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Artemis Medicare Services Ltd

ARTEMISMED

NSE

₹301.25-1.66%19 Oct 2026 at 3:31 PM

Reports

Hospitals

Artemis Medicare Services Ltd

ARTEMISMED

NSE

₹301.25

-1.66%

19 Oct 2026 at 3:31 PM

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Hospitals

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Artemis Medicare Services is a hospital company built around a single flagship super-specialty hospital in Gurugram that acts as a clinical and reputational anchor, pulling in complex cases from across India and over 100 countries. Launched in 2007 by the promoters of the Apollo Tyres Group, the company was conceived to create a world-class institution rooted in clinical excellence and ethical practice, and it has since grown by extending that core hospital’s capabilities outward through smaller neighbourhood centres, a cardiac-care joint venture, and managed hospitals abroad. The recurring approach is to use the flagship’s advanced technology, specialist density, and international accreditations as a hub, then build lighter, faster spokes that feed patients into it and take its brand into new geographies without carrying the full cost of a large hospital each time.

Business segments

A single integrated healthcare engine anchored by a flagship quaternary-care hospital, with four lighter extensions that channel patients, extend the brand, and earn management fees - all feeding back to the hub.

1. Flagship super-specialty hospital: the clinical and economic anchor

A 700-bed quaternary-care hospital in Gurugram that handles the most complex cases, earns nearly a fifth of its revenue from international patients, and generates the clinical reputation on which every other part of the business rests.

Technology that few others have - it houses North India’s first CyberKnife M6 (over 1,000 procedures done), a da Vinci robotic surgery system, and a 3T MRI, among other platforms, so it can offer treatments that smaller hospitals cannot replicate. An AI-assisted triage system and a 5G-enabled ambulance service speed up diagnosis and treatment, turning the ambulance itself into a connected care room.
A bed mix built for high-acuity revenue - one in every three beds is a critical-care bed, split across general, surgical, transplant, cardiac, neuro, and paediatric intensive care, with separate Level 4 NICU and PICU units. This means the hospital earns from long-stay, high-intensity patients rather than competing on simple procedures.
A payor mix that spreads risk - revenue comes from international patients (32%), insured domestic patients (30%), cash-paying domestic patients (20%), and government schemes (18%), so no single channel dominates. The company also has over 100 corporate tie-ups and a strong insurance-network relationship, with its Managing Director helping shape industry-wide hospital-insurer standards.

2. Neighbourhood and mother & child centres: the referral feeders

Small, asset-light multi-speciality and luxury maternity hospitals in Delhi and Gurugram that treat less complex cases locally and send patients who need advanced care to the flagship.

Filling the gap between a family doctor and a tertiary hospital - Artemis Lite centres offer roughly 20 specialties including general surgery, orthopaedics, and internal medicine, so patients can get secondary care close to home rather than travelling to Gurugram for everything. As of March 2026, one Artemis Lite centre operates in New Delhi.
Luxury maternity as a brand entry point - Daffodils by Artemis delivers premium mother and child care with fully equipped operating theatres, labour rooms, and NICUs, creating a relationship with families that can lead to paediatric and adult referrals later. One Daffodils centre was operating in EoK South Delhi as of March 2024.
Light on capital, heavy on the network - these centres are designed as spokes in a hub-and-spoke model, so they extend the Artemis brand and clinical reach without the capital intensity of building another large hospital.

3. Cardiac centre network: taking the brand to smaller cities

A joint venture with Philips that runs compact cardiac centres in tier-2 and tier-3 cities, earning procedure revenue while channelling complex cases back to Gurugram.

Philips brings equipment, Artemis brings clinical know-how - Artemis holds 65% of Artemis Cardiac Care Private Limited, with Philips Medical Systems Nederland BV as the partner, so the venture can equip centres with advanced cardiology and diagnostics technology without Artemis funding it all alone.
A pipeline, not just a standalone business - the centres perform interventional and diagnostic cardiology and manage critical cardiac patients, but complex surgeries that need the flagship’s full infrastructure get referred to Gurugram, so the network feeds the hub.

4. Managed hospitals in Mauritius: brand and expertise for a fee

Two hospitals operated under long-term management contracts where Artemis earns a monthly fee tied to bed count and unit count, without owning the buildings or bearing the profit-and-loss risk.

Paid to run, not to own - under Operations and Management agreements with a Mauritian healthcare company, Artemis receives a monthly fee that rises as more beds and units come online, so its revenue is linked to scale rather than patient volumes alone.

5. Expansion projects: two large hospitals under construction

A 300-bed hospital in Raipur and a 650-bed hospital in South Delhi, both structured to extend the Artemis brand and clinical model into new cities with a mix of management contracts and direct investment.

Raipur via a management contract - the 300-plus-bed Artemis Shanti Hospital in Chhattisgarh is being developed under a long-term operations and medical services agreement with a local partner, with operations expected to begin in the first quarter of FY27.
South Delhi via a 15-year exclusive operating right - VIMHANS ARTEMIS HOSPITAL, a 650-plus-bed super-specialty facility on a 3.5-acre site in Nehru Nagar, will be commissioned in phases starting with roughly 450 beds by FY29, under a medical services agreement with the society that owns the land and building. Artemis is committing approximately INR 500-520 crore in total capital expenditure, funded through internal accruals and debt, and holds an option to extend the agreement for another 15 years.

Group structure and partners

A tightly held company with a single operating subsidiary, a major development-finance investor, and an expansion strategy that leans on management contracts rather than outright acquisitions.

Promoter-controlled with a long-term institutional partner - the holding company Constructive Finance Private Limited, together with Chairman Onkar Kanwar, held roughly 58% of the equity as of March 2026, while the International Finance Corporation (IFC) held 12% after converting its compulsorily convertible debentures into equity in late 2025. IFC’s investment agreement requires the promoters to retain at least 26% until IFC’s stake falls below 5%.
One subsidiary, no associates - Artemis Cardiac Care Private Limited, the 65%-owned joint venture with Philips, is the only subsidiary and the consolidated group consists of just the parent and this entity.
Expansion through operating rights, not ownership - the Mauritius hospitals, the Raipur project, and the VIMHANS ARTEMIS HOSPITAL are all structured as operations and management or medical services agreements, meaning Artemis earns fees or deploys capital against exclusive operating rights without acquiring the underlying real estate or hospital societies.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹4,777Cr

Close Price

₹301.75

Industry

Hospitals

Price To Earnings

41.97

Price To Sales

4.29

Revenue

₹1,114Cr

Rev Gr TTM

Revenue Growth TTM

14.96%

PAT Gr TTM

PAT Growth TTM

31.20%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	225	219	225	223	241	232	240	255	275	272	279	287
Growth YoY Revenue Growth YoY%	20.0	16.7	15.3	6.5	7.3	6.2	6.5	14.2	13.8	17.2	16.4	12.7
Expenses ExpensesCr	191	186	187	187	199	195	204	214	224	228	228	231
Operating Profit Operating ProfitCr	34	33	38	36	42	37	36	41	51	45	52	56
OPM OPM%	15.2	14.9	16.9	16.2	17.5	16.1	15.0	16.2	18.4	16.4	18.5	19.6
Other Income Other IncomeCr	2	2	2	4	7	9	12	7	8	4	8	5
Interest Expense Interest ExpenseCr	8	8	9	8	8	8	8	7	7	7	6	6
Depreciation DepreciationCr	10	10	11	11	11	11	12	11	12	12	13	13
PBT PBTCr	19	16	20	22	31	27	29	30	39	30	40	43
Tax TaxCr	5	5	6	5	8	6	6	9	9	8	10	11
PAT PATCr	14	12	14	17	22	21	23	21	30	22	30	31
Growth YoY PAT Growth YoY%	54.4	12.5	33.5	69.4	63.4	78.3	60.3	28.3	35.6	7.9	32.1	48.3
NPM NPM%	6.0	5.3	6.3	7.4	9.2	8.9	9.6	8.3	10.9	8.2	10.8	10.9
EPS EPS₹	1.0	0.8	1.0	1.1	1.4	1.3	1.5	1.4	1.9	1.4	1.9	2.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	225	219	225	223	241	232	240	255	275	272	279	287
Growth YoY Revenue Growth YoY%	20.0	16.7	15.3	6.5	7.3	6.2	6.5	14.2	13.8	17.2	16.4	12.7
Expenses ExpensesCr	191	186	187	187	199	195	204	214	224	228	228	231
Operating Profit Operating ProfitCr	34	33	38	36	42	37	36	41	51	45	52	56
OPM OPM%	15.2	14.9	16.9	16.2	17.5	16.1	15.0	16.2	18.4	16.4	18.5	19.6
Other Income Other IncomeCr	2	2	2	4	7	9	12	7	8	4	8	5
Interest Expense Interest ExpenseCr	8	8	9	8	8	8	8	7	7	7	6	6
Depreciation DepreciationCr	10	10	11	11	11	11	12	11	12	12	13	13
PBT PBTCr	19	16	20	22	31	27	29	30	39	30	40	43
Tax TaxCr	5	5	6	5	8	6	6	9	9	8	10	11
PAT PATCr	14	12	14	17	22	21	23	21	30	22	30	31
Growth YoY PAT Growth YoY%	54.4	12.5	33.5	69.4	63.4	78.3	60.3	28.3	35.6	7.9	32.1	48.3
NPM NPM%	6.0	5.3	6.3	7.4	9.2	8.9	9.6	8.3	10.9	8.2	10.8	10.9
EPS EPS₹	1.0	0.8	1.0	1.1	1.4	1.3	1.5	1.4	1.9	1.4	1.9	2.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	547	565	408	555	737	879	937	1,081	1,114
Growth Revenue Growth%		3.4	-27.7	35.9	32.9	19.1	6.6	15.4	15.0
Expenses ExpensesCr	483	504	373	487	643	746	785	893	910
Operating Profit Operating ProfitCr	64	61	35	67	94	133	152	188	203
OPM OPM%	11.7	10.9	8.6	12.2	12.7	15.1	16.2	17.4	18.3
Other Income Other IncomeCr	4	5	7	4	7	7	33	27	25
Interest Expense Interest ExpenseCr	11	13	13	12	20	31	32	28	27
Depreciation DepreciationCr	20	23	22	22	31	40	45	48	50
PBT PBTCr	37	31	8	37	51	68	108	139	152
Tax TaxCr	16	11	1	6	13	19	25	35	38
PAT PATCr	20	19	6	31	38	49	82	104	114
Growth PAT Growth%		-4.5	-68.3	409.8	21.1	29.3	67.2	26.2	31.2
NPM NPM%	3.7	3.4	1.5	5.7	5.2	5.6	8.8	9.6	10.2
EPS EPS₹	15.5	1.5	0.5	2.4	2.9	3.6	5.4	6.6	7.2

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	547	565	408	555	737	879	937	1,081	1,114
Growth Revenue Growth%		3.4	-27.7	35.9	32.9	19.1	6.6	15.4	15.0
Expenses ExpensesCr	483	504	373	487	643	746	785	893	910
Operating Profit Operating ProfitCr	64	61	35	67	94	133	152	188	203
OPM OPM%	11.7	10.9	8.6	12.2	12.7	15.1	16.2	17.4	18.3
Other Income Other IncomeCr	4	5	7	4	7	7	33	27	25
Interest Expense Interest ExpenseCr	11	13	13	12	20	31	32	28	27
Depreciation DepreciationCr	20	23	22	22	31	40	45	48	50
PBT PBTCr	37	31	8	37	51	68	108	139	152
Tax TaxCr	16	11	1	6	13	19	25	35	38
PAT PATCr	20	19	6	31	38	49	82	104	114
Growth PAT Growth%		-4.5	-68.3	409.8	21.1	29.3	67.2	26.2	31.2
NPM NPM%	3.7	3.4	1.5	5.7	5.2	5.6	8.8	9.6	10.2
EPS EPS₹	15.5	1.5	0.5	2.4	2.9	3.6	5.4	6.6	7.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13	13	13	13	14	0	16
Reserves ReservesCr	280	300	307	346	390	435	503	919
Current Liabilities Current LiabilitiesCr	177	158	119	138	206	185	216	211
Non Current Liabilities Non Current LiabilitiesCr	84	115	160	210	291	332	298	277
Total Liabilities Total LiabilitiesCr	554	586	600	710	905	972	1,357	1,429
Current Assets Current AssetsCr	113	118	109	127	170	180	535	367
Non Current Assets Non Current AssetsCr	442	469	491	583	735	791	822	1,062
Total Assets Total AssetsCr	554	586	600	710	905	972	1,357	1,429

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	13	13	13	13	14	0	16
Reserves ReservesCr	280	300	307	346	390	435	503	919
Current Liabilities Current LiabilitiesCr	177	158	119	138	206	185	216	211
Non Current Liabilities Non Current LiabilitiesCr	84	115	160	210	291	332	298	277
Total Liabilities Total LiabilitiesCr	554	586	600	710	905	972	1,357	1,429
Current Assets Current AssetsCr	113	118	109	127	170	180	535	367
Non Current Assets Non Current AssetsCr	442	469	491	583	735	791	822	1,062
Total Assets Total AssetsCr	554	586	600	710	905	972	1,357	1,429

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	40	56	27	60	127	109	156	132
Investing Cash Flow Investing Cash FlowCr	-50	-26	-37	-107	-158	-88	-393	-90
Financing Cash Flow Financing Cash FlowCr	14	-27	18	44	38	-29	265	-50
Net Cash Flow Net Cash FlowCr	5	2	8	-3	7	-8	27	-8
Free Cash Flow Free Cash FlowCr	-17	30	-4	-49	-18	37	65	32
CFO To PAT CFO To PAT%	198.4	288.2	442.5	189.6	334.5	221.5	189.5	127.2
CFO To EBITDA CFO To EBITDA%	63.4	91.3	77.5	88.3	135.3	82.0	102.6	70.1

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	40	56	27	60	127	109	156	132
Investing Cash Flow Investing Cash FlowCr	-50	-26	-37	-107	-158	-88	-393	-90
Financing Cash Flow Financing Cash FlowCr	14	-27	18	44	38	-29	265	-50
Net Cash Flow Net Cash FlowCr	5	2	8	-3	7	-8	27	-8
Free Cash Flow Free Cash FlowCr	-17	30	-4	-49	-18	37	65	32
CFO To PAT CFO To PAT%	198.4	288.2	442.5	189.6	334.5	221.5	189.5	127.2
CFO To EBITDA CFO To EBITDA%	63.4	91.3	77.5	88.3	135.3	82.0	102.6	70.1

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		183	294	608	913	2,307	3,781	3,249	4,777
Price To Earnings Price To Earnings		9.2	45.3	19.1	23.6	46.9	45.8	31.3	42.0
Price To Sales Price To Sales		0.3	0.7	1.1	1.2	2.6	4.0	3.0	4.3
Price To Book Price To Book		0.7	1.2	2.1	2.7	6.1	8.4	3.8	5.5
EV To EBITDA EV To EBITDA		4.2	11.1	11.6	12.2	19.3	24.2	17.6	24.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.4	69.1	64.2	35.0	34.4	35.7	37.1	37.6	37.6
OPM OPM%	11.7	10.9	8.6	12.2	12.7	15.1	16.2	17.4	18.3
NPM NPM%	3.7	3.4	1.5	5.7	5.2	5.6	8.8	9.6	10.2
ROCE ROCE%	12.4	10.7	4.6	8.8	10.2	13.0	17.6	13.9	13.9
ROE ROE%	7.0	6.2	1.9	8.7	9.4	11.0	16.3	11.1	11.1
ROA ROA%	3.7	3.3	1.0	4.4	4.2	5.1	6.0	7.3	7.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		183	294	608	913	2,307	3,781	3,249	4,777
Price To Earnings Price To Earnings		9.2	45.3	19.1	23.6	46.9	45.8	31.3	42.0
Price To Sales Price To Sales		0.3	0.7	1.1	1.2	2.6	4.0	3.0	4.3
Price To Book Price To Book		0.7	1.2	2.1	2.7	6.1	8.4	3.8	5.5
EV To EBITDA EV To EBITDA		4.2	11.1	11.6	12.2	19.3	24.2	17.6	24.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.4	69.1	64.2	35.0	34.4	35.7	37.1	37.6	37.6
OPM OPM%	11.7	10.9	8.6	12.2	12.7	15.1	16.2	17.4	18.3
NPM NPM%	3.7	3.4	1.5	5.7	5.2	5.6	8.8	9.6	10.2
ROCE ROCE%	12.4	10.7	4.6	8.8	10.2	13.0	17.6	13.9	13.9
ROE ROE%	7.0	6.2	1.9	8.7	9.4	11.0	16.3	11.1	11.1
ROA ROA%	3.7	3.3	1.0	4.4	4.2	5.1	6.0	7.3	7.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	HCG	JLHL	KOVAI	ARTEMISMED	INDRAMEDCO	KMCSHIL	DRAGARWQ
Market CapitalizationMkt CapCr	8,510	8,002	6,427	4,777	2,888	2,544	2,457
Close PriceClose₹	570.00	244.10	5,874.00	301.75	315.05	156.00	5,083.50
IndustryIndustry	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals
Price To EarningsPE	370.13	42.67	25.08	41.97	15.36	45.61	32.02
Price To SalesPS	3.24	5.14	3.91	4.29	1.90	7.69	4.94
RevenueRevenueCr	2,627	1,558	1,644	1,114	1,524	331	497
Revenue Growth TTMRev Gr TTM%	13.7%	14.8%	15.0%	15.0%	10.9%	35.1%	20.0%
PAT Growth TTMPAT Gr TTM%	-19.2%	-2.9%	16.3%	31.2%	12.1%	137.8%	31.9%

	HCG	JLHL	KOVAI	ARTEMISMED	INDRAMEDCO	KMCSHIL	DRAGARWQ
Market CapitalizationMkt CapCr	8,510	8,002	6,427	4,777	2,888	2,544	2,457
Close PriceClose₹	570.00	244.10	5,874.00	301.75	315.05	156.00	5,083.50
IndustryIndustry	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals
Price To EarningsPE	370.13	42.67	25.08	41.97	15.36	45.61	32.02
Price To SalesPS	3.24	5.14	3.91	4.29	1.90	7.69	4.94
RevenueRevenueCr	2,627	1,558	1,644	1,114	1,524	331	497
Revenue Growth TTMRev Gr TTM%	13.7%	14.8%	15.0%	15.0%	10.9%	35.1%	20.0%
PAT Growth TTMPAT Gr TTM%	-19.2%	-2.9%	16.3%	31.2%	12.1%	137.8%	31.9%