Aster DM Healthcare delivered a strong fourth-quarter performance, posting double-digit growth across revenue and profitability while moving closer to completing its high-stakes merger with Quality Care India Ltd (QCIL).

 

The healthcare major reported Q4 FY26 revenue of Rs. 1,182 crore, up 18% year-on-year, while operating EBITDA (excluding Kasaragod) surged 31% to Rs. 253 crore. Margins expanded to 21.7%, and normalised profit after tax climbed 45% to Rs. 153 crore.

 

On a combined proforma basis with QCIL, the numbers were even stronger. Revenue rose 18% to Rs. 2,361 crore, while operating EBITDA increased 25% to Rs. 517 crore, with margins at 21.9%. The merger itself has cleared a major hurdle, winning overwhelming shareholder backing with 96.68% of votes in favour.

 

Azad Moopen, Founder and Chairman, Aster DM Healthcare, said, "We are very pleased that the merger of Aster DM Healthcare and Quality Care India Limited (QCIL), in partnership with Blackstone, is progressing towards completion in Q1 FY 2026–27. 

 

"The overwhelming shareholder support, with 96.68% votes in favour, reflects strong confidence in our vision of building a scaled and integrated healthcare platform. 

 

"On a proforma basis, Q4 FY26 revenues grew 18% YoY to Rs. 2,361 crore, while operating EBITDA increased 25% YoY to Rs. 517 crore, supported by strong growth in patient volumes, and continued margin expansion."

 

"The combined entity will have a capacity of over 10,623 beds across 28 cities, with an additional pipeline of around 4,445 beds, providing clear visibility to exceed 15,500 beds in the near term, thus . This positions the platform to become one of the top three healthcare providers in India," he added.

 

Aster’s India business saw broad-based momentum despite macroeconomic pressures. Average revenue per inpatient rose 9% to Rs. 1.25 lakh, while total patient volumes grew 15%, led by strong outpatient demand.

 

High-value treatments (MVT) revenue jumped 41%, with Kerala alone contributing a 51% surge. Specialty care remained a key growth engine, with cardiac and oncology revenues rising 25% and 23% respectively.

 

The diagnostics arm also stood out. Aster Labs posted 18% revenue growth, but more notably, EBITDA skyrocketed 181%, with margins more than doubling to 14.7%.

 

Core hospital operations remained the backbone of performance, delivering EBITDA margins of 23.1% (24.3% excluding Kasaragod). Mature hospitals pushed margins to 26.2%, up sharply from last year.

 

Regionally, Andhra Pradesh and Telangana emerged as standout performers, with revenue up 30% and EBITDA surging 113%. Kerala continued to anchor volumes, with a 20% rise in patients and 21% revenue growth.

 

Aster DM Healthcare exits FY26 with strong operational momentum, expanding margins, and a transformative merger within reach—positioning it firmly in the race to become a top-tier healthcare powerhouse in India.