Artemis Medicare Q1 FY27 Results (NSE: ARTEMISMED)
Signal: Growth decelerated
The read
The trajectory remains constructive: Q1FY27 revenue of ₹28,732.35 lakh grew +12.69% YoY after +16.3% in Q4FY26, while EBITDA margin was reported at 21.5% after 20% in Q1FY27 history; PAT of ₹3,144.27 lakh grew +48.33% YoY, and the approved 200+ bed expansion provides a capacity-led growth runway but will require ₹160-180 crore of investment and debt financing.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹287.32 Cr | +12.69% | +2.90% |
| EBIT | ₹49.09 Cr | N/A | |
| Net profit | ₹31.44 Cr | +48.33% | |
| EPS | ₹1.98 | +46.67% | |
| EBIT margin | 21.5% |
P&L walk
Revenue increased to ₹28,732.35 lakh, +12.69% YoY and +2.90% QoQ, while EBITDA margin was 21.5%; PAT rose to ₹3,144.27 lakh, +48.33% YoY, supported by operating growth and a lower comparative base.
Segments
The Group remains a single Healthcare Services segment; India drove the growth with revenue of ₹21,081.83 lakh, +14.24% YoY, versus outside-India revenue of ₹7,650.52 lakh, +8.62% YoY, while the subsidiary added ₹37.75 lakh of PAT.
Key positives
- Consolidated revenue reached ₹28,732.35 lakh, +12.69% YoY, with India revenue growing faster at +14.24% YoY.
- PAT increased to ₹3,144.27 lakh, +48.33% YoY, while finance costs declined 12.49% YoY to ₹645.99 lakh.
- Reported EBITDA margin of 21.5% in Q1FY27 compares with 20% in the prior Q1 history, indicating a renewed margin expansion after the 18% margin in Q2FY26 and 16% in Q3FY26.
- The approved Tower IV project adds 200+ beds focused on quaternary pediatric care and advanced gynecology and women's health services.
- Non-current assets increased 26.64% YoY to ₹1,03,160.79 lakh, alongside ₹5,434 lakh of expansion proceeds utilised.
Key concerns
- Revenue growth moderated to +12.69% YoY in Q1FY27 from +16.3% in Q4FY26, while outside-India revenue declined 7.00% QoQ to ₹7,650.52 lakh.
- Capacity utilization was 65.7% in Q1FY27, so the return on the planned 200+ beds will depend on ramp-up in specialized services.
- The ₹160-180 crore Tower IV investment is to be funded through internal accruals and debt financing, creating execution and balance-sheet commitments.
Research and educational content only. Not investment advice.