Aster DM Healthcare Limited is one of the largest integrated private healthcare service providers operating in GCC (Gulf Cooperation Council) countries and an emerging player in India. Starting as a single clinic in 1987, Aster DM Healthcare is today a healthcare conglomerate providing comprehensive healthcare services. The multinational for-profit private hospital network was founded by Dr. Azad Moopen in 1987. The company has its corporate headquarters in Dubai, UAE, and is registered in Bengaluru, India.
With an inherent emphasis on clinical excellence, it is one of the few entities in the world with a strong presence across primary, secondary, tertiary and quaternary healthcare. The company's expertise spans from primary to quaternary care, along with pharmacies, digital health solutions, and beyond.
The company operates a network of 19 hospitals and 13 clinics as of Q1 FY25. These hospitals are located in Maharashtra (1), Karnataka (4), Kerala (6), Andhra Pradesh (6) and Telangana (1). Their extensive network in India spans 19 hospitals, 13 clinics, 215 pharmacies and 232 labs and patient experience centres across five Indian states with a total bed capacity of 4,867 as of March 2024.
Aster DM Healthcare Limited provides healthcare and allied services in India, the United Arab Emirates, Qatar, Oman, Kingdom of Saudi Arabia, Jordan, Kuwait and Bahrain, and Republic of Mauritius. It operates through Hospitals, Clinics, Retail Pharmacies, and Others segments.
The company has successfully separated its GCC and India operations. In November 2023, Aster declared its intention to separate its GCC and India business operations, pending approval from Aster India's shareholders and regulatory and corporate authorities. In January 2024, the separation plan was approved. A group of investors led by the sovereign-backed private equity firm Fajr Capital purchased a 65% share in Aster GCC. The Moopen family kept a 35% share in the company along with management and operating rights.
Aster DM Healthcare Ltd has a market capitalisation of Rs 27,623 crore as of May 2025. The company's net profit jumped 428.84% since last year same period to ₹79.02Cr in the Q4 2024-2025.
**Key Financial Metrics (Q4 FY25):**
- Revenue: ₹1,031.62Cr
- Net Profit: ₹79.02Cr
- Revenue growth: 5.52% YoY
- Net profit growth: 428.84% YoY
**Q1 FY25 Performance:**
- Sales: INR 10,018.7 million compared to INR 8,412.1 million a year ago
- Revenue: INR 10,505.9 million compared to INR 8,490 million a year ago
The hospitals and clinics business has registered a 23% YoY revenue growth and EBITDA grew by 28% in FY24, supported by an increased bed capacity of 550 beds and cost optimization measures.
The Hospitals and Clinics segment comprises 94% of the business as of Q1 FY25. The company's segments include Hospitals, Clinics, Retail Pharmacies, and Others. The Hospitals segment comprises hospitals and in-house pharmacies at the hospitals. The Clinics segment comprises clinics and in-house pharmacies at the clinics. The Retail Pharmacies segment comprises standalone retail pharmacies and optical outlets. The Other segment comprises healthcare consultancy services.
Aster DM Healthcare will invest ₹1,400 crore over five years to expand operations, adding 1,700 beds and enhancing digital healthcare services. The merger with Quality Care India strengthens its market position. The company has signed a lease to establish a new 430-bed multi-specialty hospital in Bengaluru's Sarjapur area, with a total investment of ₹480 crore.
After separating its India and GCC businesses, the company is looking to double down on the Indian market and plans to expand into the north Indian market. The hospital chain's presence is currently concentrated in south India, especially Kerala—six of its 19 Indian hospitals are located in the state.
The company is managed by Chairman Dr. Azad Moopen and CEO Dr. Harish Pillai. Promoter holding in Aster DM Healthcare Ltd has gone down to 40.38 per cent as of Apr 2025 from 41.88 per cent as of Sep 2024.
The company stands as a significant player in India's healthcare sector, with a strong foundation built over more than three decades and a clear vision for expansion across both domestic and international markets.
