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Artemis Medicare Services Limited (ARTEMISMED)

₹306.35 +1.11% last close, 16 Oct

📊 NSE: ARTEMISMED 🏢 Healthcare 📢 Latest filing: 29 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Artemis Medicare's revenue was ₹279 Cr (+16.3% year on year, +2.4% on the previous quarter), and net profit ₹30.0 Cr (+30.9% year on year); the operating margin was 18.6%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹279	+16.3%	+2.4%
Operating profit	₹52.0	+44.9%	+16.7%
Net profit	₹30.0	+30.9%	+34.9%
EPS (₹)	1.90	+29.3%	+34.8%
Operating margin	18.6%	—	—

Full quarterly financials → Results calendar →

ARTEMISMED delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 52.5% of the ARTEMISMED shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.64%. That is close to its usual level. Volume was 0.1 times its average, well below normal. 2 bulk or block deals were reported in ARTEMISMED in the last 60 days: ₹37 Cr bought and ₹37 Cr sold.

52.5%Delivery, 16 Oct

45.64%Own 20-session average

0.1×Volume vs its average

₹306.35NSE close · +1.11%

Delivery in the last 5 sessions: 50.7% · 52.2% · 58.1% · 56.4% · 52.5%

Date	Side	Counterparty	Value	Price	Quantity	Type
25 Sep	Sell	Microcurves Trading Private Limited	₹36.76 Cr	₹366.15	1,004,061	Bulk
25 Sep	Buy	Microcurves Trading Private Limited	₹36.73 Cr	₹365.80	1,004,061	Bulk

Delivery across the market →All bulk and block deals →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Artemis Medicare Receives ₹11.11 Cr CGST Show Cause Notice for FY23

🔵 WATCH ⭐ 5/10

LEGAL 📅 29 Sep 2026, 07:53 PM

Artemis Medicare Services has received a Show Cause Notice dated September 28, 2026, from the CGST department, Gurugram, alleging non-remittance of GST included in MRP charged on medicines and implants supplied to in-patients during FY22-23. The total tax demand is ₹11.11 Crore plus applicable interest and penalties, representing ~1.0% of TTM revenue (₹1,076 Cr) and ~10.7% of TTM net profit (₹103.4 Cr). The company noted that an earlier similar matter was stayed by the Punjab & Haryana High Court along with other hospital petitions, and it plans to file a writ petition to tag this notice with the existing stay.

Received Show Cause Notice from CGST Gurugram claiming ₹11.11 Crore plus interest and penalty
Pertains to FY 2022-23 (April 1, 2022 to March 31, 2023) regarding GST on IPD medicines and consumables
Demand of ₹11.11 Crore equals ~10.7% of FY26 Net Profit of ₹103.4 Cr
Company filing a writ before Punjab & Haryana High Court where a prior stay is already active for an earlier period

💡 Track the upcoming writ petition filing and interim relief or stay order from the Punjab & Haryana High Court regarding this ₹11.11 Cr notice.

Artemis Medicare Faces ₹11.11 Cr CGST Show Cause Notice for FY23

🔵 WATCH ⭐ 5/10

LEGAL 📅 29 Sep 2026, 06:30 PM

Artemis Medicare Services has received a Show Cause Notice from the CGST Department, Gurugram, alleging unremitted GST on MRP charged to in-patients for medicines, consumables, and implants during FY 2022-23. The tax demand stands at ₹11.11 crore plus applicable interest and penalties, which represents ~10.7% of TTM PAT (₹103 crore). The company intends to file a writ petition before the High Court of Punjab & Haryana to tag this matter with an existing writ where an interim stay was granted for an earlier period.

Received Show Cause Notice dated September 28, 2026, from CGST Gurugram covering FY 2022-23
Total claim amount stands at ₹11.11 Crore plus interest and penalties
Allegation pertains to charging MRP inclusive of GST from in-patients without remitting GST to the government
Company is filing a writ petition with the Punjab & Haryana High Court where a prior stay on the identical issue is already active

💡 Track court proceedings before the High Court of Punjab & Haryana to confirm whether an interim stay is granted on this FY23 notice as done for earlier periods.

CARE Reaffirms Artemis Medicare's Bank Facilities at 'CARE A; Stable' on Rs 388.15 Cr Total Limits

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Sep 2026, 01:03 PM

CARE Ratings has reaffirmed Artemis Medicare Services Limited's credit ratings following a review of FY26 and Q1FY27 performance. Long-term bank facilities of Rs 343.15 crore (reduced from Rs 427.90 crore) were reaffirmed at 'CARE A; Stable'. Short-term/long-term facilities of Rs 45.00 crore were reaffirmed at 'CARE A; Stable / CARE A2+', bringing total rated facilities to Rs 388.15 crore. The lower rated long-term amount reflects ongoing debt amortization, supported by the company's modest debt-to-equity ratio of 0.28.

Long-term bank facilities reaffirmed at 'CARE A; Stable' on an amount reduced to Rs 343.15 crore from Rs 427.90 crore
Long-term/short-term facilities of Rs 45.00 crore reaffirmed at 'CARE A; Stable / CARE A2+'
Total bank facilities rated stand at Rs 388.15 crore across multiple lenders including Axis Bank, HDFC Bank, ICICI Bank, and IDFC First Bank
Longest-dated existing term loan ends in March 2034 with Axis Bank (Rs 103.70 crore)

💡 Track the full credit rating rationale press release from CARE Ratings for updates on operational metrics like ARPOB, occupancy rates, and debt repayment progress.

Artemis Medicare to Attend Anand Rathi Investor Conference on September 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 12:03 PM

Artemis Medicare Services Limited has announced its participation in the Anand Rathi Annual Flagship Conference (G-200 Summit 2026). The conference will take place physically in Mumbai on Tuesday, September 22, 2026. The company operates in the healthcare sector with a market capitalization of Rs 5,432 crore and TTM revenue of Rs 1,076 crore. This is a routine schedule intimation under Regulation 30 with no material commercial disclosure.

Participation scheduled for Tuesday, September 22, 2026
Attending the Anand Rathi Annual Flagship Conference G-200 Summit 2026
Interaction mode is physical in Mumbai
Subject to changes in case of exigencies

💡 Track subsequent post-meet investor presentations or transcripts submitted to the exchanges for updates on Tower 3 ramp-up and expansion plans.

Artemis Medicare to Attend PhillipCapital Investor Conference on September 3, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 04:15 PM

Artemis Medicare Services Limited has informed the stock exchanges that its management will participate in an institutional investor conference on September 3, 2026. The conference, titled 'Market Marvel | Investing Beyond the Headlines', is organized by PhillipCapital and will take place physically in Delhi. No new material financial or operational data was disclosed in the intimation. The meeting is subject to changes in case of exigencies.

Participation scheduled for Thursday, September 3, 2026
Physical interaction at PhillipCapital's Event in Delhi
Conference theme: 'Market Marvel
Investing Beyond the Headlines'
Filing submitted pursuant to Regulation 30 of SEBI LODR Regulations, 2015

💡 Investors should look for any post-meet presentations or disclosures uploaded to the stock exchanges following the conference.

Artemis Medicare Q1 PAT Surges 48.3% to ₹31.4 Cr; ₹800 Cr Capex Roadmap Outlined

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 01:47 PM

Artemis Medicare reported a strong Q1 FY27 with consolidated revenue growing 12.7% YoY to ₹287.32 Cr and PAT increasing 48.3% to ₹31.44 Cr. The company has operationalized its 300-bed Raipur facility and is advancing Tower IV in Gurugram (200+ beds) to reach a 2,000-bed target by 2030. Management outlined a ₹800 Cr capex plan over the next three years, funded partly by a proposed QIP. Operational metrics improved with ARPOB reaching ₹85,690, while international patient revenue remained resilient at 27% despite geopolitical headwinds.

Profit After Tax (PAT) grew 48.3% YoY to ₹31.44 Cr in Q1 FY27
Average Revenue Per Occupied Bed (ARPOB) increased to ₹85,690 from ₹81,248 in previous periods
Detailed ₹800 Cr capex plan includes ₹350-360 Cr for VIMHANS and ₹120 Cr for Tower IV
Targeting 2,000 operational beds by FY30, representing a significant scale-up from current capacity
International patient revenue contributed 27% to the total mix during the quarter

💡 Monitor the occupancy ramp-up at the newly operational Raipur facility and the timeline for regulatory clearances for Tower IV in Gurugram. Watch for the pricing and dilution impact of the upcoming QIP intended to fund the ₹800 Cr expansion.

Artemis Medicare to Attend EMKAY Investor Conference on August 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Aug 2026, 12:00 PM

Artemis Medicare Services Limited (ARTEMISMED) has announced its participation in the EMKAY Confluence 2026 investor conference in Mumbai on August 13, 2026. This physical interaction comes as the company maintains a TTM revenue of ₹1,076 Cr and a PAT of ₹103 Cr. The company is currently trading at a P/E of 49.1, supported by a strong ARPOB of ₹81,248 and a 17.5% operating margin. Investors will likely look for updates on the operationalization of Tower 3 in Gurugram and the Raipur expansion project.

Scheduled participation in EMKAY Confluence 2026 on August 13, 2026, in Mumbai.
Company reported TTM revenue of ₹1,076 Cr and TTM PAT of ₹103 Cr as of March 2026.
Maintains a high Average Revenue Per Occupied Bed (ARPOB) of ₹81,248.
International patients represent a significant 32% of the total revenue contribution.
Current promoter holding stands at 58.39% as of the March 2026 quarter.

💡 Monitor the exchange for any investor presentations or transcripts released post-conference to gauge management's outlook on the Raipur expansion and the 100% acquisition of cardiac centers.

Artemis Medicare Releases Q1 FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 03:33 PM

Artemis Medicare Services has released the audio recording of its Q1 FY27 earnings conference call held on August 4, 2026. This follows a strong FY26 where the company reported TTM revenue of ₹1,076 Cr and a PAT of ₹103 Cr. The call likely covers progress on the operationalization of Tower 3 in Gurugram and the expansion into Raipur. Investors should note the company's high ARPOB of ₹81,248 and its 17.5% operating margins as context for the discussed performance.

Earnings conference call for Q1 FY27 conducted on August 4, 2026
Company reported TTM revenue of ₹1,076 Cr with a 17.5% OPM
International patient contribution remains a significant factor at 32% of revenue
Management previously targeted transitioning smaller units to profitability by Q4 FY26
Current market capitalization stands at ₹4,751 Cr with a P/E of 45.9

💡 Investors should review the recording for management commentary on the 35% stake acquisition in cardiac centers and the execution timeline for the Delhi greenfield project.

48.3% PAT Growth in Q1 FY27; Artemis Reports Consolidated Revenue of ₹287 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 03 Aug 2026, 06:01 PM

Artemis Medicare reported a strong start to FY27 with consolidated revenue growing 12.7% YoY to ₹287.32 Cr. Profitability outperformed revenue growth significantly, with EBITDA rising 27.9% to ₹61.82 Cr and PAT jumping 48.3% to ₹31.44 Cr. The flagship Gurgaon hospital remains the primary driver, showing improved bed utilization of 65.7% and a higher ARPOB of ₹85,690. A key strategic milestone was reached with the commencement of operations at the Raipur hospital in July 2026, marking the company's expansion beyond its core Delhi-NCR hub.

Consolidated PAT increased 48.3% YoY to ₹31.44 Cr, driven by operational leverage.
Average Revenue Per Occupied Bed (ARPOB) rose 7.4% YoY to ₹85,690 at the Gurgaon facility.
Bed capacity utilization improved to 65.7% from 61.2% in the same quarter last year.
Overseas patient revenue grew 8.6% to ₹76.51 Cr, contributing 27.5% to total operations.
Raipur hospital operations officially commenced in July 2026 to drive regional growth.

💡 Monitor the occupancy ramp-up and break-even timeline for the new Raipur facility, as initial costs may impact consolidated margins. Watch for the execution of planned greenfield/brownfield projects in Delhi to further diversify the revenue base.

48.3% PAT Growth in Q1 FY27; ARPOB Rises to ₹85,690 as Margins Expand to 21.5%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 03 Aug 2026, 05:57 PM

Artemis Medicare reported a strong Q1 FY27 with consolidated revenue growing 12.7% YoY to ₹287.32 cr and PAT surging 48.3% to ₹31.44 cr. Operational efficiency improved significantly as EBITDA margins expanded by 256 bps to 21.5%, driven by operating leverage. The flagship Gurgaon facility saw an 11.4% increase in inpatient volumes and a 7.4% rise in ARPOB to ₹85,690. The company recently operationalized a 300+ bed hospital in Raipur in July 2026 and is targeting a total capacity of 2,000 beds by 2030.

Consolidated PAT grew 48.3% YoY to ₹31.44 cr in Q1 FY27.
EBITDA margins expanded 256 bps YoY to 21.5% from 19.0%.
ARPOB at the Gurgaon facility reached ₹85,690, a 7.4% YoY increase.
Inpatient (IP) volumes increased 11.4% YoY to 9,181 patients.
Raipur hospital (300+ beds) commenced operations in July 2026.

💡 Watch for the occupancy ramp-up at the new Raipur facility and progress on the 650+ bed South Delhi hospital project.

200+ Bed Expansion: Artemis to Invest Rs 160-180 Cr in Gurugram Flagship Hospital

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 03 Aug 2026, 05:45 PM

Artemis Medicare has approved a significant expansion of its flagship Gurugram hospital by adding 200+ beds through Tower IV. The project involves an investment of Rs 160-180 crore, representing approximately 15-17% of its TTM revenue, to be funded via internal accruals and debt. The expansion focuses on high-margin quaternary pediatric and advanced gynecology services with a 2-year execution timeline. Simultaneously, the company reported Q1 FY27 consolidated revenue of Rs 287.32 crore, a 12.7% increase over the same quarter last year.

Proposed addition of 200+ beds to the flagship Gurugram facility focusing on pediatric and women's health
Estimated investment of Rs 160 - 180 crore, roughly 17% of TTM revenue
Project completion timeline estimated at approximately 2 years
Q1 FY27 capacity utilization reported at 65.7% for the flagship hospital
Consolidated revenue for Q1 FY27 reached Rs 287.32 crore compared to Rs 254.96 crore in Q1 FY26

💡 Monitor the execution timeline of Tower IV and the ramp-up of Tower 3 which was recently operationalized. Investors should also track the impact of new debt on the company's currently low D/E ratio of 0.28.

Artemis Medicare Q1 PAT up 45% YoY; Announces ₹180 Cr Expansion for 200+ Beds

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 03 Aug 2026, 05:21 PM

Artemis Medicare reported a strong Q1 FY27 with consolidated revenue reaching ₹287.32 Cr, a 12.7% increase from ₹254.96 Cr in Q1 FY26. Standalone net profit grew 45% YoY to ₹31.05 Cr, driven by improved operational efficiencies and a capacity utilization of 65.7%. The Board approved a significant expansion of its flagship Gurugram hospital (Tower IV), adding 200+ beds with an investment of ₹160-180 Cr. This expansion, funded via internal accruals and debt, represents approximately 19% of the company's current net worth.

Consolidated revenue for Q1 FY27 stood at ₹287.32 Cr compared to ₹254.96 Cr in Q1 FY26.
Standalone Net Profit increased to ₹31.05 Cr from ₹21.42 Cr in the corresponding previous quarter.
Approved ₹160-180 Cr investment for Tower IV in Gurugram to add 200+ beds for pediatric and gynecology services.
Capacity utilization for the flagship hospital was reported at 65.7% for the quarter ended June 30, 2026.
International patient revenue contributed ₹76.51 Cr, representing approximately 26.6% of total consolidated revenue.

💡 Monitor the execution timeline of the 24-month Tower IV expansion and the progress of the 650+ bed Vimhans project slated for FY29. Investors should also track the stability of international patient contributions, which remain a high-margin segment.

Independent Director Sanjib Sen Completes Tenure at Artemis Medicare

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Aug 2026, 09:49 AM

Artemis Medicare Services Limited has announced that Mr. Sanjib Sen ceased to be an Independent Director effective August 2, 2026, following the completion of his tenure. This is a routine administrative change in the board composition. The company continues to operate with a TTM revenue of ‡1,076 Cr and a healthy operating profit margin of 17.5%. No immediate operational or strategic impact is expected from this board rotation.

Mr. Sanjib Sen (DIN: 07088442) ceased to be a Director on August 2, 2026.
The change is due to the completion of his scheduled tenure as an Independent Director.
Artemis Medicare maintains a market capitalization of ‡4,707 Cr.
The company reported a TTM PAT of ‡103 Cr as of the latest financial context.

💡 Monitor future filings for the appointment of a new Independent Director to ensure the board remains compliant with SEBI corporate governance norms.

Artemis Medicare Re-appoints T R Chadha & Co LLP as Statutory Auditors for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Jul 2026, 08:07 PM

Artemis Medicare Services Limited has received shareholder approval at its 22nd Annual General Meeting (AGM) to re-appoint M/s. T R Chadha & Co LLP as Statutory Auditors. The firm will serve a second consecutive five-year term, concluding at the 27th AGM in 2031. This ensures continuity in financial oversight for the company, which currently generates a TTM revenue of ₹1,076 Cr. The auditing firm is well-established with over 80 years of practice and a presence in 11 Indian cities.

Re-appointment of M/s. T R Chadha & Co LLP for a second term of 5 consecutive years
Auditor firm has been in practice since 1946, representing over 80 years of experience
The firm maintains a staff of over 1,000 people and 24 partners across 11 cities
The new term will run from the conclusion of the 22nd AGM (2026) until the 27th AGM (2031)

💡 No action is required as this is a routine administrative matter; investors should continue to monitor the quality of financial disclosures in upcoming quarterly reports.

Artemis Medicare Appoints Dr. Girdhar Gyani (Ex-QCI/NABH) as Independent Director for 3 Years

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 31 Jul 2026, 08:01 PM

Artemis Medicare Services Limited has received shareholder approval at its 22nd AGM to appoint Dr. Girdhar Jessaram Gyani as an Independent Director. The appointment is for a 3-year term effective from August 1, 2026, through July 31, 2029. Dr. Gyani is a prominent figure in Indian healthcare, having served as the Secretary General of the Quality Council of India (2003-2012) and played a key role in establishing the NABH accreditation system. This appointment adds significant regulatory and quality-standard expertise to the board of a company with TTM revenues of ₹1,076 Cr.

Appointment of Dr. Girdhar Jessaram Gyani as Independent Director for a 3-year term starting August 1, 2026
Dr. Gyani previously served as Secretary General of the Quality Council of India from 2003 to 2012
The company reported a TTM PAT of ₹103 Cr and OPM of 17.5% as of March 2026
Shareholder approval was finalized at the 22nd Annual General Meeting held on July 31, 2026
Artemis maintains a high ARPOB of ₹81,248, which aligns with Dr. Gyani's expertise in healthcare quality standards

💡 Educational: Observe if this high-level appointment enhances the company's clinical governance and quality certifications as it scales its Gurugram hub and expands into Raipur.

View All ARTEMISMED Announcements on Live Market Tracking →

💰 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.