Artemis Medicare Services Limited

Sector n/a · NSE

₹305.50+₹2.50 (+0.83%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

CAUTION

Risk

Low

Driven by a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Artemis Medicare Services Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Artemis Medicare Services Limited engages in the management and operation of multi-specialty hospitals in India and internationally. The company provides medical and surgical intervention, mix of inpatient and outpatient services.

Employees2,055

What is its competitive advantage?Little sign of one

Returns on capital of the level reported are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROE3.9%

What is the outlook?

4 analysts covering the stock expect revenue to grow about 27.8% and earnings to grow about 41.4% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+27.8%

Est. earnings growth+41.4%

Analysts4

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 133.4x is demanding — it needs sustained high growth to justify
✗ P/B of 5.17x is a steep premium to book

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

24/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

133.4x

P/B

5.17x

EV/EBITDA

—

PEG

2.86

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Very low debt
Debt/Equity of 0.28x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

No clear risk case emerges from the available numbers — which is not the same as there being none.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Free cash flow remains positive✗ not reported
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

Not available

No data

Source didn't return this field

P/E (Trailing)

133.4x

Expensive

Expensive — verify against sector peers

P/B Ratio

5.17x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹2.29

Profitable

Profitable on a per-share basis

ROE

3.9%

Weak

Weak capital efficiency

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

0.28x

Low

Conservative leverage

Revenue Growth (YoY)

12.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

46.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

Not available

No data

Source didn't return this field

More Metrics

CMP

₹305.5

P/E (Forward)

24.7x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

15.2%

Good

Healthy core-business profitability

Net Margin

10.2%

Good

Strong bottom-line conversion

Beta (vs Nifty)

0.32

Defensive

Steadier than the market

52W Range Position

58%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

329.1 / 326.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

20.8

Oversold zone

Financial Trend (Annual)

Year	Revenue	Gross Profit	Net Income
2023	₹0 Cr	₹0 Cr	₹39 Cr
2024	₹879 Cr	₹0 Cr	₹49 Cr
2025	₹937 Cr	₹0 Cr	₹83 Cr
2026	₹1,081 Cr	₹0 Cr	₹104 Cr

Balance Sheet & Cash Flow — FY2026

Total Assets

—

Total Liabilities

—

Total Debt

—

Cash & Equivalents

—

Operating Cash Flow

—

Capex

—

Shareholding (proxy)

Institutional Holding

1.1%

Insider Holding

80.9%

Analyst Consensus

Recommendations

5 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹345.6

+13.1% vs CMP

Target Range

₹325 – ₹370

Recent News

1 positive3 mixed2 general

Artemis Medicare Services seeks approval to raise ₹700 crore

scanx.trade, 13 Oct

Artemis Medicare surges 14% on huge volume; zooms 87% from April low

Business Standard, 25 Sept

ARTEMISMED Forecast — Price Target — Prediction for 2027

TradingView, 01 JulAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Artemis Medicare Services Limited (NSE:ARTEMISMED) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Simply Wall Street, 07 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Artemis Medicare shares gain 26% in 3 months; analysts see 30% upside

The Economic Times, 18 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Should You Buy Artemis Medicare Services Limited (NSE:ARTEMISMED) For Its Upcoming Dividend?

Simply Wall Street, 06 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟢Business QualityStrong13/20

🟢Financial HealthStrong18.4/20

🟡GrowthModest10/20

🟡ProfitabilityModerate7.9/15

🔴ValuationDemanding3.2/15

🟢RiskLow8.5/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

This thesis breaks if

✗Free cash flow remains positivenot reported