Kochi | Aster DM Healthcare, one of the leading integrated healthcare service providers in India, today announced its financial results for the quarter ended March 31, 2026.
Commenting on the performance for Q4 FY26, Dr. Azad Moopen, Founder and Chairman, Aster DM Healthcare, said:
“We are very pleased that the merger of Aster DM Healthcare and Quality Care India Limited (QCIL), in partnership with Blackstone, is progressing towards completion in Q1 FY 2026–27. The overwhelming shareholder support, with 96.68% votes in favour, reflects strong confidence in our vision of building a scaled and integrated healthcare platform. On a proforma basis, Q4 FY26 revenues grew 18% YoY to INR 2,361 Cr, while operating EBITDA increased 25% YoY to INR 517 Cr, supported by strong growth in patient volumes, and continued margin expansion.
The combined entity will have a capacity of over 10,623 beds across 28 cities, with an additional pipeline of around 4,445 beds, providing clear visibility to exceed 15,500 beds in the near term, thus . This positions the platform to become one of the top three healthcare providers in India.”
On Q4 FY26 performance of Aster DM Healthcare Dr. Moopen added, “Our performance this quarter reflects consistent execution, with revenues growing 18% YoY to INR 1,182 Cr. Excluding the impact of the newly commissioned Kasargod facility, operating EBITDA grew 31% YoY, with margins improving to 21.7%, driven by operating leverage and disciplined cost management.”
India Performance Highlights
Overall Business: Strong YoY growth in Revenue and Operating EBITDA led by robust performance across Core Hospital & Clinics as well as Labs businesses, despite macro headwinds
o ARPP IP rose 9% YoY to INR 1,25,234 in Q4 FY26
o Total patient volume grew by 15% YoY with IP volume growing by 7% YoY and OP volume growing by 15% YoY in Q4 FY26.
o Significant growth in MVT revenue by 41% YoY in Q4 FY26, led by 51% YoY growth in Kerala MVT revenue
o Healthy growth in Cardiac and Oncology revenues by 25% and 23% YoY respectively, with contributions at 15% and 11% in Q4 FY26, reflecting continued strength in specialty mix
o Aster Labs revenue grew by 18% YoY in Q4 FY26 and Op. EBITDA grew by 181% YoY with margins improved to 14.7% in Q4 FY26 as compared to 6.2% in Q4 FY25
Core Hospital Business
o Core hospitals & clinics business delivered an Op. EBITDA margin of 23.1% in Q4 FY26 (24.3% Ex-Kasargod)
o Matured hospital Operating EBITDA margins stood at 26.2% in Q4 FY26 (22.9% in Q4 FY25)
o Aster Medcity revenue grew by 16% YoY and Op. EBITDA grew by 26% YoY in Q4 FY26 with margins at 32.5%
o Aster MIMS Calicut revenue grew by 21% YoY and Op. EBITDA grew by 41% YoY in Q4 FY26 with margin at 23.8%
o Aster Whitefield revenue grew by 15% YoY and Op. EBITDA grew by 38% YoY in Q4 FY26
