Whalesbook
Achanak kaise bhaga profit?
Yaar, company ne FY26 ka end zabardast kiya hai. Profit toh ekdum 77.4% jump kar gaya, pichle saal ke ₹79 Crore se ₹140.2 Crore tak pahunch gaya. Aur revenue bhi 18.2% badh kar ₹1,182.4 Crore ho gaya. Iske peeche ka reason hai EBITDA mein 21.1% ki tezi, jo ₹232.6 Crore par pahunch gaya aur margin 20% ho gaya.
Apne core hospital business mein bhi sab badiya chal raha hai, operational EBITDA margins 23.1% tak pahunch gaye hain. Agar Quality Care India Ltd. ko mila dein, toh revenue ₹2,361 Crore ho gaya (jo 18% up hai) aur operating EBITDA 25% badh kar ₹517 Crore ho gaya, jiska margin 21.9% hai.
Kya kya chalaya?
Is growth ka main reason hai patient volumes mein 15% ka rise (OPD 15%, IPD 7%) aur average inpatient revenue bhi 9% badh kar ₹1,25,234 ho gaya. Medical Value Travel (MVT) se revenue 41% bhaga, specially Kerala mein 51% ki growth dikhi. Aster Labs ne bhi dhamaal machaya, revenue 18% up aur EBITDA 181% jump kar gaya!
Merger ka kya scene hai?
Quality Care India Ltd. ke saath merger pe bhi kaam chal raha hai. Blackstone aur TPG ne 3.6% stake liya hai. CCI, stock exchanges, shareholders sabki approvals mil gayi hain. Bas National Company Law Tribunal (NCLT) ka final order aana baaki hai, jiske baad FY2027 ke pehle quarter tak yeh deal complete ho jayegi. Yeh merger hone ke baad India ke sabse bade hospital groups mein se ek ban jayega, jismein 38 hospitals aur 10,300+ beds honge. Company 10-15% EBITDA synergies bhi expect kar rahi hai.
Lekin ek chinta bhi hai...
Sab kuch itna achha hone ke baad bhi, investors ko ek badi chinta hai – valuation. Aster DM Healthcare ka P/E ratio 94x se 120x ke beech hai, jo competitors jaise Apollo Hospitals (60-77x), Fortis Healthcare (65-74x) aur Max Healthcare (67-70x) se kaafi zyada hai. Iska matlab hai ki market abhi se future growth aur merger ke benefits ko price mein pakad kar chal raha hai.
Stock 0.79% badh kar ₹705.00 par close hua. Analysts ne price target ₹710-₹775 diya hai, lekin unhone regulatory issues aur badhti competition ko bhi dhyan mein rakhne ko kaha hai. Thoda core hospital business ka operating EBITDA margin bhi kam hua hai (23.1% se 24.3%). Isliye investors ko is high valuation par nazar rakhni hogi.