Aster Dm Healthcare Ltd. · NSE:ASTERDM
Aster Dm Healthcare — Q2 FY26 Earnings Presentation
52 slides from Aster Dm Healthcare's earnings presentation, Nov 6, 2025
Slide 1: Exchange filing cover letter
November 06, 2025 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 September 30, 2025
Earnings Presentation For the quarter ending September 30, 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 - Key Highlights for Q2FY26
Aster - Key Highlights for Q2FY26 Double-digit YoY growth in Revenue and Operating EBITDA led by substantial recovery in Kerala, strong growth in international re venue and better case mix 10% YoY (11% QoQ) overall revenue growth despite lower incidence of seasonal illness unlike Q2FY25 (13% YoY gro
Slide 5: Aster - Performance Financial Highlights for Q2FY26
Aster - Performance Financial Highlights for Q2FY26 Revenue OperatingEBITDA Operating EBITDA1 1 Op EBITDA Margin PBT Normalised PAT2 Revenue (Post-NCI) (Pre-Tax) Q2FY26 : INR 1,197 Cr Q2FY26 : INR 263 Cr Q2FY26 : 22.0% Q2FY26 : INR 181 Cr Q2FY26 : INR 110 Cr YoY 10% 13% 53 bps 12% 14% Q2FY25 : INR 1
Slide 6: Aster - Other Highlights for Q2FY26
Aster - Other Highlights for Q2FY26 ▪ Aster CMI becomes Karnataka’s 1 st to install the Philips Excimer Laser Atherectomy System ▪ MIMS Kottakkal’s cardiology team implanted Malappuram’s 1st dual-chamber leadless pacemaker (Micra2) ▪ First Valve in Valve at Aster Whitefield on a 77-year-old lady usi
Slide 7: Aster - Other Highlights for Q2FY26
Aster - Other Highlights for Q2FY26 ▪ 8.5 MW solar park commissioned in Kasargod, Kerala, reducing 11.5K tonnes of CO₂e annually ESG 1 ▪ 9 new Mobile Medical Units launched, expanding the fleet to 45 in India and 62 globally Highlights ▪ 3.19 lakh lives impacted in India, including 2.23 lakh through
Slide 8: Kerala Cluster Recovery and Performance Momentum
Kerala Cluster Recovery and Performance Momentum Kerala - IP Volume Significant Recovery in Q1FY26 and Peak Performance in Q2FY26 60,000 • Recovery in In-patient volume in Q1FY26 and Q2FY26 by 6% and 13% 43,278 44,127 50,000 39,580 39,580 39,172 respectively surpassing its earlier peak levels 36,890
Slide 9: 7th Multispecialty hospital in Kerala: Aster MIMS Kasargod
7th Multispecialty hospital in Kerala : Aster MIMS Kasargod Aster MIMS Kasaragod, a 264-bed multispecialty hospital, brings world-class and affordable healthcare to northern Kerala with advanced infrastructure (including 61 ICU beds for critical care) Kasaragod Inaugurated on 2nd October 2025 by Hon
Slide 10: Revenue and Profitability Snapshot – Q2FY26
Revenue and Profitability Snapshot – Q2FY26 9 Revenue from Operations1 Operating EBITDA and Margin 1,2 EBITDA and Margin 1 Normalised PAT and Margin 3 (Post IndAS) (Post NCI) YoY 1,197 1,086 263 233 110 250 97 220 21.4% 22.0% 20.2% 20.9% 8.9% 9.2% Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2F
Slide 11: QCIL Performance
QCIL Performance
Slide 12: QCIL Key Highlights – Q2FY26
QCIL Key Highlights – Q2FY26 Strong double-digit growth for the business driven by robust performance across clusters ▪ Growth driven by higher IP volumes, favorable payor mix shift toward cash and insurance, increased share of complex procedures, and ALOS reduction ▪ Kerala cluster delivered 11% Yo
Slide 13: Performance Highlights – Quality Care
Performance Highlights – Quality Care Revenue Operating EBITDA1 Op. EBITDA Margin IP Volumes OP Volumes Q2FY26 : INR 1,193 cr Q2FY26 : INR 287 cr Q2FY26 : 24.1% Q2FY26 : 66,558 Q2FY26 : 932,933 YoY 15% 22% 130 bps 4% 11% Q2FY25 : INR 1,036 cr Q2FY25 : INR 236 cr Q2FY25 : 22.8% Q2FY25 : 64,027 Q2FY25
Slide 14: Merger - Proforma Combined Financials and Updates
Merger - Proforma Combined Financials and Updates
Slide 15: Combined Proforma Numbers for Q2FY26: Financial Metrics
Combined Proforma Numbers for Q2FY26 Aster + QCIL = Merged Entity* (Figures for Q2FY26) YoY Growth Revenue (INR Cr) 1,197 1,1931 2,390 13% Operating EBITDA2 (INR Cr) 263 287 550 17% Financial Metrics Op EBITDA Margin % 22.0% 24.1% 23.0% PBT 181 198 379 21% Normalised PAT4 110 148 258 22% ROCE3 (%) 2
Slide 16: Combined Proforma Numbers for Q2FY26: Operational Metrics
Combined Proforma Numbers for Q2FY26 Aster + QCIL = Merged Entity* (Figures for Q2 FY26) YoY Growth No. of Hospitals (Nos) 191 192 38 City Presence (Nos) 15 14 27 Operational Metrics Beds Capacity3 (Nos) 5,195+ 5,165+ 10,360+ 4% Occupancy (%) 64% 65% 64% ARPP IP (INR) 118,552 125,243 121,734 10% Tot
Slide 17: 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 Com
Slide 18: Aster DM - Performance Details
Aster DM - Performance Details
Slide 19: Financial Summary – Profitability Statement
Financial Summary – Profitability Statement Particulars Q2FY26 Q2FY25 YoY % Q1FY26 QoQ% H1FY26 H1FY25 YoY % Revenue from Operations 1,197 1,086 10% 1,078 11% 2,275 2,088 9% Material Cost2 271 237 247 518 466 Doctors Cost 257 236 240 497 462 Employee Cost 212 193 195 407 384 Other Cost 194 187 181 37
Slide 20: 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 21: Hospitals & Clinics Revenue Mix
Hospitals & Clinics Revenue Mix Geographical Revenue Mix1 Q2FY26 Specialty-wise Revenue Mix Q2FY26 Andhra & Telangana Child and Adolscent 12% [12%] Health, Women's Health, 6% [7%] Multi Speciality, 5% [5%] 17% [19%] Kerala 53% [53%] Nephrology And Urology, 7% [7%] Karnataka & Maharashtra 35% [35%] O
Slide 22: Maturity Wise Hospital Performance – Q2FY26
Maturity Wise Hospital Performance – Q2FY26 21 Key Performance indicators Operational Operating Revenue4 Operating Maturity Hospitals 3 Beds5 EBITDA4 (INR in Cr) ARPOB EBITDA %4 ROCE (Census) (INR Cr) 71% 69% Over 7 10 ₹214 26.5% 34% ₹807 2,638 ₹ 52,300 Years 15% 16% 3 ₹178 622 ₹40 22.5% 24% 3-7 Yea
Slide 23: Hospital and other New Business Performance – Q2FY26
Hospital and other New Business Performance – Q2FY26 Revenue 3 % of Revenue Operating EBITDA INR 1,160 Cr INR 283 Cr Hospitals and Clinics 94% 10% 24% YoY Revenue Growth Margins Labs INR 41 Cr INR 7 Cr Labs 3% 15% 18% YoY Revenue Growth Margins INR 31 Cr INR 0.4 Cr *Pharmacies 1 3% -7% 1.4% YoY Reve
Slide 24: Kerala Cluster: Hospitals and Bed Capacity
Kerala Cluster: Hospitals and Bed Capacity Planned Expansion Revenue Contribution1 53% 878 695 359 Aster MIMS Aster Medcity MIMS Calicut MIMS Kottakkal Aster Capital Kasargod Aster Medcity Kochi, Kerala Kozhikode, Kerala Kottakkal, Kerala Trivandrum 264 beds Kerala 2014, Owned 2013, Owned 2013, Owne
Slide 25: Kerala Cluster - Performance
Kerala Cluster - Performance Revenue (In INR Cr) Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ 1,172 2,007 2,108 1,087 1,690 Revenue 620 559 11% 552 12% 1,318 875 935 Op. EBITDA 166 140 701 19% 140 19% Op. EBITDA Margin 26.8% 25.0% 180 bps 25.3% 150 bps H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 F
Slide 26: Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity
Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity Planned Expansion Revenue Contribution1 35% Aster Aster Yeshwanthpur Sarjapur Bengaluru Bengaluru 500 beds 430 beds 509 380 252 Aster Aster CMI Whitefield Bengaluru Bengaluru Aster CMI Aster Whitefield Aster RV Bengaluru, Karnataka Bengalur
Slide 27: Karnataka & Maharashtra Cluster - Performance
Karnataka & Maharashtra Cluster - Performance Revenue (In INR Cr) Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ 776 1408 696 1100 Revenue 405 367 10% 372 9% 817 655 Op. EBITDA 99 94 6% 86 15% 442 433 310 Op. EBITDA Margin 24.5% 25.6% -110 bps 23.2% 130 bps H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY2
Slide 28: 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 29: Andhra & Telangana - Performance
Andhra & Telangana - Performance Revenue (In INR Cr) Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ 473 412 253 370 344 8% 118 236 303 314 Revenue 135 125 14% 279 Op. EBITDA 18 19 -5% 9 91% Op. EBITDA Margin 13.2% 15.0% -180 bps 7.9% 530 bps H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating
Slide 30: Capex
Capex
Slide 31: Hospitals: Pipeline Projects
Hospitals: Pipeline Projects 30 Following the commissioning of the 264-bed Aster MIMS Kasaragod, further addition of 2,300+ beds is planned, taking the total bed capacity to over 7,800 beds. 6,830 7,831 500 7,831 100 130 350 300 Operationalized 454 in Beyond FY27 : October 2025 300 159 1,080 beds 26
Slide 32: Greenfield Expansion
Greenfield Expansion 31 Aster Yeshwanthpur, Bangaluru Aster Capital, Trivandrum Aster Sarjapur, Bengaluru Aster W&C, Hyderabad Multispecialty | 500 Beds Multispecialty | 454 Beds (Phase 1) Multispecialty | 430 Beds in two phases Mother and Child Care | 300 Beds 30 year long term Lease Construction s
Slide 33: Brownfield Expansion
Brownfield Expansion 32 Aster Medcity Aster CMI Aster Whitefield Aster Ramesh Ongole Multispecialty | Current : 878 Beds Multispecialty | Current : 380 Beds Multispecialty | Current : 150 Beds Multispecialty | Current : 509 Beds Bed Expansion :100 Beds Bed Expansion : 159 Beds Bed Expansion : 350 Be
Slide 34: 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 35: Appendix
Appendix
Slide 36: Aster at a Glance
Aster at a Glance Our Presence/Strength1 15 Cities and 192 5,199 5 States Hospitals Capacity beds 10 283 203 Clinics Labs and PECs Pharmacies3 Operational metrics (H1FY26) Karnataka & Maharashtra 61% 3.1 days INR 50,400 Karnataka Hospital: 4, Beds: 1,241 Occupancy ALOS ARPOB Maharashtra Andhra & Tel
Slide 37: 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 38: Hospital Financial Trends
Hospital Financial Trends Hospital Operating EBITDA 1 Hospital Revenue Hospital EBITDA and Margin and Margin (In INR Cr) (In INR Cr) 22.4% 23.5% 13% 12% 17% 19% 20% 22% Margin 3,990 3,519 875 2,202 518 2,019 2,851 453 688 2,343 538 1,631 1,647 407 212 201 H1FY25 H1FY26 FY20 FY21 FY22 FY23 FY24 FY25
Slide 39: Hospital Operational Trends
Hospital Operational Trends No. of Hospitals No. of capacity beds Total patient volumes (In Mn) 3.6 3.3 5,159 2.9 4,994 5,199 4,867 19 19 19 19 4,317 3,757 3,905 2.2 2.2 17 3,693 14 14 1.9 13 1.8 1.5 H1FY25 H1FY26 FY20 FY21 FY22 FY23 FY24 FY25 H1FY25 H1FY26 FY20 FY21 FY22 FY23 FY24 FY25 H1FY25 H1FY2
Slide 40: Geography wise Business – Snapshot – Q2FY26
39 Geography wise Business – Snapshot – Q2FY26 KARNATAKA & ANDHRA & KERALA TOTAL MAHARASHTRA TELANGANA Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Total Capacity Beds 2,661 2,501 2,653 1,491 1,446 1,497 1,047 1,047 1,047 5,199 4,994 5,197 Operational Beds (Cen
Slide 41: Geography wise Business – Snapshot – H1FY26
40 Geography wise Business – Snapshot – H1FY26 KARNATAKA & ANDHRA & KERALA TOTAL MAHARASHTRA TELANGANA H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 Total Capacity Beds 2,661 2,501 1,491 1,446 1,047 1,047 5,199 4,994 Operational Beds (Census) 2,006 1,898 1,015 1,010 803 781 3,824 3,689 Ope
Slide 42: Combined Proforma Numbers for H1FY26: Financial Metrics
Combined Proforma Numbers for H1FY26 Aster + QCIL = Merged Entity* (Figures for Q2 FY26) YoY Growth Revenue (INR Cr) 2,275 2,2711 4,546 12% Operating EBITDA2 (INR Cr) 478 514 993 19% Financial Metrics Op EBITDA Margin % 21.0% 22.6% 21.8% PBT 328 336 664 22% Normalised PAT4 200 252 452 24% ROCE3 (%)
Slide 43: Combined Proforma Numbers for H1FY26: Operational Metrics
Combined Proforma Numbers for H1FY26 Aster + QCIL = Merged Entity* (Figures for H1 FY26) YoY Growth No. of Hospitals (Nos) 191 192 38 City Presence (Nos) 15 14 27 Metrics Metrics 10,360+ Financial Beds Capacity3 (Nos) 5,195+ 5,165+ 4% Operational Occupancy (%) 61% 62% 62% ARPP IP (INR) 118,296 130,6
Slide 44: 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 45: Board of Directors
Board of Directors 44 Dr. Azad Moopen Shamsudheen Bin Alisha Moopen T. J. Wilson Mohideen Mammu Haji Founder Chairman and Deputy Managing Director Non-Executive Director Non-Executive Director Managing Director Purana Housdurgamvijaya Chenayappillil John James Mathew Emmanuel David Gootam Deepti Geo
Slide 46: Leadership Team
45 Leadership Team Dr. Azad Moopen Alisha Moopen Founder Chairman and Managing Director Deputy Managing Director T. J. Wilson Ramesh Kumar S Dr.Somashekhar S P Sunil Kumar M R Chairman-Medical Advisory Group Head - Governance & Chief Operating Officer Board & Director – Aster International Institute
Slide 47: 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 • Recognised as • Received the • ‘Legend in the Healthcare Industry’ at the 19th Edition ‘Dynamic Entrepreneur of the Year’ award at the of FICCI
Slide 48: Awards, Recognition and Rankings
Awards, Recognition and Rankings Aster DM Healthcare has been awarded Excellence in Mergers & Global Hospital Rating Acquisitions by Business World AHPI Excellence in Healthcare Aster MIMS Calicut First hospital in India to receive certification & Aster Medcity, Kochi – accreditation as a “Comprehen
Slide 49: 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 50: Digital Initiatives
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 2,00,000 downloads Aggregating Hospitals, Labs, Data-Driven Patient Digitizing Relationships,
Slide 51: ESG Milestones
ESG Milestones* 50 *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 52: Thank You
Thank You Investor Relations: investors@asterdmhealthcare.in