Revenue for the quarter increased 18.2% to ₹1,182.4 crore from ₹904.7 crore a year earlier. EBITDA grew 21.1% to ₹232.6 crore, against ₹192.1 crore in the corresponding quarter last year. EBITDA margin stood at 20% compared with 19% in the year-ago period.
On a combined proforma basis, Aster DM Healthcare and Quality Care India Ltd reported a 18% rise in revenue to ₹2,361 crore for Q4 FY26. Proforma operating EBITDA grew 25% to ₹517 crore, with an operating EBITDA margin at 21.9%.
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The company said average revenue per patient (ARPP) for inpatient (IP) rose 9% year-on-year to ₹1,25,234 in Q4 FY26. Total patient volumes increased 15%, with inpatient volume rising 7% and outpatient volume growing 15% year-on-year.
Medical value travel (MVT) revenue increased 41% year-on-year, led by 51% growth in Kerala MVT revenue. Cardiac and oncology revenues grew 25% and 23% respectively, contributing 15% and 11% to revenues in Q4 FY26.
Aster Labs revenue increased 18% year-on-year, while operating EBITDA surged 181%, with margins improving to 14.7% in Q4 FY26 compared with 6.2% in Q4 FY25.
Core Hospital Business
In the core hospital business, operating EBITDA margin stood at 23.1% in Q4 FY26 (24.3% excluding Kasaragod). Matured hospital operating EBITDA margin rose to 26.2% from 22.9% in the year-ago quarter.
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Aster Medcity revenue increased 16% year-on-year, with operating EBITDA rising 26% and margins at 32.5%. Aster MIMS Calicut revenue grew 21%, and operating EBITDA rose 41%, with margins at 23.8%. Aster Whitefield revenue increased 15% year-on-year, with operating EBITDA up 38%.
Cluster-wise Performance
On a cluster basis, Kerala patient volumes rose 20% year-on-year, driving 21% revenue growth. Andhra and Telangana revenue increased 30%, supported by a 20% rise in patient volumes. Kerala cluster operating EBITDA grew 27% (35% excluding Kasaragod), with margins at 23.5% (25.6% excluding Kasaragod). Karnataka and Maharashtra operating EBITDA rose 25% with margins at 24.5%, while Andhra and Telangana operating EBITDA grew 113% with margins at 18.3%.
Merger
On the merger update, the company said it has completed preferential allotment of around 3.6% stake to Blackstone and TPG in lieu of the initial acquisition of 5% stake in Quality Care India Ltd. It has received CCI approval, a no-objection letter from stock exchanges, and shareholders’ and creditors’ approvals for the merger.
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The transaction is pending completion of regulatory and compliance requirements, including receipt of the NCLT order, and is expected to close by Q1 FY27.
Shares of Aster DM Healthcare Ltd ended at ₹705.00, up by ₹5.55, or 0.79%, on the BSE.
