ASTERDM
Aster DM Healthcare share price & financials
- Price
- ₹819.9
- Market cap
- ₹72.2k Cr
- Sector
- Healthcare
- Calls analysed
- 7
Aster DM Healthcare Limited Q1 FY27
What went well
- Combined entity revenue grew 20% YoY to INR 2,597 crores.
- Combined entity EBITDA grew 30% YoY to INR 576 crores.
- Combined entity EBITDA Margin expanded by 170 bps YoY to 22.2%.
What to watch
- Exceptional expense of INR 114 Cr pertains entirely to costs incurred towards the merger and related activities.
What Aster DM Healthcare Limited does
Aster DM Healthcare operates a network of multi-specialty tertiary and quaternary care hospitals, clinics, diagnostic labs and Patient Experience Centres (PECs) across South India under hospital brands including Aster, MIMS (Malabar Institute of Medical Sciences) and Ramesh Hospitals. It earns primarily from inpatient and outpatient hospital care, complex specialty procedures (cardiac, oncology, transplants, robotic-assisted surgery) and a diagnostics/labs business, supplemented by a chain of Aster-branded retail pharmacies operated under license by Aster Retail Pharmacy Private Limited (ARPPL). The company follows a cluster-based expansion model across under-served cities and is in the process of merging with Blackstone-backed Quality Care India Limited (QCIL) — owner of the CARE Hospitals, KIMSHealth and Evercare hospital brands — a deal expected to create one of India's top-three hospital chains once completed.
Segments
- Hospitals & Clinics
- Labs
- Pharmacy (franchise)
- Operational bed capacity
- 5,449 beds
- Hospitals
- 19
- Cities of presence
- 15
- States of presence
- 5 (Kerala, Karnataka, Maharashtra, Andhra Pradesh, Telangana)
- Labs & Patient Experience Centres (PECs)
- 262
- Franchise pharmacies (Aster-branded)
- 203
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 5 delivered 4 missed 12 open- Pharmacy Business Breakeven delivered said Q3 FY25 Promised: Breakeven in Q4 FY26 Q1 FY27: Already achieved in prior quarters.
- Aster Labs EBITDA Margin went quiet said Q3 FY26 Promised: More than 20% margin in next 2-3 years Q1 FY27: Not mentioned in Q1 FY27 commentary.
- ARPOB / ARPP Growth at risk said Q4 FY25 Promised: 7-8% going forward Q1 FY27: Combined ARPP/ARPOB growth not explicitly stated; implied growth of ~6.2% YoY is below the 7-8% target.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.6%, net profit down 69.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,086 | 1,050 | 1,000 | 1,078 | 1,197 +10% | 1,186 +13% | 1,182 +18% | 1,311 +22% |
| EBITDA | 217 | 186 | 182 | 202 | 236 +9% | 202 +9% | 224 +23% | 256 +27% |
| Net profit | 106 | 64 | 86 | 94 | 121 +14% | 59 −8% | 154 +79% | 29 −69% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +18.8% 1Y
1Y: ₹642.35 on 10 Sept 2025 → ₹763.05. High ₹869.7 (7 Aug 2026), low ₹537.95 (5 Feb 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.9%
- 5 Aug
- Q4 FY26
- +6.2%
- 1 May
- Q3 FY26
- +1.6%
- 9 Feb
- Q2 FY26
- +0.8%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 21.2% a year over 3 years, FY23 to FY26. Operating margin widened to 18.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹9.5k Cr | ₹3.7k Cr | ₹4.1k Cr | ₹4.6k Cr |
| Operating profit | ₹1.2k Cr | ₹566 Cr | ₹746 Cr | ₹864 Cr |
| Operating margin | 12.5% | 15.3% | 18.0% | 18.6% |
| Interest | ₹258 Cr | ₹110 Cr | ₹123 Cr | ₹123 Cr |
| Depreciation | ₹616 Cr | ₹220 Cr | ₹248 Cr | ₹264 Cr |
| Net profit | ₹476 Cr | ₹212 Cr | ₹5.4k Cr | ₹428 Cr |
| Net margin | 5.0% | 5.7% | 130.7% | 9.2% |
| ROCE | 3.0% | 4.0% | 11.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹497 Cr | ₹500 Cr | ₹500 Cr | ₹500 Cr | ₹518 Cr | ₹518 Cr |
| Reserves | ₹2.9k Cr | ₹3.1k Cr | ₹3.6k Cr | ₹3.7k Cr | ₹4.0k Cr | ₹4.1k Cr |
| Borrowings | ₹4.8k Cr | ₹5.3k Cr | ₹6.1k Cr | ₹1.8k Cr | ₹2.1k Cr | ₹2.2k Cr |
| Other liabilities | ₹3.4k Cr | ₹3.7k Cr | ₹4.7k Cr | ₹12.0k Cr | ₹1.2k Cr | ₹1.3k Cr |
| Total liabilities | ₹11.6k Cr | ₹12.5k Cr | ₹14.8k Cr | ₹18.0k Cr | ₹7.8k Cr | ₹8.1k Cr |
| Fixed assets | ₹6.7k Cr | ₹7.0k Cr | ₹9.1k Cr | ₹3.2k Cr | ₹4.0k Cr | ₹4.2k Cr |
| Capital work in progress | ₹934 Cr | ₹998 Cr | ₹279 Cr | ₹170 Cr | ₹401 Cr | ₹413 Cr |
| Investments | ₹63 Cr | ₹45 Cr | ₹80 Cr | ₹17 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Other assets | ₹3.9k Cr | ₹4.5k Cr | ₹5.4k Cr | ₹14.6k Cr | ₹2.2k Cr | ₹2.3k Cr |
| Total assets | ₹11.6k Cr | ₹12.5k Cr | ₹14.8k Cr | ₹18.0k Cr | ₹7.8k Cr | ₹8.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, promoters added +13.33 pp while FIIs trimmed −9.32 pp. The shareholder count shrank 10% to 1,33,338.
- Promoters
- 53.7%
- FIIs
- 10.3%
- DIIs
- 16.5%
- Public
- 19.5%
Since Jun 2025
- Promoters +13.33 pp
- FIIs −9.32 pp
- DIIs −8.80 pp
How it drifted, 12 quarters
Over this window FIIs fell from 41.0% to 10.3% — −30.7 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 41.9%, FIIs 41.0%, DIIs 7.2%, Public 9.6%, Others 0.4%.Mar '24: Promoters 41.9%, FIIs 33.5%, DIIs 13.7%, Public 10.6%, Others 0.3%.Jun '24: Promoters 41.9%, FIIs 27.1%, DIIs 16.4%, Public 14.4%, Others 0.3%.Sep '24: Promoters 41.9%, FIIs 23.9%, DIIs 20.9%, Public 13.1%, Others 0.3%.Dec '24: Promoters 41.9%, FIIs 22.6%, DIIs 22.9%, Public 12.3%, Others 0.3%.Mar '25: Promoters 41.9%, FIIs 21.7%, DIIs 24.6%, Public 11.6%, Others 0.3%.Jun '25: Promoters 40.4%, FIIs 19.6%, DIIs 25.3%, Public 14.4%, Others 0.3%.Sep '25: Promoters 40.4%, FIIs 18.7%, DIIs 26.3%, Public 14.3%, Others 0.2%.Dec '25: Promoters 40.4%, FIIs 18.5%, DIIs 26.1%, Public 14.8%, Others 0.2%.Mar '26: Promoters 40.4%, FIIs 17.2%, DIIs 27.6%, Public 14.6%, Others 0.2%.Jun '26: Promoters 40.4%, FIIs 10.5%, DIIs 27.6%, Public 21.4%.Jul '26: Promoters 53.7%, FIIs 10.3%, DIIs 16.5%, Public 19.5%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bcp Asia Ii Topco Iv Pte.Ltd. +27.02 pp 29.71% held
- Centella Mauritius Holdings Limited newly disclosed 9.90% held
- M I Sahadulla newly disclosed 1.21% held
The same filing shows 11 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Aster DM Healthcare Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bcp Asia Ii Topco Iv Pte.Ltd. | 29.71% | +27.02 pp |
| Union Investments Private Limited | 21.44% | −14.62 pp |
| Centella Mauritius Holdings Limited | 9.90% | newly disclosed |
| HDFC Small Cap Fund Mutual fund | 5.19% | −3.47 pp |
| Rimco (Mauritius) Limited FPI fund | 4.08% | −2.79 pp |
| Kotak Small Cap Fund Mutual fund | 2.84% | −1.90 pp |
| Union (Mauritius) Holdings Limited | 2.29% | −1.57 pp |
| SBI Contra Fund Mutual fund | 1.62% | −1.11 pp |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 1.35% | −0.92 pp |
| Rashid Aslam Bin Mohideen Mammu Haji | 1.29% | −0.88 pp |
| M I Sahadulla | 1.21% | newly disclosed |
| Smallcap World Fund, Inc Global fund house | 1.15% | −0.79 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ASTERDM
Filings to Aug 2026
1 new, 7 added, 0 trimmed, 0 sold out — net +22.51 L shares (+3.6%).
- Held by funds
- ₹5.2k Cr
- 19 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹1.6k Cr · 3.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹1.6k Cr | held | Dec '22 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹737 Cr | held | Feb '26 |
| SBI Contra Fund SBI Mutual Fund | ₹695 Cr | held | Mar '24 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹663 Cr | held | Mar '24 |
| HDFC Children's Fund HDFC Mutual Fund | ₹309 Cr | held | Nov '24 |
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹204 Cr | +3.00 L | Mar '24 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹192 Cr | held | Jun '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹185 Cr | held | Jun '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 0 trimmed — net +22.51 L shares (+3.6%)
- Funds are sitting on
- +85%
- vs est. average cost
- Held by funds
- ₹5.2k Cr
- 19 schemes · ≈ 7.4% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹1.6k Cr · 3.9% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds +185%
Aug '23 6.31 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Aster DM Healthcare Limited
Guides on how to read this kind of business and the numbers that matter.