Artemis reported EBITDA trails adjusted growth after Raipur

Artemis Medicare Services Ltd began operations at its Raipur hospital in July 2026, creating a difference between reported and adjusted Q2 FY27 profitability. Consolidated reported EBITDA rose 7.9% year on year to Rs 62.89 crore, while adjusted EBITDA, which excludes Raipur’s performance, increased 22.7% to Rs 71.50 crore.

Why is Artemis’ adjusted EBITDA higher than reported EBITDA?

Artemis’ adjusted EBITDA was Rs 8.61 crore higher than reported EBITDA in Q2 FY27 because its adjusted measure excludes the performance of the Raipur unit launched in July 2026. Consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, amounted to Rs 62.89 crore for the quarter ended September 30, 2026, compared with adjusted EBITDA of Rs 71.50 crore.

The company defines adjusted EBITDA as EBITDA excluding the Raipur unit’s performance. The filing therefore identifies Raipur as the basis for the adjustment, but it does not disclose separate Raipur revenue, operating loss, bed capacity, occupancy or launch-cost figures. The Rs 8.61 crore gap is the difference between the two measures, rather than a disclosed figure for a particular category of cost.

In Q2 FY26, reported and adjusted consolidated EBITDA were both Rs 58.27 crore, before the July 2026 commencement of Raipur operations. As a result, reported EBITDA increased by Rs 4.62 crore year on year in Q2 FY27, while adjusted EBITDA increased by Rs 13.23 crore.

How did Artemis perform in Q2 FY27?

Artemis increased consolidated revenue from operations by 13.2% year on year to Rs 311.04 crore in Q2 FY27, from Rs 274.70 crore in Q2 FY26. Profit after tax, or PAT, rose 3.7% to Rs 31.10 crore from Rs 30.00 crore, while diluted earnings per share increased to Rs 1.96 from Rs 1.89.

Sequentially, consolidated revenue increased 8.3% from Rs 287.32 crore in Q1 FY27 to Rs 311.04 crore in Q2 FY27. Reported EBITDA rose 1.7% from Rs 61.82 crore, whereas adjusted EBITDA rose 15.7% from the same Q1 base. PAT declined 1.1% from Rs 31.44 crore and diluted earnings per share declined 1.0% from Rs 1.98.

The difference in growth rates was most visible in EBITDA. Year on year, revenue increased by Rs 36.34 crore, reported EBITDA increased by Rs 4.62 crore and adjusted EBITDA increased by Rs 13.23 crore. The filing provides the Raipur exclusion for adjusted EBITDA but does not provide a reconciliation for the movement in PAT or other expenses.

What drove Artemis Hospital Gurgaon’s Q2 FY27 result?

Artemis Hospital Gurgaon reported revenue from operations of Rs 298.44 crore in Q2 FY27, up 14.5% from Rs 260.59 crore a year earlier. Its EBITDA increased 21.8% to Rs 70.96 crore from Rs 58.28 crore, while PAT grew 25.9% to Rs 40.43 crore from Rs 32.10 crore.

Bed capacity utilisation at Artemis Hospital Gurgaon rose to 68.1% in Q2 FY27 from 64.1% in Q2 FY26, an increase of 4.0 percentage points. Average revenue per occupied bed, or ARPOB, was Rs 86,631, compared with Rs 81,248 a year earlier. Revenue from overseas patients increased 7.6% to Rs 88.77 crore and represented 29.7% of hospital revenue from operations.

The Gurugram hospital also improved from Q1 FY27, when revenue was Rs 278.49 crore and EBITDA was Rs 61.63 crore. In Q2 FY27, revenue rose 7.2%, EBITDA rose 15.1% and PAT rose 22.3% from Rs 33.06 crore. Occupancy increased from 65.7%, while ARPOB increased from Rs 85,690 and overseas-patient revenue rose 16.0% from Rs 76.51 crore.

What does the Raipur hospital launch change for Artemis?

Artemis commenced Raipur hospital operations in July 2026, expanding beyond its established Gurugram centre. The company said it operates more than 800 beds predominantly in the Delhi National Capital Region, including a more than 700-bed quaternary-care super-speciality hospital. It did not disclose Raipur’s bed count or a timetable for reaching a specified occupancy level.

Chairman Onkar Kanwar described the expansion as a calibrated approach focused on clinical excellence, operational sustainability and prudent capital allocation. Managing Director Dr. Devlina Chakravarty said Artemis intends to progressively build clinical capabilities and specialised services at Raipur, with the aim of establishing it as a destination for advanced healthcare in Central India. These are management plans, not financial targets for FY27 or later periods.

The launch affects comparisons between group and core-hospital profitability in Q2 FY27. Artemis Hospital Gurgaon generated EBITDA of Rs 70.96 crore, exceeding consolidated reported EBITDA of Rs 62.89 crore, while consolidated adjusted EBITDA was Rs 71.50 crore. The arithmetic is consistent with Raipur affecting reported group results, though the filing does not supply a Raipur segment income statement.

What should readers make of Artemis’ profitability comments?

Management said Q2 FY27 reflected continued momentum in Gurugram, citing 14.5% year-on-year revenue growth, 68.1% occupancy and ARPOB of Rs 86,631. The numerical highlights show Gurugram EBITDA rising 21.8% year on year and consolidated adjusted EBITDA rising 22.7%, compared with 7.9% growth in reported consolidated EBITDA.

One difference in the release is not reconciled. Dr. Chakravarty’s comments refer to Artemis Hospital Gurgaon operating EBITDA growth of 26.3%, while the performance highlights show EBITDA growth of 21.8%, from Rs 58.28 crore to Rs 70.96 crore. Artemis does not define “Ops. EBITDA” separately or explain the difference between the two growth rates.

Conclusion

Artemis’ Q2 FY27 results combine improving Gurugram operations with the initial effect of its Raipur expansion. Gurugram revenue increased 14.5% and EBITDA increased 21.8%, while the new unit’s exclusion lifted adjusted consolidated EBITDA growth to 22.7%, compared with 7.9% growth in reported EBITDA. Consolidated revenue nevertheless increased 13.2% to Rs 311.04 crore.

The next issue to watch is progress on the Raipur plan disclosed after its July 2026 opening. Management intends to build clinical capabilities and specialised services while strengthening existing operations, but it has not given Raipur revenue, capacity, occupancy or profitability targets. Future quarterly disclosures may show whether Raipur continues to create a material gap between reported and adjusted EBITDA.