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.

The stock went into the print at ₹302.2, up 15.8% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Consolidated basic EPS ₹1.98 (not annualised) vs ₹1.35 YoY and ₹1.90 QoQ

Subsidiary Artemis Cardiac Care contributed ₹0.38 Cr PAT on ₹5.32 Cr revenue — non-controlling interest share of consolidated PAT was ₹0.13 Cr

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.