Aster DM Healthcare shares rally 10% to 52-week high as Q4 profit soars 77% YoY, ARPP rises 9%; key details to know

At around 2:29 PM, the stock was trading 6.98% higher at ₹749.95 per equity share. The share touched a year’s low of ₹496.95 apiece on May 2, 2025.

The scrip has gained 4% in the past week and 14% over the month. On a year-to-date basis, it has jumped 23%.

The NIFTY MidSmall Healthcare index, of which Aster DM Healthcare is a constituent, was trading nearly 2% higher. The index has been among the top-performing sectoral indices today.

Aster DM Healthcare Q4 results

The company reported a 77.38% year-on-year (YoY) surge in its consolidated net profit (attributable to the owners of the company) to ₹140.17 crore during the quarter under review. It had logged a profit of ₹79.02 crore in the March quarter of the 2024-25 fiscal year (Q4 FY25).

Its revenue from operations jumped 18.2% YoY to ₹1,182.38 crore in Q4 FY26, compared to ₹1,000.34 crore in the same period last year, according to a regulatory filing on April 30.

At an operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation), excluding the impact of its newly commissioned Kasargod facility, stood at ₹253 crore for the reporting quarter, marking a 31% YoY increase.

Its EBITDA margin (ex-Kasargod) expanded to 21.7% in the January-March quarter of FY26, as against 19.3% in Q4 FY25, driven by operating leverage and disciplined cost management.

The growth in Aster DM Healthcare’s revenue and EBITDA was led by robust performance across its core hospital and clinics, as well as its lab businesses, despite macro headwinds.

Key highlights

The firm’s average revenue per person (ARPP) in patient (IP) soared 9% to ₹1.25 lakh for the quarter.

Its total patient volume grew by 15% YoY, with IP volume growing by 7% YoY and outpatient (OP) volume advancing by 15% YoY in Q4 FY26.

Its total patient volume in Kerala increased by 20% YoY, as it delivered 21% YoY revenue growth. Meanwhile, Andhra & Telangana’s revenue rose 30% YoY, supported by a 20% YoY increase in total patient volume.

The firm recorded healthy growth in cardiac and oncology revenues, rising by 25% and 23% YoY, respectively, with contributions at 15% and 11% in the March FY26 quarter, reflecting continued strength in specialty mix.

Furthermore, Aster Labs’ revenue grew by 18% YoY in Q4 FY26, the filing read.

Merger update

Aster DM Healthcare is expected to complete its merger with Blackstone-backed Quality Care India in Q1 FY27.

During the quarter, the company also received shareholders' and creditors' approval in favor of the merger.

It completed the preferential allotment of approximately 3.6% stake to Blackstone and TPG instead of the initial acquisition of 5.0% stake in Quality Care India Ltd, following shareholder approval.

Further to the preferential allotment, the company received approval from the Competition Commission of India (CCI), followed by the receipt of a no-objection letter from the Stock Exchanges for the merger.

What the Chairman said

Commenting on the performance, 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.”

He added that on a proforma basis (i.e., Aster DM Healthcare, along with QCIL), the company’s Q4 FY26 revenues grew 18% YoY to ₹2,361 crore, while operating EBITDA increased by 25% YoY to ₹517 crore, 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,” Dr. Moopen stated.

On Q4 FY26 performance of Aster DM Healthcare, Dr. Moopen added that the firm’s performance during the quarter reflects consistent execution.

Analyst view

In a note, analysts at HSBC said that Aster DM Healthcare had a healthy quarter led by improved case mix across clusters. However, its management sees room to improve the mix.

The analysts added that retaining top clinical talents and executing new units in strategic markets, such as Bengaluru, will be key to sustaining the company’s growth.

Aster DM Healthcare has a total market capitalisation of ₹38,856.49 crore as of May 4, 2026, according to data on the NSE.