Healthcare · ASTERDM
Hospitals
from 760 today
Hollow marker shows the firm’s previous target.
We value Aster DM at 895 per share based on 28x FY28E EBITDA of 2872 crore, supported by combined synergies and margin improvement.
Aster’s merger with QCIL was completed in Jul’26, with both entities reporting strong performance and revenue/EBITDA growth. We raise FY27-28E EBITDA by ~5-9% to factor in better margins, downgrade to HOLD, but raise TP to INR 855.
We remain positive on ATSERDM given the rising visibility on post-merger synergies, occupancy improvement, margin expansion and upcoming bed additions. We maintain our 'BUY' rating with revised TP of Rs920/share, valuing 32x EV/EBITDA for the combined entity on FY28E.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
