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Aster DM Quality Care Ltd

Q2 FY26

Aster DM Quality Care Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹674

Market cap₹58.8K Cr

P/E162.9

Updated16 Oct 2026

Read4 min read

The short version

Proforma revenues organically grew 13% YoY to INR 2,390 Cr, driven by 8% growth in patient volumes and 10% growth in ARPP (IP). Proforma combined entity delivered 13% YoY revenue growth and 17% operating EBITDA growth in Q2 FY26, with a robust 23% EBITDA margin and ROCE exceeding 22%.

From Aster DM Quality Care Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Proforma revenues organically grew 13% YoY to INR 2,390 Cr, driven by 8% growth in patient volumes and 10% growth in ARPP (IP).
The Kerala cluster, a key growth engine, delivered a 24% quarterly revenue increase with a 13% sequential inpatient volume rise in Q2 FY26.
Oncology shows strong potential with 26% YoY revenue growth and increased share of total revenue to 11%.
Expansion includes 1,700 to 1,300 additional beds over 3-4 years, targeting capacity-constrained existing markets and Tier 2 cities with fast ramp-up potential.
Ongoing brownfield and greenfield expansions, including new hospitals in Nagercoil (profitable within 3 months) and clusters in Trivandrum and Hyderabad, expected to fuel growth.

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Profitability & Margins

Proforma combined entity delivered 13% YoY revenue growth and 17% operating EBITDA growth in Q2 FY26, with a robust 23% EBITDA margin and ROCE exceeding 22%.
Focus on unlocking synergy potential through clinical collaboration, shared tech, optimized procurement, network rationalization, and talent mobility to enhance profitability and capital efficiency.
Expectation to sustain EBITDA margins around 24-25% over the next 2-3 years post-merger.
Oncology and CONGO-T specialties driving ARPP and revenue growth; Oncology grew 26% YoY in Q2 FY26.
ARPP (IP) growth projected at 7-8% over the next 2-3 years.
Kerala and core clusters showing strong margin improvement, with potential for further enhancements.
Brownfield expansions and new hospital launches expected to scale rapidly, with new hospitals reaching ~25% profitability by 3rd/4th quarter post-launch.

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Capital Expenditure Plans

Total capital expenditure for H1 FY26 was INR 302 Cr, with nearly 50% allocated towards expansion projects.
Key ongoing projects include brownfield expansions in Kerala cluster (Aster Medcity and Kannur); Kannur margins improved beyond 20%, Medcity margins beyond 30% after adding beds.
Planned greenfield expansions include a 500-bed hospital in Trivandrum, and a women & child facility in Hyderabad.
Sarjapur greenfield project expected to commence brownfield work in H2 FY27, with capital infusion around mid-year.
QCIL plans to add approximately 1,700 to 1,300 beds over the next 3-4 years, including Tier 2 market expansions (e.g., Nagercoil, Indore, Bhubaneswar, Raipur).

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Fundraising & Capital Structure

As of H1 FY26, Aster DM Healthcare maintained a robust liquidity position with cash and cash equivalents of INR 1,276 Cr and moderate gross debt of INR 639 Cr.
There is no specific mention of current or planned new fundraising through debt or equity in the provided excerpts from the Q2 FY26 earnings call.
The company appears focused on capital expenditure mainly for expansion projects (INR 302 Cr in H1 FY26, with nearly 50% allocated to expansions).

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Order Book & Pipeline

The provided pages of the Aster DM Healthcare Q2 FY26 Earnings Call transcript do not mention any information regarding current or expected order book or pending orders. The discussion primarily focuses on: - Financial performance and margins - Operational efficiencies and cost optimization - Expansion plans (including bed additions and new hospitals) - Strategic merger progress with QCIL - Specialty performances like Oncology and Diagnostics - Focus on payor mix and ARPP/IP growth

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Aster DM Quality Care Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.2K Cr, net profit ₹154 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Aster DM Quality Care Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Aster DM Quality Care Ltd Q2 FY26 results?

Proforma revenues organically grew 13% YoY to INR 2,390 Cr, driven by 8% growth in patient volumes and 10% growth in ARPP (IP). Proforma combined entity delivered 13% YoY revenue growth and 17% operating EBITDA growth in Q2 FY26, with a robust 23% EBITDA margin and ROCE exceeding 22%.

What is Aster DM Quality Care Ltd share price analysis?

Aster DM Quality Care Ltd currently shows a neutral. The stock trades at a P/E of 162.9 with a market cap of ₹58,781 Cr. Investors should review the full earnings analysis for detailed insights.

Is Aster DM Quality Care Ltd planning capital expenditure?

Total capital expenditure for H1 FY26 was INR 302 Cr, with nearly 50% allocated towards expansion projects.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.