Artemis Medicare Services: Business Overview & Financial Analysis
Artemis Medicare Services Limited is an Indian healthcare services enterprise promoted by the Apollo Tyres Group. Its flagship Artemis Hospital in Gurugram is spread across 9 acres and provides tertiary and quaternary care across more than 40 specialties. The company is expanding beyond Gurugram through super-speciality hospitals, cardiac care centres and overseas healthcare operations, with facilities and projects in Raipur, South Delhi and Mauritius.
Geographic Revenue & Network Breakdown of Artemis Medicare Services (Q1 FY2027)
Artemis Medicare Services Limited continues to derive the large majority of its business from its flagship Gurugram hospital while expanding its healthcare network across India and overseas.
- Gurugram Hospital Revenue Contribution – Management indicated that around 95% to 97% of revenue comes from the Gurugram tertiary and quaternary care business
- Gurugram Hospital Capacity – 700 beds, including 544 operational beds in Q1 FY2027
- Artemis Shanti Hospital, Raipur – 300+ bed super-speciality hospital; operations commenced in July 2026
- South Delhi Expansion – Medical Services Agreement executed for a 650+ bed super-speciality hospital
- Artemis Curepipe Hospital, Mauritius – 80-bed hospital operating since FY2024
- Artemis Cascavelle Hospital, Mauritius – 110-bed facility announced in FY2027
- Long-Term Network Target – Bed capacity expected to expand to around 2,000 beds over the next 3 to 5 years
The Gurugram hospital remains the core earnings engine, while Raipur, South Delhi and overseas facilities broaden the company's geographic presence. Management has stated that the smaller centres currently contribute a relatively limited share of revenue compared with the Gurugram business.
Speciality Revenue Mix of Artemis Medicare Services (FY2026)
The Gurugram hospital's revenue is diversified across multiple high-acuity medical and surgical specialities.
- Oncology – 19% of Revenue
- Neurosciences – 15% of Revenue
- Orthopaedics – 14% of Revenue
- Cardiology – 9% of Revenue
- Internal Medicine – 4% of Revenue
- General Surgery – 5% of Revenue
- Nephrology – 3% of Revenue
- Gastroenterology – 3% of Revenue
- Pulmonology – 3% of Revenue
- Liver Transplant – 3% of Revenue
- Obstetrics & Gynaecology – 3% of Revenue
- Other Specialities – 19% of Revenue
Oncology, neurosciences and orthopaedics were the three largest disclosed speciality contributors in FY2026. Artemis also states that around 60% of its revenue is generated from high-acuity specialties, supporting higher realisations and a premium case mix.
Operational Key Performance Indicators (KPIs) of Artemis Medicare Services (Q1 FY2027)
Artemis Medicare Services tracks the operating performance of its flagship Gurugram facility using bed capacity, occupancy, inpatient volumes, Average Revenue Per Occupied Bed (ARPOB) and Average Length of Stay (ALOS).
- Total Bed Capacity, Gurugram – 700 beds
- Operational Beds – 544 beds
- Occupied Beds – 357 beds
- Occupancy Rate – 65.7% vs 61.2% in Q1 FY2026
- Inpatient Volume – 9,181 patients, up 11.4% YoY from 8,242
- Average Revenue Per Occupied Bed (ARPOB) – Rs 85,690 per day, up 7.4% YoY from Rs 79,752
- Average Length of Stay (ALOS) – 3.54 days vs 3.67 days in Q1 FY2026
Occupancy improved by 443 bps year-on-year, while higher ARPOB reflected the hospital's high-acuity clinical mix. ALOS declined despite higher inpatient volumes, indicating improved patient throughput and operational efficiency.
Payor Mix & International Patient Scale of Artemis Medicare Services (Q1 FY2027)
The Gurugram hospital's revenue is diversified across international patients, insured patients, domestic cash patients and government schemes.
- International Patients Share – 27% of Revenue
- Insured Patients Share – 33% of Revenue
- Domestic Cash Patients Share – 23% of Revenue
- Government Schemes Share – 17% of Revenue
International patients accounted for 27% of Gurugram revenue in Q1 FY2027. Artemis serves patients from more than 150 countries, with established international healthcare relationships across Africa, CIS countries, the Middle East and SAARC markets.
Latest Quarterly Financial Performance of Artemis Medicare Services (Q1 FY2027)
Artemis Medicare Services Limited reported double-digit revenue growth and significantly faster growth in EBITDA and PAT during Q1 FY2027.
- Consolidated Revenue from Operations – Rs 287.32 crore (+12.7% YoY vs Rs 254.96 crore in Q1 FY2026)
- Consolidated EBITDA – Rs 61.82 crore (+27.9% YoY vs Rs 48.32 crore)
- Consolidated EBITDA Margin – 21.5% vs 19.0% in Q1 FY2026
- Consolidated Profit Before Tax (PBT) – Rs 42.63 crore (+43.1% YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 31.44 crore (+48.3% YoY vs Rs 21.20 crore)
- Consolidated PAT Margin – 10.9% vs 8.3%
- Diluted EPS – Rs 1.98 vs Rs 1.35 in Q1 FY2026
Revenue from operations grew 12.7% year-on-year, while EBITDA increased 27.9%, resulting in a 256-bps improvement in EBITDA margin. PAT grew substantially faster than revenue at 48.3%, reflecting operating leverage and improving profitability.
Consolidated Annual Financial Performance of Artemis Medicare Services (FY2026)
Artemis Medicare Services recorded double-digit growth across revenue, EBITDA and PAT during FY2026.
- Full Year Consolidated Revenue from Operations – Rs 1,081.24 crore (+15.4% YoY vs Rs 936.92 crore in FY2025)
- Full Year Consolidated EBITDA – Rs 218.01 crore (+18.0% YoY vs Rs 184.78 crore)
- Full Year Consolidated EBITDA Margin – 20.2% vs 19.7% in FY2025
- Full Year Consolidated Profit Before Tax (PBT) – Rs 139.18 crore (+29.3% YoY)
- Full Year Consolidated Net Profit After Tax (PAT) – Rs 103.72 crore (+26.2% YoY vs Rs 82.18 crore)
- Full Year Consolidated PAT Margin – 9.6% vs 8.8%
- Diluted EPS – Rs 6.56 vs Rs 5.31 in FY2025
Revenue crossed Rs 1,080 crore during FY2026, while EBITDA and PAT grew faster than the top line. EBITDA margin expanded to 20.2%, reflecting improved operating leverage in the hospital business.
Balance Sheet Structure & Financial Health Ratios of Artemis Medicare Services (Q1 FY2027)
Artemis Medicare Services is entering a significant expansion phase and plans to fund announced projects through a combination of internal accruals, available financing capacity and, where required, equity capital.
- Q1 FY2027 Consolidated Finance Cost – Rs 6.46 crore, down 12.5% YoY from Rs 7.38 crore
- Proposed Equity Fund Raise – Up to around Rs 700 crore through an enabling shareholder-approved resolution
- Planned Expansion Funding – Management expects announced projects to be funded through internal accruals and available debt leverage
- Expected Internal Cash Generation – Management discussed annual cash generation of around Rs 150 crore while evaluating the funding plan
- VIMHANS Deposit Commitment – Around Rs 250 crore, of which approximately Rs 130 crore had already been paid at the time of the Q1 FY2027 call
Management has emphasised minimising shareholder dilution while balancing internal cash generation, debt capacity and return on investment. The proposed Rs 700 crore fund raise is an enabling approval rather than a commitment to raise the entire amount immediately.
Bed Capacity Expansion & Capex Roadmap of Artemis Medicare Services (FY2027–FY2028)
Artemis Medicare Services has laid out a multi-year capacity expansion plan covering its Gurugram flagship, Raipur and the planned South Delhi hospital.
- Planned Capex Over the Next Three Years – Around Rs 800 crore
- Gurugram Tower IV – 200+ additional beds
- Gurugram Tower IV Capex – Around Rs 120 crore
- Tower IV Capex Per Bed – Around Rs 50 lakh to Rs 55 lakh
- Raipur Capex – Around Rs 120 crore
- VIMHANS/South Delhi Project Capex – Around Rs 350 crore to Rs 360 crore, excluding deposit
- Multi-Level Parking Capex – Around Rs 70 crore to Rs 80 crore
- Replacement Capex Over Three Years – Around Rs 100 crore to Rs 120 crore
- Gurugram Additional FAR – Capacity can increase towards 950 to 1,000 beds
- South Delhi Facility – 650+ beds, with expected operationalisation around Q4 FY2029
The Rs 800 crore planned capex covers Tower IV, Raipur, the VIMHANS/South Delhi project and regular replacement expenditure. The VIMHANS deposit of around Rs 250 crore is over and above this capex programme.
Strategic Outlook & Management Commentary of Artemis Medicare Services (Q1 FY2027 Concall)
Management's strategic priorities centre on increasing utilisation at Gurugram, expanding bed capacity, strengthening high-acuity clinical services and building a larger multi-city healthcare network.
- Management indicated that the Gurugram hospital remains on track to reach around 70% occupancy
- Gurugram EBITDA margin of around 20% to 21% in FY2027 was considered achievable by management
- Over the next two to three years, management sees potential for Gurugram EBITDA margins to move towards 23% to 24%
- The additional Gurugram capacity is expected to support further operating leverage
- 200+ beds are planned through Tower IV within the existing Gurugram campus
- Artemis Shanti Hospital, Raipur commenced operations in July 2026
- A 650+ bed South Delhi hospital forms part of the announced expansion pipeline
- The company plans to expand overall capacity to around 2,000 beds over the next 3 to 5 years
- High-acuity tertiary and quaternary healthcare will remain the central focus of the growth strategy
Management expects higher occupancy, complex case mix and brownfield capacity additions to support further operating leverage. At the same time, the new Raipur and South Delhi facilities will diversify the company's geographic footprint beyond Gurugram.
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Sources & References
- Artemis Medicare Services Limited, Q1 FY2027 Earnings Presentation, 3 August 2026.
- Artemis Medicare Services Limited, Q1 FY2027 Earnings Conference Call Transcript, 4 August 2026.
- Artemis Medicare Services Limited, Q4 & FY2026 Earnings Presentation, 8 May 2026.
- Artemis Medicare Services Limited, Official Investor Relations Page.
- Artemis Hospitals, Official Hospital Overview and Corporate Information.
- Ticker Finology Artemis Medicare Services Page
Disclaimer
The information presented above on Artemis Medicare Services has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts and official corporate disclosures. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and updated financial data, ratios and disclosures before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.