Artemis Medicare Services Ltd Q4 FY26 Earnings Analysis
Published 18 Aug 2026 | Healthcare Services | Market Cap: ₹5.1K Cr
Price
₹314
Market Cap
₹5.1K Cr
P/E Ratio
44.2
Earnings Summary
Artemis Medicare anticipates a 15% to 17% annual revenue growth from flagship hospitals over the next 3-4 years. Revenue growth of 15% to 17% year-on-year expected from flagship hospitals over next 3-4 years (Rudra Acharjee, Pg 16). - At least 30% of incremental revenue expected to flow down to EBITDA (Pg 16). - Gurgaon hospital EBITDA margin projected north of 20%, driven by improved patient mix, operational efficiency, and cost sharing across facilities (Pg 10). - EBITDA margin for Gurgaon was 21.3% in Q4 FY26, with efforts to maintain or improve margins in FY27 (Pg 7, 10). - Raipur facility expected to incur losses of INR 18-20 crores initially, impacting consolidated EBITDA by 1-1.5% for 15-18 months, then contributing positively (Pg 16, 7). - Free cash flow improving: INR 88 crores in FY26 vs.
📊 Revenue & Sales Performance
- →Artemis Medicare anticipates a 15% to 17% annual revenue growth from flagship hospitals over the next 3-4 years.
- →Expansion plans include increasing operational beds from 544 currently and adding 200 beds at Raipur, targeting 2,000+ beds by 2029.
- →International patient revenue is expected to remain around 30-31%, with ongoing geographic diversification.
- →The Gurgaon facility aims to increase occupancy from ~64.6% to 70-75% by Q2 FY27, supporting revenue growth.
- →A 15% overall increase in top line is budgeted for both domestic and international patients, with price hikes of about 15%.
- →Raipur facility is expected to break even within 15-18 months of operation, with initial losses offset by growth in Gurgaon.
- →ARPOB is projected to grow 7%-8% year-on-year, driven by high-end surgeries and improved efficiencies.
📈 Profitability & Margins
- →Revenue growth of 15% to 17% year-on-year expected from flagship hospitals over next 3-4 years (Rudra Acharjee, Pg 16).
- →At least 30% of incremental revenue expected to flow down to EBITDA (Pg 16).
- →Gurgaon hospital EBITDA margin projected north of 20%, driven by improved patient mix, operational efficiency, and cost sharing across facilities (Pg 10).
- →EBITDA margin for Gurgaon was 21.3% in Q4 FY26, with efforts to maintain or improve margins in FY27 (Pg 7, 10).
- →Raipur facility expected to incur losses of INR 18-20 crores initially, impacting consolidated EBITDA by 1-1.5% for 15-18 months, then contributing positively (Pg 16, 7).
- →Free cash flow improving: INR 88 crores in FY26 vs. INR 69 crores last year, with EBITDA to cash flow from operations at ~60% (Pg 19).
- →ARPOB growth of 7-8% annually with 15% price hikes factored for both domestic and international patients (Pg 16).
🏗️ Capital Expenditure Plans
- →Gurgaon: Potential addition of 100 beds; plan to open 50 beds once 70% occupancy is achieved, followed by another 50 beds; capital allocation focusing on extension and maturity of existing towers.
- →New South Delhi & Raipur facilities:
- → - Raipur: 650-bed facility planned in two phases (450 beds and 200 beds); capex around INR 500 crores (INR 350 crores for first 450 beds, INR 150-160 crores for next 200 beds); interiors and equipment included; Raipur operational beds to reach 300 within two quarters post-launch.
- → - South Delhi: 650 beds planned; capex to start post-FY27 with major expenses from FY28 onwards; includes interiors and equipment, land/building owned by trust.
- →Additional capex of INR 100 crores planned in FY27 for Gurgaon replacement and fitting for Raipur.
- →Capital raise target of INR 700 crores approved by board for funding new projects beyond currently announced ones, including deposits not fundable by debt.
- →Focus on projects with target ROCE of 16-18% and payback within 5-6 years.
💰 Fundraising & Capital Structure
- →Artemis Medicare Services has board approval to raise up to INR 700 crores, pending shareholders' approval once assets are finalized.
- →The capital raise is intended primarily to fund new projects beyond the three announced ones, including deposits for pipeline brownfield and greenfield projects.
- →Maximum peak debt for ongoing projects, including Raipur and 650 beds in Delhi, is expected to rise to around INR 350 crores from the current INR 260 crores.
- →Internal accruals plus this debt will be sufficient to fund existing announced projects.
- →Capex for the VIMHANS facility will start mostly after FY27, with major spending planned in FY28 and FY29.
- →No mention of immediate equity issuance, but capital raising discussions imply equity or other fundraise options.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Artemis Medicare Services Ltd Q4 FY26 results?
Artemis Medicare anticipates a 15% to 17% annual revenue growth from flagship hospitals over the next 3-4 years. Revenue growth of 15% to 17% year-on-year expected from flagship hospitals over next 3-4 years (Rudra Acharjee, Pg 16). - At least 30% of incremental revenue expected to flow down to EBITDA (Pg 16). - Gurgaon hospital EBITDA margin projected north of 20%, driven by improved patient mix, operational efficiency, and cost sharing across facilities (Pg 10). - EBITDA margin for Gurgaon was 21.3% in Q4 FY26, with efforts to maintain or improve margins in FY27 (Pg 7, 10). - Raipur facility expected to incur losses of INR 18-20 crores initially, impacting consolidated EBITDA by 1-1.5% for 15-18 months, then contributing positively (Pg 16, 7). - Free cash flow improving: INR 88 crores in FY26 vs.
What is Artemis Medicare Services Ltd share price analysis?
Artemis Medicare Services Ltd currently shows a neutral. The stock trades at a P/E of 44.2 with a market cap of ₹5,100 Cr. Investors should review the full earnings analysis for detailed insights.
Is Artemis Medicare Services Ltd planning capital expenditure?
Gurgaon: Potential addition of 100 beds; plan to open 50 beds once 70% occupancy is achieved, followed by another 50 beds; capital allocation focusing on extension and maturity of existing towers.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.