Aster DM Healthcare and Quality Care to merge, creating top three Indian hospital chain

Aster DM Healthcare Limited announced an investor presentation on November 19, 2025, detailing its merger with Quality Care India Limited (QCIL). The merged entity, to be named Aster DM Quality Care Limited, will boast over 10,360 beds and is projected to be one of the top three hospital chains in India by revenue. The transaction values Aster at 36.6x FY24 Adj. Post INDAS EV/EBITDA, 45% higher than QCIL's 25.2x.

Proforma financials for H1FY26 show the merged entity's revenue at INR 4,546 Cr, with an operating EBITDA of INR 993 Cr, reflecting 12% and 19% YoY growth, respectively. The combined entity will have a bed capacity of 10,360+ beds and a total patient volume of 3.81 Mn. Post-merger, Aster promoters will hold 24.0% and Blackstone 30.7%.

The merger is expected to be EPS accretive from the first full year of operations and is scheduled for completion by Q1 FY27, subject to regulatory approvals. Strategic rationale includes increased scale, enhanced operational metrics, diversification across 27 cities, and growth potential through planned bed expansions, totaling 14,717+ beds by FY27 and beyond.