Artemis Medicare Services Ltd. (ARTEMISMED) AI Stock Analysis

• Market Cap: ₹36.24B
• Dividend Yield: 0.16%
• Average Volume (3M): 16.54K
• Price to Earnings (P/E): 42.3
• Beta (1Y): 1.19
• Revenue Growth: 10.27%
• EPS Growth: 45.15%
• Country: IN
• Employees: 1,991
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 1.60
• Shares Outstanding: 158,273,650
• 10 Day Avg. Volume: 28,644
• 30 Day Avg. Volume: 16,535
• PEG Ratio: 1.06
• Price to Book (P/B): 5.05
• Price to Sales (P/S): 4.51
• P/FCF Ratio: 80.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 6.55
• Revenue Forecast (FY): ₹10.60B

• Rating: 65 Neutral
• Price Target: ₹256.00 ▼(-7.31% Downside)
• Action: Downgraded Date: 02/04/26
• Date: Action: Downgraded 02/04/26

The score is primarily supported by strong financial performance (growth, improving margins, solid cash generation, and moderate leverage). This is offset by weak technicals showing a pronounced downtrend and negative momentum, and by a relatively high P/E with a very low dividend yield.

Positive Factors

Revenue & profitability growth

Sustained 68% five-year revenue growth and net margin expansion to 9% indicate durable demand and improving operating leverage. Persistent top-line expansion plus rising margins support continued cash generation and reinvestment capacity over the next 2–6 months and beyond.

Strong balance sheet & improving leverage

A 62% equity ratio and falling debt-to-equity (0.35) provide financial flexibility to fund expansion or weather shocks. Lower leverage reduces refinancing and interest risks, enabling durable capital allocation decisions and strategic investments over the medium term.

Robust cash generation & FCF growth

Strong operating cash conversion (OCF/net income 1.76) and 44% FCF growth demonstrate the business converts earnings into cash reliably. This underpins debt reduction, capex funding, and shareholder returns and supports financial resilience in coming quarters.

Negative Factors

EBITDA margins lag peers

Despite profit improvement, EBITDA margins remain below industry leaders, indicating weaker operating efficiency or pricing power. Persistent margin gap could limit competitive flexibility and long-term return potential unless operational scale or mix improvements are achieved.

Fluctuating net debt levels

Reported swings in net debt introduce refinancing and liquidity uncertainty. Even with improving leverage metrics, variability in net debt can stress cash planning and raise funding costs during adverse conditions, reducing long-run predictability of financial commitments.

Suboptimal free cash flow conversion

FCF/net income of ~0.63 suggests a meaningful share of earnings is tied up in working capital or capex. Lower conversion constrains discretionary spending and increases sensitivity to revenue shocks, making durable investment or payout policies harder to sustain.

Artemis Medicare Services Ltd. Business Overview & Revenue Model

Company Description

Artemis Medicare Services Limited manages and operates multi specialty hospitals in India and internationally. The company offers medical and surgical intervention; and inpatient and outpatient services. It also operates Artemis Hospital, a 541 bed multi-specialty hospital located in Gurugram, India. Artemis Medicare Services Limited was incorporated in 2004 and is based in Gurugram, India.

How the Company Makes Money

ARTEMISMED generates revenue through multiple streams, primarily by billing patients and insurance providers for medical services rendered in its facilities, including surgeries, consultations, and diagnostic tests. Additionally, the company earns income from telemedicine services, allowing patients to access healthcare remotely. Key partnerships with health insurance companies help streamline reimbursements and expand service offerings to a broader patient base. Furthermore, ARTEMISMED may participate in government healthcare programs and initiatives, which can provide additional funding and revenue opportunities. The strategic focus on quality care and technological integration also attracts investment and grants, contributing positively to the overall financial performance.

Artemis Medicare Services Ltd. Financial Statement Overview

Summary

Strong multi-year revenue growth (+68% over five years) and meaningful profitability improvement (net margin up to 9% from 1% in 2021). Balance sheet leverage is moderate and improving (debt-to-equity down to 0.35; equity ratio 62%), and cash generation is solid (operating cash flow to net income 1.76; free cash flow up 44%), though EBITDA margin is still below industry leaders and net debt has fluctuated.

Income Statement

Artemis Medicare Services Ltd. has demonstrated consistent revenue growth with a 68% increase over the past five years, indicating a strong expansion trajectory. The gross profit margin improved significantly, reaching 24% in the latest year, reflecting effective cost management. The net profit margin also showed a robust upward trend, growing to 9% from 1% in 2021. This indicates enhanced profitability through operational efficiencies. However, there is room for improvement in EBITDA margins, which remain below industry leaders.

Balance Sheet

The company's balance sheet is solid, with a healthy equity ratio of 62% indicating strong financial stability. The debt-to-equity ratio has decreased over the years to 0.35, showcasing effective debt management and reduced leverage risk. Return on equity also improved to nearly 10%, reflecting better utilization of shareholder funds. However, the company experienced fluctuations in net debt, which could pose risks if not managed carefully.

Cash Flow

Artemis Medicare's cash flow statements reveal a positive trend in free cash flow, growing by 44% compared to the previous year. The operating cash flow to net income ratio is strong at 1.76, indicating efficient cash generation from operations. The free cash flow to net income ratio is slightly lower but still healthy at 0.63. These metrics suggest good liquidity and effective capital expenditure management, although further improvement in free cash flow conversion would be beneficial.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	10.02B	9.37B	8.79B	7.37B	5.53B	4.08B
Gross Profit	2.27B	2.23B	1.78B	1.04B	954.40M	371.67M
EBITDA	1.67B	1.52B	1.25B	1.01B	713.53M	359.53M
Net Income	949.45M	826.26M	491.41M	385.98M	318.14M	64.86M
Balance Sheet
Total Assets	14.26B	13.57B	9.72B	9.05B	7.10B	6.00B
Cash, Cash Equivalents and Short-Term Investments	3.48B	3.96B	612.05M	509.42M	276.98M	311.20M
Total Debt	2.79B	2.90B	3.20B	2.86B	2.01B	1.47B
Total Liabilities	5.38B	5.14B	5.17B	4.97B	3.48B	2.78B
Stockholders Equity	8.83B	8.38B	4.48B	4.03B	3.59B	3.20B
Cash Flow
Free Cash Flow	136.32M	524.65M	363.01M	-337.68M	-573.20M	-162.62M
Operating Cash Flow	804.83M	1.46B	1.09B	1.13B	515.80M	182.39M
Investing Cash Flow	-681.67M	-3.85B	-891.04M	-1.58B	-1.08B	-378.47M
Financing Cash Flow	-270.77M	2.67B	-41.48M	521.82M	528.37M	271.62M

Artemis Medicare Services Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 276.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ARTEMISMED, the sentiment is Negative. The current price of 276.2 is above the 20-day moving average (MA) of 231.43, above the 50-day MA of 237.37, and above the 200-day MA of 248.68, indicating a bearish trend. The MACD of -3.51 indicates Negative momentum. The RSI at 46.73 is Neutral, neither overbought nor oversold. The STOCH value of 54.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ARTEMISMED.

Artemis Medicare Services Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARTEMISMED	65 Neutral	₹36.24B	42.27	―	0.16%	10.27%	45.15%
KIMS	65 Neutral	₹263.55B	114.01	―	―	25.74%	1.41%
INDRAMEDCO	64 Neutral	₹35.83B	25.06	―	0.96%	6.51%	18.24%
FORTIS	61 Neutral	₹618.69B	86.12	―	0.11%	15.33%	54.62%
METROPOLIS	61 Neutral	₹94.60B	60.35	―	0.21%	15.41%	5.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SHALBY	50 Neutral	₹14.99B	310.39	―	0.59%	11.49%	-91.65%

Artemis Medicare Services Ltd. Corporate Events

Artemis Medicare Schedules Mumbai Investor and Analyst Meet for February 25

Artemis Medicare Services Ltd. has scheduled a physical investor and analyst meeting in Mumbai on February 25, 2026, comprising one-on-one and group interactions with a wide range of domestic institutional investors and advisory firms. The company has clarified that no unpublished price-sensitive information will be shared, underscoring its adherence to disclosure norms while continuing proactive engagement with the investment community to support transparency and market understanding of its business.

A curated list of participating institutions, including major asset managers, brokerages and wealth advisors, highlights sustained interest from the buy- and sell-side in the company’s performance and outlook. The engagement, supported by an available corporate video, is likely to reinforce stakeholder confidence and maintain visibility for Artemis Medicare in the capital markets, without altering its formal disclosure posture.

Artemis Medicare Publishes Q3 and 9M FY26 Earnings Call Transcript

Artemis Medicare Services Ltd. has released the transcript of its earnings conference call for the third quarter and nine-month period of FY26, held on February 3, 2026, where management discussed the company’s operational and financial performance. The transcript, made available to stock exchanges and on the company’s investor website, underscores Artemis Medicare’s ongoing efforts to maintain transparent communication with shareholders and market participants regarding its business progress and financial results.

Artemis Medicare Board Clears Fundraise of Up to Rs 700 Crore

Artemis Medicare Services Ltd. has secured board approval to raise up to Rs 700 crore through a mix of equity and debt-linked instruments, including shares, convertible and non-convertible debentures, and warrants, via routes such as preferential allotment, private placement and qualified institutional placements, subject to shareholder and regulatory clearances. At the same meeting, the board approved the company’s standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025, which will be published and made available on stock exchange and company websites, signaling continued capital market engagement as the healthcare operator seeks financial flexibility for its growth plans.

Artemis Medicare Services Expands Equity Through Stock Option Plan

Artemis Medicare Services Ltd. has announced the allotment of 105,750 equity shares as part of its Artemis Medicare Management Stock Option Plan-2021, approved by the Nomination and Remuneration Committee. This move results in an increase in the company’s issued and paid-up equity share capital, underlining its commitment to employee incentivization and its operational growth strategy.