Target: ₹437
CMP: ₹354.50
Artemis Medicare Services Ltd, India’s leading quaternary care provider, is executing a disciplined expansion strategy to establish itself as a multi-geography, high-acuity healthcare platform delivering clinical excellence across north India and emerging markets.
Founded in 2007 and headquartered in Gurugram, the company operates a 700-bed super-specialty hospital with more than 40 specialties and 14 centres of excellence, complemented by asset light satellite platforms (Artemis Lite, Daffodils mother and childcare centres) and cardiac centres. With a differentiated portfolio anchored in quaternary care (organ transplants, complex oncology, cardiac surgery) and strong medical value travel (MVT) economics, Artemis is transitioning from a single-location flagship provider to a multi-site, capital-efficient platform.
Planned capacity expansion to approximately 1,000 beds through brownfield additions, the upcoming 300+ bed super-specialty hospital in Raipur (FY27), the 650+ bed VIMHANS collaboration in South Delhi (FY29), and strategic international presence in Mauritius positions Artemis to capitalize on India’s healthcare structural growth while maintaining its clinical differentiation and operating leverage.
We initiate coverage on Artemis Medicare Services with a Buy recommendation and a target price of ₹437. We have valued the company on EV/EBITDA multiple of 23x on FY28E.