Artemis Medicare Services Limited (ARTEMISMED.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-89.5%

₹30.01

vs ₹286.05 price

Levered DCF

₹11.36

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.33×	50.58×	48.22×	23.49×	19.13×	45×	9.13×	72.84×
P/B	3.47×	5.05×	5.29×	2.25×	1.69×	0.91×	0.58×	5.09×
P/S	3×	4.51×	2.7×	1.23×	1.1×	0.72×	0.33×	2.78×
EV / EBITDA	17.55×	27.15×	20×	11.54×	11.12×	11.67×	4.28×	23.59×
Gross margin	19.9%	23.8%	20.2%	14.1%	17.3%	9.1%	11.1%	12.0%
Operating margin	13.0%	23.8%	18.3%	8.8%	8.2%	3.5%	5.9%	7.2%
Net margin	9.6%	8.8%	5.6%	5.2%	5.8%	1.6%	3.6%	3.8%
Current ratio	1.74×	2.49×	0.98×	0.83×	0.92×	0.92×	0.74×	0.64×
Debt / equity	0.28×	0.35×	0.71×	0.71×	0.56×	0.46×	0.36×	0.39×
Interest coverage	5.06×	6.99×	5.13×	3.29×	3.79×	1.12×	2.59×	3.52×
Dividend yield	0.2%	0.1%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	5.9%	7.2%	12.4%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.1%	9.9%	11.0%	9.6%	8.9%	2.0%	6.3%	7.0%
Return on invested capital	8.3%	14.4%	14.0%	6.6%	6.4%	2.3%	4.5%	4.9%
Return on assets	7.3%	6.1%	5.1%	4.3%	4.5%	1.1%	3.4%	3.7%
Free cash flow yield	1.0%	1.2%	1.5%	-3.7%	-9.4%	-5.6%	11.1%	-1.6%
Earnings yield	3.2%	2.0%	2.1%	4.3%	5.2%	2.2%	10.9%	1.4%
Enterprise value	₹33B	₹41.2B	₹26.8B	₹11.7B	₹7.9B	₹4.2B	₹2.8B	₹16B
Net debt / EBITDA	0.29×	-0.69×	2.28×	2.6×	2.6×	3.55×	1.54×	1.55×
Cash conversion cycle (days)	6	-7	-2	8	18	13	10	11