Aster DM Quality Care Limited (ASTERDM) share price

₹680.30 on NSE as of 2026-10-07. -0.64% on the day. market cap ₹35,248 Cr. P/E 110.1. 52-week range ₹537.95 to ₹869.70. Healthcare.

www.asterdmhealthcare.in

What the company does

Aster DM Healthcare Limited (formerly DM Healthcare Pvt. Ltd.), established in 1987, is the holding company of the Aster Group, providing healthcare services through hospitals, clinics and pharmacies. Following a reorganisation of its structure i n 2008, th e Group’s operations across the GCC countries and India were consolidated under Aster. The company recently concluded the sale of its GCC business, following which it will only hold its India business, including the hospital, clinics , labs and pharmacies. As on September 30, 2024, the company operated 19 hospitals across 15 cities with total bed capacity of 4,994 with 212 pharmacies and 232 labs in India. The company is promoted by Dr. Azad Moopen and family. In India, the Group operates under the ‘Aster Medcity’, ‘Aster MIMS’, ‘Aster Ramesh’, ‘Aster Prime’, ‘Aster Aadhar’ and ‘Aster CMI’ brands. Aster was listed on the India stock exchanges on February 26, 2018.

Filed by ICRA, page 3.

Aster DM Quality Care Q1 FY27: Revenue Up 22% to ₹1,311 Cr, a ₹114 Cr Merger Bill, and 39 Hospitals Under One Roof

At a glance

Aster DM Healthcare runs hospitals, clinics and pharmacies across India. The three months to June 2026 are the last it reports as Aster alone.

Revenue reached ₹1,311 crore, against ₹1,078 crore in the same quarter a year earlier. That is growth of 21.6% at a business whose output is measured in occupied beds. Operating profit was ₹256 crore, up from ₹202 crore. Operating margin, the share of revenue left after running costs, worked out at 20%.

The merger then sent in its invoice. Exceptional expenses of ₹114 crore landed in the same three months. The company describes them as entirely merger and transaction related. Net profit for the quarter was ₹29 crore, against ₹94 crore a year earlier. The January to March 2026 quarter had produced ₹154 crore. Earnings per share, the profit attached to each share, came to ₹0.31.

The name on the page changed as well. Aster DM Healthcare Limited became Aster DM Quality Care Limited with effect from 3 July 2026. Quality Care India Limited was amalgamated into it. Blackstone appeared on the shareholding register with 29.71%. Promoter holding moved from 40.39% to 53.72% inside a single quarter. The amalgamation changed which shareholders are counted as promoters.

The combined group runs 39 hospitals across 28 cities in nine states. They trade under four brands, which management has decided for now to keep separate. Crisil, a credit-rating agency, assigned Crisil AA+/Stable to ₹860.5 crore of bank facilities on 29 July 2026.

Introduction

Aster DM was established in 1987 and became the holding company of a healthcare group. The group provides care through hospitals, clinics and pharmacies. For most of its listed life it was a two-continent business. It was one of the largest integrated private healthcare providers in the GCC countries, and an emerging player in India.

That changed in two steps, and the first was an exit. The company announced the sale of its GCC business on 28 November 2023 and completed it in April 2024. It received ₹7,767.7 crore and recognised a gain of about ₹5,148.1 crore in the year to March 2025. Most of the money went straight back out of the door. Dividends of ₹6,174.2 crore were paid that year, including a special dividend of ₹5,894.3 crore. That is why the March 2025 column looks like a typing error in every table.

The second step was an arrival. On 29 November 2024 the board approved a scheme of merger with Blackstone-backed Quality Care India Ltd. Aster first acquired a 5% stake in QCIL from Blackstone and TPG. It paid with a primary share issuance of 3.6%, with amalgamation of QCIL to follow. The National Company Law Tribunal at Hyderabad, which must approve mergers in India, sanctioned the scheme on 19 June 2026. The order was filed with the Registrar of Companies on 26 June, and the merger took effect on 1 July 2026. Shareholding between the two sets of shareholders settled at 57.3% and 42.7%. On 13 July, about 35.4 crore shares were allotted to QCIL shareholders. The ratio was 977 new shares for every 1,000 held, taking paid-up capital to ₹871.67 crore.

The board reshuffled on the day the merger landed. Varun Khanna, previously Group Managing Director of the QCIL group, became Managing Director and Group CEO for five years. Six directors were appointed and four resigned, pursuant to merger implementation. Dr Azad Moopen continues as Executive Chairman.

On 5 August 2026 the board set the 18th annual general meeting for 28 September 2026. It also terminated the Maddur hospital agreement. It approved the acquisition of up to a 12% stake in UCIMSPL for ₹40.93 crore.

Business model

A hospital chain rents out beds by the day, with an anaesthetist included. The economics reduce to three numbers management repeats at every opportunity. How many beds exist, how full they are, and what each occupied bed earns daily. Capacity in the year to March 2026 was 5,449 beds, occupied 61% of the time. Revenue per occupied bed per day, the industry's yardstick for pricing, was ₹51,800. Average length of stay was 3.1 days, down from 3.8 days in the year to March 2017. The industry treats a shorter stay as a gain, because a bed that empties sooner fills sooner.

Hospitals and clinics were 95% of revenue in the year to March 2026. Laboratories accounted for 3% and pharmacies for 2%. The company lists that laboratory and pharmacy ecosystem among its stated focus areas.

Ten specialties share the revenue between them. Multi-speciality work was 17% of the year's revenue and cardiac sciences 14%. Outpatient pharmacy and anaesthesiology was another 14%, with neuro sciences at 11%. Oncology contributed 11% and gastroenterology and liver care 8%. Orthopaedics and nephrology with urology took 7% each. Child and adolescent health was 6% and women's health 5%.

Geography is where the concentration sits. Kerala produced 53% of revenue in the year to March 2026. Karnataka and Maharashtra together gave 35%, and Andhra Pradesh with Telangana 12%. QCIL adds Telangana, Odisha, Chhattisgarh and Madhya Pradesh. It also brings Maharashtra and Bangladesh. Crisil, a credit-rating agency, describes the two networks as complementary, with limited geographic overlap.

Walk-in patients paid for 55% of that revenue and corporate and insurance cover for 34%. Government health schemes accounted for 7%, and medical value travel, meaning patients arriving from abroad, for 4%. Hospitals open more than seven years produced 78% of the year's revenue.

Four brands survive the merger: Aster DM, CARE Hospitals, KIMSHEALTH and Evercare. Management called brand convergence too premature, citing local brand leadership in micro-markets. A cultural integration programme named #GOGREATER has delivered 45,000 celebration kits. Those four brands and 39 hospitals now sit inside one listed company.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aster DM Quality Care Limited.

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