Artemis Medicare Services reported a robust first quarter of fiscal year 2027 (Q1 FY27), with profit after tax (PAT) surging 48.3% year-on-year to ₹31.44 crore, driven by strong revenue growth and expanding margins. The healthcare provider also marked a significant operational milestone by commencing operations at its new Artemis Shanti Hospital in Raipur, expanding its geographic footprint beyond North India.
Consolidated revenue from operations grew 12.7% year-on-year to ₹287.32 crore for the quarter ended June 30, 2026. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹61.82 crore, reflecting an EBITDA margin of 21.5%. The improvement in profitability was attributed to economies of scale, a favorable case mix shift toward complex procedures, and disciplined cost management across the network.
Operational Highlights and Expansion
The flagship Gurugram facility continued to drive performance, with standalone top-line growth of 15.4% in the region. Occupancy rates reached 65.7%, while the average revenue per occupied bed (ARPOB) increased to ₹85,690, indicating a higher contribution from specialized tertiary and quaternary care services such as cardiology, oncology, neurosciences, and orthopedics.
A key development during the quarter was the launch of Artemis Shanti Hospital in Raipur, a 300-bed multi-specialty tertiary care center. The hospital began outpatient department (OPD) services on July 9, 2026, followed by the activation of operating theaters and cath labs on July 27, 2026. Management noted encouraging initial traction in OPD footfalls and early surgeries, including complex oncological procedures. The total capital expenditure for the Raipur project is ₹120 crore, with approximately 80% already deployed.
Capital Allocation and Future Growth
Artemis Medicare outlined a three-year capital expenditure plan totaling ₹800 crore, covering expansions in Gurugram, Raipur, and the VIMHANS project. A significant portion of this allocation involves Tower IV at the Gurugram campus, which will add over 200 beds focused on advanced pediatric and obstetric care. The capex per bed for Tower IV is estimated at ₹55 lakh, with operations expected to commence within 18 to 22 months. Management projects that this brownfield expansion will break even within 8 to 10 months of launch.
To support future acquisitions and growth initiatives, shareholders have approved an enabling resolution for a qualified institutional placement (QIP) of up to ₹700 crore. Management indicated that the actual raise would depend on asset finalization, aiming to minimize shareholder dilution while leveraging internal accruals and existing debt capacity. International patient business remained resilient despite geopolitical tensions in West Asia, contributing nearly 27% of the total business mix in Q1 FY27.
| Metric |
Q1 FY27 Value |
YoY Change |
| Revenue from Operations |
₹287.32 crore |
+12.7% |
| EBITDA |
₹61.82 crore |
N/A |
| EBITDA Margin |
21.5% |
N/A |
| Profit After Tax |
₹31.44 crore |
+48.3% |
| Occupancy Rate |
65.7% |
N/A |
| ARPOB |
₹85,690 |
N/A |
What the Numbers Show
The divergence between revenue growth (12.7%) and PAT growth (48.3%) highlights significant operating leverage within Artemis Medicare’s model. With fixed costs remaining relatively stable while patient volumes and case complexity increased, the company successfully converted top-line gains into disproportionate bottom-line improvements. The sustained high ARPOB suggests that the hospital’s positioning as a quaternary care center is yielding premium pricing power, insulating margins against inflationary pressures on inputs. Furthermore, the rapid ramp-up of the Raipur facility and the planned Gurugram expansion indicate a strategic shift toward scaling capacity in high-demand markets without compromising clinical specialization.