Yatharth Hospital & Trauma Care Services (YATHARTH) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 3,205 million in Q3 FY26, up 46% year-over-year, and highest-ever profitability, with EBITDA at INR 742 million (+35% YoY) and PAT at INR 431 million (+41% YoY).

• New Delhi and Faridabad Sector 20 hospitals contributed INR 279 million, or 9% of group revenue, in their first full quarter.

• Agra Hospital (acquired February 2026, 150 operational beds expandable to 250) is fully integrated and expected to boost revenue and EBITDA.

• Clinical excellence highlighted by advanced interventions and national awards for key clinicians.

• Unaudited standalone and consolidated financial results for Q3 and 9M FY26 were approved, with no material misstatements found by auditors.

Financial highlights

• Q3 FY26 consolidated revenue: INR 3,205 million (+46% YoY); 9M FY26: INR 8,577 million (+32% YoY).

• Q3 FY26 EBITDA: INR 742 million (+35% YoY); adjusted EBITDA margin: 29.2%; PAT: INR 431 million (+41% YoY); PAT margin: 13.4%.

• ARPOB for Q3 FY26: INR 33,744 (+10% YoY); Noida Extension ARPOB at INR 44,000 (+16% YoY); occupancy at 67%.

• Existing hospitals grew 33% YoY; new hospitals contributed 9% of group revenue.

• Net cash position: INR 200 crore as of December 31, 2025.

Outlook and guidance

• Q4 expected to surpass Q3 performance due to integration of new hospitals and continued ramp-up.

• Targeting 5,000 beds in next three years, with operationalization over 4-5 years.

• Oncology expected to reach 15% of specialty revenue within 1.5-2 years.

• ARPOB guidance: 10% YoY growth expected to continue.

• Receivable days targeted to reduce to 80-82 in two to three years as government mix declines.

• Blended EBITDA margin guidance for FY27: 24%-25% due to ongoing expansion.

• No material financial impact expected from new Labour Codes; company monitoring regulatory developments.