Yatharth Hospital & Trauma Care Services LimitedPharmaceuticals & HealthcareYATHARTH
Q1 FY27 concall · earnings callYatharth Hospital & Trauma Care Services Limited
Yatharth delivered its highest ever quarterly revenue and profits, with 51% revenue growth driven by successful integration and rapid scaling of newer hospitals, while maintaining a focus on premium payer mix and expansion to 5,000 beds.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹392.7 Cr | 51% year-over-year | |
| EBITDA | ₹91.7 Cr | 39% year-over-year | |
| Consolidated EBITDA Margin | 23.3% | — | |
| Adjusted EBITDA Margin (ex-New Delhi & Faridabad S20) | 28.1% | — | |
| PAT | ₹45.4 Cr | — | |
| ARPOB | INR34,758 | 7% YoY |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹219.16 Cr+31.4% YoY+0.6% QoQ | ₹30.49 Cr+3.4% YoY-1.5% QoQ | ₹3.57-6.8% YoY-0.6% QoQ |
| Q2 FY25 | ₹217.77 Cr+27.1% YoY+2.8% QoQ | ₹30.95 Cr+12.1% YoY+1.9% QoQ | ₹3.59-5.5% YoY+1.4% QoQ |
| Q1 FY25 | ₹211.78 Cr+37.1% YoY+19.1% QoQ | ₹30.38 Cr+59.6% YoY-20.8% QoQ | ₹3.54+21.6% YoY-27% QoQ |
| Q4 FY24 | ₹177.75 Cr— YoY+6.6% QoQ | ₹38.35 Cr— YoY+30% QoQ | ₹4.85— YoY+26.6% QoQ |
| Q3 FY24 | ₹166.79 Cr— YoY-2.6% QoQ | ₹29.49 Cr— YoY+6.8% QoQ | ₹3.83— YoY+0.8% QoQ |
TL;DR
- Record quarterly revenue of INR3,927 million, up 51% YoY and 15% QoQ.
- EBITDA grew 39% YoY to INR917 million; adjusted EBITDA margin (ex-new hospitals) at 28.1%.
- Newer hospitals (Greater Faridabad, New Delhi, Faridabad Sector 20, Agra) contributed 27% of group revenue.
- Faridabad Sector 20 hospital turned EBITDA breakeven within 9 months; New Delhi and Agra hospitals scaling well.
- Group ARPOB reached all-time high of INR34,758, with premium NCR hospitals crossing INR50,000 mark.
- Board approved maiden interim dividend of 5% and launched a new ESOP scheme.
Said on the call
“We delivered our highest ever quarterly revenue and profits this quarter.”
From the Q&A
| Topic | What management said |
|---|---|
| Bed Capacity Target Timeline | Management clarified the 5,000 beds target will be achieved in less than three years (earlier than previously stated), with announced capacity already at 3,200 beds including Gurugram and brownfield expansions. |
| New Hospital Ramp-up & Breakeven | Faridabad Sector 20 turned EBITDA breakeven in 9 months; New Delhi hospital is on track for breakeven between Q3-Q4 FY27. Occupancy calculations changed due to increased census beds, not stagnation. |
| EBITDA Margin Trajectory | While newer hospitals will improve, consolidated EBITDA margin is targeted upwards of 24% for FY27, not 28%, as new hospitals will continue to be added (e.g., Gurugram) creating ongoing drag. |
| Payer Mix & Government Business | Government payer mix was ~40% for the quarter; increase of ~2% was due to CGHS rate revision, not volume. New hospitals have >90% cash/private insurance mix. |
| PAT Margin Pressure | Lower PAT margins due to higher depreciation and interest costs from recent capex (Gurugram acquisition, oncology machines). Pressure expected to decrease as no similar high capex is planned soon. |
| Capex per Bed & Funding | Future capex per bed estimated at INR75-80 lakhs, funded by internal accruals and debt. Debt is comfortable at ~2x trailing EBITDA. |
| ARPOB Guidance | ARPOB growth guidance of 8-10% YoY sustained; newer hospitals expected to reach 25%+ EBITDA margins within two years. |
Guidance
- FY27 revenue growth will surpass last year's 37% YoY growth.
- FY27 EBITDA margin targeted upwards of 24%.
- ARPOB growth expected at 9-10% YoY.
- Target to reach 5,000 beds in less than three years.
- Gurugram 250-bed facility expected to commence operations by Q1 FY28.
- Expect to add at least one new hospital asset in FY27.
Source
Summary written from the transcript filed by Yatharth Hospital & Trauma Care Services Limited for the call held on 11 Aug 2026; published 20 Aug 2026, 16:46 IST.
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