Aster Dm Healthcare Ltd. · NSE:ASTERDM
Aster Dm Healthcare — Investor Presentation (June 2026)
53 slides from Aster Dm Healthcare's investor presentation, Jun 3, 2026
Slide 1: Exchange filing cover letter for investor presentation
June 03, 2026 To To The Secretary, The Manager, Listing Department, Listing Department, BSE Limited, The National Stock Exchange of India Ltd, 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai 400001. Bandra (East), Mumbai 400051. Scrip Code: 540975 Scr
Slide 2: Investor Presentation June 2026
Investor Presentation June 2026 0
Slide 3: Disclaimer
Disclaimer • This presentation has been prepared by Aster DM Healthcare Limited (the "Company"), content of which was compiled from sources believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory, market and other condit
Slide 4: Company Overview
Company Overview
Slide 5: Aster at a Glance
Aster at a Glance Our Presence/Strength1 16 Cities and 202 5,449 5 States Hospitals Capacity beds 10 304 203 Clinics Labs and PECs Pharmacies3 Operational metrics (FY26) Karnataka & Maharashtra 61% 3.1 days INR 51,800 Karnataka Hospital: 4, Beds: 1,231 Occupancy ALOS ARPOB Maharashtra Andhra & Telan
Slide 6: Our Vision and Core Values
Our Vision and Core Values Excellence Respect “Surpassing current benchmarks constantly by continually “Treating people with utmost dignity, valuing challenging its ability and skills their culture contributions and fostering a Our Promise to take the organisation to culture that allows each individ
Slide 7: From Clinic to a Healthcare Powerhouse: A Transformational Journey
From Clinic to a Healthcare Powerhouse: A Transformational Journey to a Thriving Hospital Network Kerala Cluster Andhra Pradesh & Telangana 2026 Aster Whitefield Block D, Bengaluru 2025 Aster MIMS Kasargod. Kerala Pr ime Hospitals – Ameerpet 2024 Aster Medcity Kochi, Kerala | CB: 876 OB: 702 MIMS Ca
Slide 8: Sustained improvement in our India Business performance over the past few years
Sustained improvement in our India Business performance over the past few years No. of Capacity Beds ARPOB (in 000s) 5,449 5,159 5,449 5,159 54.3 51.8 4,867 4,317 47.8 45.0 3,757 3,905 40.1 36.5 33.5 30.1 Q4FY25 Q4FY26 FY21 FY22 FY23 FY24 FY25 FY26 Q4FY25 Q4FY26 FY21 FY22 FY23 FY24 FY25 FY26 Revenue
Slide 9: Merger of Aster DM & Blackstone backed Quality Care
Merger of Aster DM & Blackstone backed Quality Care
Slide 10: Aster DM and Blackstone-backed Quality Care to merge
Aster DM and Blackstone-backed Quality Care to merge and create one of the top 3 hospital chains in India with 10,623 beds ▪ The board of directors of Aster DM Healthcare Limited (“Aster” or “Aster DM”) approved the merger of Quality Care India Limited (“Quality Care” or “QCIL”) with Aster in one of
Slide 11: Aster DM & Quality Care - Business snapshot
Aster DM & Quality Care - Business snapshot ASTER DM QUALITY CARE ASTER DM QUALITY CARE ▪ One of the leading integrated healthcare ▪ One of the leading healthcare providers ✓ One of the top 3 hospital chains in India providers in South India operating 201 with 19 hospitals & 7 medical centres by rev
Slide 12: Transaction structure (1/2)
Transaction structure (1/2) 0 As of November 2024 Aster Public Blackstone TPG Others Promoters 58.1% 71.8% 23.9% 4.2% 41.9% Aster DM Healthcare Limited QCIL 10
Slide 13: Transaction structure (2/2)
Transaction structure (2/2) 1 Post Initial Share Acquisition Structure Step 1 Initial Share Acquisition - Aster acquired 5% stake in QCIL & issue equivalent value of Aster shares Aster Public Blackstone Blackstone TPG Others Aster DM ▪ Aster DM purchased 5.0% stake Promoters / TPG 56.0% 68.1% 22.7%
Slide 14: Interse Valuation – Aster's valuation reflects a 45% higher multiple relative to QCIL
Interse Valuation – Aster’s valuation reflects a 45% higher multiple relative to QCIL FY24 EV/EBITDA (Adj. Post INDAS 1) Interse Shareholding 11.4x multiple difference Aster QCIL (In INR Cr) 36.6x Equity Value 22,7942 16,9832 Inter-se Shareholding 57.3% 42.7% 25.2x Shareholding Pattern post merger A
Slide 15: Strategic rationale behind the merger
Strategic rationale behind the merger ▪ 1. Scale 4. Diversification Merged entity to be one of the top 3 hospital chains in India and with strong presence across Geographically well diversified platform South and Central India with low overlap in cities of presence 2. Enhanced Metrics 5. Growth Pote
Slide 16: Merged Entity to be one of the top hospital chains in India
Merged Entity to be one of the top 3 hospital chains in India by Bed Capacity & Revenue 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Ranking by Bed Capacity 1 Ranking by Hospital Revenue1 2 ~11,570 10,623 Aster 12,555 + 10,065 QCIL 9,273 9,128 2 2 6,464 6,244 6,096 5,4
Slide 17: Combined Proforma Operational Metrics for FY26
Combined Proforma Numbers for FY26 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster + QCIL = Merged Entity* (Figures for FY26) YoY Growth No. of Hospitals (Nos) 201 192 39 City Presence (Nos) 16 14 28 Metrics Financial Metrics 4% Operational Beds Capacity3 (Nos) 5,44
Slide 18: Combined Proforma Financial Metrics for FY26
Combined Proforma Numbers for FY26 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster + QCIL = Merged Entity* (Figures for FY26) YoY Growth Revenue (INR Cr) 4,643 4,6301 9,273 14% Financial Metrics Operating EBITDA2 (INR Cr) 947 1,066 2,013 21% Op EBITDA Margin % 20.4%
Slide 19: Entities of similar scale with strong operating metrics
Entities of similar scale with strong operating metrics creating a robust merged entity 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster QCIL Merged Entity 5,449 5,174 5,091 10,623 5,159 10,250 # of Capacity 4,885 4,867 9,752 beds FY24 FY25 FY26 FY24P FY25P FY26P FY2
Slide 20: Merged entity with diversified revenue mix and strong margin profile
Merged entity with diversified revenue mix and strong margin profile 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster QCIL4 Merged Entity +14%5 9,273 8,105 7,251 +12% +17%5 4,643 4,630 3,699 4,138 3,967 3,615 Revenue (INR Cr) FY24 FY25 FY26 FY24P FY25P FY26P FY24P FY
Slide 21: Multiple avenues of synergies poised to accelerate growth and profitability
Multiple avenues of synergies poised to accelerate growth and profitability 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Integrated ✓ Broader base of star senior specialists and exchange of learnings Doctor Model ✓ Greater ability to attract and retain medical talent w
Slide 22: Well diversified platform with presence across South and Central India
Well diversified platform with presence across South and Central India 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential One of the top 3 hospital Chains in India with strong presence across South & Central India 1 Aster DM and QCIL have limited QCIL micro-market overlap 5
Slide 23: Well diversified platform with presence across 28 cities
Well diversified platform with presence across 28 cities 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster QCIL Merged Entity 79% Top 5 Cities 21% Others 74% Top 5 Cities 26% Others 78% Top 10 Cities 22% Others 15% 21% 26% 24% 22% 31% 12% 6% 3% Revenue1 Mix 7% 3% 7% 1
Slide 24: Aster + QCIL: Consistently Delivering Robust Performance
Aster + QCIL: Consistently Delivering Robust Performance 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Consistent and Robust Revenue Growth at combined entity level YoY Total Patient Volume Growth (%) YoY Revenue Growth (%) 18% ▪ The combined entity1 (on a proforma basi
Slide 25: Favorable mix of scaled and growing hospitals for the merged entity
Favorable mix of scaled and growing hospitals for the merged entity 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Total Addition of 4,445 beds, bringing the total bed capacity to 15,068 beds 800 15,068 1,462 1,305 878 10,623 FY30 and beyond: FY27: 878 beds FY28: 1,305
Slide 26: Merger Implementation: Progress Update
Merger Implementation: Progress Update In Nov’24, Company announced: Transaction Merger of Quality Care with the Company (“Merger”) and Announcement Preferential allotment of ~3.6% stake to Blackstone and TPG in the Company in lieu of initial acquisition of 5.0% stake in Quality Care by the Comp
Slide 27: Aster DM Healthcare Performance
Aster DM Healthcare Performance For the year ending Mar 31, 2026
Slide 28: Aster Revenue and Profitability Snapshot: Q4FY26
Aster Revenue and Profitability Snapshot: Q4FY26 Performance for the quarter Revenue from Operations1 Operating EBITDA and Margin1,2 PBT and Margin Normalised PAT and Margin3 (INR Cr) (Post NCI) 1,182 244 172 140 1,000 193 127 106 19.3% 20.7% 12.7% 14.5% 10.6% 11.8% Margin Q4FY25 Q4FY26 Q4FY25 Q4FY2
Slide 29: Aster Revenue and Profitability Snapshot: FY26
Aster Revenue and Profitability Snapshot: FY26 Performance for the year Revenue from Operations1 Operating EBITDA and Margin1,2 PBT and Margin Normalised PAT and Margin3 (Post NCI) (INR Cr) 4,643 947 421 4,138 639 806 540 357 19.5% 20.4% 13.1% 13.8% 8.6% 9.1% Margin FY25 FY26 FY25 FY26 FY25 FY26 FY2
Slide 30: Consciously built a de-risked business model across multiple specialties
Consciously built a de-risked business model with healthy presence across multiple specialties Geographical Revenue Mix1 FY26 Speciality-wise Revenue Mix FY26 Andhra & Telangana Aster Child And 12% [12%] Adolescent Health, Aster Women's Health, 5% [6%] Aster Multi Speciality, 6% [6%] 17% [18%] Keral
Slide 31: Aster DM delivered steady growth driven by strong core hospital performance
Aster DM delivered steady growth driven by strong core hospital performance and improving traction in other units Revenue 3 For FY26 % of Revenue Operating EBITDA INR 4,500 Cr INR 1,031 Cr *Hospitals and Clinics 95% 13% 22.9% YoY Revenue Growth Margins INR 153 Cr INR 20 Cr Labs Labs 3% 16% 12.8% YoY
Slide 32: The core hospitals business has shown consistent improvement across operational parameters
The core hospitals business has shown consistent improvement across all operational parameters… No. of Hospitals No. of capacity beds Total patient volumes (In Mn) 3.9 3.6 5,449 5,449 3.3 5,159 5,159 20 4,867 19 19 2.9 20 4,317 19 17 3,905 3,757 2.2 14 14 1.5 1.0 0.9 Q4FY25 Q4FY26 FY21 FY22 FY23 FY2
Slide 33: Robust financial performance trajectory over these years
…resulting in a robust financial performance trajectory over these years Hospital Revenue Hospital Operating EBITDA and Margin 1 (In INR Cr) (In INR Cr) 20.8% 23.1% 12% 17% 19% 20% 22% 23% Margin 4,500 3,990 1,031 3,519 875 2,851 688 2,343 538 1,647 407 1,149 266 969 202 201 Q4FY25 Q4FY26 FY21 FY22
Slide 34: Aster Maturity Wise Hospital Performance: FY26
Aster Maturity Wise Hospital Performance: FY26 Key Performance indicators Revenue4 Operational Beds5 Operating Maturity Hospitals3 Operating (INR in Cr) (Census) EBITDA4 EBITDA %4 ROCE (INR Cr) Over 7 11 78% 76% ₹882 25.4% 36.5% Years ₹3,474 2,984 10% 12% 23.8% 3-7 Years2 4 ₹442 ₹91 20.6% 458 12% 13
Slide 35: Aster's Clear capital allocation strategy for India Business going forward
Aster’s Clear capital allocation strategy for India Business going forward 33 Further addition of 2,728 beds, bringing the total bed capacity to 8,177 beds. 6,830 8,177 8,177 250 550 Operationalised in April’2026 150 130 100 100 460 300 454 75 159 5,449 FY28 : FY29 : FY30 and FY27 : 760 beds 480 bed
Slide 36: Aster Financial Summary: Profitability Statement
Aster Financial Summary: Profitability Statement Particulars Q4FY26 Q4FY25 YoY % FY26 FY25 YoY % Revenue from Operations 1,182 1,000 18% 4,643 4,138 12% Material Cost2 263 225 1,049 938 Doctors Cost 265 230 1,032 921 Employee Cost 220 183 848 760 Other Cost 190 169 768 713 Operating EBITDA 244 193 2
Slide 37: Aster Financial Summary: Balance Sheet
Aster Financial Summary: Balance Sheet Particulars (INR Cr) As at Mar 31, 2026 As at Mar 31, 2025 As at Mar 31, 2024 LIABILITIES Shareholders’ Equity 518 500 500 Minority Interest 258 224 158 Other Reserves 3,598 2,469 2,353 Land Revaluation Reserve 460 460 460 Gross Debt 701 642 669 Lease Liabiliti
Slide 38: Growth Strategy
Our Strategic Priorities Focus Areas Capital Investment A ✓ Investing prudently in both brownfield (expanding existing units) and greenfield projects across clusters and opportunistically exploring inorganic opportunities Operational ✓ Focusing more on niche specialties to drive better ARPOB Efficie
Slide 39: Quality Care Overview and Performance
Quality Care Overview and Performance
Slide 40: QCIL: Performance Highlights for FY26
QCIL: Performance Highlights for FY26 Revenue Operating EBITDA1 Op. EBITDA Margin RoCE3 (Pre-Tax) Financial FY26 : INR 4,630 Cr FY26 : INR 1,066 Cr FY26 : 23.0% FY26 : 21.0% 17% 24% 136 bps 376 bps FY25 : INR 3,967 Cr FY25 : INR 859 Cr FY25 : 21.7% FY25 : 17.2% Capacity Beds ARPP IP ALOS (Days) In-P
Slide 41: Quality Care – One of the largest hospital chains with focus on emerging cities
Quality Care – One of the largest hospital chains with focus on emerging cities in India About QCIL Key Stats Scale of Operations2,3 Leading Hospital Troika of brands: CARE Hospitals, KIMSHEALTH and Evercare Network Extensive network of 19 hospitals in 14 cities One of India’s largest hospital
Slide 42: Quality Care – High standards of clinical excellence
Quality Care – High standards of clinical excellence Select firsts achieved by QCIL Infrastructure Accreditation in India to use an in India to perform in Central India to in India to perform 1st indigenous coronary 1st heart surgery on a 1st start 3D laparoscopy 1st womb transplant stent foetus sur
Slide 43: Quality Care – Diversified presence across 14 cities
Quality Care – Diversified presence across 14 cities ✓ Nagpur Raipur 105 beds 379 beds ✓ ✓ Indore Dhaka 222 beds 479 beds 5,174+ Capacity Beds ✓ ✓ Aurangabad Chattogram 338 beds 141 beds Broad and spread-out presence in key regions ✓ offer significant opportunities for brownfield expansion and deepe
Slide 44: Appendix
Appendix
Slide 45: Aster + QCIL: Performance Highlights for the Quarter
Aster + QCIL: Performance Highlights for the Quarter The Combined Entity demonstrates Strong YoY Revenue Growth aided by steady Patient Volume growth ▪ The combined entity1 (on a proforma basis) delivered an 18% YoY growth in Revenue, reaching INR 2,361 crores in Q4FY26 ▪ Total Patient Volumes grew
Slide 46: Kerala Cluster: Performance
Kerala Cluster: Performance Financial Metrics Q4FY26 Q4FY25 YoY Revenue (In INR Cr) Revenue (INR Cr) 604 499 21% 2,405 604 499 2,007 2,108 Revenue Ex-Kasargod (INR Cr) 587 499 18% 1,690 1,318 Op. EBITDA (INR Cr) 142 111 27% 875 935 Op. EBITDA Ex-Kasargod (INR Cr) 150 111 35% Op. EBITDA Margin 23.5%
Slide 47: Karnataka & Maharashtra Cluster: Performance
Karnataka & Maharashtra Cluster: Performance Revenue (In INR Cr) Financial Metrics Q4FY26 Q4FY25 YoY 1553 394 1408 Revenue (INR Cr) 394 355 11% 355 1100 817 Op. EBITDA (INR Cr) 97 77 25% 655 442 433 Op. EBITDA Margin 24.5% 21.8% 267 bps Q4FY25 Q4FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Highlights: Op
Slide 48: Andhra & Telangana: Performance
Andhra & Telangana: Performance Revenue (In INR Cr) Financial Metrics Q4FY26 Q4FY25 YoY 542 151 473 116 412 Revenue (INR Cr) 151 116 30% 370 314 344 279 Op. EBITDA (INR Cr) 28 13 113% Op. EBITDA Margin 18.3% 11.2% 709 bps Q4FY25 Q4FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Operating EBITDA1 (In INR Cr)
Slide 49: Awards, Recognition and Rankings
Awards, Recognition and Rankings ET Healthcare Awards Aster RV won ‘Best Multispecialty’ Hospital of the Year Aster Whitefield Hospital won ‘Best in Aster Medcity National for Organ Transplantation Cardiology, Pulmonology and Urology’ Times All India Aster CMI Oncology (South) Multispecialty Ranking
Slide 50: Best-in-class Medical Technology
Best-in-class Medical Technology 31 7 17 10 Cathlabs LINACs MRI Machine Robots Rosa One (Zimmer Biomet) Surgical Robot, SSI Mantra Ortho Robot, ROSA Recon Philips Excimer Laser O-arm 3.0 A robotic guidance system that enables A robotic surgical system, specifically a stereotaxic Aster CMI becomes th
Slide 51: Digital Initiatives
Digital Initiatives Building a Scalable Phygital Healthcare Ecosystem Driving Growth & Patient Retention Clinical Re-activation 24/7 Teleradiology Business Model Leverages proprietary algorithms to analyze health records Centralized remote interpretation for MRI, CT, and X-ray “Aster Health App” cro
Slide 52: Aster – Current Shareholding pattern and Key shareholders
Aster – Current Shareholding pattern and Key shareholders Marquee domestic and foreign institutional investors are currently invested in Aster Shareholding pattern Current Key Institutional Shareholders 15% 40% 17% 28% Promoters DII FII Others As on 31st Dec 2025 50
Slide 53: Thank You
Thank You Investor Relations: investors@asterdmhealthcare.in
Aster DM Healthcare — Investor Presentation (June 2026) on 6ix