Artemis Medicare Services Files Q4FY26 Monitoring Agency Report for ₹330 Crore Preferential Issue
CARE Ratings Limited, as Monitoring Agency, submitted the Q4FY26 report for Artemis Medicare Services Limited's ₹330 crore Preferential Issue of Compulsorily Convertible Debentures, reviewed by the Audit Committee on May 8, 2026. During Q4FY26, the company utilized Rs. 74.62 crore by signing a Medical Service Agreement with Dr Vidyasagar Kaushalya Devi Memorial Health Centre, bringing cumulative utilization to Rs. 136.89 crore. The remaining Rs. 193.11 crore is deployed across fixed deposits with HDFC Bank, ICICI Bank, and Axis Bank, earning a total of Rs. 8.54 crore. No deviations from the stated objects of the issue were observed, and no changes in the means of finance were reported.

*this image is generated using AI for illustrative purposes only.
Artemis Medicare Services Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026 (Q4FY26), pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report, prepared by CARE Ratings Limited in its capacity as Monitoring Agency, pertains to the utilization of proceeds from the company's Preferential Issue of Compulsorily Convertible Debentures aggregating to Rs. 330.00 crore. The Audit Committee reviewed the report at its meeting held on May 8, 2026.
Issue and Issuer Details
The Preferential Issue was undertaken by Artemis Medicare Services Limited, a company operating in the Healthcare Services – Hospital sector. The promoters are Mr. Onkar Kanwar and Constructive Finance Private Limited. The key details of the issue are summarized below:
| Parameter: | Details |
|---|---|
| Type of Issue: | Preferential Issue |
| Type of Securities: | Compulsorily Convertible Debentures |
| Issue Size: | Rs. 330.00 crore |
| Monitoring Agency: | CARE Ratings Limited |
| Report Quarter: | Quarter ended March 31, 2026 |
Utilization of Issue Proceeds
During Q4FY26, the company utilized Rs. 74.62 crore towards supporting acquisition, expansion, and capital expenditure requirements. Specifically, the company signed a Medical Service Agreement (MSA) with Dr Vidyasagar Kaushalya Devi Memorial Health Centre and paid an additional advance revenue share of Rs. 74.62 crore as per the terms of the MSA. No amount was utilized towards General Corporate Purposes during the quarter. The following table captures the progress in utilization of the issue proceeds:
| Item Head: | Amount as per Offer Document (Rs. Crore) | Amount at Beginning of Quarter (Rs. Crore) | Amount Utilized During Quarter (Rs. Crore) | Amount at End of Quarter (Rs. Crore) | Unutilized Amount (Rs. Crore) |
|---|---|---|---|---|---|
| Acquisition, Expansion & Capex: | 320.00 | 54.00 | 74.62 | 128.62 | 191.38 |
| General Corporate Purposes: | 10.00 | 8.27 | - | 8.27 | 1.73 |
| Total: | 330.00 | 62.27 | 74.62 | 136.89 | 193.11 |
Deployment of Unutilized Proceeds
The total unutilized amount of Rs. 193.11 crore as at the end of the quarter has been deployed across fixed deposits with multiple banks. The company also received interest of Rs. 0.05 crore on matured Fixed Deposits, which has been reinvested in Fixed Deposits. The details of the deployment are as follows:
| Instrument & Entity: | Amount Invested (Rs. Crore) | Maturity Date | Earnings (Rs. Crore) | Return on Investment (%) |
|---|---|---|---|---|
| Fixed Deposit, HDFC Bank – 0660: | 28.36 | May 19, 2026 | 1.72 | 6.95% |
| Fixed Deposit, HDFC Bank – 9917: | 4.38 | May 17, 2026 | 0.27 | 6.95% |
| Fixed Deposit, ICICI Bank – 2309: | 80.00 | November 10, 2026 | 1.71 | 6.15% |
| Fixed Deposit, Axis Bank – 0778: | 80.00 | May 16, 2026 | 4.84 | 6.90% |
| Fixed Deposit, HDFC Bank – 6853: | 0.41 | April 02, 2026 | 0.00 | 4.25% |
| Monitoring Account, HDFC Bank: | 0.01 | - | - | - |
| Less: Interest reinvested in FDs: | (0.05) | - | - | - |
| Total: | 193.11 | 8.54 |
Compliance and Deviation Status
The Monitoring Agency confirmed that all utilization is in accordance with the disclosures in the Offer Document, with no deviations observed from earlier monitoring agency reports. The means of finance for the disclosed objects have not changed. No favorable or unfavorable events affecting the viability of the objects were reported, and no other material information affecting investor decision-making was identified. Both objects of the issue — acquisition, expansion, and capital expenditure requirements, as well as General Corporate Purposes — are listed as ongoing, with a completion date of May 15, 2026 as per the Offer Document, and no delay in days or months has been reported.
The Chartered Accountant's certificate relied upon for this report was issued by M/s T R Chadha & Co. LLP, Statutory Auditors of Artemis Medicare Services Limited, dated April 30, 2026. The report notes that the CA certificate provides limited assurance, and the procedures performed are less in extent than those for a reasonable assurance engagement.
Historical Stock Returns for Artemis Medicare Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.32% | +8.82% | +18.26% | +8.46% | +12.81% | +1,098.87% |
How will the Medical Service Agreement with Dr Vidyasagar Kaushalya Devi Memorial Health Centre impact Artemis Medicare's revenue and bed capacity over the next 2-3 years?
With Rs. 191.38 crore still unutilized for acquisition and expansion as of March 2026, what additional hospital acquisitions or greenfield projects is Artemis Medicare likely to pursue before the May 15, 2026 completion deadline?
How might the conversion of the Compulsorily Convertible Debentures into equity affect the shareholding structure and dilution for existing minority shareholders of Artemis Medicare?


































