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

Executive summary

• Achieved record quarterly revenue and profitability in Q3 FY26, with 46% year-over-year revenue growth and 15% sequential growth, reaching INR 3,205 million.

• EBITDA for Q3 FY26 was INR 742 million (+35% YoY), with a margin of 23.2%; PAT grew 41% YoY to INR 431 million.

• 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 expected to contribute meaningfully to revenue and EBITDA from day one.

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

Financial highlights

• Q3 FY26 consolidated revenue: INR 3,204.71 million (+46% YoY); 9M FY26 revenue: INR 8,576.63 million (+32% YoY).

• Existing hospitals grew 33% year-over-year; new hospitals contributed 9% of revenue.

• Occupancy rate: 67% overall; Noida 91%, Greater Noida 74%, Noida Extension 61%, Jhansi Orchha 72%.

• ARPOB up 10% year-over-year to INR 33,744; Noida Extension ARPOB at INR 44,000 (+16% YoY).

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

• Net profit after tax: INR 431 million (+41% YoY).

Outlook and guidance

• Q4 expected to outperform Q3 due to integration of new hospitals.

• Targeting 5,000 beds in next 3 years, with operationalization over 4-5 years.

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

• ARPOB expected to grow 10% year-over-year; oncology to reach 15% of specialty mix in 1.5 years.

• Receivable days targeted to reduce to 80-82 in 2-3 years as government mix declines.

• No material financial impact expected from new Labour Codes; wage structure aligned with new regulations.