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Revenue
₹279 Cr
verified against source
Revenue YoY
16.4%
reported change
EBITDA
₹59 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
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Guidance to track
- 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 guided for losses of INR 18-20 crore in FY27 from Raipur, with break-even expected in 18 months.
- Gurugram facility expected to deliver EBITDA margin north of 20% in coming years, driven by case mix, cost efficiencies, and corporate cost dilution.
- Board approved fundraising up to INR 700 crore to fund new brownfield/greenfield projects beyond announced ones.
Risks flagged
- Raipur hospital expected to incur INR 18-20 crore losses in FY27, potentially dragging consolidated EBITDA margin by 1-1.5%.
- Analyst raised concern about health ministry examining margin caps on medical devices (30-50% range); management downplayed but acknowledged uncertainty.
- March saw 15-18% dip in international patients due to West Asia war; recovery underway but risk remains.
- Cash flow from operations at ~60% of EBITDA; analyst noted lower conversion in H2, though management attributed to normal operations.
Key quotes
- Our 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.
- This capital raise is only going to fund our new projects which could be one or which could be two.
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