Artemis Medicare Services Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,647 Cr
- P/E
- 40.27
- ROE
- 11.88%
- PEG
- 1.01
- Price to sales
- 4.25
- Debt to equity
- 0.28
- 52W high / low
- ₹367 / ₹206
- Sales growth (5Y)
- 21.41%
- EBITDA margin
- 18.28%
- Net profit margin
- 9.97%
- Promoter holding
- 58.39%
- Sales (last year)
- ₹1,093 Cr
Artemis Medicare Services Ltd (AMSL) was incorporated in 2004, operates a 541-bedded multi-specialty tertiary care hospital in Gurgaon. [1][2]
Guidance scorecard · Q2 FY27 call
What Artemis Medicare Services Ltd's management guided
and where it ranks in Healthcare Services
Healthcare Services
RevenueQ1 FY27 call
20–40%- Expansion to 900-950 beds at Gurgaon standalone facility in 18-22 months.
- Target occupancy of 70% by Q2 and 85% census in the medium term.
- Anticipated 4-5% ARPOB (Average Revenue Per Occupied Bed) growth.
- Potential to reach INR 2,000 crores topline from Gurgaon alone within 3-5 years.
- Launch of advanced tertiary and quaternary pediatric and obstetric care in new 200-bed expansion.
- Raipur facility showing encouraging early traction with multiple specialties active, growing OPD and surgery volumes.
- Focus on brownfield expansions via internal accruals and selective acquisitions (INR 700 crores enabling resolution).
2 more points from Artemis Medicare Services Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Artemis Medicare Services Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Total capex planned over the next three years is approximately INR 800 crores, excluding deposits.
- Additional deposit of INR 250 crores to VIMHANS, with INR 130 crores already paid.
- A 200+ bed advanced pediatric and obstetrics/gynecology facility to be operational in 18-22 months.
- Enabling resolution passed to raise up to INR 700 crores for potential brownfield acquisitions and strategic expansions, expected to be decided within 6-8 months based on asset finalization.
2 more points from Artemis Medicare Services Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Artemis Medicare Services Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- INR 800 crores of capex lined up for the next three years, excluding a separate INR 250 crores deposit for VIMHANS.
- Internal accruals expected to generate around INR 150 crores per year, totaling around INR 450 crores over three years.
- INR 700 crores enabling resolution approved for potential brownfield projects and equity expansion over three years.
- Expansion includes 200+ beds addition at Gurgaon facility, expected operational in 18-22 months.
- New asset finalizations and acquisitions are underway, with decisions on capital raising (QIP) to be taken based on asset quality and dilution considerations.
2 more points from Artemis Medicare Services Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Healthcare Services
on management's own guidance
- Strong growth2
- Strong growth1
- Aster DM Quality Care LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Healthcare Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹903 Cr | — | |
| 2 | 40%+ | Flat | ₹583 Cr | 22.2 | |
| 3 | Aster DM Quality Care Ltd | 20–40% | Up 2%+ | ₹58,782 Cr | 162.9 |
| 4 | 20–40% | Up 0–2% | ₹1,730 Cr | 17.5 | |
| 5 | 20–40% | Up 0–2% | ₹580 Cr | 11.9 | |
| 6 | 20–40% | Flat | ₹1.13L Cr | 53.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Healthcare Services rankingFinancials of Artemis Medicare Services Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Artemis Medicare Services Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 68.03% | 68.03% | 67.51% | 67.17% | 67.17% | 67.17% | 66.53% | 66.53% | 58.38% | 58.39% | 58.39% | 58.39% |
| FIIs + | 0.11% | 0.10% | 0.16% | 0.21% | 0.65% | 0.31% | 0.24% | 0.37% | 12.47% | 12.19% | 12.28% | 12.45% |
| DIIs + | 1.96% | 2.61% | 3.45% | 3.60% | 4.51% | 5.04% | 4.76% | 4.27% | 2.91% | 2.89% | 2.40% | 1.91% |
| Government + | 7.18% | 7.18% | 7.12% | 7.09% | 7.09% | 7.09% | 7.02% | 7.02% | 6.16% | 6.16% | 6.16% | 6.16% |
| Public + | 22.72% | 22.08% | 21.76% | 21.93% | 20.59% | 20.39% | 21.45% | 21.81% | 20.07% | 20.37% | 20.76% | 21.07% |
| No. of Shareholders | 22,375 | 19,993 | 19,795 | 26,054 | 27,004 | 28,397 | 31,614 | 33,559 | 31,602 | 32,044 | 36,335 | 44,260 |
Financials of Artemis Medicare Services Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 217 | 210 | 217 | 217 | 235 | 227 | 235 | 250 | 270 | 267 | 274 | 282 | 306 |
| Expenses + | 184 | 179 | 181 | 181 | 193 | 190 | 199 | 209 | 220 | 223 | 224 | 227 | 252 |
| Operating Profit | 33 | 32 | 36 | 36 | 42 | 37 | 36 | 41 | 50 | 44 | 50 | 55 | 54 |
| OPM % | 15% | 15% | 17% | 16% | 18% | 16% | 15% | 16% | 19% | 16% | 18% | 20% | 18% |
| Other Income + | 2 | 2 | 2 | 4 | 8 | 9 | 12 | 7 | 8 | 4 | 8 | 5 | 8 |
| Interest | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 6 | 6 | 7 |
| Depreciation | 9 | 10 | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 14 |
| Profit before tax | 19 | 16 | 19 | 22 | 31 | 27 | 29 | 30 | 40 | 30 | 39 | 42 | 41 |
| Tax % | 27% | 29% | 28% | 24% | 27% | 23% | 20% | 29% | 25% | 24% | 25% | 26% | 24% |
| Net Profit + | 14 | 12 | 14 | 17 | 23 | 21 | 23 | 21 | 30 | 23 | 30 | 31 | 31 |
| EPS in Rs | 1.01 | 0.85 | 1.02 | 1.24 | 1.64 | 1.51 | 1.69 | 1.54 | 2.16 | 1.42 | 1.87 | 1.96 | 1.96 |
Financials of Artemis Medicare Services Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 368 | 402 | 459 | 503 | 547 | 563 | 402 | 545 | 714 | 845 | 913 | 1,060 | 1,129 |
| Expenses + | 325 | 359 | 406 | 442 | 480 | 501 | 367 | 477 | 620 | 717 | 763 | 875 | 925 |
| Operating Profit | 43 | 43 | 53 | 60 | 66 | 62 | 35 | 68 | 94 | 128 | 150 | 185 | 204 |
| OPM % | 12% | 11% | 11% | 12% | 12% | 11% | 9% | 12% | 13% | 15% | 16% | 17% | 18% |
| Other Income + | 3 | 5 | 4 | 3 | 2 | 4 | 7 | 3 | 7 | 7 | 33 | 27 | 26 |
| Interest | 12 | 9 | 9 | 9 | 11 | 13 | 12 | 11 | 19 | 30 | 30 | 27 | 27 |
| Depreciation | 12 | 12 | 15 | 18 | 20 | 22 | 21 | 21 | 29 | 38 | 43 | 46 | 51 |
| Profit before tax | 21 | 27 | 32 | 35 | 37 | 32 | 9 | 39 | 53 | 68 | 109 | 139 | 152 |
| Tax % | 12% | 21% | 16% | 24% | 44% | 36% | 20% | 16% | 25% | 28% | 24% | 25% | |
| Net Profit + | 19 | 22 | 27 | 27 | 21 | 20 | 7 | 33 | 40 | 49 | 83 | 103 | 114 |
| EPS in Rs | 0.88 | 1.03 | 1.29 | 1.27 | 0.98 | 1.54 | 0.54 | 2.46 | 2.96 | 3.62 | 6.07 | 6.53 | 7.21 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 15% | 12% | 7% | 7% |
Financials of Artemis Medicare Services Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 21 | 21 | 21 | 21 | 0.00 | 13 | 13 | 13 | 13 | 14 | 14 | 16 | 16 |
| Reserves | 135 | 163 | 183 | 210 | 280 | 301 | 308 | 348 | 393 | 438 | 828 | 923 | 977 |
| Borrowings + | 85 | 68 | 94 | 91 | 114 | 108 | 137 | 190 | 268 | 305 | 280 | 260 | 323 |
| Other Liabilities + | 90 | 93 | 124 | 130 | 160 | 159 | 130 | 145 | 207 | 191 | 221 | 225 | 276 |
| Total Liabilities | 331 | 345 | 422 | 452 | 555 | 581 | 589 | 697 | 882 | 948 | 1,343 | 1,424 | 1,592 |
| Fixed Assets + | 239 | 249 | 283 | 309 | 381 | 387 | 372 | 476 | 584 | 699 | 729 | 790 | 896 |
| CWIP | 0 | 1 | 27 | 43 | 49 | 56 | 81 | 64 | 95 | 33 | 40 | 33 | 61 |
| Investments | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 6 | 12 | 15 | 15 | 15 | 15 |
| Other Assets + | 91 | 94 | 112 | 100 | 124 | 137 | 132 | 152 | 192 | 200 | 559 | 585 | 621 |
| Total Assets | 331 | 345 | 422 | 452 | 555 | 581 | 589 | 697 | 882 | 948 | 1,343 | 1,424 | 1,592 |
Financials of Artemis Medicare Services Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 53 | 20 | 58 | 72 | 41 | 56 | 27 | 61 | 129 | 108 | 150 | 129 |
| Cash from Investing Activity + | -10 | -14 | -74 | -67 | -50 | -22 | -34 | -106 | -153 | -90 | -396 | -96 |
| Cash from Financing Activity + | -35 | -24 | 19 | -10 | 14 | -33 | 12 | 44 | 30 | -26 | 274 | -41 |
| Net Cash Flow | 7 | -18 | 3 | -4 | 5 | 2 | 6 | -2 | 7 | -8 | 28 | -8 |
| Free Cash Flow | 37 | 4 | -17 | 11 | -17 | 37 | 2 | -45 | -5 | 36 | 57 | 25 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 127% | 48% | 112% | 121% | 76% | 97% | 71% | 114% | 140% | 95% | 109% | 81% |
Financials of Artemis Medicare Services Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 39 | 49 | 48 | 40 | 52 | 50 | 48 | 47 | 43 | 36 | 37 | 38 |
| Inventory Days | 26 | 21 | 19 | |||||||||
| Days Payable | 195 | 189 | 187 | |||||||||
| Cash Conversion Cycle | -129 | -120 | -120 | 40 | 52 | 50 | 48 | 47 | 43 | 36 | 37 | 38 |
| Working Capital Days | -59 | -31 | -44 | -53 | -51 | -36 | -36 | -25 | -45 | -29 | -31 | -19 |
| ROCE % | 14% | 15% | 16% | 15% | 14% | 11% | 4% | 10% | 11% | 14% | 15% | 15% |
Guidance history
How Artemis Medicare Services Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | — |
| Q2 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
36 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +16.1% | 73% |
| Last 6 months | +20.1% | 76% |
| Last 3 months | −1.8% | 64% |
The price is 20.1% below its all-time high of ₹367.15 (29 Sept 2026). Stocks more than 20% below their peak have their score halved, so 72 became 36.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Artemis Medicare Services Ltd: 0.4 × 73 + 0.4 × 76 + 0.2 × 64 = 72, halved to 36 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Artemis Medicare Services Ltd's management said in earlier quarters
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