Yatharth Hospital & Trauma Care Services (YATHARTH) Q4 24/25 earnings summary

Executive summary

• FY 2025 total income was INR 13,023 crore, down 4.6% year-over-year, while another group reported FY25 revenue of Rs. 8,805 mn, up 31% YoY, and consolidated revenue of ₹8,804.87 million, up from ₹6,705.47 million YoY.

• Missed budgeted turnover for only the second time in a decade due to cash flow constraints and project delays, but occupancy improved to 61% and ARPOB rose 8% YoY to Rs. 30,829.

• EBITDA margin improved to 12.8% for FY 2025 in one group, while another reported FY25 EBITDA margin at 25.0%, down 182 bps YoY; PAT grew 8% to INR 487 crore and another reported PAT of Rs. 1,306 mn (+14% YoY).

• Order book at March 31, 2025, stood at INR 36,869 crore, the highest in company history, with L1 orders of INR 10,600 crore pending conversion; hospital group expanded bed capacity to 2,300+ beds via acquisitions.

• Recognized for project execution, safety, and innovation, with multiple industry awards, JCI accreditation, and inclusion in key indices.

Financial highlights

• Q4 FY 2025 EBITDA was INR 415 crore (12.2%), down from INR 482 crore (12.7%) in Q4 FY 2024; another group reported Q4 FY25 revenue of Rs. 2,318 mn (+30% YoY) and EBITDA at Rs. 570 mn (+23% YoY).

• FY 2025 EBITDA was INR 1,662 crore, up 5% YoY; another group reported consolidated EBITDA for FY25 at ₹1,717.39 million, up from ₹1,568.32 million in FY24.

• Profit before tax for FY 2025 was INR 710 crore, up 5.6% YoY; consolidated net profit after tax for FY25 reached ₹1,305.50 million, up from ₹1,144.75 million YoY.

• Net cash position of Rs. 5,032 mn as of March 2025; net cash from operating activities (consolidated) for FY25 was ₹1,496.03 million.

• ROCE at 17% (down from 20% last year) in one group, and 19% in another, reflecting ongoing integration of acquisitions.

Outlook and guidance

• Targeting 20%-25% top-line growth for FY 2026, with new order bookings of INR 20,000-25,000 crore, excluding INR 10,500 crore of L1 orders; hospital group aims to operationalize new hospitals in Delhi and Faridabad by Q1 FY26.

• Aims to maintain EBITDA margin above 11% for FY 2026; targeting bed capacity of ~3,000 by FY28 through expansion.

• Medium-term CAGR guidance remains at 15%; focus on enhancing ARPOB, occupancy, and leveraging medical tourism.

• Order book expected to grow as L1 orders convert; execution to normalize as liquidity improves.

• Management confident ongoing tax investigations will not result in significant liabilities.