Q3 FY2026 Numbers and Merger Details

Aster DM Healthcare Ltd, one of the leading integrated healthcare service providers in India, today announced its financial results for the quarter ended December 31, 2025. Source: BSE

Key Financial Highlights: Aster DM Healthcare (Q3 FY26)

• Revenue for the quarter ended December 31, 2025, grew 13% YoY to ₹1,186 Cr
• Operating EBITDA (ex-Kasaragod) grew 17% YoY to ₹237 Cr
• Operating EBITDA Margins (excluding Kasaragod) stood at 20.2% in Q3 FY26, versus 19.3% in Q3 FY25
• Normalised PAT1 (ex-Kasaragod) grew 22% YoY to ₹98 Cr

Combined Proforma Performance for Q3 FY26: Aster + QCIL

• Revenue for Q3FY26 grew by 15% to ₹2,366 Cr
• Operating EBITDA grew by 22% to ₹503 Cr
• Operating EBITDA margin stood at 21%

India Business Performance: Highlights

• Overall, India Business registered double-digit year-over-year growth in Revenue and Operating EBITDA, led by growth in Kerala, strong international revenue growth, and a better case mix.
• Average Revenue Per Patient (ARPP) rose by 9 percent YoY to ₹1,22,294 in Q3 FY26, driven by improved specialty mix.

Merger Update

The Company has completed the preferential allotment of 3.6% stake to Blackstone and TPG in the Company in lieu of the initial acquisition of 5.0% stake in Quality Care India Ltd. by the Company.

The shareholders’ meeting is scheduled between February 27, 2026, and March 13, 2026.

Refer to Aster DM Healthcare News for more information.

Founder and Chairman Speech –

Commenting on the company’s performance for Q3 FY26, Dr. Azad Moopen, Founder and Chairman, Aster DM Healthcare, said:

As we move closer to the completion of the merger between Aster and Quality Care India Limited, the proforma performance of the combined platform remains encouraging.

On a proforma basis in Q3 FY26, revenues grew by 15% YoY to ₹2,366 Cr, and operating EBITDA increased by 22% YoY to ₹503 Cr. The combined performance remained largely consistent throughout the three quarters of FY26, supported by strong patient volumes and improving case mix.

Over the past year, the combined entity has added over 560 beds, taking the combined capacity to 10,620 beds across 28 cities, with a pipeline of more than 4,000 additional beds to support long-term growth.

With continued focus on strengthening clinical talent, leadership depth, and execution excellence, we remain well-positioned to deliver sustainable expansion and provide high-quality, accessible healthcare at scale.

We are also pleased with the progress made on the merger and are confident of shareholders’ approval pursuant to the NCLT order, marking an important step in toward creating a scaled, integrated healthcare platform to become the top 3 hospital chains in India.

The Stock made an intra-day high of ₹570.25 and a low of ₹531.25 before it ended at ₹552.15 (UP 2.40%) on the NSE when the market closed.

In terms of volumes, Aster DM Healthcare Limited traded with 622,599 shares on the NSE.

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Update

“Subsidiary Company acquired 60% stake in Skin III Ltd”

Aster DM Healthcare Limited (Indian Conglomerate Health Care Provider) has informed the exchange that its step-down material subsidiary “Medcare Hospital LLC” has acquired 60 per cent stake in Skin III Limited (a private company incorporated in Dubai)

Skin III Limited is a leader in offering IV Drips (Vitamin and Detox) and other Aesthetics Procedures (HydraFacial, laser hair Removal etc.)

Skin III Ltd has tie ups with leading 5 Star Hotels for IV (Anantara and Jumeirah Group etc.) and Homecare Business and is a relatively high margin non-insurance business with significant growth potential, the company said in its latest BSE filing.

Share of Aster DM Healthcare closed at INR 240.50 (DOWN 3%) with a volume of 6,42,063 shares on the National Stock Exchange (NSE) when the market closed.

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08 February 2018

Aster DM Healthcare – one of the largest private healthcare service providers in the MENA and Asia Pacific region – is planning to raise INR 980.14 Cr (725 Cr of Fresh Issue + 255.14 Cr of OFS) via initial public offer (IPO)

Aster DM Healthcare – Company Profile

• Incorporated in the year 1987, Aster DM Healthcare Limited is Kochi, Kerala based Healthcare Service Provider with operations in GCC states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates), India and the Philippines.
• Company’s Indian operations are headquartered in Kochi, Kerala.

Working Area

• In 1987, the company started off as a single clinic under the leadership of Dr. Azad Moopen.
• Currently, Aster DM Healthcare operates in multiple segments of the healthcare industry including clinics, hospitals, and retail pharmacies.
• The Company operates hospitals and clinics, pharmacies, diagnostic centers, educational institutions, and healthcare management and healthcare support systems.
• The Company provides healthcare services to patients across economic segments under brand names including Aster, Medcare, and Access.

Aster DM Healthcare – Networks

• Headquartered in Dubai, the Aster DM network currently encompasses 19,593 employees, 2296 doctors with several JCI accredited Hospitals, clinics and Diagnostic Centres.
• Aster’s hospitals in India are located in Bengaluru, Guntur, Hyderabad, Kochi, Kolhapur, Kozhikode, Kottakkal, Vijayawada, and Wayanad and are generally operated under the Aster, MIMS, Ramesh and Prime brands.

Company Promoters

• Azad Moopen
• Union Investments Private Limited

IPO Opening / Closing Date

IPO Details – Price, Minimum Bid and Other

Financial Performance

Revenues

Aster DM Healthcare shows steady revenue growth in recent years. Top-line has been increasing regularly for the last 3 years and jumped from INR 3,899 Cr in FY 2015 to INR 5967.90 Cr for the period ended FY 2017.

Profits

Though the company has shown steady growth in revenue, the company fails to register growth in profits in these 3 years. Starting from INR 272.11 Cr of profits in FY 2015, the company’s earnings stood at INR 266.75 Cr for the period ended FY 2017.

CONCLUSION –
Considering company’s valuation, financial parameters, and the sector potential in which it is operating, FinBlab recommends NEUTRAL ratings on Aster DM Healthcare IPO.

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