Aster Dm Healthcare Ltd. · NSE:ASTERDM
Aster Dm Healthcare — Q4 FY2026 Earnings Presentation
58 slides from Aster Dm Healthcare's earnings presentation, Apr 30, 2026
Slide 1: Cover letter to stock exchanges
April 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 Sc
Slide 2: Earnings Presentation for the quarter and full year ending March 31, 2026
Earnings Presentation For the quarter and full year ending March 31, 2026 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 We'll Treat You Well Aster + QCIL : Combined Performance
Slide 5: Combined Proforma (Aster+QCIL): Performance Highlights for Q4FY26
Combined Proforma (Aster+QCIL): Performance Highlights for Q4FY26 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
Slide 6: Financial Metrics: Combined Proforma Numbers for Q4FY26
Combined Proforma Numbers for Q4FY26 Aster + QCIL = Merged Entity* (Figures for Q4FY26) YoY Growth Revenue (INR Cr) 1,182 1,1781 2,361 18% Financial Metrics Operating EBITDA2 (INR Cr) 244 272 517 25% Op EBITDA Margin % 20.7% 23.1% 21.9% 118 bps ROCE3 (%) 21.3% 21.0% 21.1% 293 bps Net Debt (INR Cr) (
Slide 7: Operational: Combined Proforma Numbers for Q4FY26
Combined Proforma Numbers for Q4FY26 Aster + QCIL = Merged Entity* (Figures for Q4FY26) YoY Growth No. of Hospitals (Nos) 201 192 39 City Presence (Nos) 16 14 28 Metrics Financial Metrics Operational Beds Capacity3 (Nos) 5,449 5,174 10,623 4% Occupancy (%) 59% 64% 61% 210 bps ARPP IP (INR) 1,25,234
Slide 8: Combined Proforma: Performance Highlights for FY26
Combined Proforma (Aster + QCIL) : Performance Highlights for FY26 Revenue Operating EBITDA 2 Op. EBITDA Margin RoCE3 Financial FY26 : INR 9,273 Cr FY26 : INR 2,013 Cr FY26 : 21.7% FY26 : 21.1% 14% 21% 116 bps 293 bps FY25 : INR 8,105 Cr FY25 : INR 1,665 Cr FY25 : 20.5% FY25 : 18.2% FY26 (Ex-Kasargo
Slide 9: 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 10: Aster + QCIL Hospitals: Pipeline Projects
Aster + QCIL Hospitals: Pipeline Projects 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 beds FY29: 1,462 beds 800 beds Current1 Projected 56% Beds in Existing Facilities 44% Beds in New facil
Slide 11: Aster DM - Performance Highlights
Aster We'll Treat You Well Aster DM - Performance Highlights
Slide 12: Aster: Key Highlights for Q4FY26
Aster: Key Highlights for Q4FY26 Strong double-digit YoY growth in Revenue and Operating EBITDA led by robust performance across Core Hospital & Clinics as well as Labs businesses, despite macro headwinds 18% YoY (17% YoY ex-Kasargod) overall revenue growth in Q4FY26 on back of stronger growth in Pa
Slide 13: Aster: Performance Financial Highlights for Q4FY26
Aster: Performance Financial Highlights for Q4FY26 Revenue1 Operating EBITDA 1,2 Op EBITDA Margin 1,2 Normalised PAT3 RoCE4 (Post-NCI) Financial Q4FY26 : INR 1,182 Cr Q4FY26 : INR 244 Cr Q4FY26 : 20.7% Q4FY26 : INR 140 Cr Q4FY26 : 21.3% 18% 26% 134 bps 32% 180 bps Q4FY25 : INR 1,000 Cr Q4FY25 : INR
Slide 14: Aster: Other Highlights for Q4FY26
Aster: Other Highlights for Q4FY26 ▪ 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 Clinical ▪ Parenchyma-preserving bronchus interme
Slide 15: Aster: Other Highlights for FY26
Aster: Other Highlights for FY26 ▪ 15 Mobile Medical Unit operationalised taking the India fleet to 49 ESG ▪ Over 9,400 new trees planted and diverted 1.2 tonnes of E-waste from landfills. Highlights ▪ 12.39 lakh lives impacted through community initiatives in India, including 7.5 lakh underserved b
Slide 16: Revenue and Profitability Snapshot: Q4FY26
Revenue and Profitability Snapshot: Q4FY26 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) 1,182 244 172 140 1,000 193 127 106 19.3% 20.7% 12.7% 14.5% 10.6% 11.8% Margin Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4
Slide 17: Revenue and Profitability Snapshot: FY26
Revenue and Profitability Snapshot: FY26 Performance for the year Revenue from Operations1 Operating EBITDA and Margin 1,2 PBT and Margin Normalised PAT and Margin 3 (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 FY25 FY
Slide 18: QCIL Performance Highlights
Aster We'll Treat You Well QCIL Performance Highlights
Slide 19: QCIL: Key Highlights for FY26
QCIL: Key Highlights for FY26 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, clinical hirings and increased share of complex procedures ▪ Mature Units (~59% of reve
Slide 20: QCIL: Performance Highlights for Q4 FY26
QCIL: Performance Highlights for Q4 FY26 Revenue Operating EBITDA 1 Op. EBITDA Margin RoCE3 (Pre-Tax) Financial Q4FY26 : INR 1,178 Cr Q4FY26 : INR 272 Cr Q4FY26 : 23.1% Q4FY26 : 21.0% 18% 23% 103 bps 376 bps Q4FY25 : INR 1,001 Cr Q4FY25 : INR 221 Cr Q4FY25 : 22.1% Q4FY25 : 17.2% Capacity Beds ARPP I
Slide 21: QCIL: Performance Highlights for FY26
QCIL: Performance Highlights for FY26 Revenue Operating EBITDA 1 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-
Slide 22: Aster DM - Detailed Performance
Aster We'll Treat You Well Aster DM - Detailed Performance
Slide 23: 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 24: 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 25: Hospitals & Clinics Revenue Mix
Hospitals & Clinics Revenue Mix 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%] Kerala 53% [53%] Aster Orthopaedics, 7% [7%] Karnataka & Maharashtra
Slide 26: Maturity Wise Hospital Performance: Q4FY26
Maturity Wise Hospital Performance: Q4FY26 Key Performance indicators Revenue4 Operational Beds 5 Operating Maturity Hospitals3 Operating (INR in Cr) (Census) EBITDA 4 EBITDA %4 ROCE (INR Cr) Over 7 78% 76% 11 ₹231 26.2% 36.5% Years ₹879 2,984 10% 12% 3-7 Years 2 4 ₹115 458 ₹23 20.4% 23.8% 12% 13% 4
Slide 27: Hospital and other New Business Performance: Q4FY26
Hospital and other New Business Performance: Q4FY26 Revenue 3 % of Revenue Operating EBITDA INR 1,149 Cr INR 266 Cr *Hospitals and Clinics 95% 18% 23.1% YoY Revenue Growth Margins INR 38 Cr INR 6 Cr Labs Labs 3% 18% 14.7% YoY Revenue Growth Margins INR 20 Cr INR -0.5 Cr **Pharmacies 1 2% -23% -2.4%
Slide 28: Kerala Cluster: Hospitals and Bed Capacity
Kerala Cluster: Hospitals and Bed Capacity Planned Expansion Revenue Contribution1 53% 876 695 424 359 Aster Capital Aster Medcity Trivandrum Kerala 454 beds 100 beds (Expansion) Aster Medcity MIMS Calicut MIMS Kannur MIMS Kottakkal Kochi, Kerala Kozhikode, Kerala Kannur, Kerala Kottakkal, Kerala 20
Slide 29: Kerala Cluster: Performance
Kerala Cluster: Performance Financial Metrics Q4FY26 Q4FY25 YoY Revenue (In INR Cr) Revenue (INR Cr) 604 499 21% 604 2,405 499 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 30: Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity
Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity Planned Expansion Revenue Contribution1 34% Aster Aster Yeshwanthpur Sarjapur Bengaluru Bengaluru 550 beds 460 beds 502 377 252 Operationalised in April’26 Aster Aster CMI Whitefield Bengaluru Bengaluru Aster CMI Aster Whitefield Aster RV B
Slide 31: 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 32: Andhra & Telangana Cluster: Hospitals and Bed Capacity
Andhra & Telangana Cluster: Hospitals and Bed Capacity 350 Planned Expansion Revenue Contribution1 13% Operationalised in April’26 Ramesh Guntur Guntur, AP 2016, Leased 158 150 150 Aster Ramesh Aster Hyderabad Ongole 300 Beds Prime Hospitals – Ameerpet Ramesh Sanghamitra Aster Narayanadri 75 Beds Hy
Slide 33: 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 34: Aster Hospitals: Pipeline Projects
Aster Hospitals: Pipeline Projects 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 beds Beyond: 688 beds 800 beds Aster Aster Ast
Slide 35: Key Greenfield Expansion
Key Greenfield Expansion Aster Yeshwanthpur, Bengaluru Aster Sarjapur, Bengaluru Aster Capital, Trivandrum Aster Hyderabad Multispecialty | 550 Beds Multispecialty | 460 Beds Multispecialty | 454 Beds Mother and Child Care | 300 Beds Design Phase Construction start date : July 2024 Construction star
Slide 36: Key Brownfield Expansion
Key Brownfield Expansion Aster CMI Aster MIMS, Calicut Aster MIMS, Kannur Aster Medcity Bed Expansion : 350 Beds Bed Expansion : 150 Beds Bed Expansion : 130 Beds Bed Expansion :100 Beds Multispecialty | Current : 876 Beds Multispecialty | Current : 502 Beds Multispecialty | Current : 695 Beds Multi
Slide 37: 'Women & Children' Facility - Aster Whitefield, Bengaluru
‘Women & Children’ Facility - Aster Whitefield, Bengaluru Expansion aligned with rising demand for high-quality maternal & pediatric care Key Highlights Commissioning In Presence of Investment & Scale Comprehensive Care Offering • End-to-end maternity care • Level 3 NICU Inaugurated in the presence
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: Appendix
Aster We'll Treat You Well Appendix
Slide 40: 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 Hospital: 1, B
Slide 41: Aster: Performance Financial Highlights for FY26
Aster: Performance Financial Highlights for FY26 Revenue1 Operating EBITDA 1,2 Op EBITDA Margin1,2 Normalised PAT 3 RoCE4 (Post-NCI) Financial FY26 : INR 4,643 Cr FY26 : INR 947 Cr FY26 : 20.4% FY26 : INR 421 Cr FY26 : 21.3% 12% 17% 92 bps 18% 180 bps FY25 : INR 4,138 Cr FY25 : INR 806 Cr FY25 : 19.
Slide 42: Maturity Wise Hospital Performance: FY26
Maturity Wise Hospital Performance: FY26 Key Performance indicators Revenue4 Operational Beds5 Operating Maturity Hospitals3 Operating (INR in Cr) (Census) EBITDA 4 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% ₹55
Slide 43: Hospital and other New Business Performance: FY26
Hospital and other New Business Performance: FY26 Revenue 3 % 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 Revenue Growth Margins INR 108 Cr INR 1 Cr **Pharmacies 1 2% -19% 1.0% Y
Slide 44: Geography wise Business: Snapshot for Q4FY26
Geography wise Business: Snapshot for Q4FY26 KARNATAKA & ANDHRA & KERALA TOTAL MAHARASHTRA TELANGANA Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Total Capacity Beds 2,921 2,633 1,481 1,479 1,047 1,047 5,449 5,159 Operational Beds (Census) 2,108 1,974 1,028 1,014 803 781 3,939 3,769 Opera
Slide 45: Geography wise Business: Snapshot for FY26
Geography wise Business: Snapshot for FY26 KARNATAKA & ANDHRA & KERALA TOTAL MAHARASHTRA TELANGANA FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Total Capacity Beds 2,921 2,633 1,481 1,479 1,047 1,047 5,449 5,159 Operational Beds (Census) 2,108 1,974 1,028 1,014 803 781 3,939 3,769 Operational Beds (Non-C
Slide 46: Aster + QCIL: Consistently Delivering Robust Performance
Aster + QCIL: Consistently Delivering Robust Performance YoY Total Patient Volume Growth (%) YoY Revenue Growth (%) Consistent and Robust Revenue Growth at combined entity level 18% ▪ The combined entity1 (on a proforma basis) has consistently seen 15% improved revenue growth aided by ARPP IP growth
Slide 47: Financial Metrics: Combined Proforma Numbers for FY26
Combined Proforma Numbers for FY26 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% 23.0% 21.7% 116 bps ROCE3 (%) 21.3% 21.0% 21.1% 293bps Net Debt (INR Cr) (6
Slide 48: Operational: Combined Proforma Numbers for FY26
Combined Proforma Numbers for FY26 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) 5,449 5,174 10,623 Occupancy (%) 61% 63% 62% ARPP IP (INR) 1,21,016 1,33,734 1,2
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 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 Direct
Slide 51: Leadership Team
Leadership Team Dr. Azad Moopen Alisha Moopen Founder Chairman 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 Corporate Affairs – Aster Intern
Slide 52: Awards and Recognition
Awards and Recognition Padmashree Dr. Azad Moopen and Pravasi Ms. Alisha Moopen Bharatiya Samman awardee Deputy Managing Director Founder, Chairman and MD • Recognized as • Honoured with • ‘Most Influential Women 2026’ ‘Lifetime Achievement Award’ • among BW Healthcare World by Mount Judi Ventures •
Slide 53: Awards, Recognition and Rankings
Awards, Recognition and Rankings Best Hospital Chain of the Year 2025 Gold for Excellence in Integrated Annual Report 2024–25 Aster recognised among India's Top 500 Value Creators Aster Digital Health won ‘Most Impactful Digital Transformation in Healthcare’ Aster earns Gold at the League of America
Slide 54: 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 55: 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 56: 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 57: ESG Milestones
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 Worth o
Slide 58: Thank You
Aster We'll Treat You Well Thank You Investor Relations: investors@asterdmhealthcare.in
Aster DM Healthcare — Q4 FY2026 Earnings Presentation on 6ix