Aster DM Healthcare posts strong Q4 FY26 results; merger with QCIL gains momentum

Kochi, April 30, 2026: Aster DM Healthcare reported a solid financial performance for the fourth quarter of FY26, driven by steady growth in patient volumes, improved operating efficiency, and expansion in key specialties.

The company posted revenue of ₹1,182 crore for the quarter, up 18% year-on-year. Operating EBITDA, excluding the impact of the newly commissioned Kasargod facility, rose 31% to ₹253 crore, with margins improving to 21.7% from 19.3% a year ago. Normalised profit after tax increased 45% to ₹153 crore.

Merger strengthens growth outlook

Aster’s proposed merger with Quality Care India Limited (QCIL), backed by Blackstone, is moving toward completion in the first quarter of FY27. The deal has received strong shareholder support, with 96.68% of votes cast in favour.

On a combined proforma basis, the merged entity reported Q4 revenue of ₹2,361 crore, up 18%, while operating EBITDA grew 25% to ₹517 crore. EBITDA margins stood at 21.9%.

Once completed, the combined platform will have over 10,600 beds across 28 cities, with a pipeline to exceed 15,500 beds, positioning it among the top three healthcare providers in India.

Operational performance driven by volume growth

The company’s India business saw broad-based growth despite macroeconomic pressures:

• Average revenue per inpatient rose 9% to ₹1.25 lakh
• Total patient volumes increased 15%, led by outpatient growth
• Medical value travel revenue jumped 41%, with strong traction in Kerala
• Cardiac and oncology segments grew 25% and 23%, respectively

Aster’s diagnostics arm also showed sharp improvement, with revenue rising 18% and EBITDA margins expanding significantly to 14.7%.

Hospital business maintains margin strength

Core hospitals and clinics delivered EBITDA margins of 23.1% during the quarter. Mature hospitals reported even stronger margins at 26.2%.

Key facilities posted healthy growth:

• Aster Medcity: revenue up 16%, EBITDA up 26%
• Aster MIMS Calicut: revenue up 21%, EBITDA up 41%
• Aster Whitefield: revenue up 15%, EBITDA up 38%

Regionally, Kerala and Andhra Pradesh/Telangana clusters led performance, with strong gains in both revenue and operating profit.

QCIL posts steady gains

QCIL reported revenue of ₹1,178 crore for Q4 FY26, up 18% year-on-year. Operating EBITDA rose 23% to ₹272 crore, with margins at 23.1%. Average length of stay improved to 3.94 days, reflecting better clinical efficiency.

Outlook

The merger, pending final regulatory approvals including the National Company Law Tribunal, is expected to close in Q1 FY27. The combined entity is expected to benefit from scale, improved operational leverage, and a wider geographic footprint.