Artemis Medicare Services Ltd(ARTEMISMED)

NSE: ARTEMISMEDBSE: 542919

₹ 278.9-6.35%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,415 crWebsite: www.artemishospitals.comUpdated: 24 Oct 2026

About

Artemis Medicare Services Ltd is a tertiary and quaternary multi-specialty hospital operator founded in 2007, operating primarily from its flagship 700-bed super-specialty hospital in Gurugram (Delhi-NCR) with additional cardiac centres, spoke units, and an overseas management platform in Mauritius. Artemis holds JCI and NABH accreditation and serves patients from over 52 countries, positioning it as a significant player in India's medical-value-travel segment.^[1][2][3]

Business segments

Healthcare services (multi-specialty hospital activities) account for 99.56% of the company's turnover in FY26, with international patients (exports) contributing 19.87% of total turnover.^[1]
The flagship Gurugram hospital is the dominant revenue driver; standalone Gurgaon revenue grew 15.4% YoY to INR 27,849 Lacs in Q1 FY27.^[4]
Smaller spoke platforms - Artemis Lite, Daffodils, and Artemis Cardiac Centers - operate on asset-light and hub-and-spoke models and contribute the remainder of consolidated revenue.^[1]

Operations and facilities

The Gurugram flagship hospital has 700 beds across more than 40 specialties and 14 Centers of Excellence, with 544 operational beds as of Q1 FY27.^[1][4]
Artemis operates 5 Cardiac Centers in Panipat, Ranchi, Patna, Bikaner, and Ludhiana, plus 1 Artemis Lite centre and 1 Daffodils centre in New Delhi.^[1]
Artemis Curepipe Hospital (80 beds) in Mauritius was operational in FY24 and had turned profitable by FY26; Artemis Cascavelle Hospital (110 beds, Mauritius) commenced operations in April 2026.^[5][4]
Artemis Shanti Hospital in Raipur (300 beds) opened OPD on 9 July 2026 and operating theatres/cath labs on 27 July 2026, marking the company's first footprint in Central India.^[4]
Artemis holds JCI and NABH accreditation, a DSIR-recognised research foundation, and a Platinum Green Building Certification (received Q3 FY26) entitling a 15% FAR increase at the Gurugram campus.^[1][3]
As of 31 March 2026 the company employed 2,055 staff including doctors, nurses, allied health professionals, and administrative personnel.^[1]

Key operating metrics

Gurgaon ARPOB reached INR 85,690 in Q1 FY27 (+7.4% YoY), vs INR 84,571 in Q4 FY26 (+7.3% YoY) and INR 82,435 for full-year FY26 (+7.8% YoY); 3-year CAGR exceeds 9%.^[4][5]
Gurgaon occupancy was 65.7% in Q1 FY27 (+443 bps YoY), up from 64.6% in Q4 FY26 and 63.0% for FY26.^[4][5]
Gurgaon inpatient volumes were 9,181 in Q1 FY27 (+11.4% YoY) and 34,428 for full-year FY26 (+9.6% YoY).^[4][5]
Average length of stay (Gurgaon) was 3.54 days in Q1 FY27, down from 3.63 days in Q4 FY26 and 3.6 days in Q3 FY26, reflecting efficiency gains.^[4][5][3]
Consolidated EBITDA margin was 21.5% in Q1 FY27 (+256 bps YoY); Gurgaon standalone EBITDA margin was 22.1% (+160 bps YoY) in the same period.^[4]

Payor and case mix

International patients contributed approximately 27% of revenues in Q1 FY27, down from ~32% in Q2 FY26 and ~34% in Q3 FY26, due to West Asian flight disruptions; management targets recovery to ~30% in Q2 FY27.^[4][3][6]
Artemis serves patients from over 52 countries, adding 2-3 new source countries each year, with key geographies in the Middle East, Africa, CIS, and SAARC.^[3]
Management has deliberately reduced government scheme volumes and exited low-ticket government business to shift payer mix toward cash and TPA, with impact visible from Q4 FY26.^[3]
Case mix is shifting toward quaternary procedures - including transplants, complex oncology, heart-lung transplants (programme launched Q3 FY26), and high-end robotic surgeries - driving ARPOB premiums.^[4][3]

Customers and distribution

Customer segments include retail domestic patients, corporate clients, insurance companies, empanelled customers, and international patients seeking advanced multi-specialty care.^[1]
Artemis introduced a 5G-enabled ambulance service for real-time data transmission and remote monitoring, and expanded into train and air ambulance services to broaden patient access.^[1]

Expansion and capex

Gurgaon Tower IV (200+ beds, pediatric and women's quaternary care focus) approved August 2026; capex ~INR 120 Cr (INR 55 lakhs/bed including parking); timeline 18-22 months from Q1 FY27.^[4][7]
South Delhi (VIMHANS site) 650-bed super-specialty hospital: MSA executed in FY26, MCD demolition approval being sought; 450-bed phase 1 targeted for FY2029 with Artemis capex of ~INR 500 Cr (interiors and equipment; land owned by trust), major spend from mid-FY28.^[5]
Total capex of approximately INR 800 Cr over the next three years covers Raipur (~INR 120 Cr), VIMHANS (~INR 350-360 Cr), Tower IV (~INR 120 Cr), multi-level parking (~INR 70-80 Cr), and replacement capex (~INR 100-120 Cr), plus INR 250 Cr VIMHANS deposit (INR 130 Cr already paid).^[4]
Raipur expected to generate approximately INR 20 Cr operating loss during ramp-up, with breakeven in 15-18 months from its July 2026 opening; insurance empanelment targeted within 8-10 weeks of opening.^[4]

Recent developments

Artemis Shanti Hospital, Raipur (300 beds) became operational in July 2026 - OPD on 9 July, operating theatres and cath labs on 27 July - the company's first Central India facility.^[4]
Board approved an enabling resolution for an INR 700 Cr fundraise via QIP and/or preferential allotment (shareholder approval obtained); execution expected in 6-8 months from Q1 FY27, contingent on brownfield asset finalisation.^[4][3]
Artemis Cascavelle Hospital (110 beds, Mauritius) announced and commenced operations in April 2026, extending the overseas management platform alongside the profitable Curepipe hospital.^[4][5]
Tower IV expansion at Gurugram formally approved and disclosed to stock exchanges on 3 August 2026, funded from the company's own resources.^[7]
Daffodils Gurgaon unit was absorbed into the main hospital's tower numbers during FY26; Jaipur centre was closed; remaining smaller centres are being assessed for consolidation to improve efficiency.^[3][4]

Market Cap

₹4,415 Cr

High / Low

₹378 / 203

Stock P/E

41.4

Price / Book

5.2

Book Value

₹59

EPS

₹6.5

No. of Shares

15.83 Cr

ROCE

14.6%

ROE

11.7%

OPM

15.3%

Debt / Equity

0.24

Sales

₹1,081 Cr

Net Profit

₹104 Cr

Promoter holding

58.4%

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