Artemis Medicare Services Ltd
ARTEMISMEDArtemis Medicare Services Ltd's price has outrun its earnings. +44.2% in a year against EPS +9.2% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +44.2% in a year while annual EPS moved +9.2% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (15 weeks in) while the P/E sits at the 70th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +47.6% year on year, and 169% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Artemis Medicare Services Ltd trades at ₹345, in a confirmed uptrend and 15 weeks into that stage. That is +25.7% against its own 200-day average. It sits at 100% of a 52-week range of ₹216 to ₹345. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks.
Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹345 it trades +25.7% versus its 200-day average and sits at 100% of its 52-week range (₹216–₹345).
Against the market, two honest reads. Cumulative: over the last 6.6 years the stock moved +1,427% while the NIFTY 500 moved +128% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 7 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Artemis Medicare Services Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION with PEAK_MARGIN_VALUE_TRAP risk. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. Gurgaon is converting higher utilization and specialty mix into operating leverage, while Raipur creates a new demand platform; the case is a PEAK_MARGIN_VALUE_TRAP unless current margins prove durable through the ramp, and it remains constrained by execution and repeated changes to capital-plan guidance.
What is proven. Gurgaon is converting higher utilization and specialty mix into operating leverage, while Raipur creates a new demand platform; the case is a PEAK_MARGIN_VALUE_TRAP unless current margins prove durable through the ramp, and it remains constrained by execution and repeated changes to capital-plan guidance.
What is not proven yet. The thesis breaks if Gurgaon occupancy does not progress toward management’s stated 70% Q2 FY27 target while consolidated operating margin falls materially through the Raipur ramp, because that would show the claimed fixed-cost leverage is not offsetting new-capacity losses.
🚨 What would change our mind. The thesis breaks if Gurgaon occupancy does not progress toward management’s stated 70% Q2 FY27 target while consolidated operating margin falls materially through the Raipur ramp, because that would show the claimed fixed-cost leverage is not offsetting new-capacity losses.
Layer 1 read, 22 August 2026 — KEEP. One hospital filling up doubled profit in three years — now management says the margin goes down. Artemis runs one large Gurugram hospital that has been getting steadily busier: revenue rose in eleven of the last twelve quarters, operating margin went from 15% to 20%, and profit per share doubled from Rs 1.00 to Rs 1.98, with the latest quarter's profit up 47.6% on revenue up only 12.5%. There is more room — beds are only 65.7% full against a 70% target. But the company has told investors that next year's margin will be one to one-and-a-half points lower because the new Raipur hospital will lose Rs 18-20 Cr while it fills, and its published dates for Raipur, its debt ceiling and its Vimhans budget have all moved at least once.
What would change Layer 1’s mind. The Timeline says the thesis breaks if Gurgaon occupancy fails to progress toward 70% while consolidated margin falls materially through the Raipur ramp. Sharpened to this layer: the September-2026 quarter printing Gurgaon occupancy below 68% AND consolidated operating margin below 17% would show the fixed-cost leverage is NOT absorbing the new-hospital losses, which is precisely the mechanism the whole case rests on — that flips this to a DROP. The other direction is equally specific…
Layer 2 read, 22 August 2026 — ADVANCE. Hospital demand and falling sector capex offset Artemis' peak-margin risk. The current operating margin sits above the modelled normal level, and management expects Raipur to lower consolidated margin [C003, ⚠ model context]. Against that, the hospital timeline reports a demand TAILWIND and Stream F shows supply withdrawal while institutions are absent, so the external test supports ADVANCE with caution.
What would change Layer 2’s mind. If the hospital sector's clean-base profit keeps falling while sector margins roll down, and Artemis misses the 70% Gurgaon occupancy target as consolidated margin falls, ADVANCE would flip to DROP.
Layer 3 read, 22 August 2026 — BENCH. The core hospital is improving, but falling margins and moving project promises make waiting safer. Management says Gurgaon scale is lifting margins, but it also guides FY27 consolidated margin lower because of Raipur startup losses. The external sweep found no acute legal event, yet Timeline R2 aligns with repeated changes to Raipur timing, peak debt and Vimhans costs, so the stock stays on BENCH.
What would change Layer 3’s mind. A quarter that reaches the stated Gurgaon occupancy target while holding the margin decline within management's guided range would flip BENCH to DEPLOY.
The test written in advance. The thesis breaks if Gurgaon occupancy does not progress toward management’s stated 70% Q2 FY27 target while consolidated operating margin falls materially through the Raipur ramp, because that would show the claimed fixed-cost leverage is not offsetting new-capacity losses. — the thesis as written as stated by the next result.
What the company does. The latest quarter extended revenue and profit growth while operating margin reached the top of its observed band. Management attributes the margin bridge to Gurgaon scale, complex-care mix, and cost efficiency, but normalized valuation remains materially higher than trailing valuation. Raipur is now operating, making occupancy, insurance empanelment, losses, and clarity on further capital deployment the next evidence set.
🚨 What the surface reading misses. The surface reading is: The trailing valuation looks moderate because the current earnings denominator is elevated. The research reads it further: Operating margin is above the normalized margin used by the deterministic bridge, so current EPS contains a margin premium. The operating-leverage explanation may be structural, but that must be demonstrated through the new-capacity ramp.
🚨 What the surface reading misses. The surface reading is: The latest fiscal-year cash conversion is lower than the three-year aggregate. The research reads it further: Cash has been reinvested during a growth phase, while debtor days in the deterministic cash decomposition remain below the long-window starting point.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Artemis Medicare Services Ltd reported ₹287 Cr of revenue in the Jun 26 quarter, +12.5% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 10.4% a year. The last full year, FY26, came in at ₹1,081 Cr. The last four reported quarters add to ₹1,113 Cr.
FY26 revenue came in at ₹1,081 Cr (+15.4% on the year), capping 10 years at 10.4% compound. The latest quarter (Jun 26) printed ₹287 Cr, +12.5% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +15.0% growth against the decade's 10.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +15.0% over the last 4 quarters against +11.7%/yr over the last 8 — accelerating; TTM profit +29.9% vs +40.8%/yr — rolling over.
FY26-Q4. revenue ₹279 Cr and profit ₹30 Cr as reported.
FY27-Q1. revenue ₹287 Cr and profit ₹31 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Artemis Medicare Services Ltd's operating margin is 20.0% in the Jun 26 quarter, +4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 9.0% to 17.0%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 20.0%, +4.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–17.0%, and FY26's 17.0% is the top of that band — a record year.
Why the margin moved: operating margin went +3.4 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹279 Cr and profit ₹30 Cr as reported.
FY27-Q1. revenue ₹287 Cr and profit ₹31 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Artemis Medicare Services Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, +47.6% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹104 Cr. The 10-year compound rate is 16.8%. That is 10.8% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.
Jun 26 profit was ₹31.0 Cr, +47.6% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹104 Cr (+26.8%), and the 10-year compound rate is 16.8%.
Why profit moved: revenue contributed +12.5% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +29.8% vs revenue +15.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹279 Cr and profit ₹30 Cr as reported.
FY27-Q1. revenue ₹287 Cr and profit ₹31 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 169% of Artemis Medicare Services Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹132 Cr of operating cash against ₹104 Cr of profit. After ₹96.0 Cr of capital spending, ₹36.0 Cr was left as free cash.
FY26: operating cash of ₹132 Cr against reported profit of ₹104 Cr, leaving free cash of ₹36.0 Cr after ₹96.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 169% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 169%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: the bigger cash user is investment — capital spending ran 2.0× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Artemis Medicare Services Ltd's cash conversion cycle runs 40 days in FY26, down from 49 days in FY21. Capital spending ran ₹266 Cr over the last 3 years. At FY26 sales of ₹1,081 Cr each day of that cycle holds about ₹3.0 Cr, so roughly ₹118 Cr sits inside the business at any moment.
Why this happened. Management describes future specialty capacity and a larger network target, but both project timing and capex framing have changed. The value-chain climb is conditional on specialty capacity translating into operating throughput rather than only higher construction spend.
FY26: debtors at 40 days (an asset-light business — no inventory to speak of) — for a full cycle of 40 days, tighter than FY21's 49.
In money terms: at FY26 sales of ₹1,081 Cr, each day of the cycle holds about ₹3.0 Cr — so the 40-day loop keeps roughly ₹118 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹266 Cr over the last 3 fiscal years against ₹133 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹29.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Artemis Medicare Services Ltd earns a ROCE of 15% in FY26. That is up from a trough of 4% in FY21. Return on invested capital clears the cost of that capital by −2.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 9.6% net margin on 0.76× asset turns.
FY26 ROCE is 15%, recovered from a FY21 trough of 4% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 9.6% net margin × 0.76× asset turns × 1.53× balance-sheet leverage ≈ 11.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 10.0% − 12.0% = a −2.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Artemis Medicare Services Ltd carries total debt of ₹262 Cr against shareholder equity of ₹941 Cr as of Mar 26, a debt-to-equity of 0.28 — effectively unlevered. On the annual view that ratio went from 0.56 in FY22 to 0.28 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹262 Cr against shareholder equity of ₹941 Cr — a debt-to-equity of 0.28. On the annual view, debt-to-equity went from 0.56 (FY22) to 0.28 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions added 12.1 points of Artemis Medicare Services Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 12.3% of the company. Promoters moved −9.1 points over the same window, to 58.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +12.1 points over 8 quarters to 12.3%; Promoters: −9.1 points over 8 quarters to 58.4%; Domestic institutions: −1.1 points over 8 quarters to 2.4%.
Why the register moved: foreign institutions drove it (+12.1 points), absorbed on the other side by promoters (−9.1 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Artemis Medicare Services Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Artemis Medicare Services Ltd trades at 47.1× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 38.0×, measured across 6.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 47.1× is at the pricey end of its own range (70th percentile), against a long-run median of 38.0× measured over 6.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +9.2% against a +44.2% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +56.5%/yr price move, ~+37.8%/yr came from earnings growth and ~+18.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 24 August 2026 price, Artemis Medicare Services Ltd was paying for profit growth of about 26.4% a year. Profit itself has compounded 16.8% a year over the past 10 years. Today the market pays 47.1× P/E, the 70th percentile of its own 6-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is above what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 24 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Artemis Medicare Services Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +57.4% at its peak to +29.9% but is still expanding, ROCE holding at 14.1%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +15.4% | +13.6% | +21.5% | +10.4% |
| Profit | +26.8% | +39.9% | +76.9% | +16.8% |
| EPS | +9.2% | +31.5% | +68.0% | +20.3% |
| Share price | +44.2% | +36.6% | +56.5% | — |
4-Factor Sector Score
72.8/100 — rank 2 of 19 in Hospitals · 100% evidence confidence
Artemis Medicare Services Ltd scores 72.8 out of 100 against the 19 companies it is compared with in Hospitals, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 26.7 + 13.3 + 13.8 + 19 = 72.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Artemis Medicare Services Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
🚨 Raipur Commissioning Slipped Beyond Q1 FY27 · 4 August 2026. In February 2026, management targeted April-May 2026, and in May 2026 it reiterated that Raipur was on track to commence in Q1 FY27. The latest call places the OPD launch on July 9 and theater and cath lab operations on July 27, a material slippage beyond the stated Q1 target without explaining the delay.
Vimhans Capex Estimate Reduced · 4 August 2026. In May 2026, management estimated INR 500 crores for the 650-bed Vimhans facility. In the latest call, management assigned only INR 350 to 360 crores to Vimhans, a roughly 28% to 30% reduction, without reconciling whether the project scope, phasing, or capex definition changed.
Peak Debt Guidance Reversal Post-QIP · 11 May 2026. In the Nov 2025 call, prior to any equity raise, management guided peak debt at up to 350 crores. After announcing the 700 crore QIP in the Feb 2026 call, management explicitly revised peak debt down to 250-280 crores, implying the equity proceeds would directly reduce borrowing needs on all projects. In the May 2026 call, however, peak debt for just the announced Raipur and South Delhi projects is guided back up to approximately 350 crores, negating the post-QIP debt reduction commitment without clear explanation.
Raipur Capex Declared Complete Then Revised Higher · 11 May 2026. In the Feb 2026 call, management explicitly stated the Raipur facility capex was fully done and finalized at 100 crores for 300 beds. In the May 2026 call, the same 300-bed facility is now cited at 110-120 crores, a 10-20% increase over a figure that had been presented as a settled and completed number, with no explanation provided for the cost escalation.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1KMC Speciality Hospitals (India) Ltd524520 | 78.8/100Favorable setup82% evidence | LEADER | 32.5/35 Revenue 35.1% · PAT 100% · OPM change 6 pp 95% evidence | 20.6/25 ROCE 26.2% · OPM 31% 76% evidence | 11.2/20 P/E 40.5× · PEG — 50% evidence | 14.5/20 RS sector 31.1% · RS bench 48% · 1Y 103.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 32.5 + 20.6 + 11.2 + 14.5 = 78.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Artemis Medicare Services Ltdthis pageARTEMISMED | 72.8/100Favorable setup100% evidence | LEADER | 26.7/35 Revenue 15% · PAT 29.9% · OPM change 4 pp 100% evidence | 13.3/25 ROCE 14.6% · OPM 20% 100% evidence | 13.8/20 P/E 47.1× · PEG 1.09 100% evidence | 19.0/20 RS sector 17.3% · RS bench 33.5% · 1Y 51.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 13.3 + 13.8 + 19 = 72.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Sakar Healthcare LtdSAKAR | 68.6/100Favorable setup87% evidence | LEADER | 31.9/35 Revenue 43.9% · PAT 71.4% · OPM change 5 pp 95% evidence | 10.8/25 ROCE 12.4% · OPM 29% 95% evidence | 6.5/20 P/E 71.4× · PEG — 50% evidence | 19.4/20 RS sector 77.4% · RS bench 98.9% · 1Y 248.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.9 + 10.8 + 6.5 + 19.4 = 68.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Apollo Hospitals Enterprise LtdAPOLLOHOSP | 62.9/100Mixed-positive evidence82% evidence | LEADER | 23.8/35 Revenue 17.2% · PAT 33.2% · OPM change 1 pp 95% evidence | 14.8/25 ROCE 17.4% · OPM 16% 76% evidence | 12.8/20 P/E 60.4× · PEG — 50% evidence | 11.5/20 RS sector -0.4% · RS bench 13.5% · 1Y 13.2%8 of 12 weeks ahead 100% evidence |
| Exact sum: 23.8 + 14.8 + 12.8 + 11.5 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Dr Agarwals Eye Hospital LtdDRAGARWQ | 61.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 22.2/35 Revenue 20.1% · PAT 31.6% · OPM change -2 pp 100% evidence | 17.9/25 ROCE 17.4% · OPM 30% 100% evidence | 11.9/20 P/E 33.6× · PEG 1.41 100% evidence | 9.4/20 RS sector -4% · RS bench 6.3% · 1Y 17.9%2 of 9 weeks ahead 70% evidence |
| Exact sum: 22.2 + 17.9 + 11.9 + 9.4 = 61.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Kovai Medical Center & Hospital LtdKOVAI | 57.7/100Mixed-positive evidence100% evidence | BREAKING OUT | 19.7/35 Revenue 15% · PAT 15.8% · OPM change 1 pp 100% evidence | 18.6/25 ROCE 22.6% · OPM 29% 100% evidence | 9.9/20 P/E 26.5× · PEG 1.7 100% evidence | 9.5/20 RS sector -4.9% · RS bench 8.6% · 1Y 0.9%9 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.6 + 9.9 + 9.5 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Rainbow Childrens Medicare LtdRAINBOW | 55.5/100Mixed-positive evidence100% evidence | LEADER | 18.3/35 Revenue 18.3% · PAT 12.4% · OPM change 0 pp 100% evidence | 17.6/25 ROCE 17.4% · OPM 29% 100% evidence | 8.2/20 P/E 51.2× · PEG 2.97 100% evidence | 11.4/20 RS sector -3.5% · RS bench 10% · 1Y -4.3%10 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 17.6 + 8.2 + 11.4 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Global Health LtdMEDANTA | 55.4/100Mixed-positive evidence100% evidence | LEADER | 11.8/35 Revenue 21.3% · PAT 3.4% · OPM change -2 pp 100% evidence | 15.2/25 ROCE 17.4% · OPM 22% 100% evidence | 10.9/20 P/E 68× · PEG 1.11 100% evidence | 17.5/20 RS sector 4.5% · RS bench 18.9% · 1Y 2.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 15.2 + 10.9 + 17.5 = 55.4 · Decision use: Price leads the evidence: RS versus the benchmark is 18.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Yatharth Hospital & Trauma Care Services LtdYATHARTH | 54.9/100Mixed-positive evidence82% evidence | TURNING | 18.0/35 Revenue 43.9% · PAT 22.5% · OPM change -2 pp 95% evidence | 11.9/25 ROCE 12.4% · OPM 23% 76% evidence | 7.7/20 P/E 51.4× · PEG — 50% evidence | 17.3/20 RS sector 12.3% · RS bench 27.6% · 1Y 23.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 18 + 11.9 + 7.7 + 17.3 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Indraprastha Medical Corporation LtdINDRAMEDCO | 52.6/100Mixed-positive evidence94% evidence | ASLEEP | 12.7/35 Revenue 10.9% · PAT 12.6% · OPM change 0 pp 100% evidence | 18.5/25 ROCE 35.8% · OPM 20% 100% evidence | 16.9/20 P/E 17.3× · PEG 0.92 100% evidence | 4.5/20 RS sector -8.4% · RS bench -15.5% · 1Y -26.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.7 + 18.5 + 16.9 + 4.5 = 52.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 11GPT Healthcare LtdGPTHEALTH | 51.9/100Mixed-positive evidence74% evidence | BREAKING OUT | 14.4/35 Revenue 18% · PAT 0% · OPM change 3 pp 95% evidence | 19.1/25 ROCE 19.9% · OPM 19% 95% evidence | 11.2/20 P/E 27.7× · PEG — 15% evidence | 7.2/20 RS sector -15.8% · RS bench 13.2% · 1Y 3.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 19.1 + 11.2 + 7.2 = 51.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Max Healthcare Institute LtdMAXHEALTH | 51.3/100Mixed-positive evidence94% evidence | TURNING | 21.2/35 Revenue 16% · PAT 26.9% · OPM change -1 pp 100% evidence | 14.5/25 ROCE 14.7% · OPM 25% 100% evidence | 9.7/20 P/E 67.5× · PEG 2.35 100% evidence | 5.9/20 RS sector -7.9% · RS bench -0.8% · 1Y -11.3%2 of 10 weeks ahead 70% evidence |
| Exact sum: 21.2 + 14.5 + 9.7 + 5.9 = 51.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Fortis Healthcare LtdFORTIS | 43.1/100Mixed-negative evidence82% evidence | ASLEEP | 19.6/35 Revenue 17.5% · PAT 18.6% · OPM change -2 pp 95% evidence | 12.6/25 ROCE 13.4% · OPM 21% 76% evidence | 9.2/20 P/E 62.8× · PEG — 50% evidence | 1.7/20 RS sector -15.1% · RS bench -3% · 1Y -6.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 12.6 + 9.2 + 1.7 = 43.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Narayana Hrudayalaya LtdNH | 38.3/100Mixed-negative evidence87% evidence | ASLEEP | 11.9/35 Revenue 59.6% · PAT 3.8% · OPM change -5 pp 100% evidence | 11.9/25 ROCE 15.5% · OPM 17% 100% evidence | 6.4/20 P/E 44.3× · PEG 3 65% evidence | 8.1/20 RS sector -4.3% · RS bench 2.8% · 1Y 4.7%4 of 10 weeks ahead 70% evidence |
| Exact sum: 11.9 + 11.9 + 6.4 + 8.1 = 38.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Healthcare Global Enterprises LtdHCG | 35.5/100Mixed-negative evidence75% evidence | LEADER | 10.7/35 Revenue 13.7% · PAT -21.4% · OPM change 0 pp 95% evidence | 6.5/25 ROCE 8.3% · OPM 18% 76% evidence | 8.5/20 P/E 215× · PEG — 15% evidence | 9.8/20 RS sector -4.4% · RS bench 9.1% · 1Y 1.1%11 of 12 weeks ahead 100% evidence |
| Exact sum: 10.7 + 6.5 + 8.5 + 9.8 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Aster DM Quality Care LtdASTERDM | 34.3/100Adverse evidence100% evidence | FADING | 15.7/35 Revenue 15.7% · PAT 3.7% · OPM change 1 pp 100% evidence | 9.0/25 ROCE 11.6% · OPM 20% 100% evidence | 1.2/20 P/E 184× · PEG 3.07 100% evidence | 8.4/20 RS sector -2.6% · RS bench 10.7% · 1Y 19.2%7 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 9 + 1.2 + 8.4 = 34.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Shalby LtdSHALBY | 32.6/100Adverse evidence74% evidence | ASLEEP | 16.5/35 Revenue 6.3% · PAT 100% · OPM change -1 pp 95% evidence | 2.3/25 ROCE 6.1% · OPM 13% 95% evidence | 10.8/20 P/E 39.8× · PEG — 15% evidence | 3.0/20 RS sector -28.4% · RS bench -18.7% · 1Y -34%1 of 10 weeks ahead 70% evidence |
| Exact sum: 16.5 + 2.3 + 10.8 + 3 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Krishna Institute of Medical Sciences LtdKIMS | 31.5/100Adverse evidence82% evidence | ASLEEP | 9.7/35 Revenue 30.9% · PAT -52% · OPM change -3 pp 95% evidence | 9.0/25 ROCE 9.5% · OPM 19% 76% evidence | 5.5/20 P/E 155× · PEG — 50% evidence | 7.3/20 RS sector -4% · RS bench 9.2% · 1Y 3.5%7 of 12 weeks ahead 100% evidence |
| Exact sum: 9.7 + 9 + 5.5 + 7.3 = 31.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Jupiter Life Line Hospitals LtdJLHL | 30.2/100Adverse evidence100% evidence | BREAKING OUT | 7.1/35 Revenue 14.7% · PAT -3.1% · OPM change -3 pp 100% evidence | 10.6/25 ROCE 14.8% · OPM 19% 100% evidence | 6.6/20 P/E 47.9× · PEG 3.44 100% evidence | 5.9/20 RS sector -11.2% · RS bench 1.3% · 1Y -2.2%11 of 12 weeks ahead 100% evidence |
| Exact sum: 7.1 + 10.6 + 6.6 + 5.9 = 30.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Artemis Medicare Services Ltd's share price today?
Artemis Medicare Services Ltd trades at ₹345, +44.2% over the past year. The company is valued at ₹5,460 Cr. The stock sits at the very top of its 52-week range (₹216–₹345), +25.7% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 15 weeks in. — as of 11 September 2026.
What were Artemis Medicare Services Ltd's latest quarterly results?
Artemis Medicare Services Ltd reported revenue of ₹287 Cr and net profit of ₹31.0 Cr for the Jun 26 quarter. Revenue rose 12.5% and profit rose 47.6% year on year. Earnings per share were ₹1.98. The operating margin was 20.0%, 4.0 pp higher than a year earlier. — as of 11 September 2026.
What is Artemis Medicare Services Ltd's revenue?
Artemis Medicare Services Ltd reported revenue of ₹287 Cr in the Jun 26 quarter, +12.5% year on year. For the full FY26 fiscal year, revenue was ₹1,081 Cr (+15.4%). Over the last 10 years revenue compounded at 10.4% a year. — as of 11 September 2026.
What is Artemis Medicare Services Ltd's profit?
Artemis Medicare Services Ltd earned ₹31.0 Cr of net profit in the Jun 26 quarter, +47.6% year on year — the 12th straight quarter of growth. Full-year FY26 profit was ₹104 Cr. The operating margin ran 20.0% in the latest quarter. — as of 11 September 2026.
What is Artemis Medicare Services Ltd's market cap?
Artemis Medicare Services Ltd's market capitalisation is ₹5,460 Cr at a share price of ₹345. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Artemis Medicare Services Ltd's P/E ratio?
Artemis Medicare Services Ltd trades at a P/E of 47.1×, at the 70th percentile of its own 6-year range, against a long-run median of 38.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Artemis Medicare Services Ltd pay a dividend?
Yes — Artemis Medicare Services Ltd's dividend payout was 7% of profit in FY26, and it recorded a payout in 4 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Artemis Medicare Services Ltd overvalued?
On its own history, Artemis Medicare Services Ltd looks expensive: its P/E of 47.1× sits at the 70th percentile of its 6-year range (long-run median 38.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is Artemis Medicare Services Ltd growing?
Yes — Artemis Medicare Services Ltd is growing: latest-quarter revenue +12.5% year on year, profit +47.6%, and the margin +4.0 pp at 20.0%. The 10-year compound rates are 10.4% (revenue) and 16.8% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Artemis Medicare Services Ltd performing?
Artemis Medicare Services Ltd is in a confirmed uptrend, 15 weeks in. Its latest quarter's revenue rose 12.5% and profit rose 47.6% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Artemis Medicare Services Ltd in?
Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +57.4% at its peak to +29.9% but is still expanding, ROCE holding at 14.1%. The read comes from the last 12 quarters of growth (revenue growth +15.0% latest, profit growth +29.9% latest, eps growth +17.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Artemis Medicare Services Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 15 of stage 2), trading +25.7% versus its 200-day average and at the very top of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Artemis Medicare Services Ltd beating the market?
On recent form, yes — Artemis Medicare Services Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 6.6 years the stock moved +1,427% against the NIFTY 500's +128% — ahead of the index over the full window. — as of 11 September 2026.
Will Artemis Medicare Services Ltd's share price go up?
This page publishes no price forecast for Artemis Medicare Services Ltd. What it measures instead: the share price is ₹345, the price is in a confirmed uptrend 15 weeks in. Its P/E of 47.1× sits at the 70th percentile of its own 6-year range. — as of 11 September 2026.
Who owns Artemis Medicare Services Ltd?
Promoters hold 58.4% of Artemis Medicare Services Ltd, foreign institutions 12.3%, domestic institutions 2.4% and the public 20.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 12.1 points over 8 quarters. — as of 11 September 2026.
Does Artemis Medicare Services Ltd have too much debt?
No — Artemis Medicare Services Ltd's debt-to-equity is 0.28, and operating profit covers the interest bill 7×. FY26 borrowings were ₹262 Cr against equity of ₹935 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Artemis Medicare Services Ltd's capex?
Artemis Medicare Services Ltd spent ₹266 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹96.0 Cr, with ₹29.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Artemis Medicare Services Ltd's cash flow?
Artemis Medicare Services Ltd generated ₹132 Cr of operating cash flow in FY26 and ₹36.0 Cr of free cash flow after ₹96.0 Cr of capital spending. Reported profit that year was ₹104 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Artemis Medicare Services Ltd's profit real cash?
Yes — over the last 3 fiscal years, 169% of Artemis Medicare Services Ltd's reported profit arrived as operating cash. Though the latest year ran at 127% — the trend is the thing to watch. In FY26, operating cash was ₹132 Cr against reported profit of ₹104 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Artemis Medicare Services Ltd in its business cycle?
Artemis Medicare Services Ltd's FY26 operating margin was 17.0%, against a 13-year band of 9.0%–17.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 20.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Artemis Medicare Services Ltd's price assume?
At its price on 24 August 2026, Artemis Medicare Services Ltd was priced for profit growth of about 26.4% a year. Profit itself has compounded 16.8% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Artemis Medicare Services Ltd story?
The sharpest disagreement: the price moved +44.2% in a year while annual EPS moved +9.2% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Artemis Medicare Services Ltd a stock worth studying right now?
This is not investment advice. The machine read: Artemis Medicare Services Ltd's price has outrun its earnings. +44.2% in a year against EPS +9.2% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!