Listed hospital groups running multi-specialty and super-specialty hospitals - beds, ICUs, operating theatres and doctors - across metros and tier-2 cities.
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Krishna Institute of Medical Sciences (KIMS Hospitals)Operator · HighListed
Jupiter Life Line HospitalsOperator · HighListed
Yatharth Hospital & Trauma Care ServicesOperator · HighListed
Paras HealthcareOperator · HighListed
Park Medi WorldOperator · HighListed
Aster DM Quality Care (ASTERDM)
Merged hospital group (Aster DM Healthcare + Blackstone-backed Quality Care India, effective 1 Jul 2026) running Aster, CARE Hospitals, KIMSHEALTH and Evercare across south and central India
Price
₹713.00
snapshot 6 Nov 2026
Strengths
Merger creates one of India's three largest chains (~10,600 beds per ICICI Securities) with a 15,000-bed target by FY30
Strong positions in Kerala, Karnataka, Hyderabad and Andhra Pradesh
Gulf business was separated in 2024, leaving a pure India hospital play
Risks
Integration of four brands and two management teams
Blackstone and the founding family share control - board and governance transitions
New-bed ramp-up and acquisition goodwill
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹62,129 Cr
Stock P/E
172.0x
Div Yield
0.42%
ROCE
11.6%
ROE
11.3%
P/B
8.8x
Revenue growth
+12.2%FY26
Profit growth
−92.1%FY26
Net margin
9.2%FY26
1Y vs Nifty
+6 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
10,253FY22
2,994FY23
3,699FY24
4,138FY25
4,643FY26
Stock price return · as of 6 Nov 2026
1Y price return
+4%
3Y CAGR
+29%
5Y CAGR
+30%
Trend59th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 20% below its high
Note: Figures before Jul 2026 are Aster DM Healthcare alone; the Quality Care merger took effect on 1 Jul 2026
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Owns or operates hospitals and turns beds into revenue: admits patients for surgery and complex care (cardiac, oncology, neuro, ortho, renal, transplants), runs outpatient clinics, in-house pharmacies and labs, and bills insurers, government schemes and cash patients. Most chains grow through brownfield bed additions, new greenfield hospitals and acquisitions of regional hospitals.
Why it matters
This is where most of India's healthcare spending is earned and where returns compound: a mature hospital fills its beds, raises its average revenue per occupied bed (ARPOB) with high-acuity work and earns 25%+ EBITDA margins with little extra capital. Listed chains hold only about a fifth of the market (Crisil), so they keep taking share from standalone and trust hospitals.
Where the value pool sits
Crisil (in the Manipal RHP) sizes healthcare delivery at ~₹7L Cr in FY25, growing 10-12% a year to ₹11.2-12.2L Cr by FY30, with inpatient care at 71-72% of value. ICRA (Jul 2026) expects its listed sample to grow revenue 13-15% in FY27 on 6-8% ARPOB growth. Mature metro hospitals earn 25-30% EBITDA margins; new hospitals lose money for 2-3 years before breaking even.
Key drivers
Low bed density - about 16 beds per 10,000 people (Crisil), far below global norms
Insurance penetration and GST-free retail health policies (Sep 2025) widen the paying base
CGHS rate revision (Oct 2025) and PM-JAY expansion to everyone aged 70+ (Oct 2024)
Shift to high-acuity specialties (oncology, transplants, robotic surgery) and medical tourism