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Stock Analysis

Description

Artemis Medicare Services Limited operates multi-specialty hospitals under the brand Artemis Hospitals, offering a wide range of medical and surgical services. It is promoted by Apollo Tyres Group.

Key Growth Triggers

Aggressive capacity expansion plans, including new hospitals in Raipur and South Delhi, aiming to reach approximately 2,000 beds by 2028.
Strong performance in core specialties like cardiac sciences and oncology.
Significant contribution from international patient inflow, accounting for about 32% of revenue.
Strategic clinical initiatives such as the launch of India's first private Geriatrics & Longevity Department.
Investment from International Finance Corporation (IFC) and progression on preferential issue utilization for expansion.

Order Book

Currently no data available for Order Book.

Key Red Flags

The Chennai unit of Artemis Cardiac Care Private Limited is being closed due to operational aspects.
The company's share price experienced a -20% change in the last year according to historical data.

Key Dates To Watch

Q3 FY26 financial results announcement: Trading window closure is in effect until 48 hours post-announcement.
Participation in the Anand Rathi Annual Flagship Conference on November 13, 2025.
Board meeting on November 11, 2025, to approve Q2 FY26 results.

Corporate Announcements

6th Apr 26

Impact Rating: 2

Artemis Medicare Services Limited has submitted its SEBI compliance certificate for the quarter ending March 31, 2026. This routine filing confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, concerning the dematerialization of securities.

30th Mar 26

Impact Rating: 7

Artemis Medicare Services Ltd. is closing its trading window from April 1, 2026, until 48 hours post-announcement of financial results for the year ending March 31, 2026.

17th Mar 26

Impact Rating: 5

Representatives of Artemis Medicare Services Ltd. are set to participate in the Hospitals & Diagnostics Conference, which will take place physically in Mumbai on Monday, March 23, 2026.

17th Mar 26

Impact Rating: -

No description available.

20th Feb 26

Impact Rating: 8

Artemis Medicare Services Ltd. has entered into a long-term agreement to operate and manage a 650+ bed multi-speciality hospital in South Delhi, enhancing its NCR presence.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Apollo Hospitals	7348.00	63.19	105652.97	0.26	494.00	25.98	6303.50	12.78	16.64	23264.70	14.29	1671.90	477.20	11.62	7.77	0.88
2.	Max Healthcare	1051.60	72.62	102320.83	0.14	491.30	74.34	2135.47	25.07	14.88	7941.09	26.56	1409.01	491.30	10.17	8.32	0.33
3.	Fortis Health.	945.00	70.82	71343.54	0.11	328.82	40.23	2331.44	17.25	11.96	8433.62	22.03	1007.34	304.11	7.57	6.67	0.34
4.	Narayana Hrudaya	1936.40	46.54	39572.43	0.23	258.49	29.64	1643.79	20.28	20.75	5961.09	23.53	850.33	258.16	9.75	12.22	0.58
5.	Global Health	1208.90	54.35	32494.07	0.04	158.40	21.09	1099.22	14.91	19.74	4004.75	23.87	597.87	158.44	8.76	11.46	0.25
6.	Aster DM Health.	625.65	88.32	32416.24	0.80	121.31	13.83	1197.21	10.20	10.68	4325.23	18.61	367.05	110.24	7.15	2.44	0.46
7.	Krishna Institu.	629.05	76.58	25170.74	0.00	72.00	-37.45	960.70	23.59	15.00	3401.60	22.98	328.68	67.18	11.09	8.32	1.40
8.	Artemis Medicare	270.00	44.79	4271.41	0.17	29.96	32.80	269.78	14.96	14.88	981.27	16.65	95.36	29.96	4.23	7.29	0.31
–	Median: 28 Co.	476.43	52.33	5223.68	0.0	33.23	20.55	333.23	16.03	15.0	1257.97	20.58	105.7	29.83	6.11	7.79	0.34

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	181	210	227	201	217	250	187	217	235	182	217	235	270
Expenses	156	179	190	174	181	209	163	181	199	158	184	193	220
Operating Profit	26	32	37	27	36	41	25	36	36	24	33	42	50
Other Income	1	2	9	1	4	7	2	2	12	1	2	8	8
Profit before tax	14	16	27	13	22	30	14	19	29	14	19	31	40
Tax %	23%	29%	23%	26%	24%	29%	23%	28%	20%	31%	27%	27%	25%
Net Profit	11	12	21	10	17	21	10	14	23	10	14	23	30
EPS in Rs	0.80	0.85	1.51	0.73	1.24	1.54	0.78	1.02	1.69	0.73	1.01	1.64	2.16

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	261	368	402	459	503	547	563	402	545	714	845	913	981
Expenses	234	325	359	406	442	480	501	367	477	620	717	763	818
Operating Profit	27	43	43	53	60	66	62	35	68	94	128	150	163
Other Income	1	3	5	4	3	2	4	7	3	7	7	33	36
Interest	13	12	9	9	9	11	13	12	11	19	30	30	29
Depreciation	9	12	12	15	18	20	22	21	21	29	38	43	44
Profit before tax	7	21	27	32	35	37	32	9	39	53	68	109	126
Net Profit	7	19	22	27	27	21	20	7	33	40	49	83	95
EPS in Rs	0.32	0.88	1.03	1.29	1.27	0.98	1.54	0.54	2.46	2.96	3.62	6.07	6.90
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	15%	12%	7%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	21	21	21	21	21	0.00	13	13	13	13	14	14	14
Reserves	116	135	163	183	210	280	301	308	348	393	438	828	873
Borrowings	110	85	68	94	91	114	108	137	190	268	305	280	274
Other Liabilities	66	90	93	124	130	160	159	130	145	207	191	221	255
Total Liabilities	313	331	345	422	452	555	581	589	697	882	948	1,343	1,416
Fixed Assets	236	239	249	283	309	381	387	372	476	584	699	729	780
Gross Block	293	309	331	297	341	434	461	464	585	716	858	914	–
Accumulated Depreciation	57	70	82	15	33	53	74	92	109	133	159	185	–
CWIP	0	0	1	27	43	49	56	81	64	95	33	40	37
Investments	0	0	0	0	0	0	2	4	6	12	15	15	15
Other Assets	77	91	94	112	100	124	137	132	152	192	200	559	584
Total Assets	313	331	345	422	452	555	581	589	697	882	948	1,343	1,416

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	45	53	20	58	72	41	56	27	61	129	108	139
Cash from Investing Activity	-12	-10	-14	-74	-67	-50	-22	-34	-106	-153	-90	-388
Cash from Financing Activity	-21	-35	-24	19	-10	14	-33	13	44	30	-26	277
Net Cash Flow	11	7	-18	3	-4	5	2	6	-2	7	-8	28

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	41	39	49	48	40	52	50	48	47	43	36	37
Inventory Days	26	26	21	19	–	–	–	–	–	–	–	–
Days Payable	237	195	189	187	–	–	–	–	–	–	–	–
Cash Conversion Cycle	-171	-129	-120	-120	40	52	50	48	47	43	36	37
Working Capital Days	-70	-59	-31	-44	-53	-51	-36	-35	-25	-45	-29	-29
ROCE %	8%	14%	15%	16%	15%	14%	11%	4%	10%	11%	14%	15%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025
Promoters	68.91%	68.91%	68.03%	68.03%	68.03%	68.03%	67.51%	67.17%	67.17%	67.17%	66.53%	66.53%	58.42%
FIIs	0.00%	0.00%	0.07%	0.09%	0.11%	0.10%	0.16%	0.21%	0.65%	0.31%	0.24%	0.37%	12.48%
DIIs	1.15%	1.37%	1.41%	1.51%	1.96%	2.61%	3.45%	3.60%	4.51%	5.04%	4.76%	4.27%	3.35%
Public	22.65%	22.43%	23.30%	23.18%	22.72%	22.08%	21.76%	21.93%	20.59%	20.39%	21.45%	21.81%	19.58%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Artemis Medicare Services Files SEBI Compliance Certificate for Q4 FY26

6th April 2026, 9:42 pm

Artemis Medicare Services Ltd. announces trading window closure

30th March 2026, 9:15 pm

Artemis Medicare Services to Participate in Investor Conference

17th March 2026, 10:50 pm

Artemis Medicare Services Opens Special Window for Physical Securities Transfer

17th March 2026, 7:35 pm

Artemis Medicare Services Ltd. Announces Strategic Agreement to Operate 650+ Bed VIMHANS Hospital in South Delhi

20th February 2026, 8:29 pm

Published by Other Websites

External media mentions & references

Analysts Bullish on Hospital Stocks: Expansion, Demand Fuel Growth Outlook

5th April 2026, 10:53 pm

Iran War Threatens India Medical Tourism; Bangladesh Ties Offer Hope

10th March 2026, 9:02 am

Artemis Medicare's Rs 700 Cr QIP Fuels Aggressive Hospital Expansion

2nd March 2026, 12:22 pm

Artemis Medicare Target: Brokerage Sees 45% Upside

12th February 2026, 11:31 am

Hospital Stocks Sentiment Hit, But Operations Unscathed, Says InCred's Khemka

11th February 2026, 1:55 pm

News Articles

Editorial & research coverage

Artemis Medicare Target: Brokerage Sees 45% Upside

12th February 2026, 11:31 am

Artemis Medicare Expands Capacity, Analyst Sees 60%+ Upside

4th February 2026, 10:49 am

FIIs Bet on Growth Amidst Outflows: Banks, Hospitals, Marine Lead Picks

29th January 2026, 6:42 am

Artemis Medicare Gears Up for Q3 Results, Major Fundraise Ahead

Artemis Medicare Plans Major Expansion, Seeks INR 700 Cr Funding

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

1d - Certificate under Reg 74(5) for quarter ended 31-Dec-2025 confirming dematerialisation of physical shares.

Closure of Trading Window

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

17 Dec - Of allotment of 1,05,750 equity shares of face value of INR 1/- each against exercise of vested options under Artemis Medicare Management Stock Option Plan-2021

Report On Transfer Requests Of Physical Shares Re-Lodged Under The Special Window

8 Dec - No transfer requests re-lodged or processed during Nov 1–30, 2025 SEBI special window.

Announcement under Regulation 30 (LODR)-Newspaper Publication

18 Nov 2025 - Newspaper Publication for opening of the Special Window for re-lodgement of transfer requests of physical shares