Aster DM Quality Care Limited reported a combined proforma revenue of ₹9,273 crore and operating EBITDA of ₹2,013 crore for FY26, following the merger with Quality Care India Limited. The standalone entity recorded revenue of ₹4,643 crore, up 12% YoY, with EBITDA rising 17% to ₹947 crore.

The merger, effective July 1, 2026, created one of India’s largest integrated healthcare networks with over 10,800 beds across 28 cities. Management outlined plans to expand capacity to more than 15,000 beds in the coming year through a pipeline of 4,170 additional beds, prioritizing brownfield expansions to accelerate ramp-up timelines.

Financial performance highlights

Standalone financials demonstrated strong margin expansion driven by cost discipline and improved operational leverage. The hospital segment alone saw margin expansion from 12% in FY21 to 23% in FY26.

The diagnostic business, Aster Labs, sustained its turnaround trajectory, with operating EBITDA margins improving from negative 7.8% in FY24 to positive 12.8% in FY26. This segment now delivers a healthy ROCE of 27%, reflecting successful volume scaling and cost optimization efforts.

Integration and expansion strategy

The integration of Aster, CARE Hospitals, KIMSHEALTH, and Evercare aims to unlock synergies through central procurement, supply chain optimization, and corporate function consolidation. Material costs excluding wholesale pharmacy declined from 25.5% in FY23 to 21.4% in FY26, aided by centralized vendor negotiations.

Capital expenditure stood at ₹546 crore in FY26, with nearly 45% allocated to expansion projects. The company maintains a robust balance sheet with cash and cash equivalents of ₹1,327 crore against gross debt of ₹701 crore, providing flexibility for future growth initiatives.

What the numbers show

While overall patient volumes grew 9%, bed occupancy percentage declined from 65% in FY25 to 61% in FY26. However, absolute occupied beds increased by 4.5% from 3,769 to 3,939. This divergence suggests that the occupancy dip is partly attributable to an increase in total available beds rather than a drop in demand intensity. Furthermore, the reduction in Average Length of Stay (ALOS) from 3.2 days to 3.1 days indicates improved operational efficiency, allowing the network to treat more patients within the same timeframe despite lower percentage occupancy.

Aster DM Quality Care Limited held its 18th Annual General Meeting on September 28, 2026, via Video Conferencing. The meeting adopted the audited standalone and consolidated financial statements for FY26 and approved the reappointment of director T J Wilson.

The company, formerly known as Aster DM Healthcare Limited, conducted the proceedings from its registered office in Hyderabad. Executive Chairman Dr Azad Moopen delivered the welcome address, while Executive Director Alisha Moopen chaired the session. The Board presented operational, financial, strategic, ESG, and CSR highlights for the fiscal year ended March 31, 2026.

Resolutions passed

Shareholders transacted both ordinary and special business items outlined in the notice dated August 5, 2026. The key resolutions included:

The auditor’s report did not contain any qualifications or adverse observations affecting the company’s functioning. Statutory registers were available for inspection during the meeting.

Attendance and voting

A total of 83 members attended the virtual meeting. Remote e-voting was open from September 25 to September 27, 2026. Members participating live could cast votes through the NSDL portal during the session. The scrutinizer’s report on the voting outcomes will be disseminated to stock exchanges separately in compliance with SEBI Listing Regulations.

Directors Ganesh Mani, Ayshwarya Vikram, and Sunil Theckath Vasudevan were absent due to prior commitments. The meeting concluded at 1:26 pm after a question-and-answer session addressed shareholder queries thematically by board members.