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Swing Capital

Aster DM Healthcare Ltd

NSE: ASTERDM BSE: 540975Healthcare

Aster DM Healthcare Limited is one of the largest integrated private healthcare service providers operating in GCC (Gulf Cooperation Council) countries and an emerging player in India. With an inherent emphasis on clinical excellence, it is one of the few entities in the world with a strong presence across primary, secondary, tertiary and quaternary healthcare. [1]

₹758
52W: ₹519 — ₹770
PE 120 · Book ₹84.3 · +799% vs book
Market Cap₹39,292 Cr
Stock P/E120Price to Earnings
ROCE10.8%Return on Capital
ROE8.94%Return on Equity
Div. Yield0.67%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 46.7% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 67.4%
  • +Company has been maintaining a healthy dividend payout of 1,294%
  • +Company's median sales growth is 30.3% of last 10 years

Weaknesses

  • −Stock is trading at 8.86 times its book value
  • −Promoters have pledged 40.7% of their holding.

Shareholding Pattern

Promoters40.39%
FIIs17.18%
DIIs27.57%
Public14.61%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters41.88%41.88%41.88%41.89%▲0.040.39%▼1.540.39%40.39%40.39%
FIIs27.08%23.86%▼3.222.62%▼1.221.66%▼1.019.64%▼2.018.72%▼0.918.46%▼0.317.18%▼1.3
DIIs16.35%20.91%▲4.622.91%▲2.024.58%▲1.725.28%▲0.726.32%▲1.026.12%▼0.227.57%▲1.4
Public14.38%13.05%▼1.312.3%▼0.811.6%▼0.714.45%▲2.814.33%▼0.114.8%▲0.514.61%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales524546566605576574613682666655
Expenses433446464476465459480532537517
Operating Profit92100101129111115134150129138
OPM %17%18%18%21%19%20%22%22%19%21%
Net Profit53-86,008905061811055527
EPS ₹1.06-0.16120.281.811.221.562.021.060.53

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,616Cr, up 12.8% YoY. OPM at 21%.

Debt Position

Borrowings at ₹1,347Cr. Debt-to-equity ratio: 0.35x. Healthy balance sheet.

Capex Cycle

CWIP at ₹160Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 27.57% (+18.95pp change). FIIs: 17.18% (-21.64pp change). Promoters hold 40.39%.

Margin & Efficiency

ROCE improving from -5% (Mar 2015) to 11% (Mar 2026). Working capital days: -34.

Valuation

PE 120x with 10.8% ROCE. Price is 799% above book value of ₹84.3. Dividend yield: 0.67%.

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