Yatharth Hospital & Trauma Care Services (YATHARTH) Q2 25/26 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue and EBITDA, with consolidated Q2 FY26 revenue at ₹2,794.21 million, up 28% YoY, and PAT at ₹412.53 million, up 33% YoY, driven by new hospital additions and strong mature hospital performance.

• Expanded bed capacity to over 2,550, operationalizing Model Town (New Delhi) and Faridabad Sector 20 hospitals, and signed a binding term sheet to acquire Shantived Hospital (Agra).

• Resolved a major income tax issue, restoring financial flexibility and releasing previously attached assets.

• Appointed a new independent director and upgraded statutory auditor to reinforce governance.

• Crisil upgraded credit rating to A/Stable, and inclusion in MSCI India Small Cap Index enhanced investor visibility.

Financial highlights

• Quarterly revenue reached INR 2.794 billion, up 28% YoY and 8% QoQ; H1 FY26 consolidated revenue was INR 5.372 billion.

• EBITDA at INR 645 million, up 18% YoY; adjusted EBITDA at INR 737 million, up 35% YoY, with a margin of 26.7%.

• PAT for Q2 FY26 was INR 413 million (+33% YoY); H1 FY26 PAT was INR 833 million (+36% YoY).

• Net cash position of INR 3.692 billion as of Sep 2025, providing strong financial headroom.

• Occupancy rate at 66% despite significant bed additions; ARPOB at INR 32,015, up 4% YoY.

Outlook and guidance

• Focus on ramping up new facilities, expanding super specialty offerings, and driving operational efficiencies.

• Guidance for 30%+ revenue growth for the year, with expectations to overachieve.

• EBITDA margins expected to remain stable or improve, with no anticipated margin dilution from new capacity.

• ARPOB targeted to grow 8-10% annually, aiming for INR 40,000 by FY 2028.

• CapEx of INR 1,500 crore planned over 4.5 years, with further bed additions and acquisitions in pipeline.