Artemis Medicare Services Ltd. (NSE:ARTEMISMED;BSE:542919), a leading multi-specialty healthcare provider in India, reported a robust financial performance for the third quarter and nine months ended December 31, 2025.
The company operates a state-of-the-art tertiary care hospital in Gurugram, which was the first in the region to receive JCI accreditation. The organization is founded on core values of service, compassion, and integrity, focused on delivering world-class patient care supported by 14 centers of excellence and over 40 medical specialties.
Key Financial Metrics: Q3 and 9M FY26
Artemis reported significant year-on-year (YoY) growth across its consolidated operations:
Q3 FY26:
- Revenue from operations reached INR 27,235 Lakhs, a 17.2% increase over Q3 FY25.
- EBITDA grew 12.5% to INR 5,203 Lakhs.
- Profit After Tax (PAT) rose 7.9% to INR 2,223 Lakhs.
9M FY26:
- For the nine-month period, revenue stood at INR 80,202 Lakhs, up 15.1% YoY.
- PAT showed a substantial jump of 23.9%, reaching INR 7,343 Lakhs compared to INR 5,925 Lakhs in the previous year.
- Consolidated diluted EPS for the period grew 21.0% to INR 4.66.
Operational & Business Highlights
- At its primary Gurugram facility, Inpatient (IP) volumes grew by 13.3% YoY in Q3 FY26, totaling 8,690 patients.
- The hospital’s revenue is diversified across specialties, with Oncology (19%), Neurosciences (15%), and Orthopaedics (14%) serving as the primary contributors.
- Financially, the company proposes to raise approximately INR 700 crore to support its long-term capital requirements.
Relevant Industry Metrics (Gurugram Facility)
Key performance indicators for the Gurugram hospital in Q3 FY26 include:
- ARPOB (Average Revenue Per Occupied Bed): INR 84,100 (10.0% YoY growth).
- Occupancy Rate: 62.0%.
- ALOS (Average Length of Stay): 3.6 days.
- Operational Beds: 544 out of a 700-bed total capacity.
Key Achievements & Milestones
- Artemis recently received a Platinum Green Building Certification, which entitles the Gurugram facility to a 15% increase in Floor Area Ratio (FAR), potentially adding over 100 beds.
- Notable clinical milestones include successful complex surgeries, such as the removal of a 10kg abdominal tumor and a rare three-hour surgery to correct a “heartbeat noise” (pulsatile tinnitus) in a patient’s ear.
Significant Capacity Expansion
- Bed Capacity Targets: The company aims to nearly triple its current capacity, moving from 700 beds to approximately 2,000 beds by 2028.
- Gurugram Scaling: Having recently opened its third tower to reach 700 beds, the company plans to further expand the Gurugram facility to 1,000 beds. This will be achieved through a 15% increase in Floor Area Ratio (FAR) granted by a Platinum Green Building Certification and the purchase of additional FAR.
- Domestic Footprint: Artemis is expanding into Central India with a 300+ bed super-specialty hospital in Raipur, expected to be operational by April/May 2026. Additionally, a binding MoU has been executed for a 650+ bed super-specialty hospital in South Delhi, which is expected to become operational in FY 2029.
- International Growth/Mauritius Operations: Following the FY24 launch of the 80-bed Artemis Curepipe Hospital, the company is set to open the 110-bed Artemis Cascavelle Hospital in FY26.
Financial & Strategic Outlook
- Fundraising for Growth: To support capital-intensive expansion projects, the organization proposes to raise approximately INR 700 crore, subject to approval from shareholders.
- Operational Momentum: The company’s outlook is supported by strong current performance metrics, such as a 10.0% year-on-year increase in ARPOB (Average Revenue Per Occupied Bed) and a 13.3% growth in inpatient volumes at its flagship hospital.
- Revenue Diversification: The company continues to see strong demand in high-margin specialties, with Oncology (19%) and Neurosciences (15%) leading its revenue mix.
- Risk Factors: While the roadmap is aggressive, the sources note that actual results may vary based on macro-economic trends, regulatory changes, and competitive pressures.
Overall Assessment
Artemis Medicare Services demonstrates a strong growth trajectory, characterized by double-digit revenue increases and improving operational efficiencies like ARPOB.