India · Delayed Price · Currency is INR Aster DM Quality Care Earnings Call Transcripts
Fiscal Year 2026
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The group delivered strong double-digit revenue and EBITDA growth in Q4 and FY 2026, driven by higher patient volumes, improved case mix, and disciplined expansion. The merger with Quality Care is on track, with significant capacity additions and margin expansion expected post-merger.
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Combined Aster and Quality Care delivered robust double-digit revenue and EBITDA growth, with strong performance across clusters and ongoing capacity expansion. Margin resilience was maintained despite investments in talent and new projects, while the merger process advanced and synergy realization is expected to drive further margin improvement.
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Q2 FY 2026 saw double-digit revenue and EBITDA growth, margin expansion, and strong recovery in Kerala, with continued progress on the QCL merger and robust expansion plans. The merged entity targets 24%-25% EBITDA margin and significant bed additions over the next few years.
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Q1 FY 2026 delivered 8% revenue and 21% EBITDA growth, with strong recovery in Kerala and robust expansion plans. The QCIL merger is progressing, creating a 10,350+ bed network, while ARPOB and margins continue to improve across clusters.
Fiscal Year 2025
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FY 2025 saw 12% revenue growth and 30% EBITDA growth, with margin expansion to 19.5%. Strategic merger with QCIL will create a top-three hospital network, while expansion and digital initiatives drive future growth. Kerala and Hyderabad clusters are recovering from temporary challenges.
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Strong revenue and EBITDA growth continued in FY25, driven by operational efficiencies, capacity expansion, and a strategic merger with QCIL. Margins and ROCE improved, with robust cash flows supporting expansion and dividends. Regulatory approvals for the merger are pending.
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Strong revenue and EBITDA growth continued in H1 FY25, driven by operational efficiencies, capacity expansion, and improved payer mix. Margins and ROCE improved across clusters, with robust outlook for further growth and margin expansion.
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India operations delivered 20% revenue and 39% EBITDA growth in Q1 FY25, with margins expanding and strong cash generation. Expansion plans target 1,700 new beds by FY27, focusing on brownfield projects and selective M&A, while maintaining a robust balance sheet.
Fiscal Year 2024
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The merger will create a top-three hospital chain in India, combining 38 hospitals and over 10,150 beds, with significant synergies expected to boost EBITDA margins to 24-25% within four years. The deal is cash-neutral, EPS-accretive, and aims for completion in 12-14 months, pending regulatory approvals.