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
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
83%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
Medium priority
Impact of reduced import duties on equipment costs and medical tourism policy.
Asked by Himmanu Binani, Anand Rati
Acknowledged the policy but gave no specific cost savings estimate.
no quantificationdeferred to future effect
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Question
So how do we see the cost in terms of the equipments which you have been like importing? So because the duties have like technically been reduced to mean now. So how do we see that cost savings basically for us going forward?
Management (female, unnamed)
It is a very pertinent question... we have to see when does this actually come into effect to be very candid... it's a great move for the healthcare industry... going to hugely help save our capex cost.
Answered
High priority
Capex and funding details for 300-bed Raipur facility.
Asked by Raman Ki, Sequent Investments
Provided specific capex figure and funding mix.
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Question
I just want to understand what's the capex for the 300 beds in Raipur and can you provide any funding details with respect to it like how much is that how much is equity?
Management (female, unnamed)
Our capex for Raipur is all done and it is at 100 crores for 300 beds... a long-term rental deal... capex is 100 crores which is a mix of approval and the ISC fund which is lying with us.
Answered
High priority
Expected ARPOB and ramp-up for Raipur facility.
Asked by Raman Ki, Sequent Investments
Provided specific ARPOB range and ramp-up trajectory.
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Question
Initially for the full year how much average revenue per bed are you expecting and how are you planning to ramp up this over the period of next 2-3 years?
Management (female, unnamed)
We are expecting an AR of 30 to 35 thousand to start... from 30 to 35 we will be ramping up to 40, 45, 50, 55 as we move on.
Answered
High priority
Promoter infusion in the 700 crore fund raise.
Asked by Raman Ki, Sequent Investments
Clearly stated no promoter infusion.
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Question
How much of this will be raised by the promoter group like how much are the promoter planning to infuse into the company?
Management (female, unnamed)
Promoter doesn't plan to infuse anything. It would be in a form of QIP.
Answered
High priority
International patient volume figures for the quarter.
Asked by Raman Ki, Sequent Investments
Provided volume figure and growth rate.
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Question
You mentioned that your international patient revenue grew by 34.9% for the quarter. Can I have the volume figures for the quarter with respect to international patients?
Management (female, unnamed)
Volume is 89 cr. In terms of volume on year basis it is 35% growth.
Answered
Medium priority
Reason for delay in Raipur facility opening.
Asked by Sanscar, Capital
Explained specific reason for delay.
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Question
Last quarter it was a timeline that we would get started by March 2026 and now we are saying April May. I wanted to understand if there is any structural reason behind the delay.
Management (female, unnamed)
It's a one month here and there and the basic reason is some of the equipment installation... a pet scanner... took a little bit longer than expected.
Partial answer
High priority
Utilization of 700 crore fund raise proceeds.
Asked by Sanscar, Capital
Gave broad uses but no specific allocation percentages.
no specific breakdowndeferred details
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Question
If you can just give a broad perspective of how will we utilizing the funds?
Management (female, unnamed)
A large part of this fund is going for our inorganic expansion... Vimhance... additional beds... couple of very good green and brown field projects.
Answered
High priority
Capex per bed for South Delhi project.
Asked by Sanscar, Capital
Provided specific capex per bed range.
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Question
Can you share details around how much capex per bed will we estimate for the South Delhi?
Management (female, unnamed)
Cost per bed would be in the range of 75 to 80 lakhs per bed which is actually a steal today in South Delhi.
Answered
High priority
Timeline to reach 70% occupancy.
Asked by Sanscar, Capital
Provided specific occupancy target and timeline.
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Question
In the last quarter you said we are expected to reach occupancy of 70% in the current facility. Any timelines on that?
Management (female, unnamed)
We are at 62-63 by the end of this financial year or the beginning of the next financial year we should be hovering around 68-70%.
Answered
High priority
Expected ARPOB growth over next 1-2 years.
Asked by Sumat Gupta, Antique Stock Broking
Provided specific ARPOB growth guidance.
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Question
With government impetus on medical tourism and CGHS rate revision, how much ARPOB do you expect over the next one to two years?
Management (female, unnamed)
We are going to maintain the increase in the ARPOB trend... 4 to 6% year on year is something we are... for a long-term sustenance 6% year on year is doable.
Partial answer
Medium priority
Reason for subdued performance in Daffodils and Cardiac Care.
Asked by Sumat Gupta, Antique Stock Broking
Explained qualitative reasons but no quantitative impact on performance.
no specific financial impactblamed patient preference
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Question
We have seen subdued performance in both the segments largely in Daffodil. So what is the main reason?
Management (female, unnamed)
The centers are doing well, the losses are almost gone... the problem is... these centers were primarily created to provide healthcare at 20-25% cheaper... mindset of people... they still prefer to come to a hospital.
Answered
High priority
Dilution impact from fund raise and need for such large amount.
Asked by J Prakash Toshniwal, LIC Mutual Funds
Addressed dilution concern and justified fund requirement.
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Question
This would lead to higher dilution. Do we need actually this amount to raise?
Management (female, unnamed)
Chairman is at 58.3% shareholding after conversion and even after the fund raise we are going to maintain his majority... we have a lot of headroom for debt... close to an investment of 1,800 to 1,900 cr.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| International patient revenue grew 34.9% for the quarter. | 34.9% | 17.2% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.