Aster DM Quality Care Limited – Investor Presentation Summary
Key Operational Highlights
- Served 2.2 million patients in H1 FY27
- Patient volumes grew 12% YoY in Q2 FY27
- Operational beds grew 4% YoY
- Occupancy increased 335 bps to 68% in Q2 FY27
- Medical Value Travel (MVT) revenue grew 36% YoY, led by Maldives and GCC markets
- Net addition of 66 doctors across the hospital network contributing ~₹5 crores monthly revenue
- Key drivers: Increased patient footfall, complex procedures, favorable payor mix, and integration synergies
Segment-wise Performance
Mature units (64% of operational beds): Contributed 73% of revenue with 18% YoY growth, generating 83% of operating EBITDA
Emerging units (includes Kasargod and Nagercoil): Grew 62% YoY supported by higher IP & OP volumes
CONGO revenue (Cash & Others): Grew 16% YoY, contributing 53% to overall revenue
Payor Mix Shift: TPA increased to 26.8% (from 23.8%), while Cash decreased to 46.1% (from 49.6%)
Financial Highlights
Q2 FY27 Performance:
Revenue: ₹2,829 Cr (19% YoY growth)
Operating EBITDA: ₹678 Cr (25% YoY growth)
Operating EBITDA Margin: 24.0% (111 bps improvement)
Normalised PAT: ₹281 Cr (34% YoY growth)
Normalised PAT Margin: 9.9%
Gross Margin: 78.3%
H1 FY27 Performance:
Revenue: ₹5,429 Cr (20% YoY growth)
Operating EBITDA: ₹1,255 Cr (27% YoY growth)
Operating EBITDA Margin: 23.1%
Normalised PAT: ₹457 Cr (27% YoY growth)
Drivers of financial performance: Operating leverage in material cost and other operational costs through increased patient footfall, complex procedures, and favorable payor mix
Comparison to market estimates: Not Specified
Key Risks: Not Specified
Geographical Revenue Split
Kerala and Tamil Nadu: Revenue ₹1,216 Cr (23% YoY growth), 45% of total, 12 hospitals, 4,880 capacity beds, 71% occupancy
South-West and Central: Revenue ₹689 Cr (16% YoY growth), 25% of total, 8 hospitals, 2,541 capacity beds, 69% occupancy
South-East: Revenue ₹830 Cr (13% YoY growth), 30% of total, 17 hospitals, 3,419 capacity beds, 62% occupancy
Balance Sheet Snapshot
As on September 30, 2026:
Net Worth: ₹891 Cr
Borrowings: ₹1,439 Cr
Total Assets: ₹17,523 Cr
Current Assets: ₹6,439 Cr
Current Liabilities: ₹7,252 Cr
Reserves: ₹3,704 Cr
Net Debt to Equity: 0.40
Current Ratio: 1.72
Capex & Cash Flow Health
Capital Expenditure: Invested ₹600+ Crores in Medical Technology in last 18 months
Medical Technology Additions in Q2 FY27: 1 LINAC, 1 PET-CT (Digital), 3 robots, 2 cath labs, 1 MRI
Free Cash Flow: Not Specified
Operating Cash Flow: Not Specified
Net Debt Movement: Not Specified
Investment Rationale: Enhancing clinical capabilities and driving complex care growth
Strategic & R&D Initiatives
Investments in Innovation: Da Vinci Xi robot, SSI Mantra robot, ROSA brain robot, Joint replacement robot, IOeRT, Archimedes system, Biplane cath lab, 3T MRI, Digital PET-CT, LINAC radiotherapy, Brainlab Kick, Curve & Loop-X
Clinical Firsts: NanoKnife surgery, Two-way ABO-incompatible Paediatric kidney exchange, Uniportal robotic-assisted thoracoscopic surgery, Liquid nitrogen cryoablation for breast fibroadenomas, Adaptive Deep Brain Stimulation
New Centres of Excellence: ARISE Robotic Spine Institute (Bengaluru), CARE Cancer Institute (Raipur), Fetal Medicine COE (Kochi)
Expected impact on growth: Supporting access to coordinated, comprehensive care and expanding specialist services
Industry Trends & Business Environment
Macro/Industry Trends: India's growing healthcare needs
Impact on Company: Positioning to build a 15,000+ bed healthcare network to serve these needs
Management Commentary & Growth Outlook
Strategic Outlook: "Well Positioned to Unlock Value through Synergies"
FY Guidance: Not Specified
Market Share Targets: Not Specified
Risks and Opportunities: Not Specified
Integration Update
#GoGreater Integration: 100 days since integration of Aster, CARE, Evercare and KIMSHEALTH (since July 1, 2026)
Employee Engagement: 98% of surveyed employees feel energized by GO GREATER
Integration Activities: 18 culture engagements, 50+ townhalls conducted with every employee
Clinical Synergies: Clinical know-how shared across networks; Aster CMI expertise helped CARE Banjara perform adaptive deep brain stimulation
Governance: Group leaders in place across finance, operations, people, clinical and digital
Operational Continuity: Zero disruptions on patient care since Day 1 of integration
Accreditation & Awards
Accreditations: All hospitals in India are NABH accredited; CARE Hi-Tech accredited with JCI; MIMS Kasargod with NABH
Awards: Aster DM Quality Care Limited conferred with 'Healthcare Brand of the Year' by Economic Times 2026; Multiple awards for leadership including Dr. Azad Moopen (Lifetime achievement awards), Varun Khanna (Healthcare CEO of the Year), Alisha Moopen (Healthcare Leader of the Year)
Hospital Rankings: Aster CMI (12th), Aster Medcity (28th), Aster RV (58th), Aster MIMS (71st) in Newsweek's World's Best Hospitals 2026; National rankings across specialties including Aster Medcity (2nd), KIMSHEALTH Trivandrum (3rd), Aster CMI (4th), CARE Banjara Hills (7th), Aster MIMS (8th)