Equitalist

Equitalist logo

Aster DM Quality Care Limited

BSE: 540975 | NSE: ASTERDM

Sector: Healthcare | Industry: Hospital

Aster DM logo
REVENUE
₹ 4,643 Crore
Topline YoY ▲ 12.2%
GROSS PROFIT
₹ 3,594 Crore
Cost efficiency ▲ 12.3%
EBITDA
₹ 896 Crore
Operating leverage ▲ 17.7%
NET PROFIT
₹ 422 Crore
Net profitability ▲ 26.7%

01

ABOUT COMPANY

Aster DM Healthcare Limited ( hereinafter as “Aster DM“ or “The Company”) was established by Dr. Azad Moopen in Dubai in 1987 as a single clinic. The group expanded to India in 2001 and had started the operations at Malabar Institute of Medical Sciences (MIMS) Kozhikode. In 2008, Aster DM has acquired majority stake in Prerana Hospital, Kolhapur, Maharashtra. The Group has segregated its India operations from April 3, 2024.

Aster DM has Primary, Secondary, Tertiary and Quaternary care to offer where if specifically offers various of services such as Cardiac Sciences, Neuro Sciences, Gastroenterology and Integrated Liver Care, Oncology, Nephrology and Urology, Orthopaedics, Women’s Health, Child and Adolescent Health, OP Pharmacy Anaesthesiology, and Multi Speciality.

The Company generates revenue in various ways such hospitals, pharmacy and consultancy (Out Patient consultancy).

The merger between Aster DM and Quality Care India Ltd. ( Blackstone backed) happened in Nov 2024. Aster DM will buy 5% share from Blackstone and TPG in consideration of primary share issued by Aster of 3.6%. Post the initial share acquisition, QCIL will be merged into Aster DM and QCIL shareholders will be issued shares of Aster DM  on the agreed swap ratio which for every 1000 shares of QCIL, QCIL shareholders will get 977 shares of Aster DM

Metric Value Metric Value Metric Value Metric Value
Cities 16 Clinics 10 ALOS (FY26) 3.1 days Op. EBITDA Margin4 (FY26) 20.40%
States 5 Labs and PECs 304 ARPOB (FY26) INR 51,800 Op. EBITDA 3-Year CAGR5 26%
Hospitals 20 Pharmacies 203 Revenue (FY26) INR 4,643 Cr Capex (FY26) INR 546 Cr
Capacity Beds 5,449 Occupancy (FY26) 61% Revenue 3-Year CAGR5 16% 3-Year Capex5 ~INR 1,280 Cr
Multi Speciality Gastroenterology And Integrated Liver Care
Cardiac Sciences Nephrology And Urology
OP Pharmacy, Anaesthesiology & Others Orthopaedics
Oncology Women's Health
Neuro Sciences Child And Adolescent Health
State Hospitals Beds Comments
Karnataka 4 1,231 –
Maharashtra 1 250 –
Kerala 7 2,921 Kerala hospital and bed count excludes WIMS
Andhra Pradesh 6 889 –
Telangana 1 158 –
Total 19 5,449 –
Facility Location CB (Capacity Beds) OB (Operational Beds) Year Model
Aster Medcity Kochi, Kerala 876 702 2014 Owned
MIMS Calicut Kozhikode, Kerala 695 465 2013 Owned
MIMS Kottakkal Kottakkal, Kerala 359 282 2013 Owned
Aster Mother Hospital Arckkode, Kerala 140 101 2022 O&M Asset Light Model
Aster PMF Kollam, Kerala 164 117 2023 O&M Asset Light Model
MIMS Kasaragod Kerala 263 100 2025 Owned
Facility Location CB (Capacity Beds) OB (Operational Beds) Year Model
Prime Hospitals – Ameerpet Hyderabad, Telangana 158 98 2014 Leased
Aster Ramesh Guntur Guntur, AP 350 225 2016 Leased
Aster Ramesh Sanghamitra Ongole, AP 150 130 2018 Owned
Aster Ramesh Main Centre Vijayawada, AP 135 125 2016 Leased
Aster Narayandari Tirupati, AP 150 136 2023 O&M Asset Light Model
Aster Ramesh LabbiPet Vijayawada, AP 54 47 2016 Leased
Ramesh Adiran (IB) Vijayawada, AP 50 42 2023 Leased
Facility Location CB (Capacity Beds) OB (Operational Beds) Year Model
Aster CMI Bengaluru, Karnataka 502 367 2014 O&M
Aster Whitefield Bengaluru, Karnataka 377 245 2021 Leased
Aster RV Bengaluru, Karnataka 252 179 2019 O&M
Aster Aadhar Kolhapur, Maharashtra 252 202 2008 Owned
Aster G Madegoda Mandya, Karnataka 100 35 2023 O&M Asset Light Model
Category Details
Transaction Type Merger of Quality Care India Limited (QCIL) with Aster DM Healthcare Limited
Merged Entity Name Aster DM Quality Care Limited
Aster Stake in QCIL (Pre-Merger) 5.0% acquired from Blackstone & TPG
Consideration for Stake Primary share issuance by Aster for 3.6% stake
Merger Mechanism Scheme of Amalgamation
Metric Value
Capacity Beds³ 10,623
Revenue4 INR 9,273 Cr
Operating EBITDA4,5 INR 2,013 Cr
Entity Multiple
Aster DM 36.6x
QCIL 25.2x
Premium (Aster over QCIL) 45% higher
Metric Percentage / Detail
Aster DM Shareholders 57.30%
Quality Care Shareholders 42.70%
Cash Impact Cash neutral
EPS Impact Accretive from 1st full year of operations
Role / Board Position Details
Board Control Jointly controlled by Aster promoters and Blackstone (equal representation)
Independent Directors 50% representation on the board
Executive Chairman Dr. Azad Moopen (continues)
MD & Group CEO Mr. Varun Khanna (Promoted; currently Group MD, QCIL)
Group CFO Mr. Sunil Kumar (Promoted; currently CFO, Aster)
Metric Aster DM Quality Care Merged Entity (Aster DM Quality Care)
No. of Hospitals (Nos) 20 19 39
City Presence (Nos) 16 14 28
Beds Capacity (Nos) 5,449 5,174 10,623
Occupancy (%) 61% 63% 62%
Average Revenue Per Patient In Patient (INR) 1,21,016 1,33,734 1,27,074
Total Patient Volume (Mn) 3.9 3.81 7.71
Physicians / Doctors 3,620+ 3,790+ 7,410+
Employees 16,310+ 13,095+ 29,405+
Metric Year Aster DM QCL Merged Entity
Capacity Beds FY24 4,867 5,159 5,449
FY25 5,159 5,449 5,099
FY26 5,159 5,449 5,174
Occupancy % FY24 68% 65% 63%
FY25 65% 61% 63%
FY26 65% 61% 62%
ARPOB (INR 000's) FY24 40.1 45 51.8
FY25 45 51.8 38.2
FY26 45 51.8 41.4
Metric Aster (Standalone) QCIL (Standalone) Aster + QCIL (Merged)
Geographic Presence 5 states 8 states 9 states
Number of Hospitals 20 hospitals 17 hospitals 37 hospitals
Bed Capacity 5,499 beds 4,554 beds 10,003 beds
Core Market Focus Amongst the largest hospital chains with a strong presence in South India One of the leading hospital chains in India with a strong presence in emerging cities Comprehensive South & Central India coverage

02

Earning Calls Summary

Management Earnings Calls

Quarterly concall summaries, management commentary tracker & key metrics

Q1     FY 2027

Merger Complete; Q1 Combined Revenue Up 20% to ₹2,597 Cr

Management opened the call celebrating the completed merger, a vision nearly two years in the making. The unified entity now stands with approximately 39 hospitals and a passionate team of about 45,000 healthcare professionals, with integration executed at zero operational friction and zero service disruption.

COMBINED REVENUE GROWTH (Q1 FY27) 20% YoY to ₹2,597 crores
COMBINED EBITDA MARGIN 22.2% (expanded 170 bps YoY)
ASTER STANDALONE ROCE 22.6% (improved 190 bps YoY from 20.7%)
Key Takeaway: The historic merger between Aster DM Healthcare and Quality Care India became effective July 1, 2026, creating a unified entity of ~39 hospitals and 45,000+ professionals. Combined proforma Q1 FY27 revenue grew 20% YoY to ₹2,597 crores with EBITDA up 30% to ₹576 crores and margin expansion of 170 bps to 22.2%.

Concall Notes

PREMIUM
PREMIUM
Unlock Comprehensive Analysis
Get deeper insights with detailed financials, forecasts, ratios & valuation
Revenue & Gross Margin
EBITDA & Dividend
10Y Forecasted P&L
Balance Sheet
DuPont & Ratio Analysis
Valuation & more
Premium insights for smarter investing

Upgrade to access institutional-quality research & analysis.

Upgrade to Access
30-Day Free Trial
Disclaimer

The research report presented here is for informational and research purposes only. It reflects our own views, assumptions, and analysis and is not intended as a recommendation, offer, or solicitation to buy, sell, or hold any security or asset. Please conduct your own due diligence and consult a qualified financial advisor before making any investment decision. Please check our Terms & Conditions page before investing.

Scroll to Top