Any current/future capex/capital investment/strategic investment?

Capex for Raipur hospital (300 beds) is INR 100 crores, financed through internal accruals and IFC funds; operations expected to start Q1 FY27. Capital expenditure for expanding 125 beds at Gurgaon hospital estimated at INR 40-50 lakhs per bed due to existing plinth. South Delhi Hospital (VIMHANS) expansion to 650 beds (from 450), with construction starting April/May 2026; capex cost approx. INR 75-80 lakhs per bed; 2.5 years to complete. Fundraise of INR 700 crores approved for new hospitals including greenfield and brownfield projects, plus organic expansion of Gurgaon and VIMHANS faci

Future growth expectations in sales/revenue/volumes?

Artemis Medicare Services Limited aims to increase bed capacity from current ~700-800 beds to 2,100-2,300 beds by 2029, reflecting strong growth plans. Organic growth includes adding 200-300 beds phased based on 70% occupancy levels, with incremental operational beds at Gurugram and other facilities. Announced projects like Raipur (300 beds) and South Delhi VIMHANS (increasing from 450 to 650 beds) are on track and expected to contribute significantly to revenue. International patient revenue grew by 34.9% in the quarter, with volumes rising 35% year-on-year; the company is expanding geo

Future growth expectations in earnings/operating earnings/profits/EPS?

Occupancy expected to rise from current ~62% to 68-70% by end of this financial year, improving revenue and margins. Cost efficiencies anticipated as fixed costs are spread over higher occupancy and Raipur facility costs are allocated separately. New quaternary services like heart-lung transplants and robotic surgeries to drive higher-end revenue and margin improvement. ARPOB (Average Revenue Per Operating Bed) projected to grow 4-6% YoY sustainably. Expected breakeven for Raipur facility within 18-24 months post-launch (April-May 2026). Bed capacity to increase significantly, from current 700

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Artemis Medicare Services LtdQ4 FY27Healthcare Services

Artemis Medicare Services Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹265P/E: 41.9Market Cap: ₹4.4K CrSector: Healthcare Services

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Artemis Medicare Services Limited aims to increase bed capacity from current ~700-800 beds to 2,100-2,300 beds by 2029, reflecting strong growth plans.
→Organic growth includes adding 200-300 beds phased based on 70% occupancy levels, with incremental operational beds at Gurugram and other facilities.
→Announced projects like Raipur (300 beds) and South Delhi VIMHANS (increasing from 450 to 650 beds) are on track and expected to contribute significantly to revenue.
→International patient revenue grew by 34.9% in the quarter, with volumes rising 35% year-on-year; the company is expanding geographical patient sources.
→ARPOB (Average Revenue Per Occupied Bed) expected to increase 4-6% year-on-year, with plans to maintain or improve this through service mix enhancement.
→New service lines like heart-lung transplants and robotic surgeries aim to drive higher margins and revenues going forward.
→Fundraising of INR 700 crores to fuel inorganic expansion and additional greenfield/brownfield projects in Northern and potentially other regions.

Margin guidance

Category 1

→Occupancy expected to rise from current ~62% to 68-70% by end of this financial year, improving revenue and margins.
→Cost efficiencies anticipated as fixed costs are spread over higher occupancy and Raipur facility costs are allocated separately.
→New quaternary services like heart-lung transplants and robotic surgeries to drive higher-end revenue and margin improvement.
→ARPOB (Average Revenue Per Operating Bed) projected to grow 4-6% YoY sustainably.
→Expected breakeven for Raipur facility within 18-24 months post-launch (April-May 2026).
→Bed capacity to increase significantly, from current 700-800 to 2,000–2,300 by 2029, fueling revenue growth.
→Annual employee cost hike of 4-5% expected; current elevated manpower cost is a peak related to expansion.
→INR 700 crore fundraise will support inorganic and organic expansion, further boosting earnings growth.
→Overall, management confident of improved EBITDA, operating profits, and sustainable EPS growth over next few years.

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Fundraise plans

Yes

- Artemis Medicare Services Limited is planning a new fundraising of INR 700 crores through a mix of QIP (Qualified Institutional Placement) and preferential allotment. - The primary purpose of this fundraise is to support inorganic expansion, including increasing beds at VIMHANS (South Delhi project) from 400 to approximately 650-700 beds, and funding other greenfield and brownfield projects. - Part of the fund will also support organic growth, such as adding 200-300 beds where FAR (Floor Area Ratio) is already obtained or being acquired. - The fundraising is expected to reduce peak debt levels to below INR 300 crores, down from previously guided INR 350-400 crores. - Promoters do not plan to infuse equity; the raise will come from institutional investors via QIP/preferential allotment. - Details on fund deployment and projects are expected to be shared by June 2026. This fundraising complements the company's internal accruals and debt capacity for total investment plans through 2029.

Order book

The transcript does not explicitly mention the current or expected orderbook or pending orders for Artemis Medicare Services Limited. However, related insights include: - The company has several announced projects including Raipur facility (300 beds), South Delhi quaternary care hospital (650 beds), and VIMHANS expansion (up to 650-700 beds). - Additional greenfield and brownfield hospital projects are in the pipeline. - A fundraise of INR 700 crores has been approved by the board to fund these new hospital projects and organic expansions. - Bed capacity is planned to increase from ~700 beds currently to around 2,000-2,300 beds by 2029. - The company is finalizing detailed fund deployment plans for these projects. - No specific numeric orderbook or pending order value is disclosed, but multiple projects are underway or planned as part of a strategic growth phase.

Capex plans

Yes

→Capex for Raipur hospital (300 beds) is INR 100 crores, financed through internal accruals and IFC funds; operations expected to start Q1 FY27.
→Capital expenditure for expanding 125 beds at Gurgaon hospital estimated at INR 40-50 lakhs per bed due to existing plinth.
→South Delhi Hospital (VIMHANS) expansion to 650 beds (from 450), with construction starting April/May 2026; capex cost approx. INR 75-80 lakhs per bed; 2.5 years to complete.
→Fundraise of INR 700 crores approved for new hospitals including greenfield and brownfield projects, plus organic expansion of Gurgaon and VIMHANS facilities.
→Aim to increase capacity from 700-800 beds currently to 2,100-2,300 by 2029 using a mix of equity (from fundraise), debt, and accruals.
→Additional projects under evaluation, details expected by June 2026.
→FAR (Floor Area Ratio) approvals obtained to facilitate bed expansions at Gurgaon and other sites.

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