Artemis Medicare to raise Rs 700-crore through QIP to triple bed capacity

Artemis

• Artemis to raise up to Rs.700 crore via QIP for expansion
• Plans include a new 300-bed hospital in Raipur by May 2026
• International medical tourism now makes up 34 percent of revenue

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Artemis Medicare Services Ltd is preparing to raise Rs 700 crore through a qualified institutional Placement (QIP) to bankroll an aggressive expansion of its hospital network.

"It is a QIP. There are a lot of parties who are interested... this raise is going to be for the new brownfield and greenfield projects," managing director Dr Devlina Chakravarty told Moneycontrol on the sidelines of an industry event in Mumbai.

The Gurugram-based healthcare provider, promoted by entities linked to the Apollo Tyres Group, aims to triple its bed capacity to between 1,700 and 2,300 by 2029.

The capital infusion is earmarked for both organic and inorganic growth, including a new 300-bed super-specialty hospital in Raipur in Chhattisgarh.

Promoter holding saw a marginal dip at 66.53 percent in the September quarter, down from earlier 67.17 percent. Constructive Finance Private Ltd  accounts for 66.53 percent promoter interest.

This promoter group maintains control without pledged shares, the market capitalisation stands at approximately Rs.3,717 crore as of late February 2026.

In addition to the Raipur facility, which is expected to begin operations by May, the company is also scaling its presence in the National Capital Region (NCR). It includes increasing capacity at its flagship Gurgaon facility and developing a 650-bed quaternary care facility in South Delhi through an operations and management (O&M) agreement with the Vidyasagar Institute of Mental Health and Neuro & Allied Sciences (VIMHANS).

The move is designed to challenge the long-standing regional dominance of larger rivals such as Max Healthcare.

The expansion comes on the back of a strong financial performance. In FY25, Artemis reported a consolidated revenue of Rs 938.42 crore, with a net profit of Rs.82.2 crore.

The growth was bolstered by a surge in international medical tourism, which now accounts for roughly 34 percent of the total revenue.

Total revenue reached Rs 802 crore, up 15.1 percent, for nine months ended December 31. The EBITDA margin stood 20.2 percent, while PAT grew 25.6 percent YoY to Rs 73 crore.

During a recent earnings call, Chakravarty emphasised the strategic logic behind the expansion into Central India. "Raipur is today becoming a hotbed for tertiary and quaternary care for all healthcare providers in India," she told investors. "We are starting with 200 beds and going on to 300 beds in a year, year-and-a-half time."

The company also intends to use the proceeds to strengthen its balance sheet by reducing net debt to a target range of Rs 250–280 crore. By blending asset-heavy ownership in markets like Raipur with asset-light O&M models in Delhi, Artemis seeks to optimise capital efficiency while maintaining the high-margin international patient mix that has defined its recent fiscal success.