Pharma stocks · Small cap · NSE
Aster DM Quality Care Limited, formed by the merger of Aster DM Healthcare and Quality Care India, is one of India's largest integrated healthcare networks. It operates hospitals, diagnostics, and pharmacies across 28 cities, focusing on patient-centric care, clinical excellence, and technology adoption to deliver high-acuity services.
SMA20 -7.2% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +21.6% · PAT -69.2% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
PAT -69% YoY · Rev +22% YoY · margin expansion · +11% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,311 Cr | +21.6% | +10.9% |
| EBITDA | ₹256 Cr | +26.7% | +14.3% |
| Operating margin | 20.0% | +100 bps | +100 bps |
| PAT | ₹29 Cr | -69.2% | -81.2% |
| PAT margin | 2.2% | -651 bps | -1082 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 34.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Post-merger, Aster DM Quality Care Limited reported proforma FY2026 revenue of Rs.9273 Crores and operating EBITDA of Rs.2013 Crores, with a 21.7% margin. Standalone Aster DM Healthcare revenue grew 12% YoY to Rs.4643 Crores, with EBITDA up 17% to Rs.947 Crores.
The successful merger and strong proforma FY2026 results, coupled with clear strategic priorities for integration and network expansion, suggest the company is on track to leverage scale and clinical depth. Management's focus on capital efficiency and margin improvement supports the long-term value creation thesis.
merger is expected to create meaningful opportunities through revenue synergies, central procurement, and supply chain optimization.
building towards a network of more than 15,000 beds in the year ahead with a pipeline of over 4170 additional beds.
focused on increasing clinical complexity and building Aster DM Quality Care into a destination for advanced and high-acuity care.
Digital health is increasingly becoming an important enabler of a more connected patient journey. Exploring the potential of Agentic AI.
combined capacity of more than 10,800 beds across 28 cities.
pipeline of over 4170 additional beds coming up, building towards a network of more than 15,000 beds in the year ahead.
53% of these beds are coming in through Brownfield expansion, 47% will come in as Greenfield.
ordered for 10 linear accelerators to be adopted across our hospitals.
India retained its position as the fastest-growing major economy, recording real GDP growth of 7.6% in FY2025-26.
India’s healthcare sector continued to benefit from enduring structural drivers, rising healthcare utilization, broader insurance coverage, greater awareness and aging population.
While geopolitical tensions and elevated trade uncertainty persisted, the global economy remained resilient.
AI in health systems is going to be support and not leading it... accountability of clinical recommendation is still with the clinician.
Achieving the right balance will be important as we bring together hospitals across different markets, maturity levels, and clinical profiles.
building an organization where our doctors, our nurses, our allied health professionals, and teams can learn, collaborate, and grow is fundamental to our long-term success.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both standalone YoY growth for Aster DM Healthcare (FY2025 vs FY2026) and combined proforma FY2026 figures post-merger. Both are crucial to understand the company's historical performance and the new scale.
operating EBITDA margin of 21.7%.
taking margins to 20.4%.
hospital segment alone has significant margin expansion from 12% in FY2021 to 23% in FY2026.
further strengthening to a 12.8% in FY2026.
Our immediate priority is, of course, to ensure that this scale translates into a seamless experience for every patient. Integration is therefore being approached not merely as an operational exercise.
We are pursuing disciplined network expansion, advancing our programme to add over 4170 beds while applying clear return thresholds, careful project phasing, and rigorous execution.
continue to drive commercial and operational excellence by strengthening ROCE across the hospital maturity curve, enhancing procurement and supply chain efficiency, and maintaining disciplined cost management.
our guiding philosophy is value-based, evidence-led healthcare, and that delivers quality outcomes.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Combined Proforma Operating EBITDA Margin | 21.7% (FY2026) | Sustained or improved margins post-integration, driven by synergies and operational efficiency. |
| New Bed Commissioning & Utilization | 4170 beds in pipeline, targeting 15,000 total. | Timely commissioning and ramp-up of utilization for new Brownfield and Greenfield beds. |
| ROCE (Return on Capital Employed) | 22.8% (FY2026, standalone, excluding Kasaragod) | Continued improvement in ROCE, reflecting efficient capital deployment and project returns. |
| Doctor Retention Rate | 87% for senior consultants. | Maintenance or improvement of retention rates, crucial for clinical excellence and growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 63rd percentile within Pharma. Main check: financial discipline is weak at 56/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Pharma: 63rd pctile, median 70 · Small: 75th pctile, median 66
151 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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