Revenue and Profit Growth
Artemis Medicare’s net sales have shown a robust increase, rising from ₹546.52 crores in March 2019 to ₹936.92 crores in March 2025. This represents a compound growth trend, with notable acceleration post-2021. The total operating income mirrors this growth, reflecting the company’s expanding operational scale. Operating profit before depreciation, interest, and tax (PBDIT) excluding other income has also improved significantly, reaching ₹151.79 crores in March 2025 from ₹63.81 crores in March 2019. Including other income, operating profit rose to ₹184.78 crores in the latest fiscal year.
Profit before tax (PBT) has increased markedly, from ₹36.74 crores in 2019 to ₹107.67 crores in 2025, while profit after tax (PAT) climbed from ₹20.39 crores to ₹82.18 crores over the same period. The consolidated net profit followed a similar pattern, reaching ₹82.63 crores in March 2025. Earnings per share (EPS) adjusted for the face value change also reflect this upward trend, with a rise to ₹6.01 in 2025 from ₹15.48 in 2019 (noting the face value adjustment from ₹10 to ₹1).
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Cost Structure and Margins
The company’s expenditure profile has evolved with its growth. Total expenditure excluding depreciation rose to ₹785.13 crores in 2025 from ₹482.71 crores in 2019, driven largely by manufacturing expenses and employee costs. Manufacturing expenses, introduced in recent years, accounted for ₹565.21 crores in 2025, reflecting increased production activity. Employee costs have also steadily increased, reaching ₹148.37 crores in 2025.
Operating profit margins excluding other income improved from 11.68% in 2019 to 16.2% in 2025, indicating enhanced operational efficiency. Gross profit margin similarly increased to 16.31% in 2025. PAT margin showed a positive trend, rising to 8.77% in 2025 from 3.73% in 2019, underscoring improved bottom-line profitability.
Balance Sheet Strength and Asset Growth
Artemis Medicare’s total assets expanded significantly, from ₹586.44 crores in 2020 to ₹1,357.41 crores in 2025. Net block assets, representing fixed assets net of depreciation, increased from ₹378.87 crores in 2020 to ₹705.23 crores in 2025, reflecting ongoing capital investments. Capital work in progress also remains substantial, indicating continued expansion.
Shareholders’ funds nearly doubled from ₹313.24 crores in 2020 to ₹837.68 crores in 2025, supported by rising reserves. The book value per share adjusted for face value changes improved to ₹55.9 in 2025 from ₹18.68 in 2020, signalling enhanced net asset value per share.
Long-term borrowings increased steadily to ₹209.48 crores in 2025, while short-term borrowings also rose moderately. Total liabilities grew in line with asset expansion, reaching ₹1,357.41 crores in 2025.
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Cash Flow and Financial Health
Cash flow from operating activities has shown a positive trajectory, increasing from ₹56 crores in 2020 to ₹145 crores in 2025. Despite significant cash outflows in investing activities, notably ₹385 crores in 2025 due to capital expenditure, the company has managed to maintain a positive net cash inflow of ₹26 crores in the latest fiscal year. Financing activities contributed ₹266 crores in 2025, supporting the company’s expansion and debt servicing.
Closing cash and bank balances surged to ₹395.54 crores in 2025 from ₹15.65 crores in 2020, reflecting strong liquidity. The company’s working capital position improved markedly, with net current assets turning positive to ₹322.73 crores in 2025 from negative territory in prior years.
Summary
Overall, Artemis Medicare’s historical performance reveals a company on a growth path with expanding revenues, improving profitability, and strengthening balance sheet metrics. The steady rise in operating and net profit margins, alongside robust cash flow generation and asset base expansion, positions the company favourably within its sector. Investors may find these trends indicative of a well-managed enterprise with a clear focus on sustainable growth.
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