in Q2 FY26 to 9.5% in Q1 FY27 after a dip to 6.8%, showing margin instability.

PBT margin improves from 11.8% in Q3 FY26 to 15.3% in Q1 FY27, demonstrating effective cost control.

Depreciation rises from ₹63 Cr in Q1 FY26 to ₹68 Cr in Q3 FY26, aligning with rising asset base and capacity additions.

EBITDA post INDAS climbs from ₹207 Cr in Q1 FY26 to ₹264 Cr in Q1 FY27, confirming margin resilience.

Variable O&M fee increases from ₹7 Cr in Q1 FY26 to ₹10.44 Cr in Q1 FY27, adding to operating cost pressure.

Labs and PECs increase from 302 in Q3 FY26 to 321 in Q1 FY27, highlighting continued diagnostic network growth.

Operating EBITDA surges to ₹947 Cr in Q4 FY26 before normalizing to ₹277 Cr in Q1 FY27, reflecting quarterly earnings swings.

About the company

Aster DM Healthcare is a healthcare service provider operating in the GCC and India. Founded in 1987 by Dr. Azad Moopen, the company offers a range of healthcare services through a network of hospitals, clinics, pharmacies, and labs. As of March 2023, Aster DM Healthcare operates 32 hospitals, 127 clinics, 521 pharmacies, and 205 labs and patient experience centers across multiple countries. The company provides primary, secondary, tertiary, and quaternary care, as well as healthcare retailing, diagnostic services, digital health, and medical education. In India, Aster DM Healthcare has 17 hospitals with 4,317 beds, and its operations span across several states including Kerala, Karnataka, Maharashtra, Andhra Pradesh, and Telangana. The company also has a significant presence in GCC countries, with hospitals and clinics in UAE, Oman, Qatar, Bahrain, and Kuwait.

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Aster DM Quality Care

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