Artemis Medicare Services Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Artemis Medicare Services Ltd filed with BSE on 10 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Artemis Medicare reported consolidated Q1 FY27 revenue of INR 287.32 crores, up 12.7% year-on-year, with EBITDA of INR 61.82 crores at a 21.5% margin and PAT of INR 31.44 crores, up 48.3% year-on-year. Management said Gurugram occupancy was 65.7% with ARPOB rising to INR 85,690, and highlighted the commencement of the 300-bed Artemis Shanti Hospital in Raipur during the quarter. The company also discussed plans for a Tower IV expansion of 200-plus beds at Gurugram and an enabling resolution for a INR 700 crores QIP tied to future brownfield acquisitions.
Numbers mentioned
Consolidated revenue from operations: INR 287.32 crores (Q1 FY27)
p. 3
“Our consolidated revenue from operations for the quarter was at INR 287.32 crores, reflecting a year-on-year growth of 12.7% on a consolidated basis, and standalone year-on-year Gurgaon showed a top-line growth of 15.4%.”
Devlina Chakravarty, page 3 of the filed PDF · View the filing
EBITDA: INR 61.82 crores (Q1 FY27)
p. 4
“Our EBITDA for the quarter was INR 61.82 crores with an EBITDA margin of 21.5%.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Profit after tax: INR 31.44 crores (Q1 FY27)
p. 4
“Our profit after tax for Q1 was reported at INR 31.44 crores, representing a year-on-year growth of 48.3%.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Occupancy: 65.7% (Q1 FY27)
p. 4
“Our occupancy for the quarter was at 65.7%, while average revenue per occupied bed increased to INR 85,690, reflecting continued improvement in case mix and higher contribution from specialized procedures.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
International patient mix: 27% (Q1 FY27)
p. 5
“despite the West Asian war, in Q1 we reported almost close to 27% of international business”
Devlina Chakravarty, page 5 of the filed PDF · View the filing
Raipur capex: INR 120 crores
p. 17
“So, Aditya, let me answer you the breakup of this INR 800 crores. So INR 120 crores are for Raipur, INR 350 crores to 360 crores are for VIMHANS, which doesn't include the deposit portion of it.”
Rudra Acharjee, page 17 of the filed PDF · View the filing
Capex outlay for next three years: INR 800 crores (FY27-FY29)
p. 11
“So for the next three years, the capex outlay including Raipur would be close to INR 800 crores.”
Rudra Acharjee, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
International patient mix — closer to 30% · Q2 FY27
stated as an aspiration by Devlina Chakravarty
p. 5
“And in Q2, we are again hopeful to see it closer to, if not better than 30%, is what we are looking at.”
Devlina Chakravarty, page 5 of the filed PDF · View the filing
Tower IV operationalization timeline — 18 to 22 months
stated conditionally by Devlina Chakravarty
p. 6
“And the timeline we are looking here is between around 18 to 22 months to be able to fully operationalize this.”
Devlina Chakravarty, page 6 of the filed PDF · View the filing
Gurgaon EBITDA margin — 20% to 21% · FY27
stated firmly by Devlina Chakravarty
p. 6
“Yes, sure. Absolutely.”
Devlina Chakravarty, page 6 of the filed PDF · View the filing
Gurgaon EBITDA margin — 23%-24% · next 2 to 3 years
stated as an aspiration by Devlina Chakravarty
p. 6
“Yes. The answer is yes.”
Devlina Chakravarty, page 6 of the filed PDF · View the filing
Raipur break-even — 15 to 18 months
stated conditionally by Devlina Chakravarty
p. 6
“we are going to be looking at around 15 to 18 months of break-even, around INR 20 crores of overall operating loss”
Devlina Chakravarty, page 6 of the filed PDF · View the filing
Gurgaon Tower IV margins — beyond 21%
stated as an aspiration by Devlina Chakravarty
p. 7
“But yes, having said that, since we are adding to economies of scale by adding 200-plus beds, so we look to improve the overall margins beyond 21% is what I can say.”
Devlina Chakravarty, page 7 of the filed PDF · View the filing
QIP timeline — 6 to 8 months
stated conditionally by Devlina Chakravarty
p. 10
“We are in the process of finalizing some other assets, mainly brownfield, and it should be anywhere in the range of 6 months to 8 months before we go ahead with the QIP.”
Devlina Chakravarty, page 10 of the filed PDF · View the filing
Gurgaon Tower IV capex per bed — INR 55 lakhs per bed
stated firmly by Devlina Chakravarty
p. 10
“So the Gurgaon Tower of 200 beds, which also includes another 450 parking, all inclusive, the capex is going to be INR 55 lakhs per bed.”
Devlina Chakravarty, page 10 of the filed PDF · View the filing
Bed capacity roadmap — 2,000 operational beds · by 2029-2030
stated as an aspiration by Devlina Chakravarty
p. 4
“Together with our expansion in Raipur and the planned South Delhi facilities, the projects which have already been announced, this would provide a total bed capacity of 2,000 operational beds by 2029-2030.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Raipur insurance empanelment — 8 to 10 weeks
stated conditionally by Devlina Chakravarty
p. 11
“And in terms of insurance, we look to get the insurance empanelment in 8 weeks to 10 weeks time.”
Devlina Chakravarty, page 11 of the filed PDF · View the filing
Gurgaon Tower IV break-even — 8 to 10 months
stated conditionally by Devlina Chakravarty
p. 15
“Yes. So your question is, when do we see it breaking even? I would say it would do in 8 to 10 months' time.”
Devlina Chakravarty, page 15 of the filed PDF · View the filing
Gurgaon Tower IV utilization — 50% · first six months
stated as an aspiration by Devlina Chakravarty
p. 15
“See, in my opinion, it should reach 50% in first six months.”
Devlina Chakravarty, page 15 of the filed PDF · View the filing
Gurgaon standalone topline — INR 2,000 crores · three to five years
stated as an aspiration by Devlina Chakravarty
p. 16
“Yes, it is possible, absolutely.”
Devlina Chakravarty, page 16 of the filed PDF · View the filing
Gurgaon standalone margins at scale — Upwards of 23%
stated as an aspiration by Devlina Chakravarty
p. 16
“Upwards of 23%, I would say.”
Devlina Chakravarty, page 16 of the filed PDF · View the filing
Occupancy target — 70% · Q2
stated firmly by Devlina Chakravarty
p. 16
“Yes, we are.”
Devlina Chakravarty, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the mix continued to grow overall and expects it to improve further in Q2 despite regional disruptions.
Answered by Devlina Chakravarty
Asked by Aditya Chheda: What is the outlook for the international patient mix given it has come off a bit?
p. 5
“The reason is we do not have a single regional dependency, and the point is we are getting a large number of countries from where the international patients are coming.”
Devlina Chakravarty, page 5 of the filed PDF · View the filing
Management described an encouraging early trend across OPD, diagnostics and surgeries since the July launch.
Answered by Devlina Chakravarty
Asked by Sumit Gupta: What is the traction at the newly operational Raipur facility?
p. 6
“We have witnessed a very encouraging trend as we have started. So we started on 9th of July, basically the OPD, and 27th of July is when the theaters and the cath labs got operational.”
Devlina Chakravarty, page 6 of the filed PDF · View the filing
Management attributed it primarily to economies of scale, improved case mix, and a smaller contribution from other centers.
Answered by Devlina Chakravarty
Asked by Aadesh Gosalia: What operational drivers explain the strong consolidated EBITDA margin performance?
p. 8
“So all of this together, so if you were to tell, if you were to ask me three points, I would say economies of scale, case mix, and the third would be contribution from the smaller centers, but that continues to be a relatively small contribution.”
Devlina Chakravarty, page 8 of the filed PDF · View the filing
Management said all services started together rather than in phases, with installations for PET-CT and radiotherapy ongoing.
Answered by Devlina Chakravarty
Asked by Abin Benny: What specialties are live at Raipur and what is the phased plan for advanced specialties?
p. 9
“So all of that has started together in terms of services provided.”
Devlina Chakravarty, page 9 of the filed PDF · View the filing
Management explained remaining IFC funds are earmarked for the VIMHANS deposit and that QIP sizing depends on asset finalization and dilution considerations.
Answered by Devlina Chakravarty
Asked by Nandkumar: What is the timeline for the INR 700 crores QIP given IFC funds are only half spent?
p. 10
“There is money left from the IFC, which is going to be pledged within the end of this financial year in terms of deposits, which has to be given to VIMHANS, because VIMHANS is on track.”
Devlina Chakravarty, page 10 of the filed PDF · View the filing
Management gave a per-bed capex figure and a three-year capex outlay including Raipur, VIMHANS and Tower IV.
Answered by Rudra Acharjee
Asked by Anubhav: What is the capex per bed for Gurgaon Tower IV and total capex outlay for FY27-FY29?
p. 11
“So for the next three years, the capex outlay including Raipur would be close to INR 800 crores.”
Rudra Acharjee, page 11 of the filed PDF · View the filing
Management said empanelment is expected in 8 to 10 weeks with an interim intermediary arrangement in place.
Answered by Devlina Chakravarty
Asked by Vedant: When can insurance empanelment be expected at Raipur?
p. 11
“And in terms of insurance, we look to get the insurance empanelment in 8 weeks to 10 weeks time.”
Devlina Chakravarty, page 11 of the filed PDF · View the filing
Management said it would prioritize internal accruals and debt before equity dilution for announced projects, with equity reserved for brownfield deals.
Answered by Rudra Acharjee
Asked by Kumar Saurabh: How will the company fund expansion given strong cash flows and low leverage?
p. 16
“For the brownfield projects, it is an equity expansion that we have to do, so that can only come through the internal accruals or a equity infusion.”
Rudra Acharjee, page 16 of the filed PDF · View the filing
Management attributed it to capacity constraints in small units and described plans to consolidate some centers over time.
Answered by Devlina Chakravarty
Asked by Neelam Punjabi: Why have Daffodils and Artemis Lite shown muted performance?
p. 17
“No, so like I told you that, they all have some kind of a capacity constraint over a period of time because these are short units, small units.”
Devlina Chakravarty, page 17 of the filed PDF · View the filing
Risks flagged
International patient volumes affected by the West Asian war disrupting flights
p. 5
“And what I'm trying to emphasize here is that despite the West Asian war, when actually all the flights from West Asia stopped, and we still managed a 27% of international patients with a 12% to 15% movement on the top line.”
Devlina Chakravarty, page 5 of the filed PDF · View the filing
Risk of patient denial due to capacity constraints as occupancy rises
p. 8
“we are already in talks to add 200 beds because we feel we are at an inflection point where we would need more beds to prevent patient denial.”
Devlina Chakravarty, page 8 of the filed PDF · View the filing
Smaller centers facing rising rental and manpower costs relative to revenue due to limited bed capacity
p. 17
“Because sometimes what happens, the rentals and the cost of manpower will start outdoing your top lines and your bottom lines, because the bed capacity is limited in these areas.”
Devlina Chakravarty, page 17 of the filed PDF · View the filing
Uncertainty over exact bed count for Gurgaon expansion pending architectural drawings
p. 13
“But without the correct architectural drawings and the things in place, we will not be able to give you the exact number.”
Rudra Acharjee, page 13 of the filed PDF · View the filing
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