Artemis Medicare Services Ltd (ARTEMISMED)
🎯 Key Takeaways
- Artemis Medicare Services Ltd is in a clear phase of aggressive expansion and margin-driven scaling within the healthcare services sector. Management is executing a capital-intensive growth strategy focused on capacity augmentation, international patient acquisition, and operational efficiency, targeting 70% occupancy and 30%+ international patient growth in the near term.
- Revenue grew 2.9% QoQ to ₹287 in Q1FY27.
- ⚠️ Execution risk in capex deployment: The ₹800 crore planned capex through FY29 requires flawless execution to achieve 70-72% occupancy and 23-24% EBITD
- Market Cap
- ₹5,778
- P/E Ratio
- 50.8
- P/B Ratio
- 6.18
- ROE
- 12.2%
- ROCE
- 15.4%
- Debt/Equity
- 0.24
- Div Yield
- 0.12%
- Promoter
- 58.4%
📖 The Story
Artemis Medicare Services Ltd is in a clear phase of aggressive expansion and margin-driven scaling within the healthcare services sector. Management is executing a capital-intensive growth strategy focused on capacity augmentation, international patient acquisition, and operational efficiency, targeting 70% occupancy and 30%+ international patient growth in the near term. The company is transitioning from a stable but modest growth profile to a high-investment phase with a clear roadmap to improved profitability by FY29.
📰 What's Happening
In Q1 FY27 (results filed August 10, 2026), revenue grew 12.7% YoY to ₹287.32 crores, with PAT surging 48.3% to ₹31.44 crores, driven by expansion of new facilities and international patient growth. Management highlighted ₹120 crore capex for Tower IV expansion targeting 200+ beds and 23-24% EBITDA margin within 2-3 years, alongside the launch of OPD at the Raipur hospital in July 2026. A total of ₹800 crore capex is planned through FY29, including ₹55 lakh per bed cost structure, aiming for 70-72% occupancy and ₹2,000 crore top-line potential from Gurgaon expansion. Additionally, ₹130 crore was paid as deposits toward future projects, and a ₹700 crore QIP is planned in 6-8 months for acquisitions and brownfield projects. Management targets 30%+ international patient growth in Q2 and 23-24% EBITDA margin within 2-3 years.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 275 | 272 | 279 | 287 |
| Operating Profit | 39 | 32 | 39 | 44 |
| OPM % | 14.2% | 11.8% | 13.9% | 15.2% |
| Net Profit | 30 | 22 | 30 | 31 |
| EPS | ₹1.90 | ₹1.41 | ₹1.90 | ₹1.98 |
The company is demonstrating accelerating top-line growth and expanding margins, with Q1 FY27 EBITDA margin at 21.5% and PAT growth outpacing revenue growth, indicating improving operational leverage. This trend is expected to continue as new facilities ramp up and occupancy increases toward the 70-72% target, supported by disciplined capex allocation. The ₹800 crore planned capex through FY29, including ₹55 lakh per bed cost structure, is designed to drive margin expansion to 23-24% and scale revenue to ₹2,000 crores from Gurgaon alone, aligning investment with long-term profitability goals.
🔮 Management Outlook & What's Next
Management has provided a detailed and forward-looking growth narrative, targeting 30%+ international patient growth in Q2, 23-24% EBITDA margin within 2-3 years, and 70-72% occupancy. They anticipate ₹2,000 crore top-line potential from Gurgaon expansion and plan a ₹700 crore QIP in 6-8 months to fund acquisitions and brownfield projects. Capex of ₹800 crore through FY29, including ₹120 crore in Q1 FY27, is being deployed with a focus on margin-accretive expansion, signaling confidence in sustained growth and profitability improvement.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 14 | 16 | 14 |
| Reserves | 824 | 779 | 919 | 869 |
| Borrowings | 290 | 320 | 227 | 279 |
| Total Liabilities | 1,357 | 1,339 | 1,429 | 1,426 |
| Fixed Assets | 695 | 685 | 805 | 741 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 1,357 | 1,339 | 1,429 | 1,426 |
The balance sheet reflects a disciplined but growth-oriented capital structure, with equity rising to ₹16 crores and reserves to ₹919 crores as of March 2026, while borrowings remain moderate at ₹227 crores. Total assets have increased to ₹1,429 crores, indicating successful asset base expansion aligned with growth plans. The company is funding expansion through a mix of internal cash flows, equity capital (including a planned ₹700 crore QIP), and deposits, with no signs of over-leveraging. The CARE Ratings report confirms compliant utilization of ₹330 crore from a preferential issue, reinforcing transparency in fund deployment.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +132 |
| Investing | -90 |
| Financing | -50 |
| Net Cash Flow | -8 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 58.4% | 58.4% | 58.4% |
| FII | 12.5% | 12.2% | 12.3% |
| DII | 2.9% | 2.9% | 2.4% |
| Public | 12.1% | 12.4% | 12.8% |
| # Shareholders | 31,602 | 32,044 | 36,335 |
Promoter holding remains stable at 58.39% over the last three quarters, suggesting confidence in the long-term strategy. FII ownership has slightly declined to 12.29% from 12.47% in Q3FY26, while DII increased to 2.4% from 2.89%, indicating shifting institutional interest. The growing number of shareholders (36,335 in Q1FY27 from 31,602 in Q3FY26) may reflect rising retail interest. No pledging or significant dilution events are visible, and the shareholding pattern remains stable with no aggressive exit signals from key investors.
⚖️ Peer Comparison — Healthcare
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| APOLLOHOSP | 1.27 L Cr | 61.0 | 22.1% | — | 0.60 |
| MAXHEALTH | 97,412 | 66.8 | 14.4% | — | 0.27 |
| MANIPALHOS | 94,970 | — | — | — | 1.25 |
| ASTERDM | 65,184 | 121.0 | 12.9% | — | 0.17 |
| FORTIS | 62,782 | 59.9 | 13.3% | — | 0.29 |
| MEDANTA | 38,551 | 69.3 | 21.9% | — | 0.10 |
| NH | 37,160 | 45.3 | 13.7% | — | 1.07 |
| LALPATHLAB | 32,549 | 46.8 | 29.6% | — | 0.00 |
| KIMS | 32,181 | 150.2 | 9.7% | — | 1.44 |
| POLYMED | 16,587 | 52.6 | 15.1% | — | 0.06 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Execution risk in capex deployment: The ₹800 crore planned capex through FY29 requires flawless execution to achieve 70-72% occupancy and 23-24% EBITDA margin targets, with delays or cost overruns potentially derailing the margin expansion narrative. 2. International patient growth sustainability: Management targets 30%+ growth in Q2, but global healthcare demand volatility, regulatory changes, or geopolitical factors could impact this momentum. 3. Rising capex intensity: With ₹130 crore deposits paid and ₹700 crore QIP planned, the company is accelerating investment, which could pressure near-term cash flows if revenue growth does not keep pace. 4. Competitive intensity in healthcare services: Expansion into new markets and geographies may invite competitive pricing pressures, potentially constraining margin improvement despite scale.
📋 Recent Filings
- 🔴 Announcement2026-09-29Artemis Medicare Services Ltd disclosed a GST show cause notice dated September 28, 2026 from the Assistant Commissioner, CGST Gurugram concerning all…
- 🔴 Announcement2026-09-29Artemis Medicare Services Ltd disclosed a GST show cause notice dated September 28, 2026 from the Assistant Commissioner, CGST Gurugram concerning all…
- Announcement2026-09-28Artemis Medicare Services Ltd announced that its trading window will close on October 1, 2026, and remain shut for 48 hours after the quarterly result…
- 🔴 Announcement2026-09-24Artemis Medicare Services Ltd received a credit rating reaffirmation from CARE Ratings on September 23, 2026, confirming its Long Term Bank Facilities…
- 🔴 Announcement2026-09-08Artemis Medicare Services Ltd announced its participation in the Anand Rathi Annual Flagship Conference on September 22, 2026, in Mumbai, inviting ana…
- 🔴 Announcement2026-08-27Artemis Medicare Services Ltd announced its upcoming investor conference scheduled for September 3, 2026, in Delhi, hosted by PhillipCapital, as part …
- 🔴 Financial Results2026-08-10Artemis Medicare Services Limited reported **₹287.32 crores** revenue with **48.3% PAT growth** to **[amount context mismatch] crores** and **21.5% EB…
- 🔴 Financial Results2026-08-04Artemis Medicare Services Limited announced that an audio recording of its Q1 FY27 earnings conference call held on August 4, 2026, is now available o…
- 🟡 Board Meeting2026-08-03Artemis Medicare Services Limited received CARE Ratings' Monitoring Agency Report for the quarter ended June 30, 2026, confirming compliant utilizatio…
- 🟡 Board Meeting2026-08-03Artemis Medicare Services Limited announced the completion of tenure for Independent Director Mr. Sanjib Sen (DIN: 07088442) effective August 2, 2026,…
🧠 Analyst's Read
Artemis Medicare is transitioning into a high-growth, capital-intensive phase with a clear roadmap to margin expansion and revenue scaling, supported by strong Q1 performance and disciplined capex planning. The key watchpoint is execution speed of expansion projects and whether international patient growth and occupancy targets can be sustained amid rising competition and capital deployment risks.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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