Aster DM Quality Care Limited – Investor Presentation Summary

Key Operational Highlights

  • Total patient volumes grew 12% YoY in Q2 FY27 with 4.14 million patients in H1 FY27 (13% growth)
  • Operational beds increased 4% YoY to 10,611 beds across 27 cities as of 30 September 2026
  • Occupancy improved 335 bps to 68% in Q2 FY27 driven by patient volume growth in key specialties
  • Medical Value Travel (MVT) revenue grew 36% YoY led by Maldives and GCC markets
  • Net addition of 66 doctors across hospital network contributing approximately ₹5 crores monthly revenue
  • Commissioned 32-bed CARE Cancer Institute in Raipur, expanding cancer care access in Chhattisgarh

Key drivers of operational performance

New product launches including robotic surgery programs, geographic expansion through bed additions, clinical know-how sharing across integrated networks, and improved patient flows in MVT markets.

Segment-wise Performance

  • Mature units (64% of operational beds): Contributed 73% of revenue with 18% YoY growth, generating 83% of operating EBITDA with 30.2% margin (186 bps improvement)
  • Focus units (15% of beds): Contributed 15% of revenue with 13% YoY growth, 10% of operating EBITDA with 18.6% margin (61 bps improvement)
  • Emerging units (10% of beds): Contributed 6% of revenue with 62% YoY growth, 4% of operating EBITDA with 16.3% margin (624 bps improvement led by Kasargod and Nagercoil)
  • Underperforming units (11% of beds): Contributed 5% of revenue with 24% YoY growth, 2% of operating EBITDA with 12.1% margin (722 bps improvement)

Explanation of significant changes in segment performance

Growth in mature units driven by steady patient volume growth and case complexity. Emerging units showing rapid ramp-up through improved volumes and efficiencies, particularly Kasargod and Nagercoil facilities.

Financial Highlights

Revenue: ₹2,829 Cr (Q2 FY27), ₹5,429 Cr (H1 FY27)

EBITDA: ₹678 Cr Operating EBITDA (Q2 FY27), ₹1,255 Cr (H1 FY27)

PAT: ₹281 Cr Normalised PAT (Q2 FY27), ₹457 Cr (H1 FY27)

EPS: Not Specified

Margins: Gross margin 78.3% (Q2 FY27), Operating EBITDA margin 24.0% (Q2 FY27), Normalised PAT margin 9.9% (Q2 FY27)

YoY/QoQ comparison: Revenue growth 19% YoY (Q2), 20% YoY (H1); Operating EBITDA growth 25% YoY (Q2), 27% YoY (H1); Normalised PAT growth 34% YoY (Q2), 27% YoY (H1)

Drivers of financial performance: Higher revenue growth, operational 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 explicitly disclosed

Geographical Revenue Split

Domestic vs Export/Regional Revenue:

Domestic: Not explicitly broken out, but CONGO (Cash & Own) contributed 53% of revenue in Q2 FY27 with 16% growth

Export: MVT (Medical Value Travel) revenue grew 36% YoY

Regional Breakdown:

  • Kerala and Tamil Nadu: 45% share, ₹1,216 Cr revenue (23% YoY growth), 12 hospitals, 4,880 capacity beds, 71% occupancy
  • South-West and Central: 25% share, ₹689 Cr revenue (16% YoY growth), 8 hospitals, 2,541 capacity beds, 69% occupancy
  • South-East: 30% share, ₹830 Cr revenue (13% YoY growth), 17 hospitals, 3,419 capacity beds, 63% occupancy

Balance Sheet Snapshot

Net Debt/Equity: Net debt and lease liabilities/equity of 0.40

Reserves: Other reserves of ₹6,439 Cr

Current Assets/Liabilities: Current assets ₹3,403 Cr, current liabilities ₹1,529 Cr

Working Capital/Leverage Metrics: Net debt and lease liabilities/EBITDA (post INDAS) of 1.72, Net debt/EBITDA (pre INDAS) of 0.87

Financial Health Insights: Strong cash position of ₹2,240 Cr in cash, bank balance and current investments

Capex & Cash Flow Health

Capital Expenditure: Invested ₹600+ Crores in medical technology in last 18 months

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Focus on capacity expansion (planned addition of 4,230 beds to reach 15,000+ beds), technology upgrades including robotic systems and advanced imaging

Strategic & R&D Initiatives

Investments in Innovation: Added 1 LINAC, 1 Digital PET-CT, 3 robots, 2 cath labs, and 1 MRI in Q2 FY27; launched ARISE Robotic Spine Institute at Aster CMI Bengaluru; established CARE Cancer Institute in Raipur; launched Fetal Medicine COE at Aster Medcity Kochi

Expected impact on growth: Enhanced clinical capabilities for complex care procedures including robotic surgeries (up 39%), kidney transplants (up 31%), and joint replacements (up 29%)

Strategic Rationale: Expanding into high-growth markets through brownfield (725 beds) and greenfield (454 beds) expansions in Kerala/Tamil Nadu region

Industry Trends & Business Environment

Macro/Industry Trends: Growing demand for advanced medical technology and complex care procedures; increasing medical value travel from GCC and African markets

Impact on Company: Driving higher revenue per patient through complex procedures; supporting margin expansion through operational leverage

Management Commentary & Growth Outlook

Strategic Outlook: Building one unified organization under #GoGreater initiative with focus on integration and clinical synergies across Aster, CARE, Evercare and KIMSHEALTH brands

FY Guidance: Not explicitly provided

Market Share Targets: Not Specified

Risks and Opportunities: Not explicitly highlighted

Additional Headings

Clinical Excellence & Accreditation
  • All hospitals in India are NABH accredited
  • CARE Hi-Tech accredited with JCI, MIMS Kasargod with NABH within one year of operations
  • Aster DM Quality Care Limited conferred with 'Healthcare Brand of the Year' by Economic Times 2026
  • Multiple hospitals ranked in Newsweek 2026 World's Best Hospitals and national rankings
Awards & Recognition
  • Dr. Azad Moopen: Lifetime achievement awards from Mahatma Award 2026, Financial Express 2026, Gulf Business Award 2026
  • Varun Khanna: Healthcare CEO of the Year by ET Healthcare Awards 2026
  • Alisha Moopen: Recognized among 100 Most Powerful in Business by Fortune India and Business Today 2026
  • Multiple hospital-specific awards for clinical excellence and sustainability