Artemis Medicare Services share price today

Artemis Medicare Services Ltd's share price was ₹300.25 at the close on 4 November 2026. It has been rising for 22 weeks. That is 4.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹216 and ₹368, and at that close it sat 55% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Artemis Medicare Services Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 16 weeks in a row.

Over the last 6.8 years the share price moved +1,230% while the NIFTY 500 moved +119%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 12 quarters in a row (every quarter we can compare) and indian funds and insurers (DIIs) cut their stake for 6 quarters in a row.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹311 crore, +13.1% on a year earlier.

2. Profit up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹31 crore, +3.3% on a year earlier.

3. Indian funds and insurers (DIIs) cut their stake for 6 quarters in a row

   From 5% to 1.9% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Artemis Medicare Services reported revenue of ₹311 crore, up 13.1% from ₹275 crore a year earlier, and a profit of ₹31.0 crore, up 3.3% from ₹30.0 crore.

Artemis Medicare Services results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 4 August 2026, about April to June 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Artemis Medicare Services closed at ₹300.25 on 4 November 2026, up 22.6% from ₹244.94 a year earlier (7 November 2025) and up 759.1% over five years. Its highest weekly close since January 2020 was ₹368.20 on 28 September 2026.

Artemis Medicare Services share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

362 weekly closes from 24 January 2020 to 4 November 2026.

4 Nov 2026: Artemis Medicare Services closed at ₹300.25, up 2.4% on the week and down 10.7% on the month. Results for July to September 2026: Revenue up 13.1% and profit up 3.3% on a year earlier.

Earlier

• Our read, 22 Aug 2026: The latest quarter extended revenue and profit growth while operating margin reached the top of its observed band.
• 4 Aug 2026: Artemis Medicare Services held its results call for April to June 2026. Management guided: Gurgaon occupancy goal of 70% by July to September 2026.
• 10 Jul 2026: ex-date for a dividend of ₹0.45 a share.

Our read of the business

The latest quarter extended revenue and profit growth while operating margin reached the top of its observed band.

April to June 2026: April to June 2026 reported higher revenue and profit, with operating margin at the top of the recent reported range.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Artemis Medicare Services paid ₹0.45 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.15% at the ₹300.25 close on 4 November 2026. The last was a dividend of ₹0.45 a share, ex-date 10 July 2026.

Artemis Medicare Services dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Artemis Medicare Services Ltd paid out 7% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 4 August 2026, Artemis Medicare Services' management guided: Gurgaon occupancy goal of 70% by July to September 2026.

“The idea is to prevent spillover from leaving the hospital and to enable us to move easily from 70% to 75% occupancy to the additional 200 beds without any patient denial.”Dr. Devlina Chakravarty, on the call for April to June 2026

What management guided

• Tower 4: above 200 beds operational in 18-22 months, subject to clearances; all-in capital spending at ₹55 lakh per bed including parking, while total capital spending varied across Q&A answers.
• Tower 4 breakeven within 8-10 months after launch and 50% utilization within the first 6 months.
• Raipur break-even in 15-18 months with overall operating loss around ₹20 crore; direct insurance empanelment within 8-10 weeks and ramp-up 20-25% faster thereafter.
• Network capacity planned at 2,000 operational beds by 2029-30.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 4 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

The thesis breaks if Gurgaon occupancy does not progress toward management’s stated 70% July to September 2026 goal 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.

Each change stops working if

• : Gurgaon occupancy stagnates after the completed bed base and margin falls despite continued revenue growth.
• : International mix or patient volumes decline for consecutive quarters without offsetting domestic specialty demand.
• : Insurance empanelment or remaining equipment installation is delayed and the loss run-rate exceeds management’s indicated range.
• : Clearances, final costs, or funding requirements move materially without corresponding operating-return evidence.

The main risks

• : Repeated revisions to timing, capital spending, debt, capacity, and ARPOB reduce confidence in the capital-plan baseline. ✓ fact
• : Raipur is operational but still depends on insurance empanelment and pending equipment to ramp patient volumes. ✓ fact
• : Expansion can absorb operating cash and may require further equity or debt before new assets contribute. ✓ fact

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Artemis Medicare Services reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Gurgaon occupancy improvement - next quarter should show whether demand reaches the confirmed goal and supports additional capacity.

Artemis Medicare Services is not on any of our India lists this week.

Artemis Medicare Services Ltd earned ₹31.0 Cr of net profit in the Sep 2026 quarter, +3.3% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY26 profit was ₹104 Cr. Over 10 years profit has grown 16.8% a year on average. That is 10.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹30.0 Cr.

For the full year, FY26 profit was ₹104 Cr (+26.8% on the year before).

Why profit moved: revenue changed +13.1% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +21.5% and revenue +14.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹287 Cr and profit ₹31 Cr as reported.

FY27-Q2. revenue ₹311 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.

Artemis Medicare Services Ltd reported ₹311 Cr of revenue in the Sep 2026 quarter, +13.1% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 10.4% a year on average. The last full year, FY26, came in at ₹1,081 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹1,149 Cr.

FY26 revenue was ₹1,081 Cr, +15.4% on the year before.

Recent pace: the last four quarters grew +14.8% on average, against 10.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +14.7%, against +12.5% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +20.0%, against +32.4% a year (rolling over).

FY27-Q1. revenue ₹287 Cr and profit ₹31 Cr as reported.

FY27-Q2. revenue ₹311 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.

Artemis Medicare Services Ltd's operating margin was 18.0% in the Sep 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 9.0% and 17.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed −0.8 percentage points on the year while gross margin changed +0.0 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

FY27-Q1. revenue ₹287 Cr and profit ₹31 Cr as reported.

FY27-Q2. revenue ₹311 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.

Over the last 3 years, 169% of Artemis Medicare Services Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹132 Cr of operating cash against ₹104 Cr of profit. After ₹96.0 Cr of spending on assets, ₹36.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 169% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 2.0× depreciation over three years. The next section checks what that spending is building.

Artemis Medicare Services Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 40 days in FY26, down from 49 days in FY21. It spent ₹266 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Management describes future specialty capacity and a larger network goal, 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.

At FY26 sales of ₹1,081 Cr, each day of that cycle ties up about ₹3.0 Cr, so roughly ₹118 Cr is tied up in the business at any time.

Spending on assets: ₹266 Cr over the last 3 years, against ₹133 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹29.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Artemis Medicare Services Ltd's P/E is 40.7×, in the middle of its own history: higher than 53% of past readings. Its usual P/E (the middle reading) is 39.3×, over 6.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹7.25.

Why the multiple is where it is: over the past year earnings per share moved +9.2% while the price moved +22.6%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 5 years the price moved +53.7% a year; about +28.2% a year came from earnings growth and about +25.5 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 24 August 2026, Artemis Medicare Services Ltd's share price assumed profit growth of about 26.4% a year. Over the past 10 years its profit actually grew 16.8% a year. Today its P/E is 40.7×, higher than 53% of its own last 6.4 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 24 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Artemis Medicare Services Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +57.4% at its peak to +20.0%, but the business is still expanding, with ROCE steady at 15.1%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Artemis Medicare Services Ltd's story is not scored yet against the checks our research set on 22 August 2026.

NOT YET CHECKED

What is not proven yet. The thesis breaks if Gurgaon occupancy does not progress toward management’s stated 70% Q2 FY27 goal 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 goal 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 test written in advance. The thesis breaks if Gurgaon occupancy does not progress toward management’s stated 70% Q2 FY27 goal 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. Measured by: 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. 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 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 Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Artemis Medicare Services Ltd's management promised, against what actually happened: 4 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 planned 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 goal 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.

Operating results delivered, but the capital plan has repeatedly changed before the new assets have proved their returns.

Regulatory and governance record

No Artemis-specific SEBI, fraud or ED action surfaced; enforcement hits were for unrelated entities.

Checked 30 August 2026.

Artemis Medicare Services Ltd earned a ROCE of 15% in FY26. That is up from a low of 4% in FY21. Its return on capital used (ROIC) is 1.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 9.6% net margin and 0.76× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 9.6% net margin × 0.76× asset turnover × 1.53× leverage (assets divided by equity) ≈ 11.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 10.5% − 12.0% = −1.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

The 10.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 9.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Artemis Medicare Services Ltd has total debt of ₹262 Cr against shareholder equity of ₹941 Cr as of Jun 2026, so its debt is 0.28× its equity, which is very little. Year by year, that ratio went from 0.56 in FY22 to 0.28 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Foreign institutions raised their stake in Artemis Medicare Services Ltd by 12.2 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 12.4% of the company. Promoters moved −8.8 points over the same period, to 58.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: +12.2 points over 8 quarters, to 12.4%; Promoters: −8.8 points over 8 quarters, to 58.4%; Domestic institutions: −1.7 points over 8 quarters, to 1.9%.

Why the owners changed: foreign institutions moved +12.2 points and domestic institutions −1.7 points over 8 quarters, while promoters moved −8.8 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For Artemis Medicare Services Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.