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View Claim Ledger →Artemis Medicare Services Ltd — Q4 FY26
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.
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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.
Promises2 met · 0 missedRisks4 trackedTranscriptfull text
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2 delivered, 0 close, 0 missed.
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Risk Intelligence
Raipur ramp-up losses and margin dilution
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Transcript
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Occupancy (Gurugram)
64.6%
+4.6pp YoY
Occupancy improved from ~60% as new towers matured; target 70% by Q2 FY27.
ARPOB (Gurugram)
₹84,571
+7.3% YoY
Driven by enhanced case mix and higher-paying patients.
International Patient Revenue Growth (FY26)
26.9%
+26.9% YoY
Growth despite West Asia war; 30% of revenue from international patients.
Operational Beds (FY26)
544
+44 beds YoY
Capacity expansion ongoing; target 2,000 beds by 2029.
What Changed vs Last Quarter
NEW
Raipur hospital to commence operations in Q1 FY27
300-bed super-specialty hospital in Raipur will start in Q1 FY27; first phase of 150 beds operational, remaining 150 within 3-4 months.
NEW
Raipur to incur INR 18-20 crore losses in first year
Management guided for losses of INR 18-20 crore in FY27 from Raipur, with break-even expected in 18 months.
NEW
Gurugram EBITDA margin to exceed 20%
Gurugram facility expected to deliver EBITDA margin north of 20% in coming years, driven by case mix, cost efficiencies, and corporate cost dilution.
NEW
Fundraising of up to INR 700 crore for new projects
Board approved fundraising up to INR 700 crore to fund new brownfield/greenfield projects beyond announced ones.
DROPPED
Occupancy to reach 68-70% by end of FY26
Management expects occupancy at Gurugram facility to improve from 62% to 68-70% by March 2026, driven by higher patient volumes.
DROPPED
Raipur hospital operational from April-May 2026
The 300-bed Raipur facility is on track to begin operations in April-May 2026, with initial ARPB of INR 30,000-35,000.
DROPPED
South Delhi hospital to be operational by 2029
The 650+ bed South Delhi hospital is expected to start operations in 2029, with construction beginning in Q1 FY27.
DROPPED
Fundraise of INR 700 Cr via QIP/preferential issue
Board approved raising INR 700 Cr to fund new projects and organic expansion, with details to be shared by June 2026.
NEW RISK
Raipur ramp-up losses and margin dilution
Raipur hospital expected to incur INR 18-20 crore losses in FY27, potentially dragging consolidated EBITDA margin by 1-1.5%.
NEW RISK
Regulatory risk from medical device margin caps
Analyst raised concern about health ministry examining margin caps on medical devices (30-50% range); management downplayed but acknowledged uncertainty.
NEW RISK
International patient volatility from geopolitical events
March saw 15-18% dip in international patients due to West Asia war; recovery underway but risk remains.
NEW RISK
Cash flow conversion below EBITDA
Cash flow from operations at ~60% of EBITDA; analyst noted lower conversion in H2, though management attributed to normal operations.
RISK GONE
Execution delays in new projects
Raipur facility delayed by one month due to equipment installation; further delays could impact revenue ramp-up.
RISK GONE
Dilution from fundraise
INR 700 Cr QIP may lead to significant equity dilution, though management expects promoter to maintain majority.
RISK GONE
Subdued performance of cardiac care and daffodil centers
Cardiac care and daffodil segments underperform due to unfavorable payer mix; turnaround may take time.
RISK GONE
Margin pressure from elevated employee costs
Employee costs rose due to new towers and pre-operative costs for Raipur; margins may remain under pressure until occupancy improves.
Fast read
Guidance and risk preview
300-bed super-specialty hospital in Raipur will start in Q1 FY27; first phase of 150 beds operational, remaining 150 within 3-4 months.
Raipur hospital expected to incur INR 18-20 crore losses in FY27, potentially dragging consolidated EBITDA margin by 1-1.5%.
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