Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Aster DM Healthcare Ltd.
NSE: ASTERDMHealthcareMedical Care Facilities
- Last close
- ₹644.75
- Day change
- −₹9.95 (−1.52%)vs
- Market cap
- ₹59,221 crIndian rupees
- Research updated
- 1 report
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About Aster DM Healthcare
Aster DM Healthcare Ltd. is a multinational healthcare provider based in the United Arab Emirates, offering a broad spectrum of healthcare services across the Middle East and India. The company operates through a network of hospitals, clinics, and pharmacies, delivering comprehensive medical care to diverse communities. A standout feature of Aster DM Healthcare is its focus on delivering high-quality services across various medical specialties, including cardiology, oncology, and orthopedics. This expansive network facilitates access to essential healthcare services and equipment, contributing significantly to public health infrastructure in regions where medical resources may be limited. In the financial market, Aster DM Healthcare is viewed as a key player within the healthcare sector, known for its scalable model and substantial impact on the health and wellness industry. With its ongoing efforts to expand and innovate, the company plays a crucial role in shaping healthcare delivery standards, contributing to the broader economic context by enhancing healthcare accessibility and quality.
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Listing
- NSE: ASTERDM
- Chief executive
- Mr. Varun Khanna
- Employees
- 15,773
- Headquarters
- Bengaluru, India
- ISIN
- INE914M01019
- Website
- asterqualitycare.com
Public research · Report of
Business model & financial foundation
Aster DM Quality Care (NSE: ASTERDM), Hospitals and healthcare services: revenue of ₹4,643 crore in FY26 (+12.2% on FY25), an EBITDA margin of 19.4% and net profit of ₹388.1 crore.
- Revenue, FY26 (₹ crore)
- 4,643
- consolidated
- Revenue growth, FY26
- +12.2%
- on FY25
- EBITDA margin, FY26
- 19.4%
- EBITDA before other income / revenue
- Net profit, FY26 (₹ crore)
- 388.1
- to owners
- Return on equity, FY26
- 9.7%
- on average equity
- Market capitalisation (₹ crore)
- 65,436
- at the close of 13 Oct 2026
Company profile
Aster DM Quality Care combines Aster, CARE Hospitals, KIMSHEALTH and Evercare. The QCIL merger became effective on 1 July 2026, creating a 39-hospital network across 28 cities. Revenue depends on patient throughput, clinical case mix and hospital utilisation; the combined platform is expanding into Tier II/III markets. Pre-merger statutory earnings and combined proforma operating results are distinct bases.
| Item | Value |
|---|---|
| Legal name | Aster DM Quality Care Limited (formerly Aster DM Healthcare Limited) |
| Exchange and ticker | NSE: ASTERDM; BSE: 540975 |
| ISIN | INE914M01019 |
| CIN | L85110TS2008PLC207383 |
| Sector | Healthcare |
| Industry | Hospitals and healthcare services |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells |
| Market capitalisation | ₹65,436 crore (13 Oct 2026) |
| Shares outstanding | 51.55 crore shares (FY26) |
| Price | ₹679.4 (close, 13 Oct 2026) |
| 52-week range | ₹519.1 - ₹891.3 (to 13 Oct 2026) |
| Website | https://www.asterqualitycare.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Malabar Institute of Medical Sciences | 79.75% | MIMS hospitals |
| Ramesh Hospitals | 70.48% | Hospitals in Andhra Pradesh |
| Prerana Hospital | 98.92% | Aadhar hospital |
| Hindustan Pharma | 86% | Healthcare operations |
| MedCity | 100% | Hospital operations |
| Trivandrum | 100% | Hospital project |
| Sri Sainatha | 100% | Hospital operations |
| Clinical Lab | 100% | Diagnostics |
| Affinity | 100% | Holding subsidiary |
QCIL merged into the listed entity effective 1 July 2026; acquired hospital subsidiary ownership percentages remain a retrieval gap. India and Bangladesh operations; GCC disposed 3 April 2024.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 40.39% | 40.39% | 40.39% | |
| Promoter holding pledged | 16.42% | 16.42% | 16.42% | |
| Foreign institutions | 18.46% | 17.18% | 10.53% | |
| Domestic institutions | 26.12% | 27.57% | 27.65% | |
| of which mutual funds | 24.60% | 26.45% | 26.70% | |
| Retail | 14.80% | 14.61% | 21.41% | |
| Other | 0.23% | 0.23% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Aster DM Quality Care is a multi-specialty hospital operator in South and Central India. It was formed when Quality Care India (CARE Hospitals, KIMSHEALTH, Evercare) merged into Aster DM Healthcare, effective 1 Jul 2026. The Gulf business was sold on 3 Apr 2024. Revenue comes from inpatient and outpatient care, priced per episode; payors are self-pay, insurers and government schemes. The listed entity owns or leases its hospitals, and doctors are paid largely as consultants: professional fees were 22.2% of revenue in FY26. The combined network has 39 hospitals and ~10,890 capacity beds across 28 cities, and plans 4,179 more beds. Statutory history through Q1FY27 is legacy Aster only: FY26 revenue 4,643cr and statutory EBITDA 901cr. QCIL's FY26 revenue was 4,630cr with adjusted EBITDA of 1,066cr. QCIL consolidates from Q2FY27.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Hospitals and Clinics - Q4FY26 statutory CODM recast | 4,506 | 94.2% | 780.4 | 100.2% |
| Labs - Q4FY26 statutory CODM recast | 153.5 | 3.2% | 14.8 | 1.9% |
| Wholesale Pharmacies - Q4FY26 statutory CODM recast | 108.3 | 2.3% | 0.79 | 0.1% |
| Others - Q4FY26 statutory CODM recast | 14.8 | 0.3% | -17.0 | -2.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Apollo Hospitals (APOLLOHOSP) | |
| Max Healthcare (MAXHEALTH) | Large tertiary-care chain and expansion programme |
| Fortis Healthcare (FORTIS) | Hospital and diagnostic network |
| Narayana Hrudayalaya (NH) | Hospital chain with India and international operations |
| Global Health (MEDANTA) | Tertiary care and bed rollout |
| Krishna Institute of Medical Sciences (KIMS) | South India hospital chain with similar geographic exposure |
| Rainbow Children's Medicare (RAINBOW) | Specialist hospital network and bed rollout |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations continuing India business | 10,253 | 2,952 | 3,699 | 4,138 | 4,643 |
| Cost of revenue (vendor classification) * | 2,892 | 784.1 | 915.9 | 938.3 | 1,049 |
| Other operating costs (vendor classification) * | 2,614 | 1,180 | 1,455 | 1,675 | 1,845 |
| EBITDA (vendor classification) * | 1,534 | 1,061 | 1,355 | 899.7 | 989.6 |
| EBIT * | 893.9 | 280.6 | 367.3 | 594.9 | 692.7 |
| Finance costs continuing operations | 257.0 | 85.2 | 110.3 | 123.8 | 123.0 |
| Profit before tax continuing operations | 636.9 | 195.5 | 261.2 | 471.1 | 569.7 |
| Total tax expense continuing operations | 35.8 | 35.9 | 56.5 | 134.4 | 142.6 |
| Total profit after tax including discontinued operations | 601.1 | 475.5 | 211.6 | 5,408 | 427.1 |
| Diluted EPS continuing and discontinued operations (₹) | 10.57 | 8.53 | 2.60 | 107.9 | 7.52 |
| Medicines and consumables purchases plus inventory change | 915.9 | 938.3 | 1,049 | ||
| Employee benefits expense | 675.9 | 760.4 | 848.1 | ||
| Professional fees to consultant doctors | 815.6 | 921.2 | 1,032 | ||
| Other expenses including laboratory outsourcing | 713.5 | 754.0 | 813.4 | ||
| EBITDA before other income | 578.0 | 764.5 | 901.0 | ||
| Other income | 24.9 | 148.2 | 125.6 | ||
| Depreciation and amortisation continuing operations | 220.0 | 248.8 | 264.3 | ||
| Exceptional items signed continuing operations | 0.00 | -50.1 | -32.7 | ||
| Share of profit or loss of equity-accounted investees | -11.3 | -18.9 | -37.0 | ||
| Profit after tax from continuing operations | 204.7 | 336.7 | 427.1 | ||
| Profit after tax from discontinued operations signed | 6.88 | 5,071 | 0.00 | ||
| Profit attributable to non-controlling interests | 82.3 | 30.1 | 39.0 | ||
| Profit attributable to owners including discontinued operations | 129.3 | 5,378 | 388.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of the company | 4,483 | 4,860 | 4,560 | 3,428 | 4,576 |
| Borrowings including current maturities excluding leases | 4,907 | 5,700 | 669.3 | 642.2 | 701.2 |
| Cash bank balances and current investments | 343.4 | 378.5 | 116.0 | 1,381 | 1,327 |
| Trade receivables | 2,021 | 2,336 | 233.4 | 257.8 | 307.2 |
| Inventories | 1,026 | 1,306 | 110.5 | 92.4 | 91.2 |
| Total trade payables | 2,118 | 2,988 | 458.7 | 426.2 | 481.5 |
| Net property, plant and equipment * | 1,968 | 2,294 | 1,149 | 1,275 | 3,958 |
| Capital work in progress * | 977.7 | 255.1 | 170.1 | 290.7 | 412.6 |
| Total assets * | 12,546 | 14,881 | 17,991 | 6,606 | 8,112 |
| Current and noncurrent lease liabilities | 714.4 | 1,376 | 1,518 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 489.2 | 950.2 | -927.7 | 425.1 | 655.9 |
| Free cash flow (vendor definition) * | 766.1 | 986.1 | -647.8 | 68.3 | 178.4 |
| Dividends paid (the provider's sign: an outflow is negative) * | -6,173 | -51.9 | |||
| Capital expenditure (the provider's sign: an outflow is negative) * | -479.0 | -708.0 | -750.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 49.72 | 49.73 | 49.75 | 49.80 | 51.55 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,086 | 1,050 | 1,000 | 1,078 | 1,197 | 1,186 | 1,182 | 1,311 |
| Cost of revenue (vendor classification) * | 237.5 | 247.0 | 225.2 | 247.1 | 267.5 | 263.2 | 291.8 | |
| Other operating costs (vendor classification) * | 435.9 | 420.0 | 400.1 | 428.6 | 485.7 | 466.7 | 512.4 | |
| EBITDA (vendor classification) * | 252.4 | 218.6 | 213.3 | 234.8 | 230.5 | 260.3 | 293.0 | |
| EBIT * | 190.1 | 132.7 | 123.0 | 167.2 | 134.5 | 193.3 | 109.3 | |
| Finance costs | 31.5 | 30.8 | 32.4 | 30.8 | 30.8 | 31.5 | 30.0 | 31.2 |
| Profit before tax from continuing operations | 158.7 | 101.9 | 90.5 | 136.4 | 166.9 | 103.1 | 163.4 | 78.1 |
| Total tax expense from continuing operations | 52.9 | 37.5 | 5.00 | 42.9 | 45.5 | 44.4 | 9.77 | 48.8 |
| Total profit after tax including discontinued operations | 105.8 | 64.4 | 85.5 | 93.6 | 121.3 | 58.7 | 153.6 | 29.3 |
| Diluted EPS continuing and discontinued operations (₹) | 1.94 | 1.14 | 1.58 | 1.67 | 2.13 | 1.02 | 2.71 | 0.31 |
| Medicines and consumables purchases plus inventory change | 237.5 | 247.0 | 225.2 | 247.1 | 271.0 | 267.5 | 263.2 | 291.8 |
| Employee benefits expense | 193.4 | 193.6 | 183.0 | 194.8 | 211.9 | 221.4 | 220.0 | 242.2 |
| Professional fees to consultant doctors | 235.9 | 229.4 | 230.0 | 239.7 | 257.2 | 270.4 | 264.7 | 295.1 |
| Other expenses including laboratory outsourcing | 200.0 | 190.6 | 170.1 | 188.9 | 207.3 | 215.3 | 202.0 | 217.3 |
| EBITDA before other income | 219.7 | 189.2 | 192.1 | 207.4 | 249.8 | 211.3 | 232.6 | 264.3 |
| Other income | 35.2 | 33.0 | 31.3 | 33.2 | 28.3 | 28.0 | 36.2 | 37.0 |
| Depreciation and amortisation | 62.3 | 62.2 | 64.0 | 63.2 | 66.1 | 67.7 | 67.2 | 69.3 |
| Exceptional items signed | 0.00 | -23.7 | -26.4 | -4.39 | -0.36 | -28.3 | 0.33 | -114.4 |
| Share of profit or loss of equity-accounted investees | -2.60 | -3.59 | -10.0 | -5.72 | -14.0 | -8.75 | -8.53 | -8.39 |
| Profit after tax from continuing operations | 105.8 | 64.4 | 85.5 | 93.6 | 121.3 | 58.7 | 153.6 | 29.3 |
| Profit after tax from discontinued operations signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 8.92 | 7.60 | 6.52 | 8.04 | 11.3 | 6.20 | 13.4 | 13.2 |
| Profit attributable to owners including discontinued operations | 96.8 | 56.8 | 79.0 | 85.5 | 110.0 | 52.5 | 140.2 | 16.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 20.3% | -71.2% | 25.3% | 11.9% | 12.2% |
| EBITDA margin | 15.6% | 18.5% | 19.4% | ||
| Net margin | 3.5% | 129.9% | 8.4% | ||
| Return on equity | 2.7% | 134.7% | 9.7% | ||
| Return on capital employed | 9.9% | 2.8% | 4.7% | 12.8% | 14.8% |
| Return on assets | 0.8% | 43.7% | 5.3% | ||
| Borrowings less cash (₹ crore) | 4,564 | 5,322 | 553.4 | -739.2 | -625.6 |
| Borrowings less cash / EBITDA | 0.96x | -0.97x | -0.69x | ||
| Interest cover | 3.48x | 3.30x | 3.33x | 4.80x | 5.63x |
| Asset turnover | 0.85x | 0.22x | 0.23x | 0.34x | 0.63x |
| Receivable days | 72 | 289 | 23 | 23 | 24 |
| Inventory days (on revenue) | 37 | 161 | 11 | 8 | 7 |
| Payable days (on revenue) | 75 | 369 | 45 | 38 | 38 |
| Cash conversion | -7.18x | 0.08x | 1.69x | ||
| Capex intensity | 4.7% | 24.0% | 20.3% | ||
| Free cash flow (₹ crore) | 10.2 | 242.2 | -1,678 | ||
| Dividend payout | 114.8% | 13.4% | |||
| EPS, diluted (₹) | 10.57 | 8.53 | 2.60 | 107.9 | 7.52 |
| Book value per share (₹) | 90.17 | 97.74 | 91.65 | 68.83 | 88.77 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA before other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA before other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS continuing and discontinued operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Aster DM Healthcare
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.