Aster DM Healthcare, one of India’s leading integrated healthcare providers, announced strong Q4 FY26 results. Aster DM Healthcare delivers robust Q4 FY26 performance; Q4 FY26 Revenues up by 18% YoY to INR 1,182 Cr; Op. EBITDA (ex-Kasargod) up by 31%. Aster and Quality Care India Ltd (Combined Proforma) deliver strong performance; Q4 FY26 Revenues up by 18% to INR 2,361 Cr; Op. EBITDA up by 25%.
Key Financial Highlights
Aster DM Healthcare for Q4 FY26:
- Revenue for Q4 FY26 grew 18% YoY to INR 1,182 Cr
- Operating EBITDA (ex-Kasaragod) grew 31% YoY to INR 253 Cr in Q4 FY26
- Operating EBITDA Margins (ex-Kasaragod) stood at 21.7% in Q4 FY26 Vs. 19.3% in Q4 FY25
- Normalised PAT1 (ex-Kasaragod) grew 45% YoY to INR 153 Cr in Q4 FY26
Aster + QCIL (Combined Proforma) Performance for Q4 FY26
- Proforma Revenue for Q4 FY26 grew by 18% to INR 2,361 Cr
- Proforma Operating EBITDA grew by 25% to INR 517 Cr
- Proforma Operating EBITDA margin stood at 21.9%
- The merger proposal received overwhelming shareholder approval, with 96.68% of total votes cast in favor.
Commenting on the performance, Dr. Azad Moopen, Founder and Chairman, Aster DM Healthcare, said: “We are very pleased that the merger of Aster DM Healthcare and Quality Care India Limited (QCIL), in partnership with Blackstone, is progressing towards completion in Q1 FY 2026–27. The overwhelming shareholder support, with 96.68% of votes in favour, reflects strong confidence in our vision to build a scaled and integrated healthcare platform. On a proforma basis, Q4 FY26 revenues grew 18% YoY to INR 2,361 Cr, while operating EBITDA increased 25% YoY to INR 517 Cr, supported by strong growth in patient volumes and continued margin expansion. The combined entity will have a capacity of over 10,623 beds across 28 cities, with an additional pipeline of around 4,445 beds, providing clear visibility to exceed 15,500 beds in the near term. This positions the platform to become one of the top three healthcare providers in India.”
On Q4 FY26 performance of Aster DM Healthcare, Dr. Moopen added: “Our performance this quarter reflects consistent execution, with revenues growing 18% YoY to INR 1,182 Cr. Excluding the impact of the newly commissioned Kasargod facility, operating EBITDA grew 31% YoY, with margins improving to 21.7%, driven by operating leverage and disciplined cost management.”
India Performance Highlights
Overall Business: Strong YoY growth in Revenue and Operating EBITDA led by robust performance across Core Hospital & Clinics as well as Labs businesses, despite macro headwinds.
- ARPP IP rose 9% YoY to INR 1,25,234 in Q4 FY26
- Total patient volume grew by 15% YoY, with IP volume growing by 7% YoY and OP volume growing by 15% YoY in Q4 FY26
- Significant growth in MVT revenue by 41% YoY in Q4 FY26, led by 51% YoY growth in Kerala MVT revenue
- Healthy growth in Cardiac and Oncology revenues by 25% and 23% YoY, respectively, with contributions at 15% and 11% in Q4 FY26, reflecting continued strength in specialty mix
- Aster Labs revenue grew by 18% YoY in Q4 FY26 and Op. EBITDA grew by 181% YoY, with margins improved to 14.7% in Q4 FY26 as compared to 6.2% in Q4 FY25
Core Hospital Business
- Core hospitals & clinics business delivered an Op. EBITDA margin of 23.1% in Q4 FY26 (24.3% Ex-Kasargod)
- Matured hospital Operating EBITDA margins stood at 26.2% in Q4 FY26 (22.9% in Q4 FY25)
- Aster Medcity revenue grew by 16% YoY and Op. EBITDA grew by 26% YoY in Q4 FY26, with margins at 32.5%
- Aster MIMS Calicut revenue grew by 21% YoY and Op. EBITDA grew by 41% YoY in Q4 FY26, with a margin at 23.8%
- Aster Whitefield’s revenue grew by 15% YoY and Op. EBITDA grew by 38% YoY in Q4 FY26
Cluster-wise Performance:
- Kerala’s total patient volume increased by 20% YoY, delivering 21% YoY revenue growth
- Andhra & Telangana revenue grew 30% YoY, supported by 20% YoY increase in total patient volume
- Kerala Cluster Operating EBITDA grew by 27% YoY (35% ex-Kasargod) with margins at 23.5% (25.6% ex. Kasargod) in Q4 FY26 from
- Karnataka & Maharashtra Operating EBITDA grew by 25% YoY with a margin at 24.5% in Q4 FY26
- Andhra & Telangana cluster Operating EBITDA grew by 113% YoY with a margin at 18.3% in Q4 FY26
Update on Merger
Post receipt of the shareholders’ approval, the Company had completed the preferential allotment of ~3.6% stake to Blackstone and TPG instead of the initial acquisition of 5.0% stake in Quality Care India Ltd. Further to the preferential allotment, the company received CCI approval, followed by the receipt of a no-objection letter from the Stock Exchanges for the merger. During the quarter, the company has also received shareholders’ and creditors’ approval in favor of the merger. The closing of the transaction is pending fulfilment of regulatory and compliance requirements, including the receipt of the NCLT order. The transaction is expected to be completed by Q1 FY27.
QCIL Q4 FY26 Performance
QCIL reported a notable Q4 FY26 performance, with revenue rising 18% YoY to INR 1,178 Cr. Operating EBITDA grew 23% YoY to INR 272 Cr, with margins at 23.1%, reflecting sustained efficiency improvements and disciplined cost management. ALOS improved to 3.94 days, indicating enhanced clinical protocols and better patient throughput.
Combined Proforma Performance for Q4 FY26
The combined entity (Aster and QCIL), with a network of over 10,620+ beds across 39 hospitals in 28 cities, reported a strong performance this quarter on a combined basis. Revenue grew 18% to INR 2,361 Cr, while Operating EBITDA increased 25% to INR 517 Cr (ex-Kasaragod up by 27% to INR 526 Cr). EBITDA margins remained healthy at 21.9% (ex-Kasaragod 22.4%), with ROCE at 21.2% (ex-Kasaragod 21.7%), highlighting the platform’s scale, operational strength, and growth potential.
