Aster DM Quality Care Limited (ASTERDM)
₹674.35 -1.22% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Aster DM's revenue was ₹1,311 Cr (+21.6% year on year, +10.9% on the previous quarter), and net profit ₹29.3 Cr (-68.9% year on year); the operating margin was 20.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,311 | +21.6% | +10.9% |
| Operating profit | ₹264 | +30.9% | +18.0% |
| Net profit | ₹29.3 | -68.9% | -81.0% |
| EPS (₹) | 0.31 | -81.2% | -88.6% |
| Operating margin | 20.2% | — | — |
ASTERDM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.99% of the ASTERDM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.9%. That is close to its usual level.
Delivery in the last 5 sessions: 55.6% · 51.3% · 66.9% · 49.0% · 55.0%
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
Aster DM Quality Care Limited has submitted the transcript of its 18th Annual General Meeting held on September 28, 2026. The meeting marked the company's first AGM following the effective merger with Quality Care India Limited on July 1, 2026, which combines Aster, CARE Hospitals, KIMSHEALTH, and Evercare. Management highlighted that the combined platform operates over 10,800 beds across 28 cities with an active pipeline of 4,170+ beds aiming for a network exceeding 15,000 beds. In clinical metrics, the company delivered over 2,000 robotic surgeries (growing 75-80% YoY) and 825 transplants in the past year.
- Merger with Quality Care India Limited became effective on July 1, 2026, integrating Aster, CARE Hospitals, KIMSHEALTH, and Evercare
- Current combined capacity stands at over 10,800 beds across 28 cities, with 4,170+ beds in the pipeline to reach 15,000+ beds
- Completed over 2,000 robotic surgeries in the past year, registering 75-80% YoY growth
- Conducted 825 transplants and set up 11,000 community medical camps benefiting 700,000 people in 2026
Aster DM Quality Care Limited held its 18th Annual General Meeting on September 28, 2026, where shareholders approved all five resolutions with requisite majorities. Key approvals included the adoption of FY26 financial statements, re-appointment of director Mr. T J Wilson, and ratification of cost auditor remuneration. Additionally, special resolutions to increase lending and investment limits under Sections 185 and 186 of the Companies Act were approved with over 94% votes in favor, despite ~17.4% institutional opposition on Section 185.
- All 5 resolutions passed at the 18th AGM held on September 28, 2026
- Adoption of FY26 financial statements approved with ~100% votes in favor (78.21 Cr votes)
- Special resolution to raise Section 185 limits passed with 94.19% votes in favor (4.56 Cr votes against)
- Special resolution to raise Section 186 limits passed with 94.20% votes in favor (4.55 Cr votes against)
- Total turnout represented 90.09% of eligible shares voted across key resolutions
Aster DM Quality Care Limited has announced the retirement of Non-Executive Independent Director Ms. Purana Housdurgam Vijayadeepti upon completion of her term, effective 28 September 2026. Concurrently, the Board has appointed Ms. Neela Bhattacherjee as an Additional Director (Non-Executive Independent) for a term of 3 consecutive years, subject to shareholder approval. Ms. Bhattacherjee brings over 32 years of global IT, M&A, and corporate strategy experience. Reconstitution of key committees was also approved, including Mr. Neeraj Jain taking over as Chairman of the Risk Management Committee.
- Retirement of Independent Director Ms. P H Vijaya Deepti effective 28 September 2026 post 18th AGM
- Appointment of Ms. Neela Bhattacherjee as Independent Director for a 3-year term
- Incoming director brings over 32 years of experience in IT, strategy, and M&A
- Board committee reconstitutions executed across Risk Management, NRC, and CSR committees
Aster DM Quality Care Limited has announced the retirement of Non-Executive Independent Director Ms. Purana Housdurgam Vijayadeepti upon completion of her term, effective 28 September 2026. Concurrently, the Board has appointed Ms. Neela Bhattacherjee as an Additional Director (Non-Executive Independent) for a term of 3 consecutive years, subject to shareholder approval. Ms. Bhattacherjee brings over 32 years of global IT, M&A, and corporate strategy experience. Reconstitution of key committees was also approved, including Mr. Neeraj Jain taking over as Chairman of the Risk Management Committee.
- Retirement of Independent Director Ms. P H Vijaya Deepti effective 28 September 2026 post 18th AGM
- Appointment of Ms. Neela Bhattacherjee as Independent Director for a 3-year term
- Incoming director brings over 32 years of experience in IT, strategy, and M&A
- Board committee reconstitutions executed across Risk Management, NRC, and CSR committees
Aster DM Quality Care Limited has announced the retirement of Non-Executive Independent Director Ms. Purana Housdurgam Vijayadeepti upon completion of her term, effective 28 September 2026. Concurrently, the Board has appointed Ms. Neela Bhattacherjee as an Additional Director (Non-Executive Independent) for a term of 3 consecutive years, subject to shareholder approval. Ms. Bhattacherjee brings over 32 years of global IT, M&A, and corporate strategy experience. Reconstitution of key committees was also approved, including Mr. Neeraj Jain taking over as Chairman of the Risk Management Committee.
- Retirement of Independent Director Ms. P H Vijaya Deepti effective 28 September 2026 post 18th AGM
- Appointment of Ms. Neela Bhattacherjee as Independent Director for a 3-year term
- Incoming director brings over 32 years of experience in IT, strategy, and M&A
- Board committee reconstitutions executed across Risk Management, NRC, and CSR committees
Aster DM Quality Care Limited has declared the results of its Postal Ballot dated September 25, 2026, passing all 10 proposed resolutions with the requisite majority. Key approvals include the appointment of Mr. Varun Shadilal Khanna as Managing Director and Group CEO with 99.27% votes in favor, and remuneration revisions for Executive Chairman Dr. Azad Moopen (99.69% in favor). Shareholders also approved the Aster DM Quality Care Limited Employee Stock Option Scheme - 2026 and its extension to subsidiaries, receiving 88.75% approval each.
- Appointment of Varun Shadilal Khanna as MD and Group CEO approved with 99.2724% votes polled in favor
- Revision in managerial remuneration of Dr. Mandayapurath Azad Moopen passed with 99.6916% favorable votes
- Employee Stock Option Scheme - 2026 approved with 88.7464% votes in favor and 11.2536% against
- Total voting participation reached 91.61% of outstanding shares (79.85 crore votes polled out of 87.17 crore shares)
Aster DM Quality Care has issued an Addendum to its 18th AGM notice disclosing an indicative capital allocation roadmap of ~₹6,900 crore across FY27 to FY29. The deployment is scheduled as ~₹1,900 crore in FY27, ~₹3,000 crore in FY28, and ~₹2,000 crore in FY29 to fund subsidiaries, joint ventures, and strategic initiatives. This aggregate outlay of ~₹6,900 crore is significant, representing ~160% of its TTM revenue (₹4,291 crore) and ~158% of its current net worth (₹4,366 crore). The disclosure comes in response to queries received from investors regarding proposed capital allocation items on the ballot.
- Indicative capital allocation plan totaling ~₹6,900 crore across FY27-FY29
- Scheduled deployment: ~₹1,900 crore in FY27, ~₹3,000 crore in FY28, and ~₹2,000 crore in FY29
- Capital to support investments in operating subsidiaries, joint ventures, and strategic business initiatives
- Addendum issued for the 18th AGM scheduled for 28 September 2026 regarding Item Nos. 4 and 5
ICRA has upgraded the long-term credit rating of Aster DM Quality Care Limited's material subsidiary, KIMS Healthcare Management Limited (KHML), from [ICRA]AA- to [ICRA]AA (Stable) across Rs 210.00 crore of bank facilities. The short-term rating was reaffirmed at [ICRA]A1+, and all ratings were removed from Rating Watch with Developing Implications following the completed merger of QCIL with Aster DM Healthcare. The upgrade reflects the strengthened financial and operational profile of the combined parent group and KHML's robust operating performance, marked by an operating margin of 30.2% in FY26 and a 23% revenue growth. KHML operates 1,560 beds across Kerala and Tamil Nadu, maintaining low leverage with Total Debt to OPBITDA improving to 0.4x.
- ICRA upgraded KHML's long-term rating to [ICRA]AA(Stable) from [ICRA]AA- and reaffirmed short-term rating at [ICRA]A1+ across Rs 210.00 crore of facilities.
- Ratings removed from Rating Watch with Developing Implications following the successful merger of QCIL into Aster DM Quality Care Limited.
- KHML's operating margin expanded 400 bps to 30.2% in FY2026 from 26.2% in FY2025.
- Subsidiary leverage strengthened with Total Debt/OPBITDA dropping to 0.4x and interest coverage increasing to 23.4x in FY2026.
- KHML maintained an established network of 1,560 beds as of March 31, 2026, delivering ~23% YoY revenue growth in FY2026.
Aster DM Quality Care Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Integrated Annual Report. The company disclosed operational metrics including a network of 20 hospitals, 10 clinics, 203 pharmacies, and 304 labs/experience centers across 5 Indian states. Hospital and medical services contributed 91.09% of turnover, while pharmacy sales accounted for 7.02%. The workforce totaled 22,405 personnel (15,728 permanent), with female representation standing at 61.56% overall and permanent employee attrition at 33.7%.
- Healthcare network spans 20 hospitals, 10 clinics, 203 pharmacies, and 304 labs and patient experience centers across 5 states
- Revenue contribution stood at 91.09% from hospital/medical services and 7.02% from pharmacy sales
- Total headcount is 22,405 employees (15,728 permanent and 6,677 non-permanent/retainers)
- Permanent employee turnover rate was 33.7% in FY 2025-26, down from 37.7% in FY 2024-25
- Paid-up share capital stands at INR 518.12 Cr (INR 518,12,10,290)
Aster DM Quality Care Limited has issued the notice for its 18th Annual General Meeting scheduled for September 28, 2026, to be held via Video Conferencing. The record/cut-off date to determine eligibility for e-voting has been fixed as Monday, September 21, 2026. The remote e-voting window opens on September 25, 2026, and concludes on September 27, 2026. Key agenda items include adopting FY26 audited accounts, director re-appointments, cost auditor remuneration of ₹2.75 lakh, and revising Section 185 loan/guarantee limits beyond the previous ₹1,500 crore threshold.
- 18th Annual General Meeting to be held via Video Conferencing on September 28, 2026 at 11:30 AM IST
- Cut-off date to determine eligibility for remote e-voting set as September 21, 2026
- Remote e-voting period runs from September 25, 2026 (09:00 AM IST) to September 27, 2026 (05:00 PM IST)
- Special resolution proposed to alter Section 185 limits for loans, guarantees, and securities, superseding the prior limit of ₹1,500 crore
- Cost auditor remuneration proposed at ₹2,75,000 plus taxes for FY27
Union (Mauritius) Holdings Ltd., owned and promoted by Dr. Azad Moopen and family, has acquired 46.09 lakh equity shares (~0.57% stake) in Aster DM Quality Care Limited. The stake was purchased from TPG-backed Centella Mauritius Holdings Limited on September 2, 2026, at ₹760 per share for an aggregate consideration of approximately ₹350.34 crore. With this transaction, the Moopen family's shareholding in the company rises to ~24.58%, demonstrating promoter confidence in the newly merged hospital platform.
- Acquisition of 46.09 lakh equity shares (~0.57% of paid-up capital) by promoter entity Union (Mauritius) Holdings Ltd.
- Total transaction value of ~₹350.34 crore executed at ₹760 per share on September 2, 2026.
- Dr. Moopen family's aggregate shareholding increases to ~24.58% post-acquisition.
- Shares purchased from institutional shareholder Centella Mauritius Holdings Limited (backed by TPG).
Aster DM Quality Care's material subsidiary, KIMS Health Care Management Limited (KHML), has approved a ₹134.4 crore capacity expansion at KIMSHEALTH Hospital in Trivandrum, Kerala. The plan adds ~184 beds to the existing ~795-bed facility (which operated at ~75% occupancy in FY26), taking total capacity to ~979 beds. The project will be funded via 70% debt and 30% equity, with completion targeted on or before May 2028. The capex represents ~3.1% of Aster's TTM revenue of ₹4,291 crore.
- Approved ₹134.4 crore investment for construction of KIMSHEALTH New Block in Trivandrum
- Adding ~184 beds to expand facility capacity from ~795 beds to ~979 beds
- Current facility occupancy stands at ~75% (~596 utilized beds in FY26)
- Funding structure is 70% debt and 30% equity with target commissioning by May 2028
Aster DM Quality Care Limited has announced board approval for the amalgamation of step-down subsidiary KIMSHEALTH Executive Leisure Private Limited (KEL) into Spiceretreat Hospitality Services Private Limited (SHSPL). As of 31 March 2026, KEL reported a turnover of ₹1.47 crore while SHSPL recorded ₹77.15 crore, together representing less than 2% of the parent company's TTM revenue of ₹4,291 crore. The transaction involves no cash consideration, issuing 13.4391 equity shares of SHSPL for every 1,000 shares of KEL. The restructuring will have no impact on the shareholding pattern of the listed parent company.
- Merger of step-down subsidiaries KEL and SHSPL approved with Appointed Date set as 1 April 2026
- KEL turnover reported at ₹1.47 crore and SHSPL turnover at ₹77.15 crore as of 31 March 2026
- Share exchange ratio set at 13.4391 SHSPL shares (fair value ₹43,400/share) per 1,000 KEL shares (fair value ₹583.3/share)
- No cash outflow involved and zero change to Aster DM Quality Care's equity shareholding pattern
Aster DM Quality Care Limited, through its Mauritius subsidiary Chemistry Intermediate Holdings, has acquired a 14.21% stake (22,727,584 equity shares) in Bangladesh-based STS Holdings Limited for USD 44.11 million in cash. The acquisition is executed in alignment with the Quality Care India Limited merger framework agreement approved by NCLT on June 19, 2026. STS Holdings operates in healthcare services and training in Bangladesh, reporting a turnover of BDT 10,534.24 million for the year ended March 31, 2026.
- Acquired 14.21% equity stake (22,727,584 shares) in STS Holdings Limited for USD 44,114,339 in cash.
- Target company is based in Bangladesh, generating a turnover of BDT 10,534.24 million in FY26, up from BDT 7,777.02 million in FY24.
- Purchase executed at a price per share equivalent to BDT 273.45 (face value BDT 10).
- Part of the Scheme of Amalgamation with Quality Care India Limited approved by NCLT Hyderabad on June 19, 2026.
Aster DM Quality Care Limited has issued a Postal Ballot notice seeking shareholder approval for 10 resolutions via remote e-voting. Key agenda items include the appointment of Mr. Varun Shadilal Khanna as Managing Director and Group CEO, along with remuneration revisions for Executive Chairman Dr. Mandayapurath Azad Moopen and Executive Director Ms. Alisha Moopen. The ballot also seeks approval for the implementation of the Employee Stock Option Scheme - 2026 (ESOP 2026). The remote e-voting window runs from 27 August 2026 to 25 September 2026, with 20 August 2026 as the cut-off date.
- Shareholder approval sought for appointment of Mr. Varun Shadilal Khanna as MD and Group CEO
- Approval sought for the new Aster DM Quality Care Limited ESOP Scheme - 2026 covering company and subsidiary employees
- Revision of managerial remuneration proposed for Executive Chairman Dr. Azad Moopen and redesignation of Ms. Alisha Moopen as Executive Director
- E-voting starts on 27 August 2026 (9:00 AM IST) and concludes on 25 September 2026 (5:00 PM IST) with cut-off date of 20 August 2026
Financial Performance
Revenue Growth by Segment
The core Hospitals and Clinics segment, which contributes 94% of total revenue, grew 10% YoY in Q2 FY26 to INR 1,160 Cr. Aster Labs revenue grew 15% YoY in Q2 FY26, while the Pharmacy business saw a revenue decrease to INR 134 Cr in FY25 from INR 168 Cr in FY24 due to a strategic exit from loss-making wholesale units.
Geographic Revenue Split
Operations are heavily concentrated in South India, with key clusters in Kerala, Karnataka, Andhra Pradesh, and Telangana. Kerala remains a primary market, showing steady recovery and contributing significantly to the 20% revenue CAGR over the last five years.
Profitability Margins
Operating Profit Margin (OPM) improved to 18.7% in FY25 from 15.9% in FY24. In Q2 FY26, the margin reached 22.0%, up from 21.4% in Q2 FY25. Normalised PAT (Post-NCI) for Q2 FY26 was INR 110 Cr, a 14% increase YoY from INR 97 Cr.
EBITDA Margin
Operating EBITDA margin stood at 22.0% in Q2 FY26, a 53 bps improvement YoY. Core hospital business delivered a higher margin of 24.4%, while matured hospitals achieved 26.5% in Q2 FY26. EBITDA grew 13% YoY to INR 263 Cr in Q2 FY26.
Capital Expenditure
Planned capital expenditure of approximately INR 2,500 Cr to add 2,600 beds by FY2029, with INR 400 Cr already incurred as of June 30, 2025. An additional INR 900-1,000 Cr is allocated for incremental bed capacity and maintenance between FY24 and FY26.
Credit Rating & Borrowing
ICRA upgraded ratings on bank lines totaling INR 602 Cr. Total debt as of March 31, 2025, was INR 2,017.8 Cr (including INR 1,375.6 Cr in lease liabilities). Net Debt/EBITDA improved significantly to 0.8x following the GCC business sale proceeds.
Operational Drivers
Raw Materials
Primary costs include medical consumables, pharmaceuticals (representing the bulk of the 6% revenue from labs/pharmacy), and medical equipment. Specific percentage of total cost per item is not disclosed.
Import Sources
Not specifically disclosed in available documents, though medical equipment is noted as a key investment area for capacity expansion.
Capacity Expansion
Current capacity is 5,159 beds (FY25). The company plans to add 2,300+ beds to reach a total capacity of 7,800+ beds, with 234 beds in FY26, 1,054 in FY27, and 1,080 beyond FY27.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but procurement synergies and group-strength negotiations are used to manage costs. Pharmacy business strategic exits were made to improve overall profitability.
Manufacturing Efficiency
Occupancy stood at 62% in FY25. Average Revenue Per Occupied Bed (ARPOB) increased 12% YoY to INR 45,000 in FY25. Average Length of Stay (ALOS) improved to 3.2 days from 3.4 days.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by adding 2,300+ beds by FY27, optimizing the payor mix (currently 81% cash and insurance), and expanding the O&M asset-light model in emerging regional cities. The company is also integrating with Quality Care India Limited (QCIL) to create a merged entity with 7,800+ capacity beds.
Products & Services
Quaternary and tertiary healthcare services, oncology treatments (grew 26% YoY), diagnostic lab tests, and retail/wholesale pharmacy products.
Brand Portfolio
Aster DM Healthcare, Aster Medcity, Aster MIMS, Aster Whitefield, Aster Aadhar, Aster Labs, and Aster Health App.
New Products/Services
The Aster Health App, launched in November 2024, has achieved over 100,000 downloads to enhance digital patient engagement.
Market Expansion
Expansion into Northern Kerala (Kasargod) and deeper penetration into Karnataka, Maharashtra, Andhra Pradesh, and Telangana clusters.
Strategic Alliances
Merger with Quality Care India Limited (QCIL) to scale operations to a proforma revenue of INR 2,390 Cr for the merged entity.
External Factors
Industry Trends
The industry is shifting toward high-acuity and complex care in urban centers. Aster has positioned itself with a 20% revenue CAGR and 38% EBITDA CAGR over 5 years, outperforming general market growth through quaternary care focus.
Competitive Landscape
Faces competition from regional hospital chains in South India and national players; competitive pressure is a noted risk for geographic concentration.
Competitive Moat
Moat is built on a strong brand presence in South India, high-end quaternary care capabilities (e.g., Aster Medcity), and an established referral network from the GCC region. These are sustainable due to high switching costs in complex healthcare and long-term doctor-patient relationships.
Macro Economic Sensitivity
Sensitive to medical tourism trends, particularly from GCC countries to Indian hospitals, which helps mitigate regional economic risks.
Consumer Behavior
Increasing demand for digital healthcare convenience, addressed by the launch of the Aster Health App.
Geopolitical Risks
The segregation of the GCC business reduces direct exposure to Middle Eastern geopolitical shifts, though the brand remains leveraged in that region for medical tourism.
Regulatory & Governance
Industry Regulations
Subject to price-control measures and high compliance standards for healthcare services. Recent CGHS price increases for 2,000+ procedures provided a positive revenue impact of INR 2 Cr per month.
Taxation Policy Impact
FY24 results excluded a one-time impact of INR 52.4 Cr due to the recognition of Net Deferred Tax Liability.
Legal Contingencies
The company faces moderate social risks including litigation exposure and high compliance requirements typical of the healthcare sector. Specific case values are not disclosed.
Risk Analysis
Key Uncertainties
Regulatory price caps and changes in government healthcare schemes (CGHS/ESI) could impact margins by 35-40 basis points of EBITDA.
Geographic Concentration Risk
High dependence on South India; regional economic downturns or regulatory changes in Kerala or Karnataka could significantly impact the 94% revenue share from hospitals.
Third Party Dependencies
Dependency on quality human capital (doctors/surgeons) to drive patient footfalls is a critical operational risk.
Technology Obsolescence Risk
Mitigated by ongoing investments in medical equipment and the digital transformation via the Aster Health App.
Credit & Counterparty Risk
Liquidity is strong with INR 1,380.5 Cr in free cash and liquid investments as of March 31, 2025, ensuring low counterparty risk.
