Aster DM Healthcare Ltd

- The transcript on page 11 mentions a robust liquidity position with cash and cash equivalents of INR 1,327 crores and moderate gross debt of INR 701 crores as of March 2026. - Capital expenditure for the year stood at INR 549 crores, with INR 350 crores already invested and remaining to be deployed over the next 3-4 years for growth. - There is no explicit mention of any current or planned new fundraising through debt or equity in the provided pages. - The company seems focused on disciplined capital allocation and sustainable profitability while funding expansion internally. - If further fundraising details were planned, the management has not disclosed them during this earnings call.

- For the year ended March 31, 2026, capital expenditure was INR 549 crores, with 45% towards expansion projects. - Planned addition of ~2,500 beds over the next four years at a cost of INR 2,700 crores; INR 350 crores invested till March 2026. - QCIL expansion budget: ~INR 2,000 crores for 1,700 beds, with 1,500 beds as brownfield and 200 as greenfield. - Per bed capex estimate: INR 0.8-1.1 crores for brownfield and INR 1.5-1.6 crores for greenfield projects. - Recent expansions include operationalizing Whitefield Block D with 159 beds and Ramesh Sanghamitra Ongole with 75 beds in April 2026. - Capex spend guidance maintained at around 5% of revenue for maintenance and clinical program refreshers. - Multiple brownfield expansions and greenfield projects underway, including Raipur, Bhubaneswar, Banjara, Nagercoil, Nampally, Malakpet, Chattogram, and Vizag. - Focus on adding capacity, clinical capabilities, and oncology services, especially in Hyderabad and QCIL network.

- QCIL registered 17% revenue growth in FY26, supported by 7% IP volume and 10% OP volume growth. - Mature units grew revenue by 13.5% YoY with 20.7% EBITDA growth and margin expansion to 33.2%. - Focus units showed 21% revenue growth and 66.6% EBITDA growth with EBITDA margin expanding by 422 bps to 15.4%. - Emerging units delivered 62.4% revenue growth YoY and 44% QoQ EBITDA growth, with margins improving to 17.9%. - Oncology volumes expected to significantly grow over next two years, particularly in mature hospitals. - Expansion plans involve adding around 1,500 beds through brownfield and 200 beds via greenfield projects over next few years. - Per bed capex is INR 0.8-1.1 crore (brownfield) and INR 1.5-1.6 crore (greenfield), supporting growth in capacity and capabilities. - Continued additions of clinical talent and expansion in underserved markets expected to drive top-line growth and profitability. - Growth momentum and margin expansion projected to continue over next two years.

- QCIL expects continued growth with FY26 registering 17% revenue growth and 24.1% EBITDA growth, indicating strong momentum. - Mature units show steady growth with 13.5% revenue and 20.7% EBITDA growth; margins expanded by 198 bps to 33.2%. - Emerging units grew 62.4% in revenue and 44% in EBITDA QoQ with margin improvement to 17.9%, signaling robust expansion potential. - Focus units posted 21% revenue growth and 66.6% EBITDA growth with a margin expansion of 422 bps to 15.4%. - Expansion plan includes nearly 2,500 new beds over the coming years, balancing greenfield and brownfield projects, supporting long-term growth. - Margin expansion expected to continue due to synergies, procurement centralization, clinical talent recruitment, and cost discipline. - Clusters like Andhra Pradesh & Telangana show exceptional growth with 30% revenue increase and significant margin expansion (700 bps). - Management confident of sustained operating leverage and margin improvement over next 2–3 years, driving EPS and profit growth.

- QCIL has an expansion budget of around INR 2000 crores for approximately 1700 beds, with about 1500 beds being brownfield expansions. - The blended per bed capex for the QCIL expansion is roughly INR 1-1.1 crores, varying by hospital and specialty. - Aster DM Healthcare plans to add around 2,500 beds over the next four years at a cost of INR 2700 crores. - Of this INR 2700 crores, INR 350 crores has already been invested up to March 2026; the remaining amount will be deployed over the next 3-4 years. - Current projects include brownfield expansions at Whitefield Block D (159 beds) and Aster Ramesh Sanghamitra Ongole (75 beds) operationalized in April 2026. - There are plans for significant bed additions and capability enhancements in locations including Raipur, Bhubaneswar, Banjara (FY28), Nagercoil (expanding by 100 beds), Nampally (28 beds), and new projects in Malakpet, Chattogram, Vizag, and one greenfield project in Indore.