Aster DM Healthcare Limited , a leading integrated healthcare service provider in India, has reported robust financial results for the second quarter of fiscal year 2026, demonstrating significant growth across key metrics.

Financial Highlights

• Revenue for Q2 FY26 grew 10% year-over-year (YoY) and 11% quarter-on-quarter (QoQ) to INR 1,197.00 crores.
• Operating EBITDA increased by 13% YoY and 22% QoQ to INR 263.00 crores.
• Operating EBITDA margin expanded to 22.0% in Q2 FY26, up from 21.4% in Q2 FY25 and 20.0% in Q1 FY26.
• Normalized PAT (Post NCI) rose 14% YoY and 23% QoQ to INR 110.00 crores.

Operational Performance

• Total patient volume grew by 15% QoQ, with inpatient volume up 12% and outpatient volume increasing 15%.
• Average Revenue Per Patient (ARPP) for inpatients rose 10% YoY to INR 118,552.00, driven by improved specialty mix.
• Occupancy rates improved to 64% in Q2 FY26 from 59% in Q1 FY26.
• Medical Value Travel (MVT) revenue surged by 26% YoY and 60% QoQ.

Cluster-wise Performance

Kerala Cluster

• Delivered its highest-ever quarterly revenue of INR 620.00 crores, up 11% YoY and 12% QoQ.
• Operating EBITDA grew by 19% YoY with margins expanding to 26.8%.
• Total patient volume increased by 17% QoQ.
• MVT revenue in Kerala grew by 49% YoY and 67% QoQ.

Karnataka & Maharashtra Cluster

• Revenue grew 10% YoY, supported by healthy growth in Aster Whitefield.
• Aster Whitefield revenue grew by 27% YoY.

Andhra & Telangana Cluster

• Revenue grew 8% YoY and 14% QoQ.
• Operating EBITDA margin significantly improved to 13.2% in Q2 FY26 from 7.9% in Q1 FY26.

Strategic Developments

• Aster MIMS Kasaragod, a 264-bed multispecialty hospital, commenced operations on October 2, 2025, strengthening Aster's presence in northern Kerala.
• The company received no-objection letters from stock exchanges for its proposed merger with Quality Care India Ltd, paving the way for creating one of India's most integrated healthcare networks.

Management Commentary

Dr. Azad Moopen, Founder and Chairman of Aster DM Healthcare, commented on the results: "Aster DM Healthcare delivered a steady performance in Q2 FY26, with revenue increasing 10% year-on-year to ₹1,197 crore despite lower incidence of seasonal illness. The Kerala cluster demonstrated a strong turnaround in FY26, emerging from last year's softness with renewed momentum and discipline."

Dr. Moopen added, "We have made progress on the merger with Quality Care India Ltd with stock exchange no-objection letters now received. The combined platform will create one of India's most integrated and scalable healthcare networks, with complementary cluster strengths and enhanced clinical depth."

Aster DM Healthcare continues to focus on expanding its presence, enhancing operational efficiencies, and leveraging digital health initiatives to drive sustainable growth across its key markets.

Aster DM Healthcare Limited has reported a robust performance for the second quarter of fiscal year 2026, demonstrating resilience and growth across its operations in India.

Financial Highlights

For Q2 FY26, Aster DM Healthcare posted:

• Revenue of INR 1,197.00 crores, up 10% year-over-year (YoY) and 11% quarter-on-quarter (QoQ)
• Operating EBITDA of INR 263.00 crores, increasing 13% YoY and 22% QoQ
• Operating EBITDA margin of 22.0%, compared to 21.4% in Q2 FY25 and 20.0% in Q1 FY26
• Normalized PAT (Post NCI) of INR 110.00 crores, growing 14% YoY and 23% QoQ

Operational Performance

The company witnessed significant improvements across various operational metrics:

• Average Revenue Per Patient (ARPP) for inpatients rose 10% YoY to INR 118,552.00
• Complex, Oncology, Neuro, Gastro, and Ortho (CONGO) mix increased by 240 basis points to 51%
• Total patient volume grew by 15% QoQ, with inpatient volume up 12% QoQ and outpatient volume rising 15% QoQ
• Overall occupancy improved to 64% from 59% in the previous quarter

Cluster-wise Performance

Kerala Cluster:

• Revenue grew 11% YoY to INR 620.00 crores
• Operating EBITDA margin expanded to 26.8% from 25.0% in Q2 FY25

Karnataka & Maharashtra Cluster:

• Revenue increased 10% YoY to INR 405.00 crores
• Operating EBITDA grew 6% YoY to INR 99.00 crores

Andhra & Telangana Cluster:

• Revenue rose 8% YoY to INR 135.00 crores
• Operating EBITDA margin stood at 13.2%, improving significantly from 7.9% in Q1 FY26

Strategic Developments

Aster DM Healthcare continues to expand its footprint and enhance its service offerings:

• Commenced operations of Aster MIMS Kasaragod, a 264-bed multispecialty hospital in Kerala, on October 2, 2025
• Acquired an additional 12.99% stake in Dr. Ramesh Cardiac and Multispeciality Hospital Private Limited, increasing its shareholding to 70.48%
• Received No Objection Letters from BSE and NSE for the proposed merger with Quality Care India Limited

Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare, commented on the results: "Aster DM Healthcare delivered a steady performance in Q2 FY26, with revenue increasing 10% year-on-year to ₹1,197 crore despite lower incidence of seasonal illness. The Kerala cluster demonstrated a strong turnaround in FY26, emerging from last year's softness with renewed momentum and discipline."

The company's focus on expanding its hospital network, improving operational efficiencies, and enhancing its digital health initiatives positions it well for sustained growth in the Indian healthcare market.