For Q2 FY27, the company’s revenue increased to INR 2,829 crore, while normalised PAT stood at INR 281 crore. Return on Capital Employed (ROCE) reached 23%, registering an improvement of 152 basis points year-on-year.
The quarter also marked the completion of the company’s first 100 days as a combined organisation. The integrated entity began operations on July 1, 2026, bringing together teams, leadership, processes and systems under a shared organisational structure while managing the changes associated with the integration.
Commenting on the merger and financial performance, Dr. Azad Moopen, Executive Chairman of Aster DM Quality Care Ltd., said completing the first 100 days as a combined entity was a milestone for the organisation. He said the progress since July 1 reflected leadership alignment and the commitment of clinicians and employees across its network.
Dr. Moopen highlighted that the emerging hospitals portfolio, including Kasargod and Nagarcoil, recorded 61% growth, demonstrating the increasing contribution and long-term potential of these units.
The company also reported progress in clinical capabilities and quality standards during the quarter. CARE Hospitals, HITEC City, Hyderabad, received JCI accreditation, while MIMS Kasargod achieved NABH accreditation within a year of commencing operations. According to Dr. Moopen, these recognitions reaffirm the organisation’s commitment to clinical excellence, quality and patient safety.
The company also highlighted its Environmental, Social and Governance (ESG) initiatives and Corporate Social Responsibility (CSR) activities. Its recognition at the Global ESG Awards 2026 included awards for supporting economically weaker sections, renewable energy integration and CSR excellence. Through Aster Volunteers and other community initiatives, the organisation continues to focus on extending quality healthcare services to underserved communities.
Looking ahead, Dr. Moopen said the company would continue expanding its healthcare network, including progressing the Aster Trivandrum project towards commissioning. Investments in clinical talent, advanced infrastructure and technology will remain priorities, alongside efforts to improve patient outcomes, strengthen operational excellence and create sustainable long-term value for stakeholders.
Commenting on the Q2 FY27 performance, Mr. Varun Khanna, Managing Director and Group CEO of Aster DM Quality Care Ltd., said the quarter represented the organisation’s first full quarter following the successful merger of Aster DM Healthcare and Quality Care India.
He said the company had made progress in bringing together its people, processes and systems while maintaining its commitment to patients, doctors and employees. The integration efforts have focused on ensuring continuity of patient care and operational excellence.
Mr. Khanna also highlighted the response to GO GREATER, the organisation’s unified culture initiative launched across nearly 40 locations. He said the initiative was beginning to take shape through the participation of doctors, nurses and employees, with teams learning from one another and embracing a shared organisational purpose.
During the quarter, the combined entity served 2.2 million patients, registering 12% year-on-year growth. Hospital occupancy improved by 335 basis points, from 65% to 68%, reflecting higher utilisation of capacity.
The company also recorded growth across complex clinical procedures. Robotic surgeries increased by approximately 39%, kidney transplants grew by 31%, and joint replacements rose by approximately 29%. Medical Value Travel (MVT) volume registered 31% year-on-year growth despite a challenging external environment, reflecting continued confidence among international patients in the organisation’s doctors, clinical outcomes and healthcare capabilities.
Several developments strengthened the company’s specialised clinical services during the quarter. The exchange of clinical expertise and best practices across the combined platform enabled CARE Banjara, Hyderabad, to perform its first adaptive Deep Brain Stimulation procedure. The procedure enables personalised, real-time stimulation for Parkinson’s disease management.
Aster Medcity, Kochi, performed Kerala’s first liquid nitrogen cryoablation for breast fibroadenomas, providing a minimally invasive, breast-tissue-preserving treatment option.
The organisation also expanded its specialised healthcare offerings through the launch of three Centres of Excellence. These include the ARISE Robotic Spine Institute at Aster CMI, Bengaluru; the CARE Cancer Institute at Ramkrishna CARE, Raipur; and the Fetal Medicine Centre of Excellence at Aster Medcity, Kochi.
According to Mr. Khanna, higher patient volumes, greater clinical complexity and a favourable payor mix contributed to the 19% revenue growth and 34% increase in normalised PAT. The company reported a normalised PAT margin of 10%.
He added that the organisation would focus on expanding its CONGO and other high-end specialties, augmenting capacity across geographies, strengthening clinical talent and improving access to quality healthcare while maximising the potential of its combined network.
The company’s business performance also reflected growth across key medical specialties. Total patient volume increased by 12% year-on-year, led by Neurosciences, Oncology, Orthopedics and Gastroenterology. Hospital occupancy rose by 335 basis points, from 65% to 68%, supported by higher patient volumes in key specialties and growth in MVT patient flows.
MVT revenue increased by 36% year-on-year, driven by demand from the Maldives and GCC markets, alongside a rising contribution from West Africa and other MENA countries.
For the first half of FY27, mature hospitals contributed approximately 73% of total hospital revenue and recorded 18% year-on-year growth. The performance was supported by steady growth in patient volumes and an increasing share of complex clinical cases.
The emerging hospitals portfolio, including Kasargod and Nagarcoil, recorded a 62% year-on-year ramp-up during H1 FY27, supported by higher inpatient (IP) and outpatient (OP) volumes.
Aster DM Quality Care Limited was formed through the merger of Aster DM Healthcare Limited and Quality Care India Limited. The combined organisation brings together four healthcare brands: Aster DM, CARE Hospitals, Evercare and KIMSHEALTH.
The merged entity operates a network of 38 hospitals across 27 cities, with more than 10,840 beds. With a strong presence across South and Central India, it provides healthcare services spanning primary, secondary, tertiary and quaternary care.
Its centres of excellence cover key specialties, including oncology, cardiac sciences, neurosciences, gastro sciences, orthopaedics, nephrology, organ transplantation, mother and child-care, and critical care.
The Q2 FY27 results reflect the combined organisation’s financial and operational performance during its first full quarter following the merger, with growth across patient volumes, specialised clinical procedures, occupancy and emerging hospital operations.
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