Aster Dm Healthcare Ltd. · NSE:ASTERDM
Aster Dm Healthcare — Q1 FY26 Earnings Presentation
51 slides from Aster Dm Healthcare's earnings presentation, Jul 30, 2025
Slide 1: Stock exchange cover letter
July 30, 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 Scr
Slide 2: Earnings Presentation for the quarter ending June 30, 2025
Earnings Presentation For the quarter ending June 30, 2025
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 – Q1 FY26
Aster Key Highlights – Q1 FY26 Healthy ramp-up in Kerala cluster, continued strong performance in other clusters supported by ARPOB growth and improvement in ALOS ▪ Kerala cluster revenue grew by 5% YoY as compared to 4% de-growth in Q4FY25 YoY, driven by 6% QoQ increase In-patient volumes. ▪ Karnat
Slide 5: Aster Performance Highlights – Q1 FY26
Aster Performance Highlights – Q1 FY26 3 Revenue Operating EBITDA1 Op EBITDA Margin Normalised PAT2 RoCE (Post-NCI) (Pre-Tax) Financial Q1FY26 : INR 1,078 Cr Q1FY26 : INR 215 Cr Q1FY26 : 20.0% Q1FY26 : INR 90 Cr Q1FY26 : 20.7% 8% 21% 230 bps 22% 420 bps Q1FY25 : INR 1,002 Cr Q1FY25 : INR 177 Cr Q1FY
Slide 6: Aster Other Highlights – Q1 FY26
Aster Other Highlights – Q1 FY26 ▪ Core hospital business delivered Operating EBITDA margin of 22.6% in Q1 FY26 (20.8% in Q1 FY25) ▪ Matured hospital Op. EBITDA margins at 24.5% in Q1 FY26 (23.2% in Q1 FY25) and ROCE at 34.6% Business ▪ Karnataka & Maharashtra cluster revenue grew by 13% YoY and Op.
Slide 7: Revenue and Profitability Snapshot – Q1 FY26
Revenue and Profitability Snapshot – Q1 FY26 6 Revenue from Operations1 Operating EBITDA and Margin1,2 EBITDA and Margin1 Normalised PAT and Margin3 (Post INDAS) (Post NCI) 17.7% 20.0% 16.3% 19.2% 7.4% 8.3% 1,078 215 207 90 1,002 177 164 74 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Hig
Slide 8: Hospital and other New Business Performance – Q1 FY26
Hospital and other New Business Performance – Q1 FY26 Revenue 3 % of Revenue Operating EBITDA INR 1,042 Cr INR 235 Cr Hospitals and Clinics 94% 8% 23% YoY Revenue Growth Margins INR 35 Cr INR 3 Cr Labs 3% 14% 8% YoY Revenue Growth Margins INR 30 Cr INR 1 Cr *Pharmacies 1 3% -6% 2% YoY Revenue Growth
Slide 9: Financial Summary – Q1 FY26
Financial Summary – Q1 FY26 Particulars Q1 FY26 Q1 FY25 YoY % Revenue from Operations 1,078 1,002 8% Material Cost2 247 229 Doctors Cost 240 226 Employee Cost 195 190 Other Cost 181 180 Operating EBITDA 215 177 21% Employee Stock Option Expenses 1 3 Movement in FV of contingent consideration payable
Slide 10: Quality Care and Combined Financials
Quality Care and Combined Financials
Slide 11: QCIL - Key Highlights – Q1 FY26
QCIL - Key Highlights – Q1 FY26 Strong double-digit growth for the business driven by robust performance across clusters ▪ ARPOB and volume led growth supported by payor mix enhancement with shift in favor of cash and insurance ▪ Kerala cluster delivered 15% YoY driven by Trivandrum performance and
Slide 12: QCIL Performance Highlights – Q1 FY26
QCIL Performance Highlights – Q1 FY26 Revenue Operating EBITDA1 Op EBITDA Margin Financial Q1FY26 : INR 1,079 Cr Q1FY26 : INR 227 Cr Q1FY26 : 21.1 % 16% 19% 60 bps Q1FY25 : INR 930 Cr Q1FY25 : INR 191 Cr Q1FY25 : 20.5% Capacity Beds ARPOB ALOS Inpatient visits Outpatient visits Operational Q1FY26 :
Slide 13: Combined Proforma Financial Metrics for Q1 FY26
Combined Proforma Numbers for Q1 FY26 Aster + QCIL = Merged Entity* (Figures for Q1 FY26) Revenue (INR Cr) 1,078 1,0791 2,157 YoY (%) Revenue Growth 8% 16% 12% Financial Metrics Operating EBITDA2 (INR Cr) 215 227 442 Op EBITDA Growth YoY (%) 21% 19% 20% Op EBITDA Margin % 20.0% 21.1% 20.5% ROCE3 (%)
Slide 14: Combined Proforma Operational Metrics for Q1 FY26
Combined Proforma Numbers for Q1 FY26 Aster + QCIL = Merged Entity* (Figures for Q1 FY26) No. of Hospitals (Nos) 191 192 38 City Presence (Nos) 15 15 27 Operational Metrics Beds Capacity3 (Nos) 5,190+ 5,160+ 10,350+ Occupancy (%) 59% 59% 59% ARPOB (INR) 50,200 44,788 47,291 Total Patient Volume (Mn)
Slide 15: Aster – Core Businesses Hospitals and Clinics
Aster – Core Businesses Hospitals and Clinics
Slide 16: Hospital Financial Trends
Hospital Financial Trends Hospital Operating EBITDA 1 Hospital Revenue Hospital EBITDA and Margin and Margin (In INR Cr) (In INR Cr) 21% 23% 13% 12% 17% 19% 20% 22% Margin 3,990 1,042 3,519 235 875 968 201 2,851 688 2,343 538 1,631 1,647 407 212 201 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY25
Slide 17: Hospital Operational Trends
Hospital Operational Trends No. of Hospitals No. of capacity beds Total patient volumes (In Mn) 5,159 5,197 4,867 19 19 4,869 0.9 3.6 4,317 3.3 19 19 3,905 0.8 3,693 3,757 2.9 17 14 14 13 2.2 2.2 1.5 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q1FY2
Slide 18: Hospitals & Clinics Revenue Mix
Hospitals & Clinics Revenue Mix Geographical Revenue Mix1 Q1 FY26 Specialty-wise Revenue Mix Q1 FY26 Andhra & Telangana Child and Adolscent 11% [11%] Women's Health, Health, 6% [6%] 5% [6%] Kerala 53% [55%] Nephrology And Urology, Multi Speciality, 7% [7%] 16% [17%] Karnataka & Maharashtra 36% [34%]
Slide 19: Maturity Wise Hospital Performance – Q1 FY26
Maturity Wise Hospital Performance – Q1 FY26 18 Key Performance indicators Operational Operating Revenue4 Operating Maturity Hospitals3 Beds5 EBITDA4 (INR in Cr) ARPOB EBITDA %4 ROCE (Census) (INR Cr) 71% 69% Over 7 10 ₹178 24.5% 35% ₹727 2,663 ₹ 51,800 Years 16% 16% 3 ₹161 617 ₹33 20.4% 24% 3-7 Yea
Slide 20: Capex
Capex
Slide 21: Hospitals: Pipeline Projects
Hospitals: Pipeline Projects 20 Further addition of 2,600+ beds, bringing the total bed capacity to 7,800+ beds 6,830 7,829 500 7,829 100 130 350 300 454 Beyond FY27 : 300 264 1,080 beds 159 75 5,197 FY27 : FY26 : 1,054 beds 498 beds Aster Aster Aster Aster Aster Aster** Aster** Current Aster W&C As
Slide 22: 5th Multispecialty hospital in Bengaluru: Yeshwanthpur
5th Multispecialty hospital in Bengaluru : Yeshwanthpur Aster DM Healthcare Yeshwanthpur marks a step towards strengthening our leadership in Bengaluru with 2,500+ beds and a city-wide presence • Total Bed capacity : 500 beds Bed Capacity • To be operational by H2 FY29 • Lease agreement duration: 30
Slide 23: Greenfield Expansion
Greenfield Expansion 22 Aster Capital, Trivandrum Aster Sarjapur, Bengaluru Aster W&C, Hyderabad Aster MIMS, Kasargod Multispecialty | 454 Beds Multispecialty | 430 Beds in two phases Mother and Child Care | 300 Beds Multispecialty | 264 Beds Construction start date : July 2024 Design Phase Construc
Slide 24: Brownfield Expansion
Brownfield Expansion 23 Aster Medcity Aster CMI Aster Whitefield Aster Ramesh Ongole Multispecialty | Current : 878 Beds Multispecialty | Current : 509 Beds Multispecialty | Current : 380 Beds Multispecialty | Current : 150 Beds Bed Expansion :100 Beds Bed Expansion : 159 Beds Bed Expansion : 350 Be
Slide 25: Update on Merger of Aster DM & Quality Care
Update on Merger of Aster DM & Quality Care
Slide 26: Update on Merger of Aster DM & Quality Care
Update on Merger of Aster DM & Quality Care In Nov’24, Company announced: Merger of Quality Care with the Company (“Merger”) and Transaction Recap 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 Compan
Slide 27: Expected Synergies Post-Merger
Expected Synergies Post-Merger Integrated ✓ Broader base of star senior specialists and exchange of learnings Doctor Model ✓ Greater ability to attract and retain medical talent with state-of-the-art medical facilities ✓ Adopt best marketing practices across Aster and QCIL to maximize patient outrea
Slide 28: Appendix
Appendix
Slide 29: Aster at a Glance
Aster at a Glance Our Presence/Strength1 15 Cities and 192 5,197 5 States Hospitals Capacity beds 10 259 203 Clinics Labs and PECs Pharmacies3 Operational metrics (Q1 FY26) Karnataka & Maharashtra 59% 3.1 days INR 50,200 Karnataka Hospital: 4, Beds: 1,241 Occupancy ALOS ARPOB Maharashtra Hospital: 1
Slide 30: 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 31: Growth Strategy
Our Strategic Priorities towards driving future growth and improvement in profitability Focus Areas Capital ✓ Investing prudently in both brownfield (expanding existing units) and greenfield Investment A projects across clusters and opportunistically exploring inorganic opportunities Operational ✓ F
Slide 32: Cluster Performance
Cluster Performance
Slide 33: Kerala Cluster: Hospitals and Bed Capacity
Kerala Cluster: Hospitals and Bed Capacity Revenue Contribution1 53% Aster Medcity MIMS Calicut MIMS Kottakkal MIMS Kannur Aster PMF Aster Mother Hospital Kochi, Kerala Kozhikode, Kerala Kottakkal, Kerala Kannur, Kerala Kollam, Kerala Areekode, Kerala 2014, Owned 2013, Owned 2013, Owned 2019, Owned
Slide 34: Kerala Cluster - Performance
Kerala Cluster - Performance Revenue Operational YoY QoQ (In INR Cr) Q1 FY26 Q1 FY25 Q4 FY25 2,007 2,108 Metrics Growth Growth 552 528 1,691 ARPOB (INR) 46,800+ 42,000+ 11% 44,400+ 5% 1,318 875 935 701 ALOS (Days) 3.0 3.1 -5% 3.0 -1% Occupancy 64% 75% -1,100 bps 62% +200 bps Q1FY25 Q1FY26 FY19 FY20
Slide 35: Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity
Karnataka & Maharashtra Cluster : Hospitals and Bed Capacity Revenue Contribution1 36% Aster CMI Aster Whitefield Aster RV Aster Aadhar Aster G Madegowda Bengaluru, Karnataka Bengaluru, Karnataka Bengaluru, Karnataka Kolhapur, Maharashtra Mandya, Karnataka 2014, O&M 2021, Leased 2019, O&M 2008, Owne
Slide 36: Karnataka & Maharashtra Cluster - Performance
Karnataka & Maharashtra Cluster - Performance Revenue Operational YoY QoQ (In INR Cr) Q1 FY26 Q1 FY25 Q4 FY25 Metrics Growth Growth 1408 372 329 1100 ARPOB (INR) 70,100+ 59,700+ 17% 65,700+ 7% 817 655 442 433 ALOS (Days) 3.1 3.1 1% 3.0 3% 310 Occupancy 56% 62% -600 bps 59% -300 bps Q1FY25 Q1FY26 FY1
Slide 37: Andhra & Telangana Cluster: Hospitals and Bed Capacity
Andhra & Telangana Cluster : Hospitals and Bed Capacity Revenue Contribution1 11% Ramesh Guntur Prime Hospitals – Ramesh Sanghamitra Aster Narayanadri Ramesh Main Centre Ramesh Labbipet Ramesh Adiran (IB) Guntur, AP Ameerpet Ongole, AP Tirupati, AP Vijayawada, AP Vijayawada, AP Vijayawada, AP 2016,
Slide 38: Andhra & Telangana - Performance
Andhra & Telangana - Performance Revenue Operational (In INR Cr) YoY QoQ Q1 FY26 Q1 FY25 Q4 FY25 473 Metrics Growth Growth 412 370 344 118 303 314 ARPOB (INR) 32,200+ 29,100+ 11% 31,500+ 2% 111 279 ALOS (Days) 3.7 4.0 -7% 3.8 -4% Occupancy 50% 53% -300 bps 51% -100 bps Q1FY25 Q1FY26 FY19 FY20 FY21 F
Slide 39: Geography wise Business – Snapshot – Q1 FY26
38 Geography wise Business – Snapshot – Q1 FY26 KARNATAKA & ANDHRA & KERALA TOTAL MAHARASHTRA TELANGANA Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Total Capacity Beds 2,653 2,399 1,497 1,423 1,047 1,047 5,197 4,869 Operational Beds (Census) 2,014 1,816 1,027 985 791 779 3,832 3,580 Oper
Slide 40: Board & Leadership Team
Board & Leadership Team
Slide 41: Board of Directors
Board of Directors 40 Dr. Azad Moopen Alisha Moopen Shamsudheen Bin T. J. Wilson Mohideen Mammu Haji Founder Chairman and Deputy Managing Director Managing Director Non-Executive Director Non-Executive Director Purana Housdurgamvijaya Chenayappillil John Emmanuel David Gootam James Mathew Deepti Geo
Slide 42: Leadership Team
41 Leadership Team Dr. Azad Moopen Founder Chairman and 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 of Chief Financial Officer Corporate A
Slide 43: Awards & Recognition, Clinical Excellence, Medical Infrastructure, Digital Initiatives
- Awards & Recognition - Clinical Excellence - Medical Infrastructure - Digital Initiatives
Slide 44: Awards and Recognition
Awards and Recognition Dr. Azad Moopen – Founder, Chairman & Managing Director Ms. Alisha Moopen – Deputy Managing Director Honoured with the Featured in the Healthcare Leader Fortune India 100 Most Powerful Women of the year award by Financial Express in Business 2025 Healthcare Awards 2025 Honoure
Slide 45: Awards, Recognition and Rankings
Awards, Recognition and Rankings Aster DM Healthcare has been Global Hospital Rating awarded Excellence in Mergers & 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 46: High standards of clinical excellence
High standards of clinical excellence Select Firsts achieved by Aster Accreditations 1st in South Asia mixed 1st in India brain- 1st in Kerala to implant reality-based sensing device 1st in North Kerala the Tecnis Pure See International Institute of PERCEPT RC for a 72- Robotic Hysterectomy EDOF IO
Slide 47: Best-in-class Medical Technology
Best-in-class Medical Technology 30+ 7 16 10 Cathlabs LINACs MRI Machine Robots Surgical Robot, SSI Mantra 3.0 Ortho Robot, ROSA Recon Ortho Robot, Cori O-arm India’s first indigenous surgical robot. Cost effective A robotic surgical system, specifically a stereotaxic A robot for total/partial knee
Slide 48: Digital Initiatives
Digital Initiatives Strengthening Footprints BuildingThrough a Robust Blocks for Phygital Ecosystem Future Growth Updates Updates Aster The Aster Health app In Kerala, a key market has clocked over for Aster, we launched 100,000 downloads the Malayalam version, since its launch in becoming the state
Slide 49: ESG Milestones
ESG Milestones* 48 ~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 of reduction in Annual Paper
Slide 50: Financial Summary- Balance Sheet
Financial Summary- Balance Sheet Particulars (INR Cr) As at Mar 31, 2025 As at Mar 31, 2024 As at Mar 31, 2023 LIABILITIES Shareholders’ Equity 500 500 500 Minority Interest 224 158 157 Other Reserves 2,469 897 719 Land Revaluation Reserve 460 460 460 Gross Debt 642 669 597 Lease Liabilities - INDAS
Slide 51: Thank You
Thank You Investor Relations: investors@asterdmhealthcare.in