Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> and Quality Care India are merging to form India's third-largest hospital chain with over 10,150 beds. </li>
<li>This merger combines two major players, generating significant scale, diversification, and financial strength. The merged entity will benefit from  synergies and plans to expand to over 13,000 beds by FY27.</li>
<li>The merged entity is expected to be EPS accretive and expected to increase EBITDA by 10-15% through synergies</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) and Quality Care India are merging to form India's third-largest hospital chain with over 10,150 beds. 
This merger combines two major players, generating significant scale, diversification, and financial strength. The merged entity will benefit from  synergies and plans to expand to over 13,000 beds by FY27.
The merged entity is expected to be EPS accretive and expected to increase EBITDA by 10-15% through synergies


Aster DM and Quality Care India: A Deep Dive into the Merger

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Aster DM Healthcare Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> reported stellar performance in Q3FY25. Revenue achieved 11% YoY growth to INR10.5B, driven by increased patient volumes and growth in ARPOB. </li>
<li>Consistent growth across core businesses, combined with strategic cost optimization, operational efficiencies, and optimized service mix, have significantly strengthened margins, with Q3FY25 operating EBITDA margins standing at 19.3% (Q3FY24: 17.7%).</li>
<li>Our original investment thesis is intact. Margin levers are working well. Expansion plan is on track. Macro trend is favorable. Merger with Quality Care can be a game changer.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) reported stellar performance in Q3FY25. Revenue achieved 11% YoY growth to INR10.5B, driven by increased patient volumes and growth in ARPOB. 
Consistent growth across core businesses, combined with strategic cost optimization, operational efficiencies, and optimized service mix, have significantly strengthened margins, with Q3FY25 operating EBITDA margins standing at 19.3% (Q3FY24: 17.7%).
Our original investment thesis is intact. Margin levers are working well. Expansion plan is on track. Macro trend is favorable. Merger with Quality Care can be a game changer.


2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.</li>
<li>Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.</li>
<li>The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.
Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.
The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.


2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report onAster DM Healthcare ASTER DM Healthcare (ASTERDM) Q4 consolidated EBITDA grew strong by 29% YoY to Rs1.6bn.</li><li>GCC stake sale concluded in Mar’24 and the company distributed 80% of proceeds as a one-time dividend.</li><li>ASTERDM India’s EBITDA increased sharply over the last 3 years (29% CAGR over FY22-24).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Prabhudas Lilladher's research report onAster DM Healthcare ASTER DM Healthcare (ASTERDM) Q4 consolidated EBITDA grew strong by 29% YoY to Rs1.6bn.GCC stake sale concluded in Mar’24 and the company distributed 80% of proceeds as a one-time dividend.ASTERDM India’s EBITDA increased sharply over the last 3 years (29% CAGR over FY22-24).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aster DM Healthcare - Margin and Bed Expansion to Drive Growth

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Adani Group shifts to cash flow-backed, high-capex growth phase aiming for leadership in renewable energy, ports, and infrastructure.</li>
<li>Hiranandani Group enters Pune with a Rs 7,000 crore JV project, developing a 105-acre integrated township in Hinjewadi.</li>
<li>The Burman family takes control of <a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> , plans Rs. 2,000 crore capital infusion, rebranding, and new management team</li>
</ul>


Adani Group shifts to cash flow-backed, high-capex growth phase aiming for leadership in renewable energy, ports, and infrastructure.
Hiranandani Group enters Pune with a Rs 7,000 crore JV project, developing a 105-acre integrated township in Hinjewadi.
The Burman family takes control of Religare Enterprises (RELG IN) , plans Rs. 2,000 crore capital infusion, rebranding, and new management team


#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

India

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

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Aster DM Healthcare Ltd (ASTERDM IN)

Aster DM and Quality Care India: A Deep Dive into the Merger

CCI approved the proposed merger of Quality Care India Limited (QCIL) into Aster DM Healthcare Limited (Aster). Post which Aster will be renamed as...

Nimish Maheshwari

2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues

Aster DM achieved 11% revenue growth to INR10.5B in Q3FY25, with operating EBITDA margins standing at 19.3% (vs. Q3FY24: 17.7%). The company aims...

Tina Banerjee

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

Aster DM Healthcare - Margin and Bed Expansion to Drive Growth

Prabhudas Lilladher's research report onAster DM Healthcare ASTER DM Healthcare (ASTERDM) Q4 consolidated EBITDA grew strong by 29% YoY to Rs1.6bn.

Prabhudas Lilladhar

#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Sudarshan Bhandari

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Market Cap (USDm)

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Aster DM and Quality Care India: A Deep Dive into the Merger

CCI approved the proposed merger of Quality Care India Limited (QCIL) into Aster DM Healthcare Limited (Aster). Post which Aster will be renamed as...

Nimish Maheshwari

2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues

Aster DM achieved 11% revenue growth to INR10.5B in Q3FY25, with operating EBITDA margins standing at 19.3% (vs. Q3FY24: 17.7%). The company aims...

Tina Banerjee

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

Aster DM Healthcare - Margin and Bed Expansion to Drive Growth

Prabhudas Lilladher's research report onAster DM Healthcare ASTER DM Healthcare (ASTERDM) Q4 consolidated EBITDA grew strong by 29% YoY to Rs1.6bn.

Prabhudas Lilladhar

#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

​Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Sudarshan Bhandari

Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...