Aster DM Healthcare's Q1 FY26 showed strong momentum: Revenue up 8% to ₹1,078 Cr, Operating EBITDA up 21% to ₹215 Cr (20% margin), and Normalized PAT up 22% to ₹90 Cr. Key drivers were Kerala's recovery, increased ARPOB (₹50K+), and efficiency gains. The proposed merger with QCIL is on track, creating a 10,350+ bed network. QCIL itself reported solid 16% revenue growth and 19% EBITDA growth, driven by higher ARPOB, volumes, and ₹20 Cr procurement savings. Management is confident in sustained growth via strategic capacity expansion (2,600 new beds) and ongoing efficiency initiatives, aiming for mid-teen revenue growth. Investor sentiment is positive on the combined entity's potential.