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Aster DM Healthcare (ASTERDM) investor relations material

Aster DM Healthcare Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary7 Nov, 2025

Executive summary

  • Delivered double-digit year-on-year growth in revenue and operating EBITDA for Q2 FY26, led by strong recovery in Kerala, robust international revenue, and improved case mix, with 20 consecutive quarters of revenue growth.

  • The merger with Quality Care India Limited (QCL) is advancing, with all key regulatory approvals received and expected completion in Q1 FY27, creating a leading healthcare platform with 38 hospitals and 10,360 beds.

  • Unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2025 were approved, with the statutory auditor issuing an unmodified opinion.

  • Recognized for leadership, innovation, and clinical excellence, with multiple awards for individuals and institutions.

  • Board changes included the resignation of a Non-Executive Director and induction of a new member, with committee reassignments.

Financial highlights

  • Q2 FY26 consolidated revenue grew 10% YoY to INR 1,197 crore; operating EBITDA increased 13% YoY to INR 263 crore, with margin expanding to 22% from 20% in Q1 FY26.

  • Normalized PAT rose 14% YoY to INR 110 crore; consolidated net profit for Q2 FY26 was INR 121.31 crore.

  • H1 FY26 India revenues up 9% YoY to INR 2,275 crore; operating EBITDA up 17% to INR 478 crore.

  • QCL revenue grew 15.1% YoY to INR 1,193 crore; post-index EBITDA up 21.6% YoY to INR 287 crore, margin at 24.1%.

  • Basic EPS (consolidated) for Q2 FY26 was INR 2.13, up from INR 1.94 in Q2 FY25.

Outlook and guidance

  • Targeting 24%-25% EBITDA margin for the merged entity in the next 2-3 years, driven by synergies and operational efficiencies.

  • ARPP for IP expected to grow 7%-8% annually over the next 2-3 years.

  • Expansion plans include adding over 2,300 beds in Aster and 1,700 beds in QCL over the next 3-4 years, with a focus on Tier 2 markets.

  • Merger integration planning underway, with identified synergies expected to deliver 10-15% near-term EBITDA upside.

  • The Board deferred approval of the new Employee Stock Option Scheme (ESOS 2025) to a future meeting.

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Frequently asked questions

Aster DM Healthcare Limited is an India-based healthcare provider operating hospitals, clinics, and pharmacies across multiple regions. The company offers medical services across various specialties, including cardiology, orthopedics, neurology, oncology, and critical care. It serves patients through a network of healthcare facilities in India and the Middle East, catering to both urban and semi-urban populations. The company is headquartered in Bengaluru, India, and its shares are listed on the NSE and BSE.

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