Aster DM Healthcare
Aster DM Healthcare
Healthcare ServicesKey Fundamentals
MidcapHospitalsHealthcare ServicesTapetide Score
Data-driven rating, 0–100. How it works →
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 9.41 times its book value
- Company has a low return on equity of 6.30% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAster DM Healthcare trades at a market cap of ₹66,374 Cr with a PE of 184.3x and a price-to-book of 15.89x, reflecting rich valuations relative to its 3-year average ROE of 6%. The India-focused business (post-GCC divestiture) is growing revenue at 16% TTM with improving ROE of 11% last year, but profitability growth at 2% TTM lags significantly behind topline expansion.
- Revenue growth has accelerated to 16% TTM, indicating strong demand traction in the India healthcare services business post the GCC divestiture.
- ROE has improved from a 3-year average of 6% to 11% in the last year, suggesting operational efficiency gains and better capital deployment in the India portfolio.
- Promoter holding increased by 13.3% over the last quarter, signaling strong insider confidence in the company's forward trajectory.
- Compounded profit growth over 5 years stands at 23% and 48% over 10 years, demonstrating a long-term earnings compounding track record.
- Stock CAGR of 31% over 3 years and 28% over 5 years reflects sustained re-rating driven by the India healthcare structural growth thesis.
- The company maintains a dividend payout ratio of 1,560% (largely funded by GCC sale proceeds), returning significant capital to shareholders.
- Dividend yield of 0.39% provides a baseline cash return to investors, unusual for a high-growth healthcare platform.
- PE ratio of 184.3x is extremely elevated, pricing in years of flawless execution with very little margin of safety for any earnings miss.
- Price-to-book of 15.89x (flagged at 9.45x book value in screener data) is steep for a healthcare services company with single-digit ROE historically.
- 3-year ROE average of just 6% is low for a company commanding such premium multiples, indicating capital is not generating commensurate returns.
- TTM profit growth of only 2% against 16% revenue growth suggests margin compression or rising costs are eroding operating leverage.
- 5-year compounded sales CAGR is negative at -12% and 10-year at -1%, largely reflecting the loss of GCC revenue post-divestiture, making the India-only entity a smaller, less diversified business.
- 3-year compounded profit CAGR is -1%, indicating that on a medium-term basis, net earnings have essentially stagnated despite the revenue recovery.
- Debt-to-equity and ROCE data are unavailable, limiting visibility into the company's leverage position and true capital efficiency.
- The extraordinary dividend payout of 1,560% is non-recurring in nature (tied to GCC sale proceeds) and should not be extrapolated as a sustainable shareholder return metric.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Merger costs hit Q1 profit Sep 04
Consolidated net profit fell 81.2% to ₹16.1 crore in Q1 FY27 due to ₹114.38 crore in exceptional merger-related expenses despite 20% revenue growth.
- High promoter pledge at 29.71% Aug 22
BCP Asia II Topco IV pledged 25.89 crore shares (29.71% of total capital) to secure a $750 million term loan facility, adding to existing pledge of 10.33%.
- TPG exits with large stake sale Aug 21
Centella Mauritius (TPG-backed) sold 6.24 crore shares (7.16%) via open market on Aug 19, reducing stake to 2.74%, signaling continued PE exit pressure.
- Moopen family raises stake to 24.58% Sep 04
Promoter family acquired 46.09 lakh shares at ₹760/share for ₹350.34 crore from TPG-backed Centella, increasing holding to 24.58% and signaling confidence in the merged entity.
- Strong Q1 pro-forma revenue growth Sep 04
Combined pro-forma revenue rose 20% YoY to ₹2,597 crore in Q1 FY27, with operating EBITDA up 30% to ₹576 crore and margins expanding 170 bps to 22.2%.
- KIMSHEALTH Trivandrum 184-bed expansion Aug 31
Board approved ₹134.4 crore expansion adding 184 beds to KIMSHEALTH Trivandrum, raising capacity to 979 beds, funded via debt and equity.
- Bangladesh healthcare acquisition Aug 28
Subsidiary acquired 14.21% stake in STS Holdings (Bangladesh) for $44.11 million, expanding international footprint into a growing healthcare market.
- Merged platform at massive scale Sep 04
Post-merger entity operates 39 hospitals across 28 cities with 10,890+ beds under four brands (Aster DM, CARE, Evercare, KIMSHEALTH), targeting 13,300 beds by FY27.
- Pledge rises to 10.33% Sep 10
Catalyst Trusteeship disclosed a net increase of 49.97 lakh pledged shares securing a USD 50 million loan facility, raising total pledge to 10.33%.
- FY26 BRSR report filed Sep 05
Company submitted its FY26 sustainability report showing renewable energy consumption rose to 22,623 MWh alongside social initiative disclosures.
- AGM scheduled for Sep 28 Sep 04
18th AGM set for September 28, 2026, with FY26 integrated annual report dispatched to shareholders.
- Subsidiary merger simplifies structure Aug 29
Board approved amalgamation of step-down subsidiaries KEL and SHSPL with no cash consideration, simplifying corporate structure post-merger.
- Board and ESOP approvals sought Aug 26
Postal ballot issued for director appointments, executive remuneration revisions, and a new ESOP scheme following the Quality Care India merger.
- Centella pledges 9.7% stake Aug 20
Centella Mauritius pledged 84.4 million shares (9.7% stake) as automatic encumbrance arising from the merger with Quality Care India.
TL;DR: Aster DM Quality Care is executing well on its post-merger integration, delivering 20% pro-forma revenue growth and 30% EBITDA growth in Q1 FY27 with expanding margins. The Moopen family's ₹350 crore stake increase to 24.58% signals strong promoter conviction. Key risks include elevated promoter pledges (29.71% by BCP Asia alone), ongoing TPG exit overhang, and one-time merger costs that depressed net profit 81%. With capacity expansion to 13,300 beds by FY27 and improving operating metrics, the trend is positive if merger costs normalize and pledge levels stabilize.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,383 | 3,769 | 3,958 |
| Operating Profit | 506 | 445 | 349 | 632 | 1,077 | 1,465 | 1,103 | 1,533 | 447 | 575 | 756 | 875 | 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 | 5,168 | 91 | -13 |
| Interest | 79 | 189 | 371 | 204 | 205 | 391 | 334 | 307 | 96 | 119 | 133 | 132 | 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 3,683 |
| Borrowings | 1,091 | 3,321 | 2,758 | 2,352 | 2,788 | 5,605 | 4,804 | 5,282 | 6,075 | 1,758 | 2,392 | 2,594 |
| Other Liabilities | 1,834 | 2,003 | 2,171 | 2,296 | 2,926 | 3,528 | 3,444 | 3,661 | 4,687 | 12,039 | 1,154 | 1,280 |
| Total Liabilities | 4,409 | 5,743 | 6,804 | 7,479 | 8,928 | 12,405 | 11,620 | 12,521 | 14,836 | 17,983 | 6,600 | 8,076 |
| Fixed Assets | 2,237 | 2,507 | 3,520 | 3,738 | 4,289 | 7,124 | 6,749 | 7,009 | 9,052 | 3,175 | 3,920 | 4,242 |
| CWIP | 197 | 358 | 290 | 402 | 550 | 736 | 934 | 998 | 279 | 170 | 293 | 420 |
| 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 | 2,248 |
| Total Assets | 4,409 | 5,743 | 6,804 | 7,479 | 8,928 | 12,405 | 11,620 | 12,521 | 14,836 | 17,983 | 6,600 | 8,076 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 71 | 93 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY14–FY27.
Documents
Frequently Asked Questions about Aster DM Healthcare
What does Aster DM Quality Care Ltd do?
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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]
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