Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Artemis Medicare delivered a strong Q4 FY26 with consolidated revenue of INR 279 crore (+16.4% YoY) and PAT of INR 30 crore (+32.1% YoY), driven by higher patient volumes in high-margin specialties and improved case mix.
Read Artemis Medicare Services analysis →Metropolis Healthcare delivered a strong FY26 with group revenue of ₹1,646 crore (+23.6% YoY) and EBITDA margin of 24.4%.
Read Metropolis Healthcare analysis →Metropolis Healthcare had the stronger quarter on this simple score because its revenue growth plus EBITDA margin beat Artemis Medicare Services. Revenue growth is compared first, with EBITDA margin used as the quality check.
Artemis Medicare delivered a strong Q4 FY26 with consolidated revenue of INR 279 crore (+16.4% YoY) and PAT of INR 30 crore (+32.1% YoY), driven by higher patient volumes in high-margin specialties and improved case mix. EBITDA margin expanded to 21.3% as operational efficiencies and cost management offset input pressures. The Gurugram flagship saw occupancy of 64.6% and ARPOB of INR 84,571 (+7.3% YoY). International patient revenue grew 26.9% for the full year, with recovery from a March dip. The Raipur 300-bed hospital is on track for Q1 FY27 commissioning, with guided losses of INR 18-20 crore in the first year. The company targets 2,000 beds by 2029, supported by a INR 700 crore fundraising plan. Key risk: potential margin dilution from Raipur ramp-up and regulatory uncertainties around medical device pricing caps.
Metropolis Healthcare delivered a strong FY26 with group revenue of ₹1,646 crore (+23.6% YoY) and EBITDA margin of 24.4%. Organic revenue grew 13.7% YoY, exceeding the 12-13% guidance, driven by patient volume growth of 7.5% and realization improvement. Organic EBITDA margin expanded 140 bps to 25.9%, aided by lab platform upgrades, vendor consolidation, and operating leverage. The core diagnostics acquisition achieved high single-digit EBITDA margin within four quarters, on track for 20%+ in three years. Management guided for 14-15% organic revenue growth and 27-28% group EBITDA margin over the next three years, supported by network productivity gains, specialty mix improvement, and digital channel expansion. Key risks include competitive intensity in tier-1 cities and potential integration challenges from future M&A.
Occupancy improved from ~60% as new towers matured; target 70% by Q2 FY27.
Driven by enhanced case mix and higher-paying patients.
Growth despite West Asia war; 30% of revenue from international patients.
Capacity expansion ongoing; target 2,000 beds by 2029.
Organic patient volume grew 9.3% in Q4 FY26, driven by network expansion and demand.
Revenue per patient improved ~5% YoY in Q4, driven by specialty and wellness mix.
Digital channels now contribute 25% of revenue, up from 0% three years ago.
Improved from 20:1 to 24:1, targeting 35:1 over three years.
300-bed super-specialty hospital in Raipur will start in Q1 FY27; first phase of 150 beds operational, remaining 150 within 3-4 months.
Management guidance expansionManagement guided for losses of INR 18-20 crore in FY27 from Raipur, with break-even expected in 18 months.
Management guidance marginsGurugram facility expected to deliver EBITDA margin north of 20% in coming years, driven by case mix, cost efficiencies, and corporate cost dilution.
Management guidance marginsDriven by 8-9% patient volume growth and ~5% realization improvement, with potential price increases.
Management guidance revenueSupported by operating leverage, productivity gains, and core diagnostics reaching 20%+ margin.
Management guidance marginsManagement expects EBITDA margin expansion of 125-150 bps in the coming fiscal year.
Management guidance marginsRaipur hospital expected to incur INR 18-20 crore losses in FY27, potentially dragging consolidated EBITDA margin by 1-1.5%.
medium · management_commentaryAnalyst raised concern about health ministry examining margin caps on medical devices (30-50% range); management downplayed but acknowledged uncertainty.
medium · analyst_questionMarch saw 15-18% dip in international patients due to West Asia war; recovery underway but risk remains.
low · management_commentaryGrowth in tier-1 cities like Mumbai is around 11-14%, potentially constrained by high competition from organized and unorganized players.
medium · analyst_questionWhile current acquisitions are on track, future deals may face quality and integration challenges, as management noted many assets do not meet their standards.
medium · management_commentaryManagement indicated no price hike planned currently, but realization growth partly relies on future price increases, which may not materialize if competitive pressures persist.
low · data_observationOur end goal would be to remain at the same 30-31% of revenue coming from international patients irrespective of where we are and how our topline moves.
We are looking at both all the options. We have a little pipeline with some other opportunities. So we are kind of taking that call whether to start this 100 bed facility in the current financial year or to take up another brown field or a green field project.
We are not looking at a price increase, but as the things progresses during the year, if there is a need for us to do it, we would not hesitate to do it.
We believe a sustainable EBITDA at this point over the next three years of 27 to 28% makes sense for us and if we are able to generate more operating leverage we would like to invest it back in the business.
