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Execution delays in new projects
View Risks →Artemis Medicare Services Limited — Q3 FY26
Artemis Medicare delivered a solid Q3 FY26 with consolidated revenue of INR 272 Cr (+17.2% YoY) and PAT of INR 22 Cr (+7.9% YoY).
bullish
high
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Artemis Medicare delivered a solid Q3 FY26 with consolidated revenue of INR 272 Cr (+17.2% YoY) and PAT of INR 22 Cr (+7.9% YoY). EBITDA margin improved to 19.1%, driven by higher patient volumes, complex procedures, and a 34.9% surge in international patient revenue (now 34% of total). Occupancy at the flagship Gurugram facility stood at 62%, with ARPB rising 10% to INR 84,100. Management guided for occupancy to reach 68-70% by year-end, which should drive margin expansion as fixed costs are absorbed. The company announced a INR 700 Cr fundraise via QIP/preferential issue to fund aggressive capacity expansion from ~750 beds today to 2,100-2,300 beds by 2029, including the Raipur (300 beds, operational from April-May 2026) and South Delhi (650+ beds, operational by 2029) projects. Key risk: execution delays in new projects or inability to ramp up occupancy as expected could pressure near-term margins.
आर्टेमिस मेडिकेयर ने तीसरी तिमाही में अच्छा प्रदर्शन किया। कुल कमाई 272 करोड़ रुपये रही, जो पिछले साल से 17.2% ज्यादा है। मुनाफा 22 करोड़ रुपये रहा, जो 7.9% बढ़ा है। कंपनी की कमाई पर खर्च घटाने की क्षमता (EBITDA मार्जिन) 19.1% हो गई, क्योंकि ज्यादा मरीज आए, जटिल इलाज हुए और विदेशी मरीजों से कमाई 34.9% बढ़ी। गुरुग्राम के मुख्य अस्पताल में 62% बिस्तर भरे रहे। हर मरीज से औसत कमाई 10% बढ़कर 84,100 रुपये हो गई। कंपनी का लक्ष्य साल के अंत तक 68-70% बिस्तर भरना है, जिससे मुनाफा और बढ़ेगा। कंपनी 700 करोड़ रुपये जुटाकर 2029 तक बिस्तरों की संख्या 750 से बढ़ाकर 2,100-2,300 करेगी। रायपुर (300 बिस्तर, अप्रैल-मई 2026 से) और दक्षिण दिल्ली (650+ बिस्तर, 2029 तक) में नए अस्पताल खुलेंगे। खतरा: निर्माण में देरी या कम मरीज आने से मुनाफा कम हो सकता है।
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Occupancy Rate (Gurugram)
62%
+?pp YoY
Occupancy at flagship facility improved YoY, with management targeting 68-70% by end of FY26.
Average Revenue Per Bed (ARPB)
INR 84,100
+10% YoY
ARPB growth driven by improved case mix and higher proportion of complex procedures.
International Patient Revenue Growth
34.9%
+34.9% YoY
International patients now contribute 34% of total revenue, with volumes also growing 35%.
Bed Capacity Target (2029)
2,100-2,300
+~200% from current ~750
Aggressive expansion plan includes Raipur (300 beds), South Delhi (650+ beds), and Gurugram expansion.
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Guidance and risk preview
Management expects occupancy at Gurugram facility to improve from 62% to 68-70% by March 2026, driven by higher patient volumes.
Raipur facility delayed by one month due to equipment installation; further delays could impact revenue ramp-up.
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