Equitalist

Yatharth Hospital & Trauma Care Services Limited

BSE: 543950 | NSE: YATHARTH

Sector: Healthcare | Industry: Hospital

Yatharth logo
REVENUE
₹ 1,207 Crore
GROSS PROFIT
₹ 973 Crore
EBITDA
₹ 292 Crore
NET PROFIT
₹ 170 Crore

ABOUT COMPANY

Yatharth Hospital & Trauma Care Services Limited (hereafter referred to as ‘Yatharth’ or ‘the Company’) was incorporated on February 28, 2008 in Delhi NCR by Dr. Ajay Kumar Tyagi and Dr. Kapil Kumar and converted into a public company on November 18, 2021, according to RoC.  

Yatharth started its journey with single facility in the Delhi NCR region and has since evolved into a prominent healthcare network in North India. The company is running a chain of multi speciality hospitals which offers various services including oncology, cardiac sciences, neurosciences, renal care and more. The company is strategically focused on high density micro market in North India – National Capital Region (NCR) and the Jhansi–Orchha region – which allows the company to leverage strong brand recall, established clinician networks and referral channels.

Yatharth generates revenue broadly in 3 ways, i.e. healthcare services, pharmaceutical supplies and consultation fees.

State Name Location Launch Year Capacity Beds Status
Uttar Pradesh Greater Noida 2010 400 Operationalised
Noida 2013 250 Operationalised
Noida Extension 2019 450 Operationalised
Jhansi-Orchha 2022 305 Operationalised
Agra 2026 250 Operationalised
Haryana Gr. Faridabad 2024 200 Operationalised
Faridabad 2025 400 Operationalised
Delhi Model Town, Delhi 2025 300 Operationalised
Haryana Gurugram 2026 250 Upcoming
Total Network Capacity 2,805
Metric Greater Noida Noida Noida Extension Jhansi – Orchha
Year of Operation 2010 2013 2019 2022
Beds Capacity 400 250 450 305
Census Beds 330 215 390 250
No. of ICU Beds 112 81 125 76
Occupancy Rate 0.65 0.79 0.6 0.5
ARPOB (₹) 34605 29238 38033 13218
ALOS (Days) 4.42 4.84 4.26 3.95
Continent / Region Country City / Hub Nature of International Presence
CIS / Central Asia Uzbekistan Tashkent Representative Office & MVT Information Centre
Tajikistan Regional Hub MVT Information Centre & Patient Counselling
Turkmenistan Regional Hub OPD Operations & Patient Outreach Programmes
Middle East Iraq Baghdad Representative Office & MVT Referral Hub
Afghanistan Regional Hub Government & Physician Outreach Programme
Africa Mauritius Regional Hub Information Centre, OPD Operations & IVF CME Sessions
Tanzania Regional Hub Information Centre & Pre-travel Coordination Hub
Kenya Regional Hub Information Centre & Patient Referral Hub
Ethiopia Addis Ababa Cardiac Partnership with Black Lion Hospital & Children’s Heart Fund
Cameroon Regional Hub Institutional & Private Healthcare Partnerships
Nigeria Regional Hub OPD Operations & Healthcare Partner Engagement Events
Centre Name Gynaecology
Medicine Orthopaedics & Spine & Rheumatology
Cardiology Plastic & Cosmetic Surgery
Neurosciences ENT (Ear, Nose, Throat)
General Surgery Endocrinology
Nephrology & Urology Critical Care
Paediatrics Neurointervention
Gastroenterology Dermatology
Pulmonology
Locations Number of plants Number of offices Total
National 0 11 11
International 0 0 0
Locations Number
National (No. of States) 4
International (No. of Countries) 0
Hospital Name Year Incorporated/Acquired Bed Capacity ICU Beds Occupancy ARPOB (₹) ALOS (Days)
Mature Hospitals
Greater Noida 2010 Incorporated 400 112 65% 34,605 4.42
Noida 2013 Incorporated 250 81 79% 29,238 4.84
Noida Extension 2019 Incorporated 450 125 60% 38,033 4.26
New Hospitals
Jhansi–Orchha 2022 Acquisition 305 76 50% 13,218 3.95
Greater Faridabad 2024 Acquisition 200 61 38% 30,721 3.72
Operationalize in Q1 FY26
Faridabad 2024 Acquisition 400 105
Model Town, New Delhi 2024 Acquisition 300 70
Total 2305 630

Earning Calls Summary

Management Earnings Calls

Quarterly concall summaries, management commentary tracker & key metrics

Q2     FY 2027

Q2 Revenue Surges 52%; Advent's ₹3,150 Cr to Fund 7,000-8,000 Bed Ambition

Management opened describing Q2 FY27 as the strongest quarter to date, noting that since listing in August 2023, Yatharth has more than doubled capacity from 1,405 to ~2,800 beds while tripling revenues and profits. The Advent partnership brings over 35 years of healthcare investment experience and long-term capital to accelerate growth.

Q2 FY27 REVENUE GROWTH 52% YoY to ₹4,314 million
EBITDA MARGIN 23.6% (₹1,020 million, up 50% YoY); adjusted margin 28% ex-new hospital ramp-up losses
NET DEBT (SEP 30, 2026) ₹392 million (cash and bank balances ₹4,289 million)
Key Takeaway: Q2 FY27 revenue grew 52% YoY to ₹4,314 million (highest-ever quarterly) with EBITDA up 50% to ₹1,020 million (23.6% margin) and PAT of ₹485 million (17% growth). Existing hospitals grew 24% YoY with EBITDA margins above 28%, while newer hospitals now contribute 28% of group revenue (vs 11% last year) and turned EBITDA positive in H1. The company announced a strategic partnership with Advent International for ₹3,150 crores primary capital, targeting 7,000-8,000 beds over 3-5 years.

Earnings Call Summary

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Disclaimer

The research report presented here is for informational and research purposes only. It reflects our own views, assumptions, and analysis and is not intended as a recommendation, offer, or solicitation to buy, sell, or hold any security or asset. Please conduct your own due diligence and consult a qualified financial advisor before making any investment decision. Please check our Terms & Conditions page before investing.

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