Aster DM Healthcare Limited (ASTERDM)

Healthcare · Healthcare Services · NSE · Updated 3 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹815.15 ↑ 36.91% (1Y)

🎯 Key Takeaways

Aster DM Healthcare Limited is undergoing a strategic consolidation phase following its merger with Quality Care India Limited, resulting in a rebranding to Aster DM Quality Care Limited and a significant capital restructuring. The company has strengthened its credit profile with upgraded ratings from CRISIL, signaling improved financial stability and access to capital.
Revenue declined 3.4% QoQ to ₹1,050 in Q3FY25.
⚠️ 1) Integration risk from the merger with Quality Care India Limited, as evidenced by declining margins and profitability in recent quarters despite re

Market Cap

₹39,048

P/E Ratio

7.1

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Aster DM Healthcare Limited is undergoing a strategic consolidation phase following its merger with Quality Care India Limited, resulting in a rebranding to Aster DM Quality Care Limited and a significant capital restructuring. The company has strengthened its credit profile with upgraded ratings from CRISIL, signaling improved financial stability and access to capital. This transformation appears to be a foundational step toward scaling operations under a unified entity, though recent quarterly performance shows volatility in profitability and margins.

📰 What's Happening

The company executed a scheme of amalgamation approved by the National Company Law Tribunal (NCLT), resulting in the issuance of 35,35,51,410 new equity shares to legacy shareholders, increasing paid-up capital from INR 5,18,12,10,290 to INR 8,71,67,24,390. Concurrently, it rebranded to Aster DM Quality Care Limited and appointed Varun Khanna as Managing Director & Group CEO, alongside a board reshuffle involving six new independent directors. Management also elevated its Group CFO and restructured ESOP terms to support integration and retention post-merger.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	3,262	3,215	3,317	3,711	974	1,002	1,086	1,050
Operating Profit	520	397	331	572	163	212	255	198
OPM %	15.5%	12.1%	11.4%	15.2%	16.4%	16.3%	20.2%	18.0%
Net Profit	183	20	-15	209	-2	5,152	106	64
EPS	₹3.43	₹0.10	₹-0.62	₹3.60	₹-0.48	₹103.34	₹1.94	₹1.14

Recent quarterly results reveal a sharp decline in profitability and margins, with Q3FY25 showing revenue of INR 1,050 crores and operating profit of INR 198 crores (OPM 18%), down from Q2FY25's INR 1,086 crores revenue and 20.2% OPM. Net profit plummeted to INR 64 crores from INR 106 crores, and EPS fell to INR 1.14 from INR 1.94. This deterioration is contextualized by the merger timeline, as pre-merger quarters (Q4FY24 and earlier) reflect standalone performance, while post-merger integration effects are beginning to surface in the latest periods.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or profitability targets in the latest filings, but the CRISIL rating upgrade and structural changes suggest confidence in financial resilience and long-term growth. The leadership transition, including the appointment of new senior executives, indicates an active phase of integration and operational realignment following the merger with Quality Care India Limited.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Healthcare Services

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Apollo Hospitals Enterprise Limited	1.16 L Cr	64.5	20.5%	21.9%	0.64
Max Healthcare Institute Limited	1.02 L Cr	101.2	—	—	—
Fortis Healthcare Limited	72,752	94.6	—	—	—
Aster DM Healthcare Limited	39,048	7.1	—	—	—
Narayana Hrudayalaya Ltd.	37,625	47.7	—	—	—
Global Health Limited	33,405	65.8	—	—	—
Krishna Institute of Medical Sciences Limited	30,477	80.3	—	—	—
Dr. Lal Path Labs Ltd.	26,871	63.6	—	—	—
Syngene International Limited	18,295	36.3	—	—	—
Dr. Agarwal's Health Care Limited	14,266	88.8	14.9%	6.8%	0.13

🔗 Peer Stock Analyses

APOLLOHOSP MAXHEALTH FORTIS NH MEDANTA

⚠️ Risk Factors

1) Integration risk from the merger with Quality Care India Limited, as evidenced by declining margins and profitability in recent quarters despite revenue stability. 2) Leadership transition risk, with key appointments and resignations (e.g., CFO Hitesh Dhaddha) potentially affecting execution continuity. 3) Market sensitivity to structural changes, as the company navigates rebranding and capital restructuring amid sectoral competition.

📋 Recent Filings

🧠 Analyst's Read

The company is in a pivotal post-merger integration phase, with financial performance showing early signs of pressure from operational consolidation. Investors should monitor margin recovery and execution clarity under new leadership, particularly how synergies from the merger translate into sustainable profitability. The upgraded credit rating provides breathing room, but near-term profitability trends remain a critical watchpoint.

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 2026-08-03.

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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