Aster DM Healthcare, one of India’s leading integrated healthcare providers, has posted a steady performance for Q3 FY26, with strong growth in revenues and profitability, both standalone and on a combined proforma basis with Quality Care India Ltd (QCIL).

 

Standalone, Aster DM Healthcare’s Q3 FY26 revenue rose 13% year-on-year to Rs. 1,186 crore, while operating EBITDA (excluding Kasaragod) grew 17% to Rs. 237 crore, with margins expanding to 20.2% from 19.3% in Q3 FY25. Normalized PAT climbed 22% YoY to Rs. 98 crore.

 

On a combined proforma basis with QCIL, revenues surged 15% YoY to Rs. 2,366 crore, and operating EBITDA jumped 22% to ₹503 crore, with margins holding at 21%.

 

Commenting on the results, Azad Moopen, Founder and Chairman of Aster DM Healthcare, said: "As we move closer to the completion of merger between Aster and Quality Care India Limited, the proforma performance of the combined platform remains encouraging. 

 

"On a proforma basis in Q3 FY26, revenues grew by 15% YoY to Rs. 2,366 Cr and operating EBITDA increased by 22% YoY to Rs. 503 Cr. The combined performance remained largely consistent throughout the three quarters of FY26, supported by strong patient volumes and improving case mix.

 

"Over the past year, the combined entity has added over 560 beds, taking the combined capacity to 10,620 beds across 28 cities, with a pipeline of more than 4,000 additional beds to support long-term growth. With continued focus on strengthening clinical talent, leadership depth, and execution excellence, we remain well positioned to deliver sustainable expansion and provide high-quality, accessible healthcare at scale.

 

"We are also pleased with the progress made on the merger and are confident of shareholders’ approval pursuant to the NCLT order marking an important step in toward creating a scaled, integrated healthcare platform to become the top 3 hospital chains in India.”

 

On standalone Q3 FY26 performance, Dr Moopen added: "We have delivered a steady performance with revenues increasing 13% YoY to Rs. 1,186 Cr and excluding the impact of the newly commissioned Kasargod facility, operating EBITDA grew 17% year on year, with margins expanding to 20.2%, reflecting strong operating leverage and cost management.”

 

India Operations Highlights: Overall revenue and operating EBITDA grew double digits, led by Kerala, strong international revenue, and improved case mix; Average revenue per patient (ARPP IP) rose 9% YoY to Rs. 1,22,294; Total patient volume grew 10% YoY, with inpatient up 5% and outpatient up 11%; Average length of stay improved to 3.1 days; Oncology revenue climbed 27% YoY, contributing 11% of total revenue, up from 10% last year.

 

Similarly, Aster Medcity revenue surged 24% YoY, with EBITDA up 33% and margins at 30%. While Aster MIMS Calicut revenue grew 14% YoY, EBITDA up 20%, margins at 26%, Kerala cluster revenue grew 20% YoY, with operating EBITDA up 18% YoY, and Andhra & Telangana cluster revenue rose 13% YoY, with EBITDA growth of 7%.