Artemis Medicare Services LimitedQuarter ended Results & Financial Update
Artemis Medicare Services Limited: Quarter ended consolidated results and company financials – revenue ₹311.04 Cr, PAT ₹31.10 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Artemis Medicare Services Quarter ended quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Artemis Medicare Services Limited posted a 13.2% year-on-year increase in consolidated revenue from operations for the quarter ended September 30, 2026, reaching INR 311.04 crore, up from INR 274.70 crore in the corresponding quarter of the previous fiscal year. Sequential top-line growth also advanced by 8.3% compared to INR 287.32 crore in the first quarter of FY27, supported by steady patient inflows and higher operational throughput across the network.
Consolidated profit after tax for Q2 FY27 stood at INR 31.10 crore, reflecting a 3.7% year-on-year rise over INR 30.00 crore reported in Q2 FY26. Sequentially, PAT remained relatively flat, showing a marginal dip of 1.1% from INR 31.44 crore in Q1 FY27, which corresponds to an unadjusted consolidated PAT margin of 10.0% for the quarter.
The flagship Gurugram facility served as the primary earnings anchor, delivering an operational revenue of INR 298.44 crore and an EBITDA of INR 70.96 crore. Gurugram's operational metrics exhibited solid momentum, driven by a 12.0% year-on-year surge in inpatient volumes to 9,787 patients and an industry-leading Average Revenue Per Occupied Bed of INR 86,631.
Occupancy at the Gurugram hospital improved by 398 basis points year-on-year to reach 68.1%, accompanied by an efficiency gain reflected in the Average Length of Stay shortening to 3.52 days despite higher inpatient activity. Specialty revenue distribution at the Gurugram unit underscored a strong skew toward high-acuity care, with oncology, neurology, orthopedics, and cardiology capturing the lion's share of medical procedures.
Consolidated profitability was affected by the initial operating phase of the newly commissioned 300-bed super-specialty unit, Artemis Shanti Hospital in Raipur, which commenced operations in July 2026. Disclosing adjusted operational performance, the company noted that excluding revenue and EBITDA losses from the Raipur unit, consolidated Adjusted EBITDA reached INR 71.50 crore with an expanded margin of 23.3%.
Financial charges and depreciation mirrored the ongoing infrastructure expansion across the group. Total consolidated finance costs for the quarter were recorded at INR 7.42 crore, while depreciation and amortization expenses rose to INR 14.50 crore, reflecting asset capitalization from recent capacity additions.
01 · Business model
What does Artemis Medicare Services do?
Artemis Medicare Services Limited operates as a prominent healthcare provider centered around its flagship multi-specialty tertiary and quaternary care hospital in Gurugram, Delhi-NCR, established in July 2007. The company delivers advanced medical care across numerous Centres of Excellence, encompassing oncology, neurosciences, orthopedics, cardiology, and organ transplants.
Beyond its core Gurugram facility, the company has expanded its geographical footprint through management agreements and new facility launches, including Artemis Curepipe Hospital in Mauritius and the recently commissioned Artemis Shanti Hospital in Raipur, which began operations in July 2026.
The operating model combines high-acuity medical treatments, targeted international medical value travel, and allied services such as Solace Home Care. Artemis maintains significant accreditations, being the first JCI-accredited hospital in Haryana, underpinning its focus on clinical quality and specialized healthcare delivery.
02 · Historical context
What shaped the business before this quarter
The company established its flagship 700-bed multi-specialty tertiary care hospital in Gurugram, Delhi-NCR, in July 2007, subsequently becoming the first JCI-accredited hospital in Haryana.
Artemis expanded overseas in FY24 by commencing operations at an 80-bed facility in Mauritius under an Operations and Management agreement branded as Artemis Curepipe Hospital.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹311.04 Cr | ₹274.70 Cr | ₹287.32 Cr |
| Total income | ₹319.12 Cr | ₹282.36 Cr | ₹292.70 Cr |
| Profit before tax | ₹40.98 Cr | ₹39.38 Cr | ₹42.63 Cr |
| Profit after tax | ₹31.10 Cr | ₹30.00 Cr | ₹31.44 Cr |
| EPS | ₹1.96 | ₹1.90 | ₹1.98 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Gurugram facility recorded 9,787 inpatient admissions during Q2 FY27, marking a 12.0% year-on-year increase supported by sustained patient demand across key medical specialties.
Average Revenue Per Occupied Bed at the Gurugram hospital rose 6.6% year-on-year to INR 86,631, underpinned by a specialized mix of tertiary and quaternary care procedures.
International medical travel continued to provide strong premium economics, contributing approximately 27% to 30% of total revenue from a patient base spanning over 150 countries.
What drove margins
Gurugram EBITDA margin expanded to 23.8% for the quarter, up 141 basis points year-on-year, driven by higher bed occupancy of 68.1% and improved asset utilization.
Consolidated reported EBITDA margin stood at 20.2%, lower than the standalone Gurugram margin due to initial operating losses from the newly opened 300-bed Raipur facility, though Adjusted Consolidated EBITDA margin reached 23.3% excluding Raipur.
Operative and employee benefit expenses scaled upward in line with expanded operational bed capacity, with employee expenses for the consolidated entity reaching INR 44.09 crore.
05 · Demand, customers & order book
Where demand is coming from
The hospital network maintains business tie-ups with over 500 corporates, supporting steady patient acquisition channels across insured and institutional categories.
Maintained an active international patient pipeline spanning more than 150 countries, supported by digital follow-up programs and overseas referral partnerships.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Oncology, neurology, orthopedics, and cardiology remained the dominant revenue contributors at the Gurugram hospital, collectively accounting for over 50% of specialty-wise clinical income.
Insured patients and international medical travelers formed the largest payor segments at Gurugram, accounting for 32% and 30% of quarterly revenue respectively, alongside domestic cash patients at 22% and government schemes at 16%.
Geography and market mix
The Delhi-NCR region remained the primary operational hub anchored by the Gurugram hospital, with a strategic management services agreement already executed for a future 650+ bed hospital in South Delhi.
Presence in Central India was established through the opening of the 300-bed Artemis Shanti Hospital in Raipur in July 2026, targeting advanced healthcare infrastructure gaps in the region.
International presence expanded with the operationalization of the 110-bed Artemis Cascavelle facility in Mauritius during FY27, building upon the existing Curepipe O&M engagement.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total operational capacity expanded with the addition of the 300-bed Raipur super-specialty hospital in July 2026, contributing to an overall group bed footprint approaching 1,000 beds.
Achieving a Platinum Green Building certification entitled the Gurugram facility to a 15% increase in Floor Area Ratio, with additional FAR purchases planned to add over 200 beds and scale Gurugram capacity toward 950 to 1,000 beds.
Projects, capex and execution
Progressed planning for a large-scale 650+ bed tertiary and quaternary care facility in South Delhi across ~7 lakh square feet of built-up area under a 30-year operating agreement, targeted for completion around Q4 FY29 or FY30.
Maintained a strategic vision to scale total group capacity to approximately 2,000 beds by 2030 across target markets in Delhi-NCR, Central India, and Mauritius.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Continued offering comprehensive home care services in Gurugram, including elderly care, 24/7 nursing care, and medication management to extend the continuum of patient care.
Leveraged specialized clinical partnerships, including collaboration with KIMS for advanced heart and lung transplant programs, alongside the launch of 'Little Artemis' as a dedicated pediatric and women's super-specialty nodal hospital within the Gurugram campus.
09 · Reported developments
What changed operationally
The Gurugram facility maintained its status as the first JCI-accredited hospital in Haryana and secured Platinum Green Building certification, while receiving multiple accolades at the Sanjeevani 2026 Heal in India summit for neuroscience and spine care.
Reported successful high-acuity interventions during the quarter, including a complex living-donor liver transplant on a four-year-old patient and advanced minimally invasive cardiac procedures at the newly opened Raipur hospital.
10 · Pressure points & risks
What is not going smoothly
The newly commissioned Raipur hospital generated initial operational and EBITDA losses during its stabilization phase, impacting consolidated reported margins before adjustment.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Consolidated cash and bank balances stood at INR 267.12 crore as of September 30, 2026, compared to INR 206.14 crore at the end of FY26.
Net current assets for the consolidated entity remained negative at INR (12.78) crore as of H1 FY27, reflecting standard hospital working capital cycles characterized by short-term operational liabilities exceeding current receivables.
Capital allocation & funding
Consolidated total loans stood at INR 242.04 crore at the end of H1 FY27, compared to INR 226.86 crore as of March 31, 2026.
Shareholders approved a proposed fundraising initiative of up to approximately INR 700 crore to support future strategic growth initiatives and capital requirements.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Shareholding Structure
Promoter entity Constructive Finance Pvt Ltd held a 58.4% stake as of September 30, 2026, with significant institutional holdings including International Finance Corporation at 12.0% and the Government of Kerala at 4.3%.
13 · Previous-quarter changes
What changed since the previous quarter
Consolidated operational revenue increased by 8.3% sequentially from INR 287.32 crore in Q1 FY27 to INR 311.04 crore in Q2 FY27.
Consolidated EBITDA edged from INR 61.82 crore in Q1 FY27 to INR 62.89 crore in Q2 FY27, while reported EBITDA margin moderated slightly from 21.5% to 20.2% over the same period.
14 · Key Q&A
The quarter, answered directly
What does Artemis Medicare Services do?
Artemis Medicare Services Limited operates as a prominent healthcare provider centered around its flagship multi-specialty tertiary and quaternary care hospital in Gurugram, Delhi-NCR, established in July 2007. The company delivers advanced medical care across numerous Centres of Excellence, encompassing oncology, neurosciences, orthopedics, cardiology, and organ transplants.
What is the clearest takeaway from Quarter ended?
Artemis Medicare Services Limited posted a 13.2% year-on-year increase in consolidated revenue from operations for the quarter ended September 30, 2026, reaching INR 311.04 crore, up from INR 274.70 crore in the corresponding quarter of the previous fiscal year. Sequential top-line growth also advanced by 8.3% compared to INR 287.32 crore in the first quarter of FY27, supported by steady patient inflows and higher operational throughput across the network.
What drove revenue or demand?
Gurugram facility recorded 9,787 inpatient admissions during Q2 FY27, marking a 12.0% year-on-year increase supported by sustained patient demand across key medical specialties.
What mattered most for margins or profitability?
Gurugram EBITDA margin expanded to 23.8% for the quarter, up 141 basis points year-on-year, driven by higher bed occupancy of 68.1% and improved asset utilization.
What changed operationally beyond the headline numbers?
Total operational capacity expanded with the addition of the 300-bed Raipur super-specialty hospital in July 2026, contributing to an overall group bed footprint approaching 1,000 beds.
What are the main pressure points disclosed for the quarter?
The newly commissioned Raipur hospital generated initial operational and EBITDA losses during its stabilization phase, impacting consolidated reported margins before adjustment.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Raipur Facility Ramp-Up: Monitor the operational stabilization and loss-reduction timeline of the newly commissioned 300-bed Artemis Shanti Hospital in Raipur.
- 02
South Delhi Project Execution: Track construction milestones and regulatory approvals for the 650+ bed South Delhi hospital project targeted for completion by FY29/FY30.
- 03
Fundraising Deployment: Observe the execution and capital allocation timeline regarding the shareholder-approved INR 700 crore fundraising plan.
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