ARTEMISMEDNSEQ4 FY26May 15, 2026

Artemis Medicare Services Limited

9,599words
139turns
13analyst exchanges
4executives
Management on call
Devlina Chakravarty
MANAGING DIRECTOR
Sanjiv Kothari
CHIEF FINANCIAL OFFICER
Rudra Narayan Acharjee
HEAD, INVESTOR RELATION
Himanshu Binani
ANAND RATHI SHARES AND STOCK BROKING LIMITED
Key numbers — 40 extracted
INR 1,081 crore
year of growth despite external challenges. Our consolidated revenue from operations for FY26 was INR 1,081 crores, reflecting a year-on-year growth of 15.4%. This growth was primarily driven by strong performan
15.4%
idated revenue from operations for FY26 was INR 1,081 crores, reflecting a year-on-year growth of 15.4%. This growth was primarily driven by strong performance in our core specialties, including cardio
INR 218 crore
n improved payer mix and an increase in high complexity procedures. Our EBITDA for the year was INR 218 crores with an EBITDA margin of 20.2%. This reflects our focus on operational efficiencies and discipli
20.2%
n high complexity procedures. Our EBITDA for the year was INR 218 crores with an EBITDA margin of 20.2%. This reflects our focus on operational efficiencies and disciplined cost management across our n
INR 104 crore
disciplined cost management across our network of hospitals. Our profit after tax for FY26 was at INR 104 crores, showing a year-on-year increase of 26.2%. Our quarterly performance highlights, turning to Q4 F
26.2%
ospitals. Our profit after tax for FY26 was at INR 104 crores, showing a year-on-year increase of 26.2%. Our quarterly performance highlights, turning to Q4 FY26, we posted a consolidated revenue from
INR 279 crore
y performance highlights, turning to Q4 FY26, we posted a consolidated revenue from operations of INR 279 crores, reflecting a growth of 16.4% compared to the same quarter of last year. This growth was primari
16.4%
FY26, we posted a consolidated revenue from operations of INR 279 crores, reflecting a growth of 16.4% compared to the same quarter of last year. This growth was primarily driven by higher patient vol
INR 59 crore
lumes, particularly in our high margin specialties. Our EBITDA in the quarter was INR 59 crores with an EBITDA margin of 21.3%. Our quarter witnessed a strong increase in contribution from bot
21.3%
n specialties. Our EBITDA in the quarter was INR 59 crores with an EBITDA margin of 21.3%. Our quarter witnessed a strong increase in contribution from both domestic and international pat
INR 30 crore
ibution from both domestic and international patients. Profit after tax for quarter four FY26 was INR 30 crores, representing a growth of 32.1% from corresponding quarter of previous year. This strong PAT gro
32.1%
onal patients. Profit after tax for quarter four FY26 was INR 30 crores, representing a growth of 32.1% from corresponding quarter of previous year. This strong PAT growth is a testament to our ability
Guidance — 20 items
Devlina Chakravarty
opening
“As we wrap up FY26, I would like to begin by providing an overview of the healthcare sector and the overall hospital industry.”
Devlina Chakravarty
opening
“For FY26, we delivered a strong performance, marking another year of growth despite external challenges.”
Devlina Chakravarty
opening
“Our consolidated revenue from operations for FY26 was INR 1,081 crores, reflecting a year-on-year growth of 15.4%.”
Devlina Chakravarty
opening
“Our profit after tax for FY26 was at INR 104 crores, showing a year-on-year increase of 26.2%.”
Devlina Chakravarty
opening
“Our quarterly performance highlights, turning to Q4 FY26, we posted a consolidated revenue from operations of INR 279 crores, reflecting a growth of 16.4% compared to the same quarter of last year.”
Devlina Chakravarty
opening
“Profit after tax for quarter four FY26 was INR 30 crores, representing a growth of 32.1% from corresponding quarter of previous year.”
Devlina Chakravarty
opening
“Our average revenue per occupied bed for Q4 was INR 84,571, showing a 7.3% increase compared to Q4 of FY25, driven by an enhanced case mix and higher paying patients.”
Devlina Chakravarty
opening
“In line with our commitment to quality and operational excellence, Artemis Medicare received several prestigious certifications in FY26.”
Devlina Chakravarty
opening
“Our 300-bed super specialty hospital in Raipur is on track to commence operations in Q1 of FY27, marking a key milestone in our growth journey.”
Devlina Chakravarty
opening
“In addition, we are advancing our plans for the 650-bed facility in South Delhi, which is expected to be commissioned in FY29, further strengthening our presence in key markets.”
Risks & concerns — 5 flagged
We have been growing in spite of war and uncertain circumstances globally.
— Sanjay Shah
So you are saying that the impact of war which was seen in March has been almost subsided in the current quarter and we are almost back on track on now?
— Shankar
So I just want to understand like do you believe there is sufficient client demand in Raipur and Chhattisgarh to absorb these new bed additions without meaningful pressure across occupancies?
— Aditya
And INR 18 to INR 20 crores of losses that I have highlighted for Raipur, which would be a drag of 1% to 1.5% in the first year.
— Rudra Acharjee
So should not be a big drag, but yeah, some slight drag on the margins initially.
— Prateek Shrivastava
Q&A — 13 exchanges
Q
Yeah, good morning to all and doctor, thanks for a wonderful on explaining the opening remarks about hospital and healthcare industry in India. And ma'am, I really appreciate your presentation showing the critical care success story of our hospital. Ma'am, my question was regarding, can you highlight on critical capability of the hospital, how we are progressing on that side?
Devlina Chakravarty
So, critical care, I would divide into two types. One is a strong emergency care and the second is the in-house critical care. So as you are aware that Artemis is known for our critical care in Haryana. We are not only treating our own patients, but we are the referral center for a large number of critical care patients from across Haryana. So we have 1:3 critical care beds and we have a great network of transports which delivers patients from secondary, primary, and other tertiary care facilities to our hospital. We have a large team of critical care specialists full-time in-house. And we hav
Q
Hi, good morning. Congratulations on the set of numbers. I have two questions. First was on the VIMHANS project. Would you be able to share any project details that are outlined with respect to what should be the capex per bed etcetera and how the facility will come over in phases? And the second question was about the EBITDA margin profile across the hospital cardiac care and Daffodil segment. And the reason for this is whether the losses from the Raipur facility will impact the EBITDA growth or they will be offset by the Gurgaon operating leverage and any losses from Daffodils cardiac etcete
Devlina Chakravarty
So I will answer the second question first and for the first, the capex and all I'll hand over to Rudra to give you a detail. For the second question, there will be certain some losses in Raipur, but if you look at our projections our increase in EBITDA will continue because our occupancy in the Gurgaon hospital is increasing, our mix of cases is becoming better, the new towers are reaching their maturity. So the EBITDA growth will continue in the coming financial year despite losses in Raipur. Daffodils and cardiac care are all EBITDA breakeven and making small profits. So that's actually a n
Q
Hello, thank you for the opportunity and congratulations to the management for excellent set of numbers and ending FY26 on such a high note. I had a couple of questions. So firstly on the EBITDA margins, we saw Q4 EBITDA margins inching up to 18.5%, the levels we saw in the Q2 of this financial year. So this will be continuing for the next FY27, FY28, we will be continuing the Gurgaon facility at such high margins for the entire year or we should expect a similar trend of FY26?
Devlina Chakravarty
We will not only try to maintain it, but we will try to better it with some plans that we have. So you will see this continuous growth in the present financial year also. Okay. And on a blended level, like after the Raipur comes up, so I think Raipur would be like commercialized in Q1, so the three quarters of FY27 would see the entire impacts of Raipur and I think the breakeven is expected in 15 to 18 months, please correct me, if I'm wrong over there. So what should be the blended level on the margins that we can expect? So Aadesh, Rudra this side. So as Dr. Devlina mentioned, we will be con
Q
So I have a couple of questions. First on the can you give a bit more colour on how was the growth in international patient in the last quarter which is Q4 FY26 and what are the trends that you are seeing on that front in the current quarter Q1 FY27?
Devlina Chakravarty
So the third month of the last quarter, which was in the month of March, we saw a 15% to 18% dip almost in the international patient, which has turned around as we see in the month of April and the recovery had started in the month of April and as we speak in the, sit in the month of May, we are almost closing on to almost 90% recovery as we speak now. Understood. So you are saying that the impact of war which was seen in March has been almost subsided in the current quarter and we are almost back on track on now? Yes, unless something new happens, we are back on track. Yeah. Okay. And the cou
Q
Hi, thank you for the opportunity and congratulations on good set of numbers. could you please elude on the further scope of sort of improving our occupancy at Gurgaon unit? I was observing that in the past our occupancy in the Gurgaon unit has sort of hovered around this 63%-64% range. And now that we'll add beds, can occupancies go north of 70 odd percentage here onwards?
Devlina Chakravarty
Yes, yes, absolutely. And that is what we are aiming and that's when we are also trying to open our new beds. So we are looking definitely by Q2 of the current financial year, we're looking it to move to touch 70 if not exceed it. And because we have the numbers, we know that it will be reaching at that and our endeavour would be at 70%-75%, which is optimum for us. Actually for us for the last couple of years, we have been nonstop adding beds, one tower, then various floors in a tower, then the second tower, then opening various floors in the tower. So when you see your base that is number of
Q
Hi. Can you articulate your outlook on pricing growth in your treatment given that two forces, one is that number of beds which are being added by various hospitals, as well as this some level of negotiations with health insurance industry including standard operating procedures, reducing the waste and fraud. So maybe if you can just articulate in your ARPOB growth of 7% to 8%, what kind of pricing or inflation driven pricing growth you're looking at?
Devlina Chakravarty
So basically for our pricing, if you look at our competitors, so we are slightly on the lower side as compared to our competitors. This is but we build on it, we build on our ARPOB not through our price, but through our efficiency and case mix. And we keep ourselves, the incremental pricing which happens year-on-year, it is in the range of 3% to 5%, actually 5%, which finally comes down to 3% for us because TPAs and insurers have a locking period of three years with the price. So we get an 3% impact only from pricing because government doesn't change and the TPA doesn't change, so only the cas
Q
Good morning, everyone. So first of all congrats on the strong performance. I just want to get a better sense of the overall Raipur and Chhattisgarh market. So Raipur has seen like meaningful capacity addition over the last year or so. One big player has entered and few local hospitals have come up. So I just want to understand like do you believe there is sufficient client demand in Raipur and Chhattisgarh to absorb these new bed additions without meaningful pressure across occupancies? And when you think of your own ramp up, do you see your growth coming primarily from capturing share from e
Devlina Chakravarty
Okay. So going on to Raipur, let me tell you Raipur is a market where every tertiary and quaternary private player is looking at. So as we speak whether it is a Manipal, whether it is a Lilavati, either they are buying land or signing MOUs and so on and so forth. And I predict Raipur to become something a mini-Lucknow going ahead. Today they have large number of hospitals, but they do not have a single so-called hospital with the right kind of an infrastructure, all medical equipment and the right kind of doctors, right? So like, whether it be these are transplants, whether high-end neurosurge
Q
Yeah, hello ma'am. what could be the realistic ARPOB from Raipur facility in long run?
Devlina Chakravarty
So we have looked at INR 33,000 to INR 35,000 plus to start with and then as we start our high- ends like transplants and others, we expect it to be higher than that. Ma'am, but if I look at INR 35,000, which is because it's a tier 2, right? And Gurgaon's tier 1 ARPOB very high. But if I look at your margin and you're saying that you'll be able to margin you'll be able to maintain the margin, but if I do there are lots of factors which are working against it, right? One is as you said, right, the ARPOB would be lower. Second would be your payer mix you will not going to get lot of internationa
Q
Thanks for the opportunity. Actually I have couple of questions. First, just wanted to get your thoughts like recently some news were flowing that Health Ministry is like examining putting a margin caps on medical devices amid rising insurance costs and all. So like I think earlier proposal was 65% cap and recent discussion is around 30% to 50%. So do you have any thoughts on this, anything you'd like to share?
Devlina Chakravarty
No, there is no nothing concrete in this regard and because I am also member of CII, FICCI, we haven't heard this and there is no notification which has come. The last time it happened was for the stents and implants and that's where we are. Nothing new has been added to that list. Okay, understood. And ma'am, would you like to give some like guidance for something longer term, like say next three to four years, what kind of top line you are eyeing for? And second, like how the ARPOB of international patient is growing with respect to domestic patient? So just these two questions. So basically
Q
Yeah, hi, Ma'am, just understanding in terms of capital allocation, if we have to look at the cash flows which the company will generate in the next couple of years and the kind of capex you have articulated for Gurgaon as well as the new South Delhi and Raipur, don't you think taking the debt itself will be sufficient to fund this? Why we need this kind of a large capital raise of INR 700 crores?
Rudra Acharjee
So hi Sai Kiran, So for the Raipur and including the 650 beds of Delhi, the maximum peak debt would be close to INR 350 crores that we will have to take. And currently it is close to around INR 260 crores. So that will go up to INR 350 crores max and we will be generating the internal accruals and that would be enough to fund our existing projects that we have announced till now. No, so your question was why do we need the fundraise, is that what is your question? Exactly ma'am. Yes, please. Yeah, you got it right. Thank you. Yeah. So basically what is happening is we need the fundraise becaus
Q
Hi, good afternoon. My question would be, do we have any sort of EWS obligation in the Raipur and the new Gurgaon enhanced facility? And if so, then what would be the extent of it? If you can quantify that.
Devlina Chakravarty
So EWS goes on in every private hospital in Delhi NCR and otherwise. So in Gurgaon we have 20%, in Delhi we have 10% EWS commitment and Raipur will be again in the range of 10%, which we are not sure but lesser than 10%. So actually complying to these EWS is not an issue if you know how to do it, how you move your facilities for the EWS, how do you create your facility for the EWS, how you manage your supply chain. So, you know, all of that so we are in this space for the last 18-19 years with 20% EWS and we are known to be one of the best in Gurgaon in terms of compliance. We have never had a
Q
Hi, I wanted to clarify the cash flow from operations for the full year is lower. So are there any one-offs in the second half and what kind of EBITDA to cash flow conversions we can expect going forward?
Sanjeev Kothari
Cash flow from operation for the year if you see, it is around 60% of my EBITDA and free cash flow is around 40% after netting off capex. There is no one-off as such. Yes, the conversion is particularly lower in the second half and so are these the normal Numbers? Because We've Seen CFO come off for the full year versus last year. Versus last year, we have improved cash flow from operation. We have cash flow from free cash flow this year is INR 88 crores versus INR 69 crores last year. But any other question or clarification, we can take it offline, yeah, because we'll have to check these numb
Q
Hi Neerav, Rudra this side. So, I would like to thank everyone for joining the call. I hope we have been able to respond to all the queries adequately. For further information, I request you to please get in touch with me or the Investor Relations team. Stay safe, stay healthy and thank you once again for joining us.
Devlina Chakravarty
Thank you very much. Thank you.
Speaking time
Devlina Chakravarty
45
Moderator
15
Rudra Acharjee
10
Shankar
7
Anshul Agarwal
7
Sai Kiran
7
Prateek Shrivastava
6
Sanjay Shah
5
Aadesh Gosalia
5
Satyam Kumar
5
Opening remarks
Himanshu Binani
Thank you, Neerav. Good day everyone and welcome to the Q4 and FY26 earnings conference call of Artemis Medicare Limited hosted by Anand Rathi Shares and Stock Broking. From the management, we have Dr. Devlina Chakravarty, the Managing Director; Mr. Sanjiv Kothari, CFO; and Mr. Rudra Narayan Acharjee, the Head Investor Relations. I would like to thank the management for giving us this opportunity to host this call. We will begin the call with a brief opening remarks from the management, post which we will have a session open for Q&A. Without further ado, I would like to handover the call to Ms. Devlina. Thank you and over to you, ma'am.
Devlina Chakravarty
Thank you, Himanshu. Good morning, ladies and gentlemen, and we are pleased to share our financial and operational performance for the quarter. As we wrap up FY26, I would like to begin by providing an overview of the healthcare sector and the overall hospital industry. The healthcare landscape continues to evolve, driven by both rising demand for specialized services and technological advancements. The healthcare landscape is evolving with a growing preference for high-value treatments as patients become more informed and discerning in their choices. Additionally, government policies and tariff adjustments in healthcare have introduced certain challenges in the short term, but we are very confident in our ability to navigate these challenges through our operational agility and strategic cost management. For FY26, we delivered a strong performance, marking another year of growth despite external challenges. Our consolidated revenue from operations for FY26 was INR 1,081 crores, reflect
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