ADAster DM Quality Care540975Quarterly results

Aster DM Quality Care Q2 FY27: revenue up 19% to INR 2,829 Cr, operating EBITDA up 25%

Q2 FY27 revenue INR 2,829 Cr up 19% YoY, operating EBITDA INR 678 Cr up 25%, margin 24.0%, normalised PAT INR 281 Cr up 34%.

By ScoutQuest · Fri 6 Nov 2026, 6:06 PM IST · 2 min read

Revenue

INR 2,829 Cr in Q2 FY27, up 19% year on year from INR 2,382 Cr

Operating EBITDA

INR 678 Cr (up 25%) and operating EBITDA margin of 24.0% (up 111 bps)

Normalised PAT

INR 281 Cr, up 34% YoY at a 9.9% margin

Period

Q2 FY27 and H1 FY27, ended 30 September 2026

Positioning

Presents itself as a 10,840-bed, 38-hospital network across 27 cities and 9 states, 76% non-metro, with 8,000+ doctors, a 38,000+ workforce and ~2.2 Mn patient volume in the quarter.

📉 Revenue from operations was INR 2,829 Cr in Q2 FY27, up 19% year on year from INR 2,382 Cr, with operating EBITDA of INR 678 Cr (up 25%) and operating EBITDA margin of 24.0% (up 111 bps). Normalised PAT was INR 281 Cr, up 34% YoY at a 9.9% margin; the presentation states this excludes exceptional expenses related to the merger and share of loss of equity accounted investees.

📈 The company credits volumes and clinical complexity: patient volumes rose 12% while operational beds grew 4%, occupancy rose 335 bps to 68%, and MVT revenue grew 36% led by Maldives and GCC markets. Mature units were about 64% of operational beds and contributed about 73% of revenue and 83% of operating EBITDA, which the presentation links to the 111 bps margin gain together with a favourable payor mix.

💰 All three regions grew double digits in Q2 FY27: Kerala and Tamil Nadu revenue INR 1,216 Cr (up 23% YoY), South-East INR 830 Cr (up 13%) and South-West and Central INR 689 Cr (up 16%). For H1 FY27 revenue was INR 5,429 Cr, up 20%, with gross debt of INR 3,959 Cr and net debt to EBITDA (pre INDAS) at 0.87 as on Sep 30, 2026.

🏭 On outlook, the presentation lists planned beds of 1,179 in Kerala and Tamil Nadu, 1,941 in South-West and Central and 1,110 in South-East, split between brownfield and greenfield. It also flags Centres of Excellence launched in Q2 FY27 — the ARISE Robotic Spine Institute in Bengaluru, the CARE Cancer Institute in Raipur and a Fetal Medicine COE in Kochi — which the company says broaden specialist services at existing hospitals.

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