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Aster DM Healthcare Results: Latest Quarterly Results & Analysis

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Aster DM Healthcare Ltd. 07 Nov 2025 11:52 AM
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Q2FY26 Quarterly Result Announced for Aster DM Healthcare Ltd.

Healthcare Facilities company Aster DM Healthcare announced Q2FY26 results

  • Revenue for Q2FY26 grew 10% YoY and 11% QoQ to Rs 1,197 crore.
  • Operating EBITDA grew 13% YoY and 22% QoQ to Rs 263 crore. in Q2FY26.
  • Operating EBITDA Margins stood at 22.0% in Q2FY26 vs 21.4% in Q2FY25 and 20.0% in Q1FY26.
  • Normalised PAT (Post NCI) grew 14% YoY and 23% QoQ to Rs 110 crore. In Q2FY26.

Azad Moopen, Founder & Chairman, Aster DM Healthcare, said: “Aster DM Healthcare delivered a steady performance in Q2FY26, with revenue increasing 10% yearon-year to Rs 1,197 crore despite lower incidence of seasonal illness. Adjusting for thistemporary seasonal effect, the company’s underlying revenue growth stood at 13%, demonstrating the strength of its core business operations. Operating EBITDA grew by 13% YoY and 22% QoQ during the quarter, reflecting stronger cost efficiency and operating leverage across the network.

The Kerala cluster demonstrated a strong turnaround in FY26, emerging from last year’s softness with renewed momentum and discipline. Following decisive leadership strengthening, operational tightening, and the revival of MVT partnerships, performance rebounded sharply. In Q2FY26, Kerala delivered its highest-ever quarterly revenue of Rs 620 crore with QoQ growth of 12%, driven by inpatient volumes growing by 13% QoQ and MVT revenue surging 67% QoQ. This momentum will further be supported with the recently operationalized 264-bedded Aster Kasaragod, strengthening our presence in northern Kerala.

We have made progress on the merger with Quality Care India Ltd. with stock exchange no-objection letters now received. The combined platform will create one of India’s most integrated and scalable healthcare networks, with complementary cluster strengths and enhanced clinical depth. Together with ongoing investments in digital health and efficiency-focused operating improvements, Aster remains well-positioned to deliver sustainable, long-term growth across its key markets.”

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Healthcare Facilities company Aster DM Healthcare announced Q1FY26 results

  • Revenue for Q1FY26 grew 8% YoY to Rs 1,078 crore vs Rs 1,002 crore in Q1FY25.
  • Operating EBITDA grew 21% YoY to Rs 215 crore in Q1FY26 vs Rs 177 crore in Q1FY25.
  • Operating EBITDA Margins stood at 20.0% in Q1FY26 vs 17.7% in Q1FY25.
  • Normalised PAT (Post NCI) grew 22% YoY to Rs 90 crore vs Rs 74 crore in Q1FY25.

Azad Moopen, Founder and Chairman, Aster DM Healthcare, said: “Aster DM Healthcare has delivered a strong start to FY26, recording an 8% YoY growth in revenue, reaching Rs 1,078 crore. Operating EBITDA expanded by 21%, while Profit After Tax (PAT) grew by 22%, reflecting a positive trajectory in performance. Operational metrics also demonstrated positive movement by 4% year-on-year reduction in Average Length of Stay (ALOS) to 3.1 days in Q1FY26. Additionally, Average Revenue Per Occupied Bed (ARPOB) rose 14% year-on-year to Rs 50,200 in Q1FY26 underscoring enhanced efficiency and case mix improvements.

The announcement of the new hospital in Bengaluru and the additional stake hike in Aster Ramesh Hospitals marks a significant milestone in Aster’s India growth journey.

In line with our long-term strategy, we are making steady progress on the proposed merger with Quality Care India Ltd. (QCIL), a move that will establish the combined entity as one of the most comprehensive and integrated healthcare networks in the country. Both Aster and QCIL have delivered strong financial performance this quarter, with their respective performances complementing each other and reinforcing the significant potential for seamless integration.

With these initiatives, we remain well-positioned for sustained growth and are confident that our commitment to operational excellence, clinical innovation, and strategic expansions will allow us to redefine healthcare delivery in India”.

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Healthcare Facilities company Aster DM Healthcare announced Q3FY25 results

  • Revenue grew 11% YoY to Rs 1,050 crore in Q3FY25 vs Rs 949 crore in Q3FY24.
  • Operating EBITDA grew 20% YoY to Rs 202 crore in Q3FY25 vs Rs 168 crore in Q3FY24.
  • Operating EBITDA Margins stood at 19.3% in Q3FY25 vs 17.7% in Q3FY24.
  • The Board of directors at its meeting held on 31st January 2025 approved an interim dividend of Rs 4 per equity share

Azad Moopen, Founder and Chairman, Aster DM Healthcare, said: “We are pleased with the momentum built in the third quarter of FY25, which reflects our unwavering focus on operational excellence and capacity enhancement. For 9MFY25, our India business achieved 15% YoY growth, reaching Rs 3,138 crore, driven by increased patient volumes and growth in ARPOB. The Operating EBITDA grew by 35% YoY to Rs 613 crore and adjusted net profits (post NCI and excluding merger transaction cost) grew by 65% YoY to Rs 251 crore for 9M FY25. A consistent growth across our core businesses, combined with strategic cost optimization, has significantly strengthened our margins with 9MFY25 Operating EBITDA margins standing at 19.5%.”

“As we expand, with plans to surpass ~6,800 beds by FY27, Aster DM Healthcare is well-positioned to meet the increasing demand for advanced healthcare in India. I am happy to announce that Aster DM Healthcare was recently honoured at the ASSOCHAM Healthcare Awards 2024, winning the title of "Best Multispecialty Hospital- Group" while Aster DM Foundation secured a 1st runner up for "Best CSR Excellence in Healthcare”.

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Healthcare Facilities company Aster DM Healthcare announced Q2FY25 & H1FY25 results

  • Revenue:
    • Revenue grew 18% YoY to Rs 2,088 crore. in H1FY25 v/s. Rs 1,772 crore. in H1FY24.
    • Revenue grew 16% YoY to Rs 1,086 crore. in Q2FY25 v/s. Rs 934 crore. in Q2FY24.
  • EBITDA:
    • Operating EBITDA grew 44% YoY to Rs 410 crore. in H1FY25 v/s. Rs 285 crore. in H1FY24.
    • Operating Margins stood at 19.6% in H1FY25 as compared to 16.1% in H1FY24.
    • Operating EBITDA grew 48% YoY to Rs 233 crore. in Q2FY25 v/s. Rs 157 crore. in Q2FY24.
    • Operating EBITDA Margins stood at 21.4% in Q2FY25 v/s. 16.8% in Q2FY24.
  • Profits:
    • PBT grew by 134% YoY to Rs 284 crore. in H1FY25 v/s. Rs 121 crore. in H1FY24.
    • Net Profit (post NCI) grew by 88% to Rs 171 crore. in H1FY25 v/s. Rs 91 crore. in H1FY24.

Azad Moopen, Founder and Chairman, Aster DM Healthcare, said: “We are pleased with the momentum built in the second quarter of FY25, which reflects our unwavering focus on operational excellence and capacity enhancement. In H1FY25, our India business achieved 18% YoY growth, reaching Rs 2,088 crore, driven by increased occupancy and growth in ARPOB. The Operating EBITDA grew by 44% YoY to Rs 410 crore and net profits (post NCI) grew by 88% YoY to Rs 171 crore in H1FY25. The steady growth across our core businesses, combined with strategic cost optimization, has significantly strengthened our margins with H1FY25 Operating EBITDA margins standing at 19.6%.”

“As we expand, with plans to surpass ~6,800 beds by FY27, Aster DM Healthcare is well-positioned to meet the increasing demand for advanced healthcare in India. I am pleased to share that 9 Aster Hospitals are now accredited in the new Digital Standards Published by NABH signifying our commitment to Digital Transformation. Amongst them 5 Hospitals have been accorded highest accreditation in Platinum category thus underscoring our leadership in digital healthcare transformation.”

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Healthcare Facilities company Aster DM Healthcare announced Q1FY25 results:

  • Revenue grew 20% YoY to Rs 1,002 crore in Q1FY25 Vs. Rs 838 crore in Q1FY24.
  • Operating EBITDA grew 39% YoY to Rs 177 crore in Q1FY25 Vs. Rs 128 crore in Q1FY24.
  • Operating EBITDA Margins stood at 17.7% in Q1FY25 Vs. 15.3% in Q1FY24
  • PBT grew by 125% YoY to Rs 123 crore in Q1FY25 Vs. Rs 54 crore in Q1FY24.
  • Net Profit (post NCI) grew by 80% to Rs 74 crore in Q1FY25 Vs. Rs 41 crore in Q1FY24.

Commenting on the performance for Q1FY25,  Azad Moopen, Founder and Chairman, Aster DM Healthcare, said: “I am pleased to announce that this quarter represents a pivotal moment for Aster DM Healthcare. With the successful segregation of our GCC business, we are now a pure-play India entity, as we embark on a new journey FY25 onwards. In Q1FY25, our India business achieved 20% YoY growth delivering the highest ever revenue performance of Rs 1,002 crore, aided by an increase in bed capacity and growth in ARPOB. The Operating EBITDA grew by 39% YoY to Rs 177 crore and net profits (post NCI) grew by 80% YoY to Rs 74 crore in Q1FY25”

Dr. Moopen further added, “Aster DM Healthcare continues to get prestigious recognitions at the national level. Recently, The Economic Times awarded us as the “Best Healthcare Brand of the Year-2024”. Also, Aster CMI Hospital became the first hospital in South India to receive NABH Digital Platinum Accreditation. As we progress, we are on track to reach 6,500 beds by FY27, further strengthening our position as a leader in the healthcare sector.”

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Healtcare Services company Aster DM Healthcare announced Q4FY24 & FY24 results:

  • Revenue:
    • Revenue grew 24% YoY to Rs 3,699 crore in FY24 Vs. Rs 2,983 crore in FY23.
    • Revenue grew 22% YoY to Rs 978 crore in Q4FY24 Vs. Rs 804 crore in Q4FY23.
  • EBITDA:
    • Operating EBITDA grew 30% YoY to Rs 620 crore in FY24 Vs. Rs 477 crore in FY23.
    • Operating EBITDA grew 24% YoY to Rs 167 crore in Q4FY24 Vs. Rs 135 crore in Q4FY23.
  • Profits:
    • PBT grew by 34% YoY to Rs 281 crore in FY24 Vs. Rs 210 crore In FY23.
    • Adjusted PAT grew by 63% YoY to Rs 240 crore In FY24 Vs. Rs 147 crore In FY23.
    • Reported PAT grew by 28% YoY to Rs 188 crore in FY24 Vs. Rs 147 crore in FY23.
  • Dividend:
    • For financial year 2024, the Board recommended a 20% final dividend of Rs 2.0 /- (face value of Rs 10 each) per equity share. The dividend is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company

Commenting on the update on GCC segregation and performance for Q4 and full year FY24, Azad Moopen, Founder and Chairman, Aster DM Healthcare, said: “I am pleased to announce that we have successfully completed the segregation of our India and GCC businesses, obtaining all necessary regulatory approvals and fulfilling the conditions diligently. I want to express my deepest appreciation to all our stakeholders for their support in ushering in a new era to shape Aster India's future. The segregation has allowed us to tailor our strategies to the distinct growing needs of these geographies and position us to seize the unprecedented growth opportunities in the Indian healthcare market.

In FY24, our India business showcased a remarkable 24% YoY revenue growth, surging to Rs 3,699 crores, aided by an increase in bed capacity of 550 beds and ARPOB growth of 10% in FY24. The Operating EBITDA grew by 30% YoY to Rs.620 crores, supported by the better performance of our mature hospitals delivering 22.4% Operating EBITDA margin in FY24,”

Dr. Moopen further added, “I am also pleased to share that we have been conferred with the title of 'Hospital Chain of the Year' at the ET Healthcare Award and Financial Express Healthcare Awards for the year FY23-24. Additionally, Aster Medcity (Kochi) and Aster CMI (Bengaluru) are ranked among top multispecialty hospitals across India by Times of India, Outlook, Newsweek and The Week. As we progress on our journey, we are on track to add ~1700 beds to reach to 6,500 beds by FY27 through a prudent mix of brownfield and greenfield projects which will result in our Aster Medcity and Aster CMI hospitals expanding to 950 beds and 850 beds respectively. This move demonstrates our unwavering dedication to reinforcing our prominent position among India's top healthcare providers. We are happy to have closed the year with Aster India leading the growth metrics across the healthcare peers in the country. We are committed to continuing on this trajectory as the company embarks on a new chapter of future growth.”

Result PDF

Healthcare facilities company Aster DM Healthcare announced Q3FY24 & 9MFY24 results:

Financial Highlights for Q3FY24:

  • Operational revenue grew 16% YoY to Rs 3,711 crore Vs. Rs 3,192 crore in Q3FY23.
  • Operating EBITDA grew 28% YoY to Rs 583 crore Vs. Rs. 456 crore in Q3FY23.
  • PAT (excluding losses from new hospital and non-recurring costs) grew 53% YoY to Rs 213 crore Vs. 139 crore in Q3FY23.

Financial Highlights for 9MFY23:

  • Operational revenue grew 18% YoY to Rs 10,243 crore Vs. Rs 8,671 crore in 9MFY23.
  • Operating EBITDA grew 28% YoY to Rs 1,375 crore Vs. Rs 1,076 crore in 9MFY23.
  • PAT (excluding losses from new hospitals and non-recurring costs) grew 45% YoY to Rs 335 crore Vs. Rs 231 crore in 9MFY23.

Commenting on the results, Dr. Azad Moopen, Founder, Chairman and Managing Director, Aster DM Healthcare, said, “We extend our heartfelt gratitude to our shareholders for their resounding endorsement of our decision to segregate our GCC operations. This overwhelming support fuels our drive to enhance and expand our operations in India, reaffirming our commitment to the trust they have placed in our strategic vision. 

In Q3FY24, our India business showcased 23% YoY revenue growth, surging to Rs 949 crore This growth was catalyzed by the expansion of over 750 beds within the past year. Through diligent cost optimization initiatives and leveraging operational efficiencies, we achieved 37% YoY increase in Operating EBITDA in Q3FY24, elevating our hospitals' Operating EBITDA margins to 19.8% and contributing to more than doubling the Net Profit after taxes for the quarter.

I am also glad to mention that our flagship Aster Medcity hospital has been recognized as the No.1 'Best Multi-specialty Hospital Emerging' by The Week-Hansa Research 2023, a testament to our unwavering commitment towards excellence.

As we continue our journey, we remain steadfast in our pursuit of growth, with plans to increase our capacity beds to 6,600, showcasing our dedication towards further strengthening our strong position among India's leading healthcare providers."

 

 

Result PDF

Aster DM Healthcare announced Q2FY24 results:

Q2FY24:
- The company's operational revenue grew by 18% YoY to Rs 3,317 crore compared to Rs 2,816 crore in Q2FY23.
- EBITDA increased by 21% YoY to Rs 393 crore from Rs 324 crore in Q2FY23.
- PAT grew by 46% to Rs 67 crore.

- India:
- Indian revenues up 23% YoY to Rs 934 crore.
- EBITDA for India grew 19% YoY to Rs 157 crore.

- GCC (Gulf Cooperation Council):
- GCC revenues up by 16% YoY to Rs 2,383 crore.
- EBITDA for GCC grew by 23% YoY to Rs 236 crore.

H1FY24:
- Operational revenue for the half-year increased by 19% YoY to Rs 6,532 crore against Rs 5,478 crore in H1FY23.
- EBITDA grew by 28% YoY to Rs 791 crore compared to Rs 620 crore in H1FY23.
- PAT saw a 77% YoY increase to Rs 162 crore from Rs 91 crore in H1FY23.

Commenting on the performance for Q2FY24, Dr. Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said: "In Q2 FY24, our consolidated revenue witnessed an impressive 18% YoY growth, reaching Rs 3,317 crore, attributed to the successful ramp-up of new hospitals initiated in the last two financial years. Our consolidated EBITDA showed resilient growth, reaching Rs 393 crore, reflecting a 21% YoY increase. This growth was further amplified by various cost-saving initiatives, emphasizing our commitment to operational efficiency. Both the businesses delivered a healthy growth in revenues and EBITDA. India revenues up 23% YoY to Rs 934 crore and EBITDA grew 19% YoY to Rs 157 crore during the quarter. GCC revenues were up 16% YoY to Rs 2,383 crore and EBITDA grew 23% YoY to Rs 236 crore for the quarter. We are delighted to announce the successful completion and operational launch of Aster Whitefield Hospital’s phase 2 expansion, increasing the total capacity to 347 by adding 286 beds. The inauguration of the hospital in its enhanced form marks a significant milestone, with Block D currently in expansion mode, aiming to achieve a 506-bedded hospital.

Regarding the restructuring process, negotiations with the shortlisted bidder are at an advanced stage. The company is working to bring this process to a conclusion soon. We continue to believe strongly in the underlying premise of the transaction, which is that separating the two businesses will maximize value for shareholders."

Result PDF

Aster DM Healthcare announced Q1FY24 results:

  • Operational revenue grew 21% YoY to Rs 3,215 crore Vs. Rs 2,662 crore in Q1FY23.
  • EBITDA grew 33% YoY to Rs 388 crore Vs. Rs 292 crore in Q1FY23.
  • Reported net profit after taxes was at Rs 5 crore compared to Rs 69 crore in Q1FY23.
  • Excluding new hospitals and non-recurring exceptional items, Net profit after taxes grew 87% YoY to Rs 84 crore

Commenting on the performance for Q1FY24, Dr. Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said, “During Q1FY24, we achieved an impressive 21% YoY consolidated revenue growth, totaling Rs 3,215 crore. Our performance during the quarter was shaped by not only the improvement in our realizations but also the increase in the number of beds at existing hospitals as well as at the new facilities to cater to growing demand. The strong growth across both India and GCC regions and various cost improvement initiatives enabled even higher improvement in our EBITDA performance which recorded a robust growth of 33% to Rs 388 crore.

Our India business continued to grow faster, witnessing a substantial increase of 29% in revenues reaching Rs 838 crore, and EBITDA increasing by 47% to Rs 123 crore. While our project pipeline is advancing significantly, we are also building on our O&M-Asset Light strategy which has the potential to generate higher ROCE over a period. We are excited to announce our collaboration with PMF Hospital in Kollam, Kerala. With this we have added a total of 530 beds under the O&M Asset Light model in less than 2 years, making it a significant milestone.

Overall, our Q1 performance reflects our adaptability, strategic expansion, and unwavering commitment to providing quality healthcare services amidst evolving market dynamics.”

 

Result PDF

Aster DM Healthcare announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Operational Revenue increased by 20% YoY to Rs 3,262 crore compared to Rs 2,728 crore in Q4FY22
    • EBITDA grew 9% YoY to Rs 506 crore as compared to Rs 463 crore in Q4FY22
    • PAT (Post Non-Controlling Interest) was at Rs 171 crore compared to Rs 226 crore in Q4FY22
    • Excluding New Hospitals: Revenue, EBITDA, and PAT (post – NCI) are Rs 3,165 crore (growth of 16%), Rs 532 crore (growth of 15%) & Rs 235 crore (growth of 1%) respectively
  • FY23:
    • Operational Revenue increased by 16% YoY to Rs 11,933 crore compared to Rs 10,253 crore in FY22
    • EBITDA grew 6% YoY to Rs 1,565 crore as compared to Rs 1,483 crore in FY22
    • PAT (Post Non-Controlling Interest) was at Rs 425 crore compared to Rs 526 crore in FY22, largely impacted by the launch of 5 New Hospitals across GCC and India
    • Excluding New Hospitals and one-time other income: Revenue, EBITDA, and PAT (post – NCI) are Rs 11,776 crore (growth of 15%), Rs 1,655 crore (growth of 11%) & Rs 581 crore (growth of 7%) respectively

Commenting on the performance for Q4FY23, Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said: “With Covid and its associated impact behind us, we are seeing robust growth across India and GCC. This is reflected in our business performance in FY23 with Revenue up 16% YoY to Rs 11,933 crore.

FY23 has been a year of investments and capital allocation for us, witnessing an unprecedented addition of 5 hospitals, 150 Pharmacies, and 7 clinics across India and GCC. We furthered our commitment to expansion in India by adding 126 Pharmacies and 91 Labs and collection centres.

Our India business continues to grow well with revenues for the quarter growing 32% YoY to Rs 804 crore and EBITDA increasing by 62% YoY to Rs 127 crore. This business is likely to continue to deliver strong growth in the coming years. Some of our hospitals have reached almost full capacity and we are adding new beds in such areas.

As always, patient welfare remained at the forefront of our operations. We have made significant investments in cutting-edge medical technology, enabling the delivery of advanced treatments and procedures across various specialties. This will enable us to further enhance the clinical outcomes and overall patient experience.”

 

 

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