Fri, 25 Sept 2026
11:40:13 pm
Rudransh Sangwan
Published at: September 25, 2026, 7:49 AM
Synopsis
Artemis Medicare shares rose 14% to Rs 378.40 as InCred set a Rs 437 target. Here are the expansion plans, volume and earnings estimates.

Artemis Medicare Services share price rose 14% to an all time high of Rs 378.40 on the BSE during Friday's intraday trading. The move came with heavy trading volume even as the broader market was weak.
The stock moved above its previous high of Rs 361.50, recorded on September 10, 2026. Artemis Medicare has gained 40% in 2026 so far, while the BSE Sensex has fallen 12% over the same period.
The stock has also recovered 87% from its 52 week low of Rs 202.85, recorded on April 13, 2026. At 11:38 AM, the shares were trading 10% higher at Rs 365.55.
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Trading activity was unusually high during Friday's session. A combined 12.75 million equity shares, equal to about 8% of Artemis Medicare's total equity, changed hands across the NSE and BSE.
The stock's previous record high was Rs 361.50 on September 10. Friday's move pushed the share price to Rs 378.40 before it moderated from the day's high.
| Particulars | Details |
|---|---|
| Friday intraday high | Rs 378.40 |
| Previous high | Rs 361.50 |
| Previous high date | September 10, 2026 |
| 2026 gain | 40% |
| 52 week low | Rs 202.85 |
| Recovery from 52 week low | 87% |
| Price at 11:38 AM | Rs 365.55 |
| Shares traded | 12.75 million |
| Shares traded as share of equity | 8% |
The sharp rise took place while the BSE Sensex was down 0.17% at the time. This means Artemis Medicare was moving against the broader market during the session.
InCred Equities has initiated coverage on Artemis Medicare Services with a Buy rating and a target price of Rs 437 per share. The brokerage has valued the company at 23 times estimated FY28 earnings before interest, taxes, depreciation and amortization.
The brokerage expects Artemis Medicare's growth to be driven mainly by the addition of operational beds. Its estimates call for revenue, EBITDA and profit after tax to grow at compound annual growth rates of 23%, 28% and 28% respectively between FY26 and FY28.
| Metric | InCred FY26 to FY28 estimate |
|---|---|
| Revenue CAGR | 23% |
| EBITDA CAGR | 28% |
| Profit after tax CAGR | 28% |
| FY28 EBITDA margin | 18.80% |
| EBITDA margin improvement | 140 basis points |
| Valuation multiple | 23 times FY28E EBITDA |
The brokerage expects operational beds to rise from 544 currently to around 1,000 by FY28. The increase is expected to come from the recently operationalised Raipur hospital and the planned addition of Gurgaon Tower IV.
Artemis Medicare started operations at its Raipur hospital in July 2026. The new facility expands the company's hospital network beyond its established operations in the Delhi NCR region.
The company's flagship Gurugram hospital has continued to perform well, with improved occupancy and higher average revenue per occupied bed. Demand has also remained steady across specialised clinical services.
The company has also said that its international patient business continued to perform well during the first quarter despite the West Asian conflict. Demand was reported from markets including the Middle East, Africa and the Commonwealth of Independent States.
Artemis' expansion is part of a wider trend in the healthcare sector where hospital operators are adding capacity in markets outside their established locations. Recent developments across the Indian healthcare stock sector have also kept capacity expansion and earnings growth in focus.
Artemis Medicare has passed an enabling resolution for a Rs 700 crore qualified institutional placement, or QIP. The proposed fund raising is intended to support further brownfield acquisitions over the next two years.
No acquisition has been announced so far.
A brownfield acquisition generally involves expanding or adding capacity at an existing operational site. For Artemis Medicare, any future transaction would therefore add to the company's existing hospital network and could affect its capacity and earnings estimates.
The Rs 700 crore QIP is an enabling resolution, so it does not mean that the company has already raised the money or completed an acquisition. Further developments would depend on the company's decisions and the eventual fund raising process.
The healthcare sector has also seen continued corporate activity around capacity additions and acquisitions. For context, recent acquisition activity in Indian stocks shows how expansion plans can become an important part of company growth strategies.
Artemis Medicare operates more than 800 beds, mainly in the Delhi NCR region. Its network includes a more than 700 bed quaternary care and super speciality hospital.
The hospital is accredited by the Joint Commission International and the National Accreditation Board for Hospitals and Healthcare Providers.
The company also operates a joint venture with Philips under the Artemis Cardiac Care brand. It has an international presence in Mauritius through an operations and management arrangement.
| Business detail | Artemis Medicare |
|---|---|
| Total beds | 800 plus |
| Main operating region | Delhi NCR |
| Major hospital | More than 700 bed facility |
| New hospital | Raipur |
| Raipur operations | Started July 2026 |
| Overseas presence | Mauritius |
| Cardiac care partnership | Philips |
The addition of Raipur and the planned Gurgaon Tower IV are expected to increase the number of operational beds significantly over the next two years, based on InCred Equities' estimates.
Artemis Medicare's future performance will depend on how quickly its new capacity becomes operational and how efficiently the added beds are filled. Occupancy, average revenue per occupied bed and demand for specialised services are therefore important operating measures.
Investors will also watch the progress of Gurgaon Tower IV and the ramp up of the Raipur hospital. International patient volumes are another area to monitor because the company has identified overseas demand as an important part of its business.
The proposed Rs 700 crore QIP is another development to track. The company has not announced an acquisition yet, so any future transaction could change the current expansion outlook.
InCred's estimates also point to an improvement in EBITDA margin to 18.80% by FY28, from the level assumed at the start of its forecast period. Actual margins and earnings will depend on how the new capacity performs.
Artemis Medicare share price rose 14% to an all time high of Rs 378.40 on September 25, 2026. The move came with heavy trading volume and followed the company's expansion outlook, including new capacity at Raipur and planned additions at Gurgaon.
InCred Equities has set a target price of Rs 437 per Artemis Medicare share. The brokerage initiated coverage with a Buy rating and based its valuation on 23 times estimated FY28 earnings before interest, taxes, depreciation and amortization.
Artemis Medicare shares have gained 40% in 2026 so far. The stock has also risen 87% from its 52 week low of Rs 202.85 recorded on April 13, 2026.
About 12.75 million Artemis Medicare equity shares changed hands across the NSE and BSE during the session. The traded quantity represented about 8% of the company's total equity.
Artemis Medicare has passed an enabling resolution for a Rs 700 crore QIP to support further brownfield acquisitions over the next two years. The company has not announced an acquisition so far.

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