Aster DM FY26 revenue rises 12% to ₹4,643 crore
Aster DM Healthcare reported a 12% rise in FY26 revenue to ₹4,643 crore, with operating EBITDA growing to ₹947 crore and net profit reaching ₹464 crore. The company announced that shareholders approved the merger with Blackstone-backed Quality Care, expected to close in Q1 FY27, creating a top-three hospital chain with combined revenues of ₹9,273 crore.

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Aster DM Healthcare reported revenue of ₹4,643 crore for the financial year ended March 31, 2026, representing a 12% increase from the previous year. Operating EBITDA for the period stood at ₹947 crore, with margins expanding to 20.4%. The company’s board disclosed these figures in an investor presentation filed on June 03, 2026, highlighting steady growth driven by its core hospital performance and improving traction in other business units.
The company’s net profit after tax for FY26 was ₹464 crore, compared to ₹356 crore in the previous year. Normalised profit after tax, which excludes exceptional items such as merger-related costs and CSR expenses, was ₹451 crore for FY26. For the quarter ended March 31, 2026, revenue from operations was ₹1,182 crore, while operating EBITDA was ₹244 crore.
Aster DM Healthcare provided a significant update regarding its proposed merger with Blackstone-backed Quality Care. The merger proposal received overwhelming shareholder approval, with 96.68% of total votes cast in favor. The transaction is expected to be completed in Q1 FY27. The merger aims to create one of the top three hospital chains in India by revenue and bed capacity, combining a network of 10,623 beds across 28 cities.
The proforma financials for the merged entity for FY26 indicate combined revenues of ₹9,273 crore and an operating EBITDA of ₹2,013 crore, implying a margin of 21.7%. The strategic rationale for the merger includes achieving scale across South and Central India, realizing synergies in procurement and supply chain, and diversifying geographically with low overlap in city presence.
Financial Performance Summary
| Metric (INR Cr) | FY25 | FY26 |
|---|---|---|
| Revenue from Operations | 4,138 | 4,643 |
| Operating EBITDA | 806 | 947 |
| Operating EBITDA Margin | 19.5% | 20.4% |
| Profit After Tax | 356 | 464 |
| Normalised PAT | 357 | 451 |
Operational Metrics
The company’s bed capacity increased to 5,449 in FY26 from 5,159 in the previous year. Occupancy levels stood at 61% for the year, while the average revenue per occupied bed (ARPOB) rose to ₹51,800. The company noted that its mature hospitals, operational for over seven years, contributed significantly to profitability with an operating EBITDA margin of 25.4%.
Merger Synergies
Management outlined multiple avenues for synergies post-merger, including the rationalization of procurement spends, optimization of corporate functions, and enhanced revenue potential from international patients. The merged entity plans to add 4,445 beds in the coming years, taking the total bed capacity to 15,068 beds, with a majority of the expansion being brownfield projects.
Historical Stock Returns for Aster DM Healthcare
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.49% | -1.45% | +4.20% | +11.45% | +32.30% | +398.29% |
What specific procurement and supply chain efficiencies does the merged entity expect to realize to achieve the projected 21.7% EBITDA margin?
How will the combined entity fund the planned addition of 4,445 beds, and what is the expected timeline for this brownfield expansion?
What strategies will be employed to improve the current 61% occupancy levels to match the profitability of mature hospitals?


































