Aster DM Quality Care Ltd logo

Aster DM Quality Care Ltd

ASTERDM NSE

Key Fundamentals

MidcapHospitalsHealthcare Services
Market Cap
₹42,447 Cr
Volatility
Moderate
P/E Ratio
133.01
EBITDA
₹831 Cr
Return on Equity
9.22%
Debt to Equity
0.49
Book Value
₹52.55
EPS
₹2.47
52W High
₹891.3
52W Low
₹519.1

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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48 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

2
  • Company has been maintaining a healthy dividend payout of 1,560%
  • Promoter holding has increased by 13.3% over last quarter.

Weaknesses

2
  • Stock is trading at 9.26 times its book value
  • Company has a low return on equity of 7.23% over last 3 years.

Growth Rate

Revenue Growth
8.32% ↘
Net Income Growth
13.95% ↗
Cash Flow Change
169.34% ↗
ROE
126.54% ↗
ROCE
87.55% ↗
EBITDA Margin (Avg.)
-18.13% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
AI opinion · based on fundamentals
Risk high

Aster DM Healthcare (now Aster DM Quality Care) trades at a market cap of ~₹43,685 Cr with a PE of ~198x, reflecting high growth expectations after it separated its GCC business and announced a merger with Quality Care India to create India's third-largest hospital chain by beds (~10,150 beds across 38 hospitals). FY25 revenue grew 12% YoY to ₹4,138 Cr with operating EBITDA margins expanding to ~19.5%, but the stock's valuation at 9.3x book value and 3-year ROE of just 7.2% highlight the gap between current profitability and market pricing.

Bull Case 8
  • FY25 revenue grew 12% YoY to ₹4,138 Cr from ₹3,699 Cr, with Q2 FY25 showing 16% YoY revenue growth and 48% EBITDA growth, indicating strong operational momentum
  • Operating EBITDA margin expanded from 16.6% in 9M FY24 to 19.5% in 9M FY25, a 290 bps improvement reflecting operating leverage as occupancy rises
  • Merger with Quality Care India creates India's third-largest hospital chain with 38 hospitals and 10,150+ beds across 27 cities and 9 states, providing significant scale advantages
  • Aggressive capacity expansion plan of 3,300 bed additions by FY27 with ₹1,878 Cr capex, targeting total capacity of ~13,600 beds, providing a long revenue growth runway
  • Promoter holding increased by 13.3% in the last quarter, signalling strong insider confidence in the combined entity's prospects
  • H1 FY25 net profit grew 88% YoY to ₹171 Cr, showing profit is scaling faster than revenue due to margin expansion
  • Q1 FY26 operating EBITDA grew 21% YoY to ₹215 Cr vs ₹177 Cr, and combined proforma Q3 FY26 revenue reached ₹2,366 Cr (up 15% YoY), confirming continued growth post-merger announcement
  • Stock has delivered 36% CAGR over 1 year and 37% CAGR over 3 years, reflecting sustained investor confidence in the transformation story
Bear Case 8
  • PE ratio of ~198x is extremely elevated, pricing in years of flawless execution with little margin of safety if growth disappoints
  • 3-year average ROE of just 7.2% is low for a company valued at 9.3x book value (PB of 15.66x per screener data), indicating current returns do not justify the premium
  • 5-year compounded sales CAGR is -12% and 10-year is -1%, reflecting the distortion from the GCC business separation — the India-only track record as a standalone entity is short
  • Dividend yield of only 0.36% despite reported payout ratio of 1,560% (likely a one-time special dividend from GCC sale proceeds), meaning recurring cash returns to shareholders are minimal
  • ₹1,878 Cr capex plan for bed additions will pressure free cash flow over the next 24-30 months, with only ₹320 Cr spent in FY25, leaving the bulk still to be funded
  • TTM profit growth of just 2% against a 197.9x PE multiple suggests current earnings are not keeping pace with the valuation multiple the market has assigned
  • Quality Care India merger is subject to NCLT and shareholder approvals (targeted Q1 FY27), introducing execution and timeline risk on a deal central to the investment thesis
  • Karnataka cluster showed weaker growth in Q3 FY26 (EBITDA 7% below estimates), highlighting geographic concentration risk in specific regions

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 5h ago
Headwinds 2
  • Q1 profit plunges 81% YoY Aug 6

    Q1 consolidated net profit fell sharply to ₹160M from ₹855M YoY. EBITDA margin contracted to 10.76% from 19.29%, indicating severe margin pressure despite revenue growth.

  • Maddur hospital shutdown Aug 5

    Board terminated operations at Aster G. Madegowda Hospital, Maddur, citing sustained losses, reflecting underperformance in certain facilities.

Positives 3
  • Revenue grows 21% YoY Aug 6

    Q1 revenue rose to ₹13.1B from ₹10.8B YoY, showing strong top-line momentum despite profitability challenges.

  • UCIMS stake acquisition Aug 5

    Approved acquisition of up to 12% additional equity in United CIIGMA Institute of Medical Sciences for up to ₹40.93 crore, expanding network presence.

  • Investor roadshow with Kotak Aug 5

    Participating in a non-deal roadshow organized by Kotak Mahindra Capital from Aug 10-14 in Mumbai and Singapore, signaling active institutional engagement.

Neutral 2
  • Rebranding to Quality Care Jul 25

    Company changed its name from Aster DM Healthcare to Aster DM Quality Care Limited effective July 28, 2026, per NSE circular.

  • Q1FY27 earnings call scheduled Aug 3

    Earnings conference call was scheduled for August 5, 2026 at 6:00 PM IST covering unaudited results for quarter ended June 30, 2026.

TL;DR: Aster DM Quality Care is delivering strong revenue growth of 21% YoY but facing serious margin compression, with EBITDA margins nearly halving and net profit dropping 81%. The company is actively reshaping its portfolio by exiting loss-making units and expanding into UCIMS. The key risk is whether margin recovery can materialise in coming quarters, as the current growth-without-profitability trend is unsustainable.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
841
929
955
974
1,002
1,086
1,050
1,000
1,078
1,197
1,186
1,182
1,311
Expenses
722
787
805
817
841
869
864
818
876
961
983
958
1,055
Operating Profit
119
142
149
156
161
217
186
182
202
236
202
224
256
OPM %
14%
15%
16%
16%
16%
20%
18%
18%
19%
20%
17%
19%
20%
Other Income
-17
-64
153
-40
5,120
35
9
5
29
28
0
37
-77
Interest
25
30
25
30
29
31
31
32
31
31
31
30
31
Depreciation
51
54
57
58
60
62
62
64
63
66
68
67
69
PBT
26
-7
220
28
5,191
159
102
91
136
167
103
163
78
Tax %
24%
120%
5%
108%
1%
33%
37%
6%
31%
27%
43%
6%
62%
Net Profit
20
-15
209
-2
5,152
106
64
86
94
121
59
154
29
EPS in Rs
0.1
-0.62
3.59
-0.48
103
1.94
1.14
1.58
1.65
2.12
1.01
2.71
0.31
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,876
5,250
5,931
6,721
7,963
8,652
8,608
10,253
2,994
3,699
4,138
4,643
4,876
Expenses
3,370
4,805
5,582
6,089
6,886
7,187
7,506
8,720
2,547
3,124
3,384
3,779
3,958
Operating Profit
506
445
349
632
1,077
1,465
1,103
1,533
447
575
754
864
918
OPM %
13%
8%
6%
9%
14%
17%
13%
15%
15%
16%
18%
19%
19%
Other Income
23
25
453
177
-155
-158
53
51
353
32
5,169
93
-13
Interest
79
189
371
204
205
391
334
307
96
119
133
123
123
Depreciation
144
243
322
298
306
586
618
641
192
220
249
264
270
PBT
306
38
108
308
410
330
205
637
511
268
5,542
570
511
Tax %
11%
78%
10%
8%
10%
5%
13%
6%
7%
21%
2%
25%
—
Net Profit
272
8
98
282
367
315
178
601
475
212
5,408
427
363
EPS in Rs
7
0.2
2.52
5.32
6.59
5.54
2.96
10.53
8.51
2.59
108
7.49
6.15
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
4637%
5%
40%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
389
403
403
505
505
497
497
500
500
500
500
518
Reserves
1,096
17
1,472
2,327
2,709
2,775
2,875
3,080
3,574
3,686
2,554
4,058
Borrowings
1,091
3,321
2,758
2,352
2,788
5,605
4,804
5,282
6,075
1,758
2,392
2,220
Other Liabilities
1,834
2,003
2,171
2,296
2,926
3,528
3,444
3,661
4,687
12,039
1,154
1,316
Total Liabilities
4,409
5,743
6,804
7,479
8,928
12,405
11,620
12,521
14,836
17,983
6,600
8,112
Fixed Assets
2,237
2,507
3,520
3,738
4,289
7,124
6,749
7,009
9,052
3,175
3,920
4,249
CWIP
197
358
290
402
550
736
934
998
279
170
293
413
Investments
3
39
32
38
22
34
63
45
80
17
245
1,167
Other Assets
1,972
2,839
2,962
3,302
4,067
4,511
3,874
4,470
5,425
14,620
2,142
2,284
Total Assets
4,409
5,743
6,804
7,479
8,928
12,405
11,620
12,521
14,836
17,983
6,600
8,112
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
236
203
361
537
601
1,223
1,569
1,314
1,834
158
425
656
Investing
-439
-775
-1,136
-522
-702
-658
-333
-563
-951
-878
6,015
-288
Financing
203
578
654
46
134
-675
-1,116
-686
-817
1,053
-6,358
-304
Net Cash Flow
-1
5
-122
61
33
-110
120
65
66
332
82
63
Free Cash Flow
-176
-536
-565
23
64
715
1,183
770
995
-601
70
179
CFO/OP
51
53
116
93
61
88
143
89
424
40
72
94
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
83
93
79
84
93
100
86
72
285
23
23
24
Inventory Days
93
92
102
111
110
138
122
129
612
44
36
32
Days Payable
178
187
151
150
153
303
290
267
1,400
183
166
168
Cash Conversion Cycle
-2
-1
30
45
50
-65
-83
-66
-503
-116
-107
-112
Working Capital Days
69
68
6
59
28
8
5
5
-21
272
-32
-28
ROCE %
14%
6%
1%
7%
13%
12%
6%
10%
3%
4%
11%
11%

Shareholding Pattern

As of Jul 2026
Promoters 53.72%
DIIs 16.48%
Others 15.04%
FIIs 10.31%
Public 4.45%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Apr 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
Promoters
37.88%
37.88%
37.88%
37.88%
37.88%
37.88%
37.88%
37.88%
41.88%
41.88%
41.88%
41.88%
41.88%
41.88%
41.88%
41.88%
41.89%
40.38%
40.39%
40.39%
40.39%
40.39%
40.39%
53.72%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
33.09%
29.09%
29.09%
40.21%
29.09%
33.48%
27.08%
23.85%
22.62%
21.66%
11.86%
19.64%
18.72%
18.46%
17.18%
10.53%
10.31%
DIIs
7.81%
8.73%
7.78%
7.87%
8.12%
9.62%
8.94%
8.93%
8.94%
8.56%
7.64%
7.15%
13.70%
16.35%
20.91%
22.91%
24.59%
24.09%
25.28%
26.32%
26.12%
27.58%
27.65%
16.48%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.70%
4.44%
4.21%
4.33%
3.92%
3.70%
3.43%
3.34%
3.18%
3.39%
3.15%
2.96%
3.09%
6.98%
5.94%
5.04%
4.38%
4.12%
3.94%
3.86%
4.07%
3.93%
3.71%
4.45%
Others
50.61%
48.94%
50.12%
49.92%
50.08%
48.80%
49.75%
16.76%
16.92%
17.08%
7.11%
18.93%
7.85%
7.72%
7.42%
7.55%
7.49%
19.56%
10.76%
10.70%
10.95%
10.91%
17.72%
15.04%
No. of Shareholders
0
78,719
93,506
87,804
80,746
80,427
78,374
80,913
82,129
71,379
67,673
67,331
80,931
2,06,660
1,74,171
1,59,038
1,54,014
1,51,664
1,48,139
1,47,304
1,46,998
1,36,892
1,33,444
1,33,338

Documents

Frequently Asked Questions about Aster DM Quality Care Ltd

What does Aster DM Quality Care Ltd do?
Aster DM Healthcare Limited is one of the largest integrated private healthcare service providers operating in GCC (Gulf Cooperation Council) countries and an emerging player in India. With an inherent emphasis on clinical excellence, it is one of the few entities in the world with a strong prese...
Where is Aster DM Quality Care Ltd (ASTERDM) listed?
Aster DM Quality Care Ltd is listed on the Indian stock exchanges. It is listed on NSE: ASTERDM and BSE: 540975. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Aster DM Quality Care Ltd belong to?
Aster DM Quality Care Ltd operates in the Healthcare sector within the Healthcare Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Aster DM Quality Care Ltd?
Aster DM Quality Care Ltd has a market capitalisation of approximately ₹42447.07 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Aster DM Quality Care Ltd?
The Price-to-Earnings (PE) ratio of Aster DM Quality Care Ltd is 133.01. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Aster DM Quality Care Ltd?
Over the past 52 weeks, Aster DM Quality Care Ltd has traded between a low of ₹519.1 and a high of ₹891.3. This range helps investors understand the stock's price volatility and recent trading levels.
Does Aster DM Quality Care Ltd pay dividends?
Yes, Aster DM Quality Care Ltd has a dividend yield of 0.37%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Aster DM Quality Care Ltd?
Aster DM Quality Care Ltd has a Return on Equity (ROE) of 9.22%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Aster DM Quality Care Ltd on Tapetide?
On Tapetide, you can view Aster DM Quality Care Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Aster DM Healthcare Limited is one of the largest integrated private healthcare service providers operating in GCC (Gulf Cooperation Council) countries and an emerging player in India. With an inherent emphasis on clinical excellence, it is one of the few entities in the world with a strong presence across primary, secondary, tertiary and quaternary healthcare. [1]

Website asterdmhealthcare.in
CEO Dr. Mandayapurath Azad Moopen DTCD, M.D., MBBS
Employees 15,334
Listed 2018-02-26
Face Value ₹ 10
Issued Size 51,81,21,029

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