Artemis Medicare PAT Rises 32.1%; Plans Raipur Facility Launch
Artemis Medicare Services announced its audited financial results for Q4 and FY26, reporting a 32.1% YoY increase in consolidated net profit to ₹3,028.10 lacs for the quarter and a 26.2% rise to ₹10,371.52 lacs for the full year. Revenue from operations grew 16.4% in Q4 and 15.4% in FY26, driven by strong performance in cardiology, oncology, and orthopaedics. The board recommended a final dividend of Re. 0.45 per share and appointed a new Independent Director. Operationally, the flagship Gurgaon hospital achieved an ARPOB of ₹84,571 with 64.6% occupancy. Management confirmed the 300-bed Raipur facility is on track to commence operations in Q1 FY27, with projected losses of INR 18-20 crores in the first 18 months. The company also plans a 650-bed facility in South Delhi by FY29 and has approved fundraising up to INR 700 crores to support expansion.
*this image is generated using AI for illustrative purposes only.
Artemis Medicare Services held its Board of Directors meeting on May 8, 2026, approving the audited financial results for the quarter and year ended March 31, 2026. The board recommended a final dividend of Re. 0.45 per equity share of face value Re. 1 each for FY26, subject to shareholder approval. Additionally, the board appointed Mr. Tapan Mitra as an Additional Director in the capacity of Independent Director for a period of 3 years, effective from May 8, 2026. Subsequently, the company conducted an earnings conference call on May 11, 2026, to discuss the operational and financial performance.
Consolidated Financial Performance
On a consolidated basis, the group reported revenue from operations of ₹27,922.64 lacs for Q4 FY26, up 16.4% from ₹23,990.01 lacs in Q4 FY25. Consolidated net profit after tax for the quarter stood at ₹3,028.10 lacs, a growth of 32.1% against ₹2,292.39 lacs in the previous year. For the full year FY26, consolidated revenue from operations rose 15.4% to ₹1,08,124.24 lacs from ₹93,691.67 lacs in FY25. Consolidated net profit after tax for the year stood at ₹10,371.52 lacs, a growth of 26.2% against ₹8,217.62 lacs in the previous year, while consolidated EBITDA grew 18.0% to ₹21,801 lacs from ₹18,478 lacs.
| Metric: | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations (₹ lacs): | 27,922.64 | 27,235.23 | 23,990.01 | 1,08,124.24 | 93,691.67 |
| Total Income (₹ lacs): | 28,701.32 | 27,981.24 | 25,224.51 | 1,11,107.16 | 96,990.26 |
| Total Expenses (₹ lacs): | 24,676.09 | 24,697.28 | 22,358.09 | 96,881.94 | 86,223.68 |
| Profit Before Tax (₹ lacs): | 4,025.23 | 2,976.52 | 2,866.42 | 13,917.78 | 10,766.58 |
| Net Profit After Tax (₹ lacs): | 3,028.10 | 2,223.44 | 2,292.39 | 10,371.52 | 8,217.62 |
| Basic EPS (₹): | 1.90* | 1.41* | 1.47* | 6.56 | 5.37 |
| Diluted EPS (₹): | 1.90* | 1.41* | 1.45* | 6.56 | 5.31 |
* Not annualised
Operational Highlights and Expansion
The flagship Artemis Hospital Gurgaon facility reported an Average Revenue Per Occupied Bed (ARPOB) of ₹84,571 and bed capacity utilization of 64.6% for Q4 FY26. Management highlighted that international patient volumes grew by 26.9% during the year despite geopolitical challenges, with the company aiming to maintain international revenue at 30% to 31% of total revenue.
Regarding expansion, the 300-bed super specialty hospital in Raipur is on track to commence operations in Q1 of FY27. The company expects the facility to incur losses of INR 18 crores to INR 20 crores in the first 18 months before breaking even. The project capex is estimated between INR 110 crores to INR 120 crores. Additionally, the company is advancing plans for a 650-bed facility in South Delhi, expected to be commissioned in FY29, with a projected capex of INR 500 crores. The board has also approved a fundraising initiative of up to INR 700 crores to support these expansion efforts.
Corporate Actions
The board approved the re-appointment of M/s. T R Chadha & Co LLP as Statutory Auditors for a second term of 5 years, subject to AGM approval. The company also entered into a Medical Services Agreement with Dr. Vidya Sagar Kaushalya Devi Memorial Health Centre (VIMHANS), paying an advance of ₹6,962 lacs during the quarter ended March 31, 2026.
Historical Stock Returns for Artemis Medicare Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.37% | -2.21% | +11.50% | -4.47% | -2.06% | +905.37% |
How might the ramp-up of the Raipur facility impact Artemis Medicare's consolidated EBITDA margins beyond the initial 18-month loss period, particularly if high-end services like transplants are introduced earlier than expected?
Given the INR 700 crore fundraising initiative, what types of brownfield or greenfield markets is Artemis Medicare likely targeting, and how could this accelerate or complicate its goal of reaching 2,000 beds by 2029?
With Middle East patients contributing 30% of international revenue and geopolitical tensions causing a temporary 15-18% volume dip, how vulnerable is Artemis Medicare's revenue mix if instability in the region persists or worsens?
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