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ARTEMISMED - Artemis Medicare

📊 NSE: ARTEMISMED 🏢 Healthcare 📅 Last Updated: 12/13/2025 18:31

📢 Recent Corporate Announcements

Artemis Medicare to Manage 650+ Bed VIMHANS Hospital; Plans ₹520 Cr CAPEX

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 20 Feb 2026, 03:04 PM

Artemis Medicare has entered into a long-term Medical Services Agreement to operate and manage the VIMHANS hospital in South Delhi. The project involves a phased investment of ₹500-520 crore, with the first 450 beds expected to be operational by FY29. This strategic move targets a high-ARPOB (Average Revenue per Occupied Bed) micro-market and will nearly double the company's existing capacity of approximately 800 beds. The agreement spans an initial 15 years, extendable by another 15 years, significantly strengthening Artemis's footprint in the Delhi NCR healthcare sector.

Addition of 650+ beds in prime South Delhi location, nearly doubling current ~800-bed capacity
Total planned CAPEX of ₹500-520 crore (₹75-80 lakh per bed) funded via internal accruals and debt
Phase 1 commissioning of 450 beds targeted for FY29, with subsequent expansion to 650+ beds
Long-term exclusive management rights for 15 years, extendable by another 15 years at company's option
Strategic focus on high-margin specialties including neurosciences, oncology, and robotic surgery

💡 This expansion is a significant long-term growth driver in a high-demand market, though the FY29 operational timeline implies a long gestation period. Investors should monitor the company's debt levels and execution milestones over the next three years.

Artemis Medicare to Meet 33 Institutional Investors on February 25, 2026

🔵 WATCH ⭐ 4/10

ROUTINE 📅 19 Feb 2026, 04:01 PM

Artemis Medicare Services Limited has scheduled a physical meeting with 33 institutional investors and analysts in Mumbai on February 25, 2026. The participant list includes major financial entities such as ICICI Prudential AM, JP Morgan (India), and JM Financial. While the company stated that no unpublished price sensitive information (UPSI) will be shared, the large scale of the meeting indicates significant institutional interest. This event provides an opportunity for the company to engage with a broad spectrum of the investment community regarding its business outlook.

Physical 1x1 and group meetings scheduled for February 25, 2026, in Mumbai.
A total of 33 institutional participants including ICICI Securities, JP Morgan, and Chrys Capital.
The meeting follows Regulation 30 of SEBI (LODR) Regulations, 2015.
Company explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be disclosed.

💡 Investors should monitor for any subsequent analyst reports or brokerage notes that may emerge following this large-scale interaction. The high level of institutional interest is a positive sign for the stock's visibility in the mid-cap healthcare space.

Delhi High Court Dismisses ₹3.92 Crore PF Dispute Against Artemis Medicare

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 12 Feb 2026, 07:30 PM

Artemis Medicare Services Limited has successfully defended a legal challenge regarding a ₹3.92 crore provident fund demand. The Delhi High Court dismissed a writ petition filed by the Regional Provident Fund Commissioner that sought to overturn a previous favorable tribunal ruling. This decision confirms the setting aside of the original demand issued in January 2021. The resolution of this litigation removes a potential financial liability and legal overhang for the company.

Delhi High Court dismissed the writ petition filed by the Regional Provident Fund Commissioner on January 28, 2026
The litigation concerned a demand for ₹3.92 crores in outstanding provident fund contributions
The ruling upholds a February 2023 decision by the Central Government Industrial Tribunal (CGIT) in favor of the company
The dismissal was based on jurisdictional grounds raised by Artemis Medicare

💡 This is a positive outcome that clears a legal hurdle and a ₹3.92 crore contingent liability. Investors can remain confident in the company's ability to manage regulatory disputes effectively.

Artemis Medicare Q3 Revenue Up 17.2% to ₹272 Cr; Board Approves ₹700 Cr Fundraise for Expansion

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 09 Feb 2026, 05:53 PM

Artemis Medicare reported a steady Q3 FY26 with revenue growing 17.2% YoY to ₹272 crores and PAT rising 7.9% to ₹22 crores. The company is entering a significant growth phase, aiming to triple its bed capacity from approximately 800 to 2,300 beds by 2029. This expansion is supported by a board-approved ₹700 crore fundraise and includes key projects in Raipur and South Delhi. Operational efficiency remains high with ARPOB increasing 10% to ₹84,100, bolstered by a 34.9% growth in high-margin international patient revenue.

Q3 FY26 revenue grew 17.2% YoY to ₹272 Cr with an EBITDA margin of 19.1% for the quarter.
ARPOB increased 10% YoY to ₹84,100, driven by complex procedures and a 34% contribution from international patients.
Board approved a ₹700 Cr fundraise to scale capacity to 2,300 beds by 2029, up from the current ~800 beds.
300-bed Raipur hospital is scheduled for commissioning in April-May 2026, marking geographic diversification.
Platinum Green Building certification at Gurugram facility allows for 100-125 additional beds via a 15% FAR increase.

💡 Investors should monitor the execution of the aggressive 2,300-bed expansion plan and the upcoming ₹700 Cr fundraise as these will be primary valuation drivers. The strong growth in international medical tourism and rising ARPOB suggest a healthy core business capable of funding future debt/equity requirements.

Artemis Medicare Releases Q3 and 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 02:16 PM

Artemis Medicare Services Limited has officially released the audio recording of its Earnings Conference Call for the third quarter and nine months ended FY26. The call was held on February 3, 2026, to discuss the company's operational and financial performance. This disclosure is a mandatory regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording via the company's website to gain insights into management's commentary on the recent results.

Audio recording of the Q3 and 9M FY26 earnings call is now available for public access.
The conference call took place on February 3, 2026, following the quarterly results announcement.
The recording provides detailed management discussion on operational and financial metrics.
Filing is compliant with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors and analysts should listen to the recording to understand the management's guidance on future expansion and margin performance. No immediate trading action is required based on this routine compliance filing.

Artemis Medicare Q3 Revenue Up 17.2% to ₹272 Cr, International Patient Revenue Surges 34.9%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 07:28 PM

Artemis Medicare reported a steady Q3 FY26 with consolidated revenue growing 17.2% YoY to ₹27,235 Lacs. While quarterly PAT growth was modest at 7.9%, the 9-month consolidated PAT showed a robust increase of 23.9% YoY. Operational efficiency improved as Average Revenue Per Occupied Bed (ARPOB) rose to ₹84,100, supported by a 34.9% jump in high-margin international patient revenue. The company confirmed its Raipur facility expansion is on track for an April 2026 launch, providing a clear roadmap for future capacity growth.

Consolidated Revenue from operations grew 17.2% YoY to ₹27,235 Lacs in Q3 FY26.
Average Revenue Per Occupied Bed (ARPOB) increased to ₹84,100 from ₹76,485 in the previous year.
International patient revenue grew by 34.9% YoY, contributing 34% to the total net revenue.
9-month consolidated PAT increased by 23.9% YoY to ₹7,343 Lacs.
Raipur facility development is on schedule with operations expected to commence in April 2026.

💡 Investors should monitor the successful commissioning of the Raipur facility in April 2026 as a key growth driver. The strong growth in ARPOB and international medical tourism segments suggests improving margins and a favorable case mix.

Artemis Medicare Q3 FY26 Revenue Up 17% to ₹272 Cr; Proposes ₹700 Cr Fundraise

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 07:20 PM

Artemis Medicare reported a steady Q3 FY26 with consolidated revenue growing 17.2% YoY to INR 272 Cr, driven by a 10% increase in ARPOB to INR 84,100. While PAT grew 7.9% to INR 22 Cr, margins saw a slight compression to 19.1% due to increased manpower costs for new specialized departments like Robotics and Geriatrics. The company is aggressively expanding its footprint, targeting 2,000 beds by 2028, and plans to raise INR 700 Cr to fund this growth. Operational performance at the flagship Gurgaon hospital remains strong with IP volumes up 13.3% YoY.

Consolidated Revenue for Q3 FY26 grew 17.2% YoY to INR 27,235 Lacs.
ARPOB at Gurgaon facility increased by 10% YoY to INR 84,100 with occupancy at 62%.
Company proposes to raise ~INR 700 Cr to support its capital requirements and 2,000-bed target.
9M FY26 PAT showed robust growth of 23.9% YoY, reaching INR 7,343 Lacs.
Expansion on track with a 300+ bed Raipur hospital expected to be operational by April/May 2026.

💡 Investors should focus on the successful commissioning of the Raipur facility and the terms of the proposed INR 700 Cr fundraise. The company remains a strong growth candidate in the healthcare space given its improving operational metrics and clear capacity expansion roadmap.

Artemis Medicare Q3 PAT Grows 8% to ₹22.5 Cr; Board Approves ₹700 Cr Fundraise

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 02 Feb 2026, 07:09 PM

Artemis Medicare Services reported a steady performance for Q3 FY26, with revenue from operations increasing by 17.7% YoY to ₹267.12 crore. Net profit for the quarter rose 8.3% YoY to ₹22.51 crore, even after accounting for a ₹3.07 crore exceptional charge related to new Labour Codes. A major strategic highlight is the Board's approval to raise up to ₹700 crore through various instruments including QIP and preferential allotment. For the nine-month period ended December 2025, the company has shown robust growth with PAT increasing by 22.6% to ₹73.89 crore.

Revenue from operations grew 17.7% YoY to ₹267.12 crore in Q3 FY26.
Net Profit for the quarter stood at ₹22.51 crore versus ₹20.78 crore in the previous year.
Board approved a massive fundraise of up to ₹700 crore via equity or convertible securities.
9M FY26 PAT increased significantly by 22.6% YoY to ₹73.89 crore.
Recognized an exceptional item of ₹3.07 crore due to the financial impact of new Labour Codes.

💡 Investors should monitor the terms and pricing of the ₹700 crore fundraise as it indicates significant expansion plans, though it may lead to equity dilution. The consistent double-digit revenue growth suggests strong demand for the company's healthcare services.

Artemis Medicare Q3 Profit Up 8% to ₹22.5 Cr; Board Approves ₹700 Cr Fundraise

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 06:50 PM

Artemis Medicare reported a steady performance for Q3 FY26, with revenue from operations growing 17.7% YoY to ₹267.12 crore. Net profit increased by 8.3% YoY to ₹22.51 crore, despite an exceptional charge of ₹3.07 crore related to the implementation of new Labour Codes. A major highlight is the Board's approval to raise up to ₹700 crore through various equity-linked instruments, signaling potential expansion or debt restructuring. International revenue remains a strong contributor, accounting for nearly 33% of the total quarterly revenue.

Revenue from operations increased 17.7% YoY to ₹267.12 crore in Q3 FY26.
Net profit stood at ₹22.51 crore, up from ₹20.78 crore in the same quarter last year.
Board approved a massive fundraise of up to ₹700 crore via QIP, private placement, or other equity instruments.
International revenue grew to ₹87.50 crore, contributing 32.7% to the total revenue mix.
9M FY26 net profit reached ₹73.89 crore, a 22.6% increase over the ₹60.25 crore recorded in 9M FY25.

💡 Investors should view the ₹700 crore fundraise approval as a significant catalyst for future growth and capacity expansion. The stock remains a 'Watch' to see the specific terms of the fundraise and how the capital will be deployed to enhance return ratios.

Artemis Medicare to Host Q3 & 9MFY26 Earnings Call on February 3, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 06:35 PM

Artemis Medicare Services Limited has scheduled its earnings conference call for Tuesday, February 3, 2026, at 11:00 AM IST. The call is intended to discuss the company's operational and financial performance for the third quarter and the nine-month period of FY26. Key management personnel, including the Managing Director and CFO, will be available to address queries from analysts and institutional investors. The session is being coordinated by Choice Equity Broking and includes international dial-in options.

Earnings conference call scheduled for February 3, 2026, at 11:00 AM IST.
Discussion will cover financial and operational performance for Q3 and 9MFY26.
Management participants include MD Dr. Devlina Chakravarty and CFO Sanjiv Kumar Kothari.
International toll-free access provided for investors in the USA, UK, Singapore, and Hong Kong.

💡 Investors should track the upcoming financial results and participate in the call to understand management's outlook on hospital occupancy and expansion strategies. No immediate action is required based on this scheduling announcement.

Artemis Medicare Reports Nil Physical Share Transfer Requests Under SEBI Special Window

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 04:07 PM

Artemis Medicare Services Limited has submitted a report regarding physical share transfer requests re-lodged under a special SEBI window. For the period from December 1, 2025, to January 6, 2026, the company reported zero requests received. As a result, no transfers were processed, approved, or rejected during this window. This is a standard regulatory disclosure with no impact on the company's operational or financial status.

Zero (NIL) requests received for physical share transfers between Dec 1, 2025, and Jan 6, 2026.
The report was issued in compliance with SEBI Circular dated July 2, 2025.
No requests were processed, approved, or rejected during the specified period.
The filing was facilitated by the Registrar and Transfer Agent, Alankit Assignments Limited.

💡 Investors should treat this as a routine compliance update. No immediate action is necessary as there is no material impact on shareholding or business operations.

Artemis Medicare Submits Q3 FY26 SEBI Depository Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 05:08 PM

Artemis Medicare Services Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Alankit Assignments Limited, covers the quarter ended December 31, 2025. It confirms that physical share certificates received for dematerialization were verified, cancelled, and the depository's name was substituted in the records. This is a standard administrative filing required to maintain the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar Alankit Assignments Limited confirmed the processing of dematerialization requests.
Physical certificates were mutilated and cancelled after due verification as per SEBI norms.

💡 No action is required from investors as this is a routine regulatory disclosure. Focus should remain on the company's upcoming quarterly financial performance and operational growth.

Artemis Medicare to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 04:34 PM

Artemis Medicare Services Limited has announced the closure of its trading window effective January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial results for the quarter ending December 31, 2025. The trading restriction applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the company officially declares its quarterly financial results.

Trading window closure begins on January 1, 2026.
Closure is related to the financial results for the quarter ending December 31, 2025.
Window will reopen 48 hours after the declaration of the financial results.
The notice follows SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should wait for the actual Q3 earnings release to evaluate performance.

Artemis Medicare Allots 105,750 Equity Shares Under ESOP 2021 Plan

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Dec 2025, 08:58 PM

Artemis Medicare Services Limited has approved the allotment of 105,750 equity shares of face value INR 1/- each to employees under the Artemis Medicare Management Stock Option Plan - 2021. This exercise of vested options has increased the company's total paid-up equity capital from INR 15,82,00,497 to INR 15,83,06,247. The shares were issued at an exercise price of INR 1/- per share and will rank pari-passu with existing equity. A selling restriction applies where only 50% of these shares can be sold within the current financial year.

Allotment of 105,750 equity shares following the exercise of vested ESOPs.
Total issued and paid-up share capital rises to 15,83,06,247 equity shares.
Exercise price for the allotment was fixed at the par value of INR 1/- per share.
Post-allotment dilution is minimal, representing approximately 0.067% of the total capital.
Shares are subject to a 50% selling restriction in the first financial year of issuance.

💡 This is a routine administrative update with negligible equity dilution. No immediate action is required from investors as the impact on earnings per share is minimal.

Artemis Medicare: Report on Physical Share Transfer Requests

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Dec 2025, 04:58 PM

Artemis Medicare Services Limited has submitted a report regarding the transfer requests of physical shares re-lodged under the special window as per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025. The report, received from Alankit Assignments Limited, covers the period from November 1, 2025, to November 30, 2025. During this period, the number of requests received, processed, approved, and rejected was NIL. The average time taken for processing these requests was NA.

No transfer requests received during November 1, 2025 to November 30, 2025.
No transfer requests processed during November 1, 2025 to November 30, 2025.
SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025 is the governing circular.

💡 This is a routine update regarding physical share transfers. Investors should monitor future announcements for any significant activity in share transfers.

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💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 13.8% YoY to INR 274.70 Cr in Q2 FY26. Flagship Gurugram facility remains the primary driver. Asset-light models Artemis Daffodil and Artemis Lite contributed INR 21.10 Cr and INR 19.60 Cr respectively in FY25. International patient revenue contributes approximately 32% of total revenue.

Geographic Revenue Split

Primary revenue is concentrated in Delhi-NCR (Gurugram). The company is diversifying geographically through an O&M contract for a newly constructed hospital in Raipur, Chhattisgarh, and a planned facility in Delhi.

Profitability Margins

Net Profit (PAT) for Q2 FY26 was INR 30.00 Cr, up 35.6% YoY from INR 22.13 Cr. H1 FY26 PAT stood at INR 51.2 Cr compared to INR 38.7 Cr in H1 FY25. Return on Net Worth improved to 14.43% in FY25 from 13.60% in FY24 due to enhanced operational profitability.

EBITDA Margin

EBITDA margin for Q2 FY26 was 21.2%, a 63 bps improvement YoY. Absolute EBITDA grew 17.2% to INR 58.27 Cr. H1 FY26 EBITDA margin was 20.1% with an absolute value of INR 106.6 Cr. Improvement is driven by economies of scale and higher ARPOB.

Capital Expenditure

The company raised INR 330 Cr from the International Finance Corporation (IFC) via Compulsorily Convertible Debentures (CCDs) to fund its next growth phase, including the phased operationalization of Tower 3 at the Gurugram facility and expansion into Delhi.

Credit Rating & Borrowing

CARE Ratings reaffirmed 'CARE A; Stable' for long-term bank facilities (INR 427.90 Cr) and 'CARE A2+' for short-term facilities as of August 2025. Interest coverage ratio improved to 4.58 in FY25 from 3.30 in FY24.

⚙️ Operational Drivers

Raw Materials

Critical medical equipment, surgical devices, and Active Pharmaceutical Ingredients (APIs) represent the primary input costs, though specific percentage of total cost is not disclosed.

Import Sources

The company depends on global imports for high-end medical equipment and critical raw materials, exposing it to international supply chain volatility.

Key Suppliers

Philips is a key strategic partner, holding a 35% stake in the company's cardiac centers.

Capacity Expansion

Flagship Gurugram facility is spread across 8.23 acres. Tower 3 was inaugurated in Q2 FY25, adding 5 new operation theatres and expanded capacity in nephrology, bone marrow transplant, and gastroenterology.

Raw Material Costs

Inventory consumption increased in FY25 due to higher bed capacity, though overall inventory levels remained stable. Inventory turnover ratio improved 25.55% to 24.12 in FY25.

Manufacturing Efficiency

Occupancy levels reached 64.1% in Q2 FY26. Average Revenue Per Occupied Bed (ARPOB) reached an all-time high of INR 81,248, reflecting a shift toward complex procedures.

Logistics & Distribution

Distribution is managed through flagship hospitals and neighborhood 'Artemis Lite' centers; Solace provides home-based healthcare services.

📈 Strategic Growth

Expected Growth Rate

13.80%

Growth Strategy

Growth will be achieved by operationalizing Tower 3 in Gurugram, acquiring the remaining 35% stake in cardiac centers from Philips, and transitioning smaller asset-light units to profitability by Q4 FY26. The company is also expanding via a new Delhi facility and the Raipur O&M contract.

Products & Services

Multi-specialty healthcare services including Cardiology, Oncology, Neurology, Orthopaedics, Nephrology, Bone Marrow Transplant, and Gastroenterology.

Brand Portfolio

Artemis Hospitals, Artemis Daffodils (Mother and Child), Artemis Lite (Neighborhood Hospitals), Artemis Solace (Home Services).

New Products/Services

Expanded specialized units in Nephrology and Bone Marrow Transplant; new O&M services in Raipur.

Market Expansion

Expansion into Raipur (Chhattisgarh) and a planned greenfield/brownfield project in Delhi to diversify beyond the Gurugram hub.

Market Share & Ranking

Artemis was the first hospital in Gurugram to be accredited by both JCI (USA) and NABH, establishing a leading position in the Delhi-NCR premium healthcare market.

Strategic Alliances

Strategic partnership with Philips (65/35 JV in cardiac centers) and funding alliance with International Finance Corporation (IFC).

🌍 External Factors

Industry Trends

The industry is shifting toward asset-light models and digital health surveillance. Artemis is positioning itself by expanding its 'Lite' and 'Daffodils' brands while maintaining a high-end flagship hub.

Competitive Landscape

Faces competition from other large multi-specialty chains in Delhi-NCR; competes on clinical outcomes and international patient services.

Competitive Moat

Moat is built on JCI/NABH clinical excellence certifications and a strong reputation in Medical Value Travel. Sustainability is supported by high switching costs for complex tertiary care and established referral networks.

Macro Economic Sensitivity

Highly sensitive to Medical Value Travel trends and global healthcare spending; also sensitive to domestic inflation affecting operational overheads.

Consumer Behavior

Increasing demand for neighborhood healthcare (Artemis Lite) and specialized mother/child care (Daffodils).

Geopolitical Risks

Geopolitical instability can disrupt international patient flow and supply chains for critical medical imports.

⚖️ Regulatory & Governance

Industry Regulations

Adheres to JCI (USA) and NABH standards; compliant with Ind AS 116 for leases and Ind AS 109 for financial instruments.

Taxation Policy Impact

Effective tax rate is approximately 23.8% based on Q2 FY26 PBT of INR 39.38 Cr and PAT of INR 30.00 Cr.

Legal Contingencies

Key audit matter identified regarding the allowance for expected credit losses (ECL) on trade receivables due to management judgment in estimating cash flows. No specific material court case values disclosed.

⚠️ Risk Analysis

Key Uncertainties

Stabilization of the Raipur hospital and timely execution of the Delhi expansion are key monitorables. Potential impact of 10-15% on margins if operational costs rise faster than ARPOB.