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Aster DM Quality Care, through its subsidiary Chemistry Intermediate Holdings Ltd

ICICIdirect Research 31 Aug 2026 DISCLAIMER

News: Aster DM Quality Care, through its subsidiary Chemistry Intermediate Holdings Ltd, will acquire a 14.21% stake in Bangladesh-based STS Holdings Ltd for $44.11 million (~ ₹479 crore). STS Holdings operates in healthcare services (2 Evercare Hospitals in Bangladesh) and related training and reported turnover of BDT 10,534.24 million (~ ₹811 crore) in FY26, up from BDT 8,902.8 million (~ ₹686 crore) in FY25 and BDT 7,777.02 million (~ ₹599 crore) in FY24. 

View: This move should further help the financial consolidation for Aster and this transaction is in line with the Merger Framework Agreement between Aster DM and QCIL signed in November 2024. The transaction implies an equity valuation of approximately ₹3,370 crore, or ~4.1x FY26 sales.

Impact: Neutral

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