Artemis Medicare Q1 FY27: consolidated PAT +48% YoY on margin expansion to 19.6% OPM

Artemis Medicare's consolidated Q1 FY27 (quarter ended June 30, 2026) print is a clean beat on both lines and on margin trajectory. Consolidated revenue rose 12.7% YoY to ₹287.32 Cr (up 2.9% QoQ from ₹279.23 Cr), while consolidated PAT jumped 48.3% YoY to ₹31.44 Cr (+3.8% QoQ from ₹30.28 Cr) — with no exceptional items in either the current or year-ago quarter, so the reported and adjusted growth numbers are identical. Standalone tells a very similar story: PAT of ₹31.05 Cr, up ~45.0% YoY, a divergence of roughly 3 points from the consolidated pace, explained by the Cardiac Care subsidiary's incremental contribution rather than any accounting distortion. The entire beat sits on the margin line. Consolidated OPM (EBITDA/revenue, computed as revenue less operative, employee and other expenses) expanded to 19.6% from 16.2% a year ago and 18.5% last quarter; NPM improved to 10.7% from 8.1% YoY. That is notable against management's own May 2026 guidance, which had flagged a temporary 1–1.5% consolidated EBITDA margin drag and an initial ₹18–20 Cr loss from the new Raipur facility ramping up in Q1 FY27 — none of that drag shows up in this quarter's numbers; margins moved the opposite way. One caveat: the Raipur hospital (Artemis Shanti) was formally launched only on July 9, 2026, after this quarter's June 30 close, even though Annexure A already counts ~300 Raipur beds as existing capacity — so the guided margin hit may simply not have hit the P&L yet rather than having been avoided. Management had separately guided the flagship Gurugram hospital to grow revenue 15–17%; the filing gives no city/hospital-level revenue split, so that specific claim can't be directly verified, and total consolidated revenue growth of 12.7% runs below that band regardless. We found no Q1 FY27-specific street estimates for revenue or PAT in a search of brokerage previews — coverage exists (an Anand Rathi-hosted call is set for August 4, and full-year FY26-27 consensus points to ~30.6% earnings and ~20.3% revenue CAGR per Simply Wall St) but no pre-print quarterly number, so vsStreet is unknown rather than assumed. No separate management press release was available in the context to cross-check framing. The same board meeting also approved a Tower IV expansion at the Gurugram flagship — 200+ beds for quaternary pediatric and advanced gynecology/women's health care, ~₹160–180 Cr over ~2 years funded via internal accruals and debt — consistent with the previously guided 800-to-2,000+ bed roadmap through FY29. Gurugram flagship utilization stood at 65.7% in Q1 FY27, the base management is expanding against. Going into Q2 FY27, the two things to watch are whether the Raipur margin drag guided for this quarter shows up next quarter instead, and whether Tower IV capex execution and funding mix (accruals vs. debt) tracks the ₹160–180 Cr, ~2-year plan.