Artemis Medicare Services Ltd. (ARTEMISMED) AI Stock Analysis

• Market Cap: ₹39.15B
• Dividend Yield: 0.16%
• Average Volume (3M): 16.54K
• Price to Earnings (P/E): 35.5
• Beta (1Y): 1.38
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹265.00 ▼(-4.06% Downside)

Artemis Medicare Services Ltd. has a strong financial foundation with robust revenue growth and profitability improvements. The technical analysis suggests bullish momentum, though caution is advised due to potential overbought conditions. Valuation metrics indicate the stock may be overvalued, which could limit upside potential. Overall, the stock is well-positioned in its industry but may face valuation challenges.

Positive Factors

Consistent Revenue Growth

Sustained 5-year revenue expansion indicates durable demand and successful market penetration. Persistent top-line growth supports scalable investment in capacity, talent and services, reducing per-unit costs and strengthening long-term competitive positioning across the healthcare services market.

Improving Profitability Margins

Material margin improvement reflects effective cost control and operational efficiencies, enhancing cash generation potential. Higher gross and net margins provide a buffer against cost inflation, enable reinvestment in service quality, and improve return on invested capital over the medium term.

Solid Balance Sheet and Lower Leverage

High equity ratio and falling leverage materially reduce financial risk and increase strategic flexibility. A stronger balance sheet supports capital expenditure, M&A optionality and funding for network expansion while lowering refinancing and interest-rate vulnerability over the coming quarters.

Negative Factors

EBITDA Margins Below Industry Leaders

Lagging EBITDA margins limit operating cash available for reinvestment and create vulnerability to pricing pressure. Unless structural cost or pricing changes are implemented, sustained margin gap versus peers can constrain long-term profitability and competitiveness in higher-cost care segments.

Suboptimal Free Cash Flow Conversion

FCF conversion below parity means a significant portion of accounting profits do not translate to cash, limiting ability to pay down debt, fund growth, or return capital. Improving conversion is needed to sustainably support expansion and withstand operational or funding shocks.

Fluctuations in Net Debt

Volatile net debt trends increase financing and liquidity risk, complicating long-term planning. Recurrent swings can raise borrowing costs and restrict capital allocation choices, so consistent net-debt reduction or stable financing profiles are important for durable financial resilience.

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

Artemis Medicare Services Ltd. shows strong financial performance with consistent revenue growth, improved profitability margins, and stable financial leverage. The income statement highlights significant revenue and profit margin improvements, while the balance sheet and cash flow statements reflect solid financial health. However, there is room for improvement in EBITDA margins and free cash flow conversion.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.69B	9.37B	8.79B	7.37B	5.53B	4.08B
Gross Profit	2.29B	2.23B	1.78B	1.04B	954.40M	371.67M
EBITDA	1.50B	1.52B	1.25B	1.01B	713.53M	359.53M
Net Income	872.38M	826.26M	491.41M	385.98M	318.14M	64.86M
Balance Sheet
Total Assets	0.00	13.57B	9.72B	9.05B	7.10B	6.00B
Cash, Cash Equivalents and Short-Term Investments	3.95B	3.96B	612.05M	509.42M	276.98M	311.20M
Total Debt	0.00	2.90B	3.20B	2.86B	2.01B	1.47B
Total Liabilities	-8.44B	5.14B	5.17B	4.97B	3.48B	2.78B
Stockholders Equity	8.44B	8.38B	4.48B	4.03B	3.59B	3.20B
Cash Flow
Free Cash Flow	0.00	524.65M	363.01M	-337.68M	-573.20M	-162.62M
Operating Cash Flow	0.00	1.46B	1.09B	1.13B	515.80M	182.39M
Investing Cash Flow	0.00	-3.85B	-891.04M	-1.58B	-1.08B	-378.47M
Financing Cash Flow	0.00	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 248.31, above the 50-day MA of 265.25, and above the 200-day MA of 253.17, indicating a bearish trend. The MACD of -8.70 indicates Negative momentum. The RSI at 41.51 is Neutral, neither overbought nor oversold. The STOCH value of 62.71 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	74 Outperform	₹39.15B	35.51	―	0.16%	10.27%	45.15%
KIMS	65 Neutral	₹241.54B	70.69	―	―	25.74%	1.41%
INDRAMEDCO	64 Neutral	₹33.31B	19.06	―	0.96%	6.51%	18.24%
FORTIS	61 Neutral	₹642.96B	63.41	―	0.11%	15.33%	54.62%
METROPOLIS	61 Neutral	₹97.21B	61.27	―	0.21%	15.41%	5.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SHALBY	49 Neutral	₹18.19B	401.24	―	0.59%	11.49%	-91.65%

Artemis Medicare Services Ltd. Corporate Events

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.

Artemis Medicare Services Releases Q2 & H1 FY26 Earnings Call Transcript

Artemis Medicare Services Ltd. released the transcript of its Q2 and H1 FY26 earnings conference call, highlighting the company’s operational and financial performance. The release provides insights into the company’s current market positioning and strategic initiatives, which are crucial for stakeholders to understand the company’s growth trajectory and financial health.