Aster DM Quality Care Block Deal: TPG likely to sell 7.2% stake for ₹4,780 crore

Centella Mauritius Holdings Ltd is likely to sell a 7.2% stake in India's largest integrated healthcare provider, Aster DM Quality Care Ltd (formerly Aster DM Healthcare Ltd), through a block deal worth around ₹4,780 crore.

Centella Mauritius Holdings is a special purpose investment vehicle controlled by the affiliates of TPG Inc. The floor price for the transaction has been set at ₹766.10 per equity share, representing a potential discount of around 6.3% to Aster DM Healthcare's previous closing price on the Stock Exchange.

The seller's residual stake will be subject to a 60-day lock-in period following the transaction. Centella Mauritius Holdings, which is backed by TPG Inc, held a 9.9% stake in Aster DM Healthcare at the end of the first quarter.

First Quarter Results

The company reported a consolidated net profit of ₹16.1 crore for the quarter ended June 30, 2026, compared with ₹85.5 crore in the corresponding period last year, marking an 81.2% year-on-year decline.

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The decline came even as the company's core business remained strong. Revenue from operations rose 21.6% year-on-year to ₹1,311 crore from ₹1,078 crore a year earlier, supported by higher patient footfalls and improved performance across its hospital network.

At the operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) increased 27.5% to ₹264.3 crore from ₹207.4 crore in the year-ago period. EBITDA margin improved to 20.2% from 19.2%, reflecting better operating efficiency.

The company said it incurred ₹114.38 crore of exceptional expenses during the quarter towards professional fees and other costs related to its merger with Quality Care India. These one-time costs weighed on the bottom line despite the improvement in operating performance.

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Aster DM Healthcare said total patient volumes increased 16% year-on-year during the quarter, reflecting continued demand for healthcare services.

Revenue from mature hospitals, which are established facilities with relatively stable operations, grew 19% during the quarter. Emerging hospitals, which are newer facilities in the process of scaling up operations, reported a stronger 95% increase in revenue.

The company said its Kasargod Hospital achieved monthly EBITDA break-even within the ninth month of operations, indicating faster progress towards profitability for the newer facility.

Growth across hospitals was supported by rising patient demand, improving utilisation levels and the company's focus on expanding its healthcare network.

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Shares of Aster DM Quality Care Ltd ended at ₹819.20, down by ₹0.049, or 0.049%, on the BSE.