ARTEMISMEDNSENovember 18, 2025

Artemis Medicare Services Limited

7,547words
113turns
10analyst exchanges
5executives
Management on call
Devlina Chakravarty
MANAGING DIRECTOR
Sanjiv Kumar Kothari
CHIEF FINANCIAL OFFICER
Rudra Narayan Acharjee
HEAD INVESTOR RELATION
Vishal Arora
CHIEF BUSINESS OFFICER
Deepika Murarka
CHOICE EQUITY BROKING PRIVATE LIMITED
Key numbers — 40 extracted
INR 274.7 crore
continued progress across our key strategic priorities. We delivered a consolidated revenue of INR 274.7 crores, reflecting a Y-o-Y growth of 13.8%. This growth was led by strong performances in core specialt
13.8%
priorities. We delivered a consolidated revenue of INR 274.7 crores, reflecting a Y-o-Y growth of 13.8%. This growth was led by strong performances in core specialties such as cardiac sciences, oncol
INR 58.3 crore
gy, neurosciences, general surgery, liver transplant and gynecology. Consolidated EBITDA stood at INR 58.3 crores, translating to a margin of 21.2% as compared to 20.6% in Q2 of FY25. Profit after tax before
21.2%
ansplant and gynecology. Consolidated EBITDA stood at INR 58.3 crores, translating to a margin of 21.2% as compared to 20.6% in Q2 of FY25. Profit after tax before exceptional items was INR 30 crores
20.6%
gy. Consolidated EBITDA stood at INR 58.3 crores, translating to a margin of 21.2% as compared to 20.6% in Q2 of FY25. Profit after tax before exceptional items was INR 30 crores, up by 35.6% Y-o-Y.
INR 30 crore
rgin of 21.2% as compared to 20.6% in Q2 of FY25. Profit after tax before exceptional items was INR 30 crores, up by 35.6% Y-o-Y. For H1 FY26, consolidated revenues were INR 529.7 crores, up 14% Y-o-Y, whil
35.6%
ared to 20.6% in Q2 of FY25. Profit after tax before exceptional items was INR 30 crores, up by 35.6% Y-o-Y. For H1 FY26, consolidated revenues were INR 529.7 crores, up 14% Y-o-Y, while EBITDA sto
INR 529.7 crore
e exceptional items was INR 30 crores, up by 35.6% Y-o-Y. For H1 FY26, consolidated revenues were INR 529.7 crores, up 14% Y-o-Y, while EBITDA stood at INR 106.6 crores, with a margin of 20.1%. Net profit H1 FY2
14%
as INR 30 crores, up by 35.6% Y-o-Y. For H1 FY26, consolidated revenues were INR 529.7 crores, up 14% Y-o-Y, while EBITDA stood at INR 106.6 crores, with a margin of 20.1%. Net profit H1 FY26 was INR
INR 106.6 crore
. For H1 FY26, consolidated revenues were INR 529.7 crores, up 14% Y-o-Y, while EBITDA stood at INR 106.6 crores, with a margin of 20.1%. Net profit H1 FY26 was INR 51.2 crores, compared to INR 38.7 crores in
20.1%
ues were INR 529.7 crores, up 14% Y-o-Y, while EBITDA stood at INR 106.6 crores, with a margin of 20.1%. Net profit H1 FY26 was INR 51.2 crores, compared to INR 38.7 crores in H1 FY25. Our ba
INR 51.2 crore
14% Y-o-Y, while EBITDA stood at INR 106.6 crores, with a margin of 20.1%. Net profit H1 FY26 was INR 51.2 crores, compared to INR 38.7 crores in H1 FY25. Our balance sheet remained strong with a debt
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Guidance — 20 items
Devlina Chakravarty
opening
“I hope you have had the opportunity to review our Q2 FY26 earnings presentation uploaded on the Stock Exchange and on our website.”
Devlina Chakravarty
opening
“Consolidated EBITDA stood at INR 58.3 crores, translating to a margin of 21.2% as compared to 20.6% in Q2 of FY25.”
Devlina Chakravarty
opening
“For H1 FY26, consolidated revenues were INR 529.7 crores, up 14% Y-o-Y, while EBITDA stood at INR 106.6 crores, with a margin of 20.1%.”
Devlina Chakravarty
opening
“Net profit H1 FY26 was INR 51.2 crores, compared to INR 38.7 crores in H1 FY25.”
Devlina Chakravarty
opening
“As you are aware, our upcoming Raipur facility with 300 beds remains on track for commissioning by the end of FY26, and the binding MoU for a 650-bed facility in South Delhi Hospital marks an important milestone in expanding our regional footprint.”
Sumit Gupta
qa
“So, should we expect this to sustain moderate over the next, let's say, four to five quarters?”
Sumit Gupta
qa
“How should we look at ARPOB going forward?”
Sumit Gupta
qa
“So, 1,000 beds will be coming by FY 2028?”
Sumit Gupta
qa
“Okay, so in terms of Raipur hospital, what will be the expected ARPOB there?”
Devlina Chakravarty
qa
“It is a very marginal and transient thing, and we are hopeful that we will be catching up in terms of percentage sooner than later.”
Risks & concerns — 3 flagged
These statements are not a guarantee of future performance and involve certain risks and uncertainties that are difficult to predict.
— Deepika Murarka
I was saying the H1 FY2026 occupancy rate has shown a decline compared to the last H1.
— Sanskar
Very difficult for me to tell the timeline, but it will be our endeavor to do it as quickly as possible.
— Devlina Chakravarty
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Q&A — 10 exchanges
Q
Yes, ma'am, thank you. Good morning. I congratulate you on the good set of results. I have two questions. First is, the volume of this quarter was pretty strong. So, should we expect this to sustain moderate over the next, let's say, four to five quarters?
Devlina Chakravarty
Yes. We have taken multiple steps, including hiring of new doctors, focus and trust on our international business. So, we are looking to sustain this Y-o-Y volume growth. Okay. And with respect to international patients, what led to this strong growth in international patients? Have you changed any strategy in this particular segment and how should we look at this? Yes. We have actually been the market leaders in international business. What we focus on is in servicing our offshore offices better. When I say servicing, more number of both medical and surgical camps, outreach, OPDs, better conn
Q
Good morning. So, I have a few questions. I was saying the H1 FY2026 occupancy rate has shown a decline compared to the last H1. Despite overall revenue and profitability growth, could you explain the reasons behind the occupancy drop? Are there any specific operational competitive or any other market factors?
Devlina Chakravarty
Between Y-o-Y, we have added 20% more beds. So, if you look at our numbers Y-o-Y, we have added around 18% to 20% more beds. So, in real terms, while the number of bed occupancy has increased, but in terms of percentage, it shows a dip. It is a very marginal and transient thing, and we are hopeful that we will be catching up in terms of percentage sooner than later. This is just because we are adding new beds. Understood. No, I understand that the operational beds have increased, but occupied beds have not increased at that pace, the pace at which operational beds have increased. That's why oc
Q
Yes. So, just wanted to know in the Raipur hospital, which we are expecting to go live by March 2026, what is the current execution status and how soon after commissioning do we expect it to break even on the EBITDA level?
Devlina Chakravarty
The current status of the Raipur hospital is the building is almost ready. The interiors are about to start. I am visiting it next month. So, we are on track to start it in March of 2026. And a break even, like I mentioned in my previous question, we are looking for between 1 to 1.5 years to break even our Raipur facility. Okay. And on the South Delhi project, what is the capex structure and the funding mix that we are expecting? So, we will come back because this information is not public currently. Like I said, there have been two CPs, which will convert our binding MOU to a binding contract
Q
Hi. My question is on the occupied beds at the Gurgaon facility. Since it is around 350 today, can you walk us through the timelines of the Tower 3, whether we have more room to improve these occupied beds? And the answer that I'm looking for is what should drive growth for the company, particularly from Gurgaon? Will it be a function of only ARPOB or do we still have some scope from the existing Tower 3.
Devlina Chakravarty
No, So, naturally, very pertinent question. The growth is going to come from definitely ARPOB. And in this ARPOB, we have not factored in too much of pricing, which we may consider going ahead. Then the next will come with increased occupancy. The minimum we look at is 70%, if not more. And the third is adding newer units in the same existing departments, where we get doctors who have good running practice. So, the combination of all three and definitely occupancy will add to our future growth. Got it. So, we should perhaps work with a 370-380 occupied beds for Gurgaon until the further beds a
Q
Hi. I just broadly wanted to understand that given the aggressive kind of bed expansion that we are planning over the next two to three years, what is our capex outlay for fiscal FY26 and FY27?
Devlina Chakravarty
So, you know, I can only give you certain outlines because once we have signed the contract, we have right now the MOU, which is going to get signed into a binding contract by end of December and we will come back and give you every line item about it. But what I can only tell you is that whatever expansion we are doing is going to be through currently, the ones which we have disclosed will be through our internal accrual and debt. And peak debt, even at the peak debt, will be INR 350 crores, and our debt and our ratios and covenants are going to be maintained. So, the ratios will be less than
Q
Can you give me the guidance of FY 2026 and 2027 after the expansion of the Raipur facility and the South Delhi hospital after the December? What will be the guidance for FY 2026 and FY 2027?
Devlina Chakravarty
See, we don't provide direct guidance, but if you have looked at our half yearly results of our company so far, we are only, if not just maintained, we are going to better it. So, you will look at a stronger top line growth and EBITDA which is going to be better than what is your half yearly EBITDA today. Your EPS is going to, we have moved from 5.5 to 6.5 and it will continuously grow and be better by the end of the year. So, this is what we are looking at. The Raipur effect will not come because the Raipur is going to be by March of 2026. And like I did mention in my earlier questions, for o
Q
Thank you for the opportunity, ma'am. Ma'am, I have just got a few quick questions. If you could just allude on the strategy on the other than the Gurgaon hospitals that we have, that is the Lite and the Daffodils. Is it? I mean, since that is also in the South Delhi area, plus we are getting the same hospital in the South Delhi area. So, how is the exact use going to be? Are we actually going to put some facilities out there to make it probably multispeciality or it will continue to be Lite or the Daffodils model? That is the first question. Number two, if I get the timeline right, first we a
Devlina Chakravarty
Yes, the perfect timeline. And what you did mention is the perfect timeline. And the reason for the staggered is because we are the Delhi hospital. We are breaking it and making it all over again to make it a state-of-the-art hospital with 650 beds. And to answer your first questions pertinent that our South Delhi Lite and Daffodil, so we had started it with the purpose that we knew long-term we are going to have a hospital there. And we wanted the brand to be visible, our services to be used by people. These two will continue as a hub-and-spoke model, but certain specialties are going to be a
Q
Yes. I just have one question. It is that we have industry-leading ARPOB, but if we see our EBITDA margins, they are quite low compared to our peers, which operate in the region. Could you please explain why is that the case? And if you could give a guidance, what could be a sustainable margin in the future?
Devlina Chakravarty
So very good and pertinent question. You know, the EBITDA margins in terms of percentage, if you look at it, is directly a factor of economies of scale. Because after a point, your fixed cost remains fixed, whether it is your corporate cost, most of it, other than cost of consumption. And a very small incremental cost comes in terms of manpower, which is the mid or the paramedics kind of a thing, your heads of departments and all of them are in place. So, if you would have seen our EBITDA numbers, we were between 10% to 12%, then we moved to 14%, then 17%, then 21%. And this happened only with
Q
Thank you for the opportunity and congratulations on some excellent set of numbers. My first question is on the government mix. So, we are at about 20% as I see in the presentation and there have been some rate revisions recently by the government, right, on CGHS. So, would you see some impact on our numbers and some improvement in margins on that account?
Devlina Chakravarty
Yes, there has been a marginal increase in the margins of the government business. But honestly, as a business leader, it's good news for us, definitely let me put it forward, and it's a good news for us. But overall, if I were to run and lead a company, I would still like to keep my government business between maybe 15% to 18% and not 20%. But when you have increased capacity, you sometimes have to increase your government business. Overall, it's a good thing for us. The margins, especially the CGHS numbers have gone up, which is good. But I can only tell you the upward growth in our margins
Q
Thank you all. Ladies and gentlemen, this concludes our management commentary for the quarter. On behalf of Artemis Medicare Services Limited, I would like to thank you all for taking time to join us today and for your continued interest in the company. If you have any further queries or require any additional information, please feel free to reach out to me or our investor relations team. We will be happy to assist you. Thank you once again for joining and we look forward to connecting with you in the next quarter. Have a great day.
Management
Speaking time
Devlina Chakravarty
48
Moderator
11
Sumit Gupta
11
Aditya Chheda
9
Sanskar
7
Yash Sinha
7
Henil Bagadia
5
Neelam Punjabi
4
Nirali Shah
3
Megha Bhapkar
2
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Opening remarks
Deepika Murarka
Thank you. Good morning, all. Thanks, everyone. On behalf of the entire management, I thank all the participants present on the call and I wish you a very warm welcome to the first ever earnings conference call of Artemis Medicare Services Limited. To guide us through the results, today we have with us Senior Management Team of Artemis Medicare, represented by Dr. Devlina Chakravarty, Managing Director; Mr. Sanjiv Kumar Kothari, CFO; Mr. Rudra Narayan, Head IR; and Dr. Vishal Arora, Chief Business Officer. Before we begin, please note that this conference may contain certain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not a guarantee of future performance and involve certain risks and uncertainties that are difficult to predict. We will commence the call with the opening speech by Dr. Devlina, Managing Director, and after this, we will open the forum for Q&A. So,
Devlina Chakravarty
Thank you Deepika and good morning, everyone. I hope you have had the opportunity to review our Q2 FY26 earnings presentation uploaded on the Stock Exchange and on our website. The quarter under review was marked by steady growth momentum, operational stability and continued progress across our key strategic priorities. We delivered a consolidated revenue of INR 274.7 crores, reflecting a Y-o-Y growth of 13.8%. This growth was led by strong performances in core specialties such as cardiac sciences, oncology, neurosciences, general surgery, liver transplant and gynecology. Consolidated EBITDA stood at INR 58.3 crores, translating to a margin of 21.2% as compared to 20.6% in Q2 of FY25. Profit after tax before exceptional items was INR 30 crores, up by 35.6% Y-o-Y. For H1 FY26, consolidated revenues were INR 529.7 crores, up 14% Y-o-Y, while EBITDA stood at INR 106.6 crores, with a margin of 20.1%. Net profit H1 FY26 was INR 51.2 crores, compared to INR 38.7 crores in H1 FY25. Our balanc
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