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

Executive summary

• Achieved record quarterly revenue and EBITDA, with Q2 FY26 revenue at INR 2.794 billion, up 28% YoY, and PAT up 33% YoY, driven by new hospital additions and strong mature hospital performance.

• Expanded bed capacity to over 2,550, operationalizing Model Town (Delhi) and Faridabad Sector 20 hospitals, and signed to acquire Shantived Hospital in Agra for INR 2.6 billion, to be integrated in H2 FY26.

• Resolved major income tax issues, 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

• Q2 FY26 consolidated revenue reached INR 2.794 billion (+28% YoY), with EBITDA at INR 645 million (+18% YoY) and margin at 23.1%; adjusted EBITDA at INR 737 million (+35% YoY), margin 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 September 2025; net debt/EBITDA remains negative.

• ROCE at 19% in H1 FY26, reflecting ongoing integration and capex.

• Standalone and consolidated EPS for Q2 FY26 were INR 2.14 and INR 4.28, respectively.

Outlook and guidance

• Targeting 30%+ revenue growth for FY26, with EBITDA margins expected to remain stable or improve.

• ARPOB guided to grow 8-10% annually, aiming for INR 40,000 by FY28.

• Agra hospital to be EBITDA positive from day one of integration.

• Expansion to continue in North India metros, with 300-400 additional beds planned in H1 FY27.

• Focus on high-value specialities and medical value travel to drive future growth.