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Aster DM Healthcare received approval from the National Company Law Tribunal

ICICIdirect Research 22 Jun 2026 DISCLAIMER

News: Aster DM Healthcare received approval from the National Company Law Tribunal, Hyderabad Bench for the amalgamation of Quality Care India Ltd (QCIL) with the company. The scheme will become effective upon filing the certified order with the Registrar of Companies and fulfillment of other conditions. Following the effectiveness of the merger, QCIL will be dissolved without winding up. The company notify the stock exchanges regarding the effective date in due course

View: Aster and Blackstone-backed Quality Care have agreed to merge and create one of the top 3 Hospital Chains in India with 10,620+ beds. The approval marks a key regulatory milestone for the integration of QCIL with Aster DM Healthcare. This merger will make Aster DM Quality Care (the combined entity) one of the top 3 hospitals in India in terms of combined Revenues (₹ 9273 crore) and combined number of beds (10620+). The management is expecting combined margins of 23-25% in a timeframe of 3-4 years post-merger. The deal values the combined entity at 21x FY26E EV of Rs 42200 crore assuming 20% EBITDA growth in two years (led by procurement synergies; case mix optimisation and brownfield bed capacity addition). We wait for the legal modalities which are expected to get completed by Q1FY27.

Impact: Positive

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