Artemis Medicare Services Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Artemis Medicare Services Ltd filed with BSE on 15 May 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 FY26 revenue of Rs 1,081 crore, up 15.4% year-on-year, with EBITDA of Rs 218 crore at a 20.2% margin and PAT of Rs 104 crore, up 26.2%. Q4 FY26 revenue was Rs 279 crore, up 16.4%, with EBITDA margin of 21.3% and PAT of Rs 30 crore, up 32.1%, driven by higher patient volumes and an improved payer mix. Management discussed progress on the Raipur and South Delhi hospital expansions, international patient growth, and a board-approved fundraise of up to Rs 700 crore to fund future projects.
Numbers mentioned
Consolidated revenue from operations: INR 1,081 crores (FY26)
p. 3
“Our consolidated revenue from operations for FY26 was INR 1,081 crores, reflecting a year-on-year growth of 15.4%.”
Devlina Chakravarty, page 3 of the filed PDF · View the filing
EBITDA: INR 218 crores (FY26)
p. 3
“Our EBITDA for the year was INR 218 crores with an EBITDA margin of 20.2%.”
Devlina Chakravarty, page 3 of the filed PDF · View the filing
Profit after tax: INR 104 crores (FY26)
p. 3
“Our profit after tax for FY26 was at INR 104 crores, showing a year-on-year increase of 26.2%.”
Devlina Chakravarty, page 3 of the filed PDF · View the filing
Revenue from operations: INR 279 crores (Q4 FY26)
p. 3
“we posted a consolidated revenue from operations of INR 279 crores, reflecting a growth of 16.4% compared to the same quarter of last year.”
Devlina Chakravarty, page 3 of the filed PDF · View the filing
EBITDA: INR 59 crores (Q4 FY26)
p. 4
“Our EBITDA in the quarter was INR 59 crores with an EBITDA margin of 21.3%.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Profit after tax: INR 30 crores (Q4 FY26)
p. 4
“Profit after tax for quarter four FY26 was INR 30 crores, representing a growth of 32.1% from corresponding quarter of previous year.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Gurugram occupancy: 64.6% (Q4 FY26)
p. 4
“our flagship hospital in Gurugram continues to deliver strong performance with occupancy level reaching 64.6% in Q4.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Average revenue per occupied bed (ARPOB): INR 84,571 (Q4 FY26)
p. 4
“Our average revenue per occupied bed for Q4 was INR 84,571, showing a 7.3% increase compared to Q4 of FY25, driven by an enhanced case mix and higher paying patients.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
International patient revenue growth: 26.9% (FY26)
p. 4
“our international patients, despite the West Asia war, continues to grow, and this financial year showed a growth of 26.9%.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Current bed capacity: 800 beds
p. 5
“We remain focused on increasing our bed capacity with plans to expand from our current capacity of 800 beds to 2,000 beds by 2029.”
Devlina Chakravarty, page 5 of the filed PDF · View the filing
Board-approved fundraise: INR 700 crores
p. 5
“With the Board's approval for a fundraising initiative up to INR 700 crores, we are well positioned to support our expansion efforts and continue to deliver value to all our stakeholders.”
Devlina Chakravarty, page 5 of the filed PDF · View the filing
VIMHANS capex (450 beds): INR 350 crores
p. 7
“For the capex portion Aditya, there is two parts to it. The first part for around 450 beds, the capex would be to the tune of INR 350 crores.”
Rudra Acharjee, page 7 of the filed PDF · View the filing
VIMHANS capex (200 beds): INR 150 crores to INR 160 crores
p. 7
“And for the second 200 beds, it would be another INR 150 crores to INR 160 crores.”
Rudra Acharjee, page 7 of the filed PDF · View the filing
Raipur expected losses: INR 18 crores to INR 20 crores (FY27)
p. 8
“there would be close to INR 18 crores to INR 20 crores of losses from Raipur.”
Rudra Acharjee, page 8 of the filed PDF · View the filing
Raipur expected revenue: INR 80 crores to INR 85 crores (FY27)
p. 8
“So with the same levels, INR 80 crores to INR 85 crores of revenue top line for Raipur for FY27 and INR 18 crores to INR 20 crores of loss.”
Rudra Acharjee, page 8 of the filed PDF · View the filing
Raipur capex per bed facility: INR 110 to INR 120 crores
p. 14
“So it will be between INR 110 to INR 120 crores is the capex for a 300 bed facility.”
Devlina Chakravarty, page 14 of the filed PDF · View the filing
Raipur expected ARPOB: INR 33,000 to INR 35,000 plus
p. 15
“So we have looked at INR 33,000 to INR 35,000 plus to start with and then as we start our high-ends like transplants and others, we expect it to be higher than that.”
Devlina Chakravarty, page 15 of the filed PDF · View the filing
Current ROCE: 14.5%
p. 18
“Currently our ROCE is around 14.5% and going forward we are expecting in the range of 16% to 18% in next three to four years’ time frame.”
Sanjeev Kothari, page 18 of the filed PDF · View the filing
Free cash flow: INR 88 crores (FY26)
p. 20
“We have cash flow from free cash flow this year is INR 88 crores versus INR 69 crores last year.”
Sanjeev Kothari, page 20 of the filed PDF · View the filing
Current net debt: INR 260 crores
p. 18
“So for the Raipur and including the 650 beds of Delhi, the maximum peak debt would be close to INR 350 crores that we will have to take. And currently it is close to around INR 260 crores.”
Rudra Acharjee, page 18 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.
Raipur hospital commissioning — 300-bed super specialty hospital operational · Q1 FY27
stated firmly by Devlina Chakravarty
p. 4
“Our 300-bed super specialty hospital in Raipur is on track to commence operations in Q1 of FY27, marking a key milestone in our growth journey.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
South Delhi (VIMHANS) facility commissioning — 650-bed facility · FY29
stated firmly by Devlina Chakravarty
p. 4
“we are advancing our plans for the 650-bed facility in South Delhi, which is expected to be commissioned in FY29, further strengthening our presence in key markets.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Total bed capacity — 2,000 beds · by 2029
stated firmly by Devlina Chakravarty
p. 5
“We remain focused on increasing our bed capacity with plans to expand from our current capacity of 800 beds to 2,000 beds by 2029.”
Devlina Chakravarty, page 5 of the filed PDF · View the filing
International revenue share — 30% to 31% of revenue
stated firmly by Devlina Chakravarty
p. 6
“So our strategy will continue to have 30% to 31% of revenue from the international like we have today.”
Devlina Chakravarty, page 6 of the filed PDF · View the filing
Gurugram EBITDA margin — coming years
stated as an aspiration by Devlina Chakravarty
p. 11
“So Gurugram facility will see EBITDA northwards of 20% if not more in the coming years.”
Devlina Chakravarty, page 11 of the filed PDF · View the filing
Gurugram EBITDA margin — present financial year
stated firmly by Devlina Chakravarty
p. 8
“We will not only try to maintain it, but we will try to better it with some plans that we have.”
Devlina Chakravarty, page 8 of the filed PDF · View the filing
Gurugram occupancy — 70%, aiming for 70-75% · Q2 FY27
stated conditionally by Devlina Chakravarty
p. 11
“we're looking it to move to touch 70 if not exceed it. And because we have the numbers, we know that it will be reaching at that and our endeavour would be at 70%-75%, which is optimum for us.”
Devlina Chakravarty, page 11 of the filed PDF · View the filing
Raipur bed operationalization — 300 beds operational · within two quarters
stated firmly by Devlina Chakravarty
p. 8
“within 3 to 4 months we will be adding 50 more beds because we are looking at it as a high volume market and so I think in two quarters you can expect all 300 beds operational.”
Devlina Chakravarty, page 8 of the filed PDF · View the filing
FY27 capex — close to INR 100 crores · FY27
stated firmly by Rudra Narayan
p. 9
“So total would be close to INR 100 crores maybe.”
Rudra Narayan, page 9 of the filed PDF · View the filing
Flagship hospital revenue growth — 15% to 17% year-on-year · next three to four years
stated as an aspiration by Rudra Acharjee
p. 17
“we would be adding beds and over a period of three to four years you can take at least 15% to 17% growth on the revenue front.”
Rudra Acharjee, page 17 of the filed PDF · View the filing
ROCE on new capital — 16% to 18% · next three to five years
stated firmly by Devlina Chakravarty
p. 18
“when we take up the project, which is any new capital which is being deployed, we look anywhere between 16% to 18% ROCE in the next three to five years.”
Devlina Chakravarty, page 18 of the filed PDF · View the filing
Overall top line growth budget — minimum of 15% increase
stated firmly by Devlina Chakravarty
p. 17
“So the top line we have budgeted with at least minimum of 15% increase in the top line and revenue mix 70% domestic, 30% international with a 15% overall increase in the business.”
Devlina Chakravarty, page 17 of the filed PDF · View the filing
Payback period on new projects — within five to six years
stated firmly by Rudra Acharjee
p. 18
“we look at the payback period and we see to it that the payback period is within five to six years of the time.”
Rudra Acharjee, page 18 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 it aims to maintain international revenue share at 30-31% regardless of overall growth.
Answered by Devlina Chakravarty
Asked by Sanjay Shah: Will the international patient revenue share change as the company diversifies geographically by 2029?
p. 6
“So our endeavour would be to remain at the same 30%, 31% of revenue coming from international patients, irrespective of where we are and how our top line moves.”
Devlina Chakravarty, page 6 of the filed PDF · View the filing
Management said EBITDA growth will continue despite Raipur losses due to Gurgaon's improving occupancy and case mix.
Answered by Devlina Chakravarty
Asked by Aditya Chheda: Will Raipur losses impact overall EBITDA growth?
p. 7
“So the EBITDA growth will continue in the coming financial year despite losses in Raipur.”
Devlina Chakravarty, page 7 of the filed PDF · View the filing
Management indicated Raipur losses would reduce overall EBITDA margin by about 1-1.5%.
Answered by Rudra Acharjee
Asked by Aadesh Gosalia: What blended margin impact should be expected once Raipur is commercialized?
p. 8
“So that overall mix will be putting the EBITDA maybe a 1% to 1.5% lower because of these losses.”
Rudra Acharjee, page 8 of the filed PDF · View the filing
Management said there was a dip in March due to war but recovery to near 90% by May.
Answered by Devlina Chakravarty
Asked by Shankar: How did international patient volumes trend in Q4 and into Q1 FY27?
p. 9
“So the third month of the last quarter, which was in the month of March, we saw a 15% to 18% dip almost in the international patient, which has turned around as we see in the month of April and the recovery had started in the month of April and as we speak in the, sit in the month of May, we are almost closing on to almost 90% recovery as we speak now.”
Devlina Chakravarty, page 9 of the filed PDF · View the filing
Management attributed it to TPA pushback on immunotherapy pricing and a temporary government circular disrupting chemotherapy for empanelled patients.
Answered by Devlina Chakravarty
Asked by Anshul Agarwal: Why did the oncology (congo) case mix dip slightly?
p. 12
“there has been a very big fight between the hospitals and insurers on use of immunotherapy, which is far more expensive than chemotherapy.”
Devlina Chakravarty, page 12 of the filed PDF · View the filing
Management said pricing is moderate compared to competitors, with only about 3% annual pricing impact due to TPA locking periods, relying instead on case mix and efficiency.
Answered by Devlina Chakravarty
Asked by Avnish Tiwari: How does Artemis approach pricing growth versus competitors and payers?
p. 12
“So we get an 3% impact only from pricing because government doesn't change and the TPA doesn't change, so only the cash and the international pricings.”
Devlina Chakravarty, page 12 of the filed PDF · View the filing
Management said Raipur has no hospital with the right infrastructure and doctors, and Artemis aims to be the nodal referral hospital for the state.
Answered by Devlina Chakravarty
Asked by Aditya (Redwood Capital): Is there sufficient demand in the Raipur/Chhattisgarh market to absorb new bed capacity?
p. 14
“almost 60% of patients from Chhattisgarh come to Bombay and Delhi for treatment. And they do not get treated in their own state because of paucity of care.”
Devlina Chakravarty, page 14 of the filed PDF · View the filing
Management said there is nothing concrete or newly notified regarding margin caps.
Answered by Devlina Chakravarty
Asked by Satyam Kumar: What are management's thoughts on proposed margin caps on medical devices?
p. 17
“No, there is no nothing concrete in this regard and because I am also member of CII, FICCI, we haven't heard this and there is no notification which has come.”
Devlina Chakravarty, page 17 of the filed PDF · View the filing
Management explained the raise is needed for deposits on new pipeline projects that cannot be funded through debt.
Answered by Devlina Chakravarty
Asked by Sai Kiran: Why is a large capital raise of INR 700 crores needed if debt could suffice?
p. 18
“So basically what is happening is we need the fundraise because in some of these new projects, we also have to give them a deposit.”
Devlina Chakravarty, page 18 of the filed PDF · View the filing
Management said cash flow from operations was about 60% of EBITDA and free cash flow improved versus last year, with no one-offs.
Answered by Sanjeev Kothari
Asked by Devang Patel: Why was cash flow from operations lower and what is the EBITDA to cash conversion?
p. 19
“Cash flow from operation for the year if you see, it is around 60% of my EBITDA and free cash flow is around 40% after netting off capex. There is no one-off as such.”
Sanjeev Kothari, page 19 of the filed PDF · View the filing
Risks flagged
Government policies and tariff adjustments in healthcare creating short-term challenges
p. 3
“government policies and tariff adjustments in healthcare have introduced certain challenges in the short term, but we are very confident in our ability to navigate these challenges through our operational agility and strategic cost management.”
Devlina Chakravarty, page 3 of the filed PDF · View the filing
Impact of West Asia conflict on international patient volumes
p. 4
“our international patients, despite the West Asia war, continues to grow, and this financial year showed a growth of 26.9%.”
Devlina Chakravarty, page 4 of the filed PDF · View the filing
Raipur facility expected to incur losses during ramp-up period
p. 8
“there would be close to INR 18 crores to INR 20 crores of losses from Raipur.”
Rudra Acharjee, page 8 of the filed PDF · View the filing
March dip in international patients due to geopolitical conflict
p. 9
“we saw a 15% to 18% dip almost in the international patient”
Devlina Chakravarty, page 9 of the filed PDF · View the filing
TPA pushback on immunotherapy reducing margins in oncology
p. 12
“there was a pushback from the TPAs for the immunotherapy because they there has been a very big fight between the hospitals and insurers on use of immunotherapy, which is far more expensive than chemotherapy.”
Devlina Chakravarty, page 12 of the filed PDF · View the filing
Government circular temporarily disrupting chemotherapy for empanelled patients
p. 12
“a circular had come from the government regarding chemotherapy for government patients, which was not conducive for private hospitals.”
Devlina Chakravarty, page 12 of the filed PDF · View the filing
Insurers sometimes delaying or resisting price revisions beyond three-year periods
p. 13
“the insurers, they continue beyond three years do not give us price revision or they try to sometimes bully us to get low prices.”
Devlina Chakravarty, page 13 of the filed PDF · View the filing
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