Aster DM Healthcare sees strong Q2 FY26 performance, Kerala cluster turnaround

Aster DM Healthcare delivered a steady performance in Q2 FY26, with revenues increasing 10% year-on-year and 11% quarter-on-quarter to INR 1,197 Crs. Operating EBITDA rose 13% year-on-year and 22% quarter-on-quarter to INR 263 Crs, with margins at 22.0%, up from 21.4% in Q2 FY25. Normalised PAT (Post NCI) also saw substantial growth, increasing 14% year-on-year and 23% quarter-on-quarter to INR 110 Crs.

The company's Kerala cluster demonstrated a strong turnaround, with Q2 FY26 marking its highest-ever quarterly revenue of INR 620 crore, a 12% quarter-on-quarter growth. This was fueled by a 13% quarter-on-quarter increase in inpatient volumes and a 67% quarter-on-quarter surge in MVT revenue. The recently operationalized 264-bedded Aster Kasaragod is expected to further strengthen its presence.

Progress was also made on the merger with Quality Care India Ltd., with stock exchange no-objection letters received. The combined entity is projected to create one of India's most integrated healthcare networks, boasting over 10,360 beds across 38 hospitals in 27 cities, with strong proforma Q2 FY26 revenue of INR 2,390 Cr and Operating EBITDA of INR 550 crore.