Aster DM Healthcare Limited announced the approval of its board for the merger of Quality Care India Limited (QCIL) with Aster, creating one of India's top three hospital chains. The merged entity, to be named Aster DM Quality Care Limited, will boast a combined capacity of 10,623 beds, with projected revenues of ₹9,273 crore and an operating EBITDA of ₹2,013 crore for FY26. The transaction is structured in two steps: an initial share acquisition where Aster purchased a 5.0% stake in QCIL from Blackstone and TPG in exchange for a 3.6% stake in Aster, followed by the merger of QCIL into Aster. Post-merger, Aster's promoters and Blackstone will jointly control the merged entity, with Dr. Azad Moopen continuing as Executive Chairman. Mr. Varun Khanna will become MD & Group CEO, and Mr. Sunil Kumar will be Group CFO. The merger is expected to be EPS accretive from the first full year of operations and is cash neutral. Aster DM Healthcare's standalone performance for Q4 FY26 showed revenue from operations at ₹1,182 crore, with an operating EBITDA of ₹244 crore and a margin of 20.7%. For the full year FY26, revenue stood at ₹4,643 crore, and operating EBITDA was ₹947 crore with a margin of 20.4%. The company has received shareholder, CCI, and stock exchange approvals for the share swap. The application to the National Company Law Tribunal (NCLT) was filed on December 11, 2025, with the expected completion of the merger in Q1 FY27. The presentation also detailed the strategic rationale, including scale, enhanced metrics, synergies, diversification, and growth potential, positioning the merged entity for significant expansion and improved financial performance.
