Kochi, Feb 01: Aster DM Healthcare, one of India’s leading integrated healthcare service providers, today announced its financial results for the quarter ended December 31, 2025, reporting steady standalone performance and strong proforma results in combination with Quality Care India Ltd (QCIL).
Key Highlights – Aster DM Healthcare Q3 FY26 (Standalone)
- Revenue grew 13% YoY to INR 1,186 Cr
- Operating EBITDA (ex-Kasargod) rose 17% YoY to INR 237 Cr, with margins expanding to 20.2%
- Normalised PAT (ex-Kasargod) increased 22% YoY to INR 98 Cr
- Strong operational performance supported by robust patient volumes, improved case mix, and efficient cost management
Combined Proforma Performance (Aster + QCIL) Q3 FY26
- Revenue up 15% YoY to INR 2,366 Cr
- Operating EBITDA increased 22% YoY to INR 503 Cr, with margins at 21%
- Combined entity now operates 10,620+ beds across 39 hospitals in 28 cities, with a pipeline of over 4,000 additional beds
Commenting on the results, Dr. Azad Moopen, Founder & Chairman, Aster DM Healthcare, said:
“As we move closer to completing the merger with Quality Care India, the proforma performance of the combined platform remains encouraging. Revenues grew 15% YoY and operating EBITDA by 22%, supported by strong patient volumes and improving case mix. Over the past year, the combined entity has added over 560 beds, strengthening capacity and expanding access to high-quality healthcare.”
“On a standalone basis, Aster DM Healthcare delivered a steady quarter, with revenue up 13% YoY and EBITDA margins expanding to 20.2%, reflecting operating leverage and disciplined cost management,” he added.
Operational Highlights – India Performance
- Total patient volume up 10% YoY, with inpatient volume rising 5% and outpatient volume increasing 11%
- Average Revenue Per Patient (ARPP) for inpatients increased 9% YoY, driven by improved specialty mix
- Case mix optimization improved CONGO contribution by 240 bps to 52%
- Oncology revenue grew 27% YoY, contributing 11% of total revenue
- Aster Labs revenue grew 17% YoY, with EBITDA up 31% and margins improving to 10.5%
Core Hospital Business
- Mature hospital EBITDA margins improved to 25.1%
- Key hospitals:
- Aster Medcity: Revenue +24% YoY; EBITDA +33%; margin 30%
- Aster MIMS Calicut: Revenue +14% YoY; EBITDA +20%; margin 26%
- Aster Whitefield: Revenue +14% YoY
Cluster-wise Highlights
- Kerala: Revenue +20% YoY; patient volume +15%
- Andhra & Telangana: Revenue +13% YoY; patient volume +9%
- Significant growth in high-value segments, including multi-specialty and oncology services
Merger Update
- Preferential allotment of ~3.6% stake to Blackstone and TPG completed
- No-objection letters received from stock exchanges; NCLT application submitted in December 2025
- Shareholders’ meeting to be convened between February 27 and March 13, 2026
- Merger expected to complete by Q1 FY27, post regulatory approvals
QCIL Q3 FY26 Performance
- Revenue up 17% YoY to INR 1,181 Cr
- Operating EBITDA increased 32% to INR 279 Cr, with healthy margins at 23.7%
Proforma Combined Performance Highlights
- Revenue up 15% YoY to INR 2,366 Cr
- Operating EBITDA up 22% YoY to INR 503 Cr (ex-Kasargod +25% to INR 516 Cr)
- EBITDA margins at 21% (22% ex-Kasargod); ROCE at 20.7% (21.2% ex-Kasargod)
- Demonstrates platform strength and scalability across India
“We remain focused on strengthening clinical talent, operational excellence, and delivering accessible, high-quality healthcare at scale. The merger with QCIL marks an important step toward creating a top-three hospital chain in India,” concluded Dr. Moopen.
