Aster Dm Healthcare Ltd. · NSE:ASTERDM
Aster Dm Healthcare — Q3 FY2026 Earnings Presentation
57 slides from Aster Dm Healthcare's earnings presentation, Jan 30, 2026
Slide 1: Cover letter to stock exchanges
January 30, 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
Slide 2: Earnings Presentation for the quarter ending December 31, 2025
Earnings Presentation For the quarter ending December 31, 2025 1
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: Aster + QCIL: Combined Performance
Aster + QCIL : Combined Performance
Slide 5: Aster + QCIL: Performance Highlights for the Quarter
4 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) has seen a 15% YoY growth in Revenue, reaching INR 2,366 crores in Q3FY26 ▪ Total Patient Volumes grew
Slide 6: Aster + QCIL: Consistently Delivering Robust Performance
5 Aster + QCIL: Consistently Delivering Robust Performance YoY Total Patient Volume Growth (%) YoY Revenue Growth (%) Consistent and Robust Revenue Growth at combined entity level ▪ The combined entity1 (on a proforma basis) has consistently seen 9% 15% 8% 8% 13% improved revenue growth aided by ARP
Slide 7: Financial Metrics: Combined Proforma Numbers for Q3FY26
Combined Proforma Numbers for Q3FY26 Aster + QCIL = Merged Entity* (Figures for Q3FY26) YoY Growth Revenue (INR Cr) 1,186 1,1811 2,366 15% Operating EBITDA2 (INR Cr) 224 279 503 22% Financial Metrics Op EBITDA Margin2 % 18.9% 23.7% 21.3% 110 bps ROCE3 (%) 21.0% 20.5% 20.7% 170 bps Net Debt (INR Cr)
Slide 8: Operational Metrics: Combined Proforma Numbers for Q3FY26
Combined Proforma Numbers for Q3FY26 Aster + QCIL = Merged Entity* (Figures for Q3FY26) YoY Growth No. of Hospitals (Nos) 201 192 39 City Presence (Nos) 16 14 28 Operational Metrics Beds Capacity3 (Nos) 5,450+ 5,170+ 10,620+ 6% Occupancy (%) 61% 64% 62% ARPP IP (INR) 1,22,294 1,33,945 1,27,845 8% To
Slide 9: Aster + QCIL Hospitals: Pipeline Projects
Aster + QCIL Hospitals: Pipeline Projects Total Addition of 4,080+ beds, bringing the total bed capacity to 14,710+ beds 1,030 14,710 1,877 944 10,625 234 Beyond FY26: 234 beds FY27: 944 beds FY28: 1,877 beds FY28: 1,030 beds Current1 Projected 54% Beds in Existing Facilities 46% Beds in New facilit
Slide 10: 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 11: Aster DM - Performance Highlights
Aster DM - Performance Highlights
Slide 12: Aster: Key Highlights for Q3FY26
Aster: Key Highlights for Q3FY26 Double-digit YoY growth in Revenue and Operating EBITDA led by substantial volume growth in Kerala and strong growth in international revenue 13% YoY (12% YoY ex-Kasargod) overall revenue growth in Q3FY26 on account of steady growth in ARPP IP and Patient volumes ▪ C
Slide 13: Aster: Performance Financial Highlights for Q3FY26
Aster: Performance Financial Highlights for Q3FY26 Revenue1 Operating EBITDA 1,2 Op EBITDA Margin 1,2 Normalised PAT3 RoCE4 (Post-NCI) Financial Q3FY26 : INR 1,186 Cr Q3FY26 : INR 224 Cr Q3FY26 : 18.9% Q3FY26 : INR 81 Cr Q3FY26 : 21.0% 13% 11% -39 bps 0.3% 150 bps Q3FY25 : INR 1,050 Cr Q3FY25 : INR
Slide 14: Aster: Other Highlights for Q3FY26
Aster: Other Highlights for Q3FY26 ▪ Neurosciences department at Aster Whitefield hospital has successfully completed 2,000 Brain and Spine Surgeries in less than 2 years ▪ Kerala’s 1st transcatheter Fontan procedure performed at Aster Medcity, Kochi ▪ Parenchyma-preserving bronchus intermedius slee
Slide 15: Aster: Other Highlights for Q3FY26
Aster: Other Highlights for Q3FY26 ▪ 10 Mobile Medical Unit operationalised including one unit launched in Mehsana, Gujarat, taking the India fleet to 46 ESG 1 ▪ 872 financially challenged patients supported through the Treatment Aid Support programme Highlights ▪ 3.16 lakh lives impacted through co
Slide 16: Revenue and Profitability Snapshot: Q3FY26
Revenue and Profitability Snapshot: Q3FY26 15 Performance for the quarter Revenue from Operations1 Operating EBITDA and Margin 1,2 PBT and Margin Normalised PAT and Margin 3 (INR Cr) (Post NCI) 1,186 224 140 81 81 1,050 202 129 19.3% 18.9% 12.3% 11.8% 7.7% 6.8% Margin Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3F
Slide 17: Revenue and Profitability Snapshot: 9MFY26
Revenue and Profitability Snapshot: 9MFY26 16 Performance for the Nine Months Revenue from Operations1 Operating EBITDA and Margin 1,2 PBT and Margin Normalised PAT and Margin 3 (Post NCI) (INR Cr) 3,461 702 3,138 468 281 613 413 251 19.5% 20.3% 13.2% 13.5% 8.0% 8.1% Margin 9MFY25 9MFY26 9MFY25 9MFY
Slide 18: QCIL Performance Highlights
QCIL Performance Highlights
Slide 19: QCIL: Key Highlights for Q3FY26
QCIL: Key Highlights for Q3FY26 Strong 17% YoY revenue growth for the business driven by robust performance across clusters ▪ Growth driven by higher IP volumes, favorable payor mix shift toward cash and insurance, and increased share of complex procedures ▪ Kerala cluster delivered 25% YoY growth d
Slide 20: QCIL: Performance Highlights for Q3FY26
QCIL: Performance Highlights for Q3FY26 Revenue Operating EBITDA 1 Op. EBITDA Margin RoCE3 (Pre-Tax) Financial Q3FY26 : INR 1,181 Cr Q3FY26 : INR 279 Cr Q3FY26 : 23.7% Q3FY26 : 20.5% 17% 32% 265 bps 190 bps Q3FY25 : INR 1,007 Cr Q3FY25 : INR 211 Cr Q3FY25 : 21.0% Q3FY25 : 18.6% Capacity Beds ARPP IP
Slide 21: Aster DM - Detailed Performance
Aster DM - Detailed Performance
Slide 22: Financial Summary: Profitability Statement
Financial Summary: Profitability Statement Particulars Q3FY26 Q3FY25 YoY % 9MFY26 9MFY25 YoY % Revenue from Operations 1,186 1,050 13% 3,461 3,138 10% Material Cost2 267 247 786 713 Doctors Cost 270 229 767 691 Employee Cost 221 194 628 577 Other Cost 203 178 578 544 Operating EBITDA 224 202 11% 702
Slide 23: Hospitals & Clinics Revenue Mix
Hospitals & Clinics Revenue Mix Geographical Revenue Mix1 Q3FY26 Specialty-wise Revenue Mix Q3FY26 Andhra & Telangana Child and Adolscent 12% [12%] Health, Women's Health, 5% [6%] Multi Speciality, 6% [6%] 16% [18%] Kerala Nephrology And Urology, 55% [52%] 7% [7%] Karnataka & Maharashtra 33% [36%] O
Slide 24: Maturity Wise Hospital Performance: Q3FY26
Maturity Wise Hospital Performance: Q3FY26 23 Key Performance indicators Revenue4 Operational Beds 5 Operating Maturity Hospitals3 Operating (INR in Cr) (Census) EBITDA 4 EBITDA %4 ROCE (INR Cr) Over 7 71% 68% 10 ₹203 25.1% 36.2% Years ₹809 2,642 15% 16% 3-7 Years 2 3 ₹169 622 ₹39 22.8% 25.7% 14% 16
Slide 25: Hospital and other New Business Performance: Q3FY26
Hospital and other New Business Performance: Q3FY26 Revenue 3 % of Revenue Operating EBITDA INR 1,150 Cr INR 247 Cr Hospitals and Clinics 94% 15% 21.4% YoY Revenue Growth Margins INR 39 Cr INR 4 Cr Labs Labs 3% 17% 10.5% YoY Revenue Growth Margins INR 28 Cr INR 1 Cr *Pharmacies 1 2% -35% 2.2% YoY Re
Slide 26: Kerala Cluster: Hospitals and Bed Capacity
Kerala Cluster: Hospitals and Bed Capacity Revenue Contribution1 55% Planned Expansion 874 695 425 359 Aster Capital Aster Medcity Aster Medcity MIMS Calicut MIMS Kannur MIMS Kottakkal Kochi, Kerala Kozhikode, Kerala Kannur, Kerala Kottakkal, Kerala Trivandrum Kerala 2014, Owned 2013, Owned 2019, Ow
Slide 27: Kerala Cluster: Performance
Kerala Cluster: Performance Financial Metrics Q3FY26 Q3FY25 YoY Revenue (In INR Cr) Revenue (INR Cr) 629 523 20% 1,801 1,609 2,007 2,108 Revenue Ex-Kasargod (INR Cr) 619 523 19% 1,690 1,318 Op. EBITDA (INR Cr) 144 123 18% 935 875 701 Op. EBITDA Ex-Kasargod (INR Cr) 157 123 28% Op. EBITDA Margin 22.9
Slide 28: 7th Multispecialty hospital in Kerala: Aster MIMS Kasargod
7th Multispecialty hospital in Kerala : Aster MIMS Kasargod Early operating metrics validate demand potential in Northern Kerala, with performance improving sequentially as capacity ramps up. Operating Census Bed: Kasaragod Currently operating with 80+ census beds, with capacity expected to scale up
Slide 29: Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity
Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity Planned Expansion Revenue Contribution1 33% Aster Aster Yeshwanthpur Sarjapur Bengaluru Bengaluru 500 beds 430 beds 502 380 252 Aster Aster CMI Whitefield Bengaluru Bengaluru Aster CMI Aster Whitefield Aster RV Bengaluru, Karnataka Bengalur
Slide 30: Karnataka & Maharashtra Cluster: Performance
Karnataka & Maharashtra Cluster: Performance Revenue (In INR Cr) Financial Metrics Q3FY26 Q3FY25 YoY 1,160 1,054 1408 Revenue (INR Cr) 383 358 7% 1100 817 655 Op. EBITDA (INR Cr) 84 80 5% 442 433 310 Op. EBITDA Margin 21.9% 22.5% -50 bps 9MFY25 9MFY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBI
Slide 31: Andhra & Telangana Cluster: Hospitals and Bed Capacity
Andhra & Telangana Cluster: Hospitals and Bed Capacity 350 Planned Expansion Revenue Contribution1 12% Ramesh Guntur Guntur, AP 2016, Leased 158 150 150 Aster Ramesh Aster W&C Ongole Hyderabad Prime Hospitals – Ameerpet Ramesh Sanghamitra Aster Narayanadri 75 Beds 300 Beds Hyderabad, Telangana Ongol
Slide 32: Andhra & Telangana: Performance
Andhra & Telangana: Performance Revenue (In INR Cr) Financial Metrics Q3FY26 Q3FY25 YoY 473 412 391 357 370 344 13% 303 314 Revenue (INR Cr) 137 121 279 Op. EBITDA (INR Cr) 18 17 7% Op. EBITDA Margin 13.2% 13.9% -70 bps 9MFY25 9MFY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA1 (In INR Cr) H
Slide 33: Capex
Capex
Slide 34: Aster Hospitals: Pipeline Projects
Aster Hospitals: Pipeline Projects 33 Further addition of 2,300+ beds, bringing the total bed capacity to 7,800+ beds. 6,830 7,819 500 7,819 100 130 350 300 454 300 75 159 5,451 FY27 : FY28 : Beyond FY28 : FY26 : 754 beds 650 beds 730 beds 234 beds Aster Aster Aster Aster Aster** Aster** Aster W&C A
Slide 35: Greenfield Expansion
Greenfield Expansion 34 Aster Yeshwanthpur, Bangaluru Aster Capital, Trivandrum Aster Sarjapur, Bengaluru Aster W&C, Hyderabad Multispecialty | 500 Beds (Phase 1) Multispecialty | 454 Beds (Phase 1) Multispecialty | 430 Beds in two phases Mother and Child Care | 300 Beds Construction start date : Ju
Slide 36: Brownfield Expansion
Brownfield Expansion 35 Aster Medcity Aster CMI Aster Whitefield Aster Ramesh Ongole Multispecialty | Current : 874 Beds Multispecialty | Current : 380 Beds Multispecialty | Current : 150 Beds Multispecialty | Current : 502 Beds Bed Expansion :100 Beds Bed Expansion : 159 Beds Bed Expansion : 350 Be
Slide 37: Growth Strategy: Our Strategic Priorities
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 38: Appendix
Appendix
Slide 39: Aster at a Glance
Aster at a Glance Our Presence/Strength1 16 Cities and 202 5,451 5 States Hospitals Capacity beds 10 302 203 Clinics Labs and PECs Pharmacies3 Operational metrics (9MFY26) Karnataka & Maharashtra 61% 3.1 days INR 51,100 Karnataka Hospital: 4, Beds: 1,234 Occupancy ALOS ARPOB Maharashtra Hospital: 1,
Slide 40: Geography wise Business: Snapshot for Q3FY26
Geography wise Business: Snapshot for Q3FY26 39 KARNATAKA & ANDHRA & KERALA TOTAL MAHARASHTRA TELANGANA Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Total Capacity Beds 2,920 2,635 1,484 1,446 1,047 1,047 5,451 5,128 Operational Beds (Census) 2,088 1,971 1,017 1,014 803 781 3,908 3,766 Op
Slide 41: Geography wise Business: Snapshot for 9MFY26
Geography wise Business: Snapshot for 9MFY26 KARNATAKA & ANDHRA & KERALA TOTAL MAHARASHTRA TELANGANA 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 Total Capacity Beds 2,920 2,635 1,484 1,446 1,047 1,047 5,451 5,128 Operational Beds (Census) 2,088 1,971 1,017 1,014 803 781 3,908 3,766 Opera
Slide 42: Aster: Performance Financial Highlights for 9MFY26
Aster: Performance Financial Highlights for 9MFY26 Revenue1 Operating EBITDA 1,2 Op EBITDA Margin1,2 Normalised PAT 3 RoCE (Post-NCI) Financial 9MFY26 : INR 3,461 Cr 9MFY26 : INR 702 Cr 9MFY26 : 20.3% 9MFY26 : INR 281 Cr 9MFY26 : 21.0% 10% 15% 80 bps 12% 150 bps 9MFY25 : INR 3,138 Cr 9MFY25 : INR 61
Slide 43: QCIL: Performance Highlights for 9MFY26
QCIL: Performance Highlights for 9MFY26 Revenue Operating EBITDA 1 Op. EBITDA Margin RoCE3 (Pre-Tax) Financial 9MFY26 : INR 3,254 Cr 9MFY26 : INR 794 Cr 9MFY26 : 23.0% 9MFY26 : 20.5% 16% 24% 150 bps 190 bps 9MFY25 : INR 2,973 Cr 9MFY25 : INR 639 Cr 9MFY25 : 21.5% 9MFY25 : 18.6% Capacity Beds ARPP IP
Slide 44: Maturity Wise Hospital Performance: 9MFY26
Maturity Wise Hospital Performance: 9MFY26 Key Performance indicators Revenue4 Operational Beds5 Operating Maturity Hospitals3 Operating (INR in Cr) (Census) EBITDA 4 EBITDA %4 ROCE (INR Cr) Over 7 10 71% 68% ₹595 25.4% 36.2% Years ₹2,342 2,642 15% 16% 25.7% 3-7 Years2 3 ₹508 ₹112 22.0% 622 14% 16%
Slide 45: Hospital and other New Business Performance: 9MFY26
Hospital and other New Business Performance: 9MFY26 Revenue 3 % of Revenue Operating EBITDA INR 3,352 Cr INR 765 Cr Hospitals and Clinics 94% 11% 22.8% YoY Revenue Growth Margins INR 115 Cr INR 14 Cr Labs Labs 3% 15% 12.2% YoY Revenue Growth Margins INR 89 Cr INR 2 Cr *Pharmacies 1 3% -18% 1.8% YoY
Slide 46: Financial Summary: Balance Sheet
Financial Summary: Balance Sheet Particulars (INR Cr) As at Sep 30, 2025 As at Mar 31, 2025 As at Mar 31, 2024 LIABILITIES Shareholders’ Equity 518 500 500 Minority Interest 239 224 158 Other Reserves 3,555 2,469 2,353 Land Revaluation Reserve 460 460 460 Gross Debt 639 642 669 Lease Liabilities - I
Slide 47: Financial Metrics: Combined Proforma Numbers for 9MFY26
Combined Proforma Numbers for 9MFY26 Aster + QCIL = Merged Entity* (Figures for 9MFY26) YoY Growth 3,461 3,4521 6,913 13% Revenue (INR Cr) Financial Metrics Operating EBITDA2 (INR Cr) 702 794 1,496 20% Op EBITDA Margin % 20.3% 23.0% 21.6% 120 bps ROCE3 (%) 21.0% 20.5% 20.7% 170 bps Net Debt (INR Cr)
Slide 48: Operational: Combined Proforma Numbers for 9MFY26
Combined Proforma Numbers for 9MFY26 Aster + QCIL = Merged Entity* (Figures for 9MFY26) YoY Growth No. of Hospitals (Nos) 201 192 39 City Presence (Nos) 16 14 28 Metrics Metrics 10,620+ Financial Beds Capacity3 (Nos) 5,450+ 5,170+ 6% Operational Occupancy (%) 61% 62% 62% ARPP IP (INR) 1,19,648 1,31,
Slide 49: Expected Synergies Post-Merger
Expected Synergies Post-Merger ✓ Broader base of star senior specialists and exchange of learnings Integrated ✓ Greater ability to attract and retain medical talent with state-of-the-art medical facilities Doctor Model ✓ Adopt best marketing practices across Aster and QCIL to maximize patient outrea
Slide 50: Board of Directors
Board of Directors 49 Alisha Moopen T. J. Wilson Shamsudheen Bin Mohideen Mammu Haji Deputy Managing Director Non-Executive Director Non-Executive Director Purana Housdurgamvijaya Chenayappillil John James Mathew Deepti George Dr. Azad Moopen Independent Director Independent Director Independent Dir
Slide 51: Leadership Team
50 Leadership Team Dr. Azad Moopen Alisha Moopen Founder Chairman and Managing Director Deputy Managing Director Dr .Somashekhar S P T.J. Wilson Ramesh Kumar S Sunil Kumar M R Chairman-Medical Group Head - Governance & Advisory Board & Director Chief Financial Officer Chief Operating Officer Corpora
Slide 52: Awards and Recognition
Awards and Recognition Padmashree Dr. Azad Moopen and Pravasi Bharatiya Samman awardee Ms. Alisha Moopen Founder, Chairman and MD Deputy Managing Director • Honoured with • Received the ‘Lifetime Achievement Award’ ‘Dynamic Entrepreneur of the Year’ award at the by Mount Judi Ventures Entrepreneur I
Slide 53: Awards, Recognition and Rankings
Awards, Recognition and Rankings Aster recognised among India's Top 500 Value Creators Global Hospital Rating – Aster Medcity, Aster CMI AHPI Excellence in Healthcare Aster MIMS Calicut Aster Medcity, Kochi – First hospital in India to receive certification & Excellence in Emergency services accredi
Slide 54: Best-in-class Medical Technology
Best-in-class Medical Technology 31 7 17 10 Cathlabs LINACs MRI Machine Robots Surgical Robot, SSI Mantra 3.0 Ortho Robot, ROSA Recon Philips Excimer Laser O-arm India’s first indigenous surgical robot. Cost effective A robotic surgical system, specifically a stereotaxic Aster CMI becomes the first
Slide 55: Digital Initiatives
54 Digital Initiatives Strengthening Building Blocks forFootprints Through a Robust Phygital Ecosystem Future Growth Updates Updates The "Aster Health" Radiology Reports App has clocked over and Images are now 3,50,000 downloads Aggregating Hospitals, Labs, Data-Driven Patient Digitizing Relationshi
Slide 56: ESG Milestones
55 ESG Milestones* *All numbers are based on FY25 ~577 ton ~7,414 KL 97%+ ~8,681 tCO2e INR 3.3 Mn 16,100+ E Waste reduction is achieved in FY25,, i.e. 18% from the Reduction in Water consumption in FY25 i.e.~ Energy Consumption sourced from renewable Reduction in Carbon emission in FY25 through Wort
Slide 57: Thank You
Thank You Investor Relations: investors@asterdmhealthcare.in
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