Aster DM Healthcare Reports Strong Q2 FY26 Results, Revenue up 10% YoY, Operating EBITDA up 13% YoY
Aster DM Healthcare reported strong Q2 FY26 results with 10% YoY revenue growth and 13% YoY operating EBITDA growth. The Kerala cluster showed a significant turnaround, and progress continues on the Quality Care India merger.
The announcement covers significant quarterly financial results, including strong growth metrics and margin improvements. Additionally, it provides a crucial update on the ongoing merger with Quality Care India Ltd., outlining key milestones achieved and the expected completion timeline, which has a high strategic impact on the company's future.
The company reported strong financial performance with double-digit growth in revenue and operating EBITDA, margin expansion, and a significant turnaround in the Kerala cluster. Progress on the merger and operational expansion further contribute to a positive outlook.
* Aster DM Healthcare reported steady Q2 FY26 and H1 FY26 performance, with Q2 FY26 revenues growing 10% YoY and 11% QoQ to ₹1,197 crore. * Operating EBITDA for Q2 FY26 increased 13% YoY and 22% QoQ to ₹263 crore, with margins at 22.0% (vs 21.4% in Q2 FY25). * Normalised PAT (Post NCI) grew 14% YoY and 23% QoQ to ₹110 crore in Q2 FY26. * Dr. Azad Moopen, Founder and Chairman, highlighted an underlying revenue growth of 13% despite seasonal illness and a strong turnaround in the Kerala cluster, which delivered its highest-ever quarterly revenue of ₹620 crore. * The recently operationalized 264-bedded Aster MIMS Kasaragod commenced operations on October 2, 2025, strengthening the company's presence in northern Kerala. * India Performance Highlights: * ARPP IP rose 10% YoY to ₹1,18,552 in Q2 FY26. * Total patient volume grew 15% QoQ, with IP volume up 12% QoQ and OP volume up 15% QoQ. * Occupancy grew to 64% in Q2 FY26 from 59% in Q1 FY26. * Significant growth in MVT (Medical Value Travel) revenue by 26% YoY (60% QoQ). * Healthy growth in Oncology revenue by 26% YoY, contributing 11% in Q2 FY26. * Cluster-wise Performance: * Kerala occupancy at 69%, with total patient volume increasing 17% QoQ and revenue growth of 12% QoQ. * Andhra & Telangana revenue grew 14% QoQ. * Kerala Cluster Operating EBITDA grew 19% YoY, with margins expanding to 26.8%. * Andhra & Telangana cluster Operating EBITDA margin grew to 13.2% from 7.9% QoQ. * Aster Labs revenue grew 15% YoY, and Operating EBITDA grew 86% YoY, with margins improving to 17.8%. * Merger Update: The Company has completed the preferential allotment of ~3.6% stake to Blackstone and TPG. Stock exchange no-objection letters have been received, and the Company will now approach the National Company Law Tribunal (NCLT) for approval. The transaction is expected to be completed by Q1 FY27. * Quality Care India Ltd. (QCIL) posted strong Q2 FY26 performance, with revenue up 15% YoY to ₹1,193 crore and Operating EBITDA up 22% to ₹287 crore. * The combined proforma entity (Aster and QCIL) delivered Q2 FY26 revenue of ₹2,390 crore (up 13%) and Operating EBITDA of ₹550 crore (up 17%).
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Aster DM Healthcare Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Aster DM Healthcare Limited. Read the original for the full detail.