Asarfi Hospital Ltd — Q4 FY26
Asarfi Hospital reported Q4 FY26 consolidated revenue of 45.2 crore (+29% YoY), EBITDA of 7.7 crore (17% margin), and PAT of 3.9 crore (+9% YoY).
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
68%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Current situation of Aayushman scheme and its impact on hospitals.
Asked by Nathan Gupta, investor
Management clearly stated the scheme is only in cancer hospital and gave percentage contribution.
Read the exchange
Question
what is the current situation of the liberal government funded Aayushman or and was it impacting both of our hospitals or and cancer only?
Management
Aishwand scheme is operational in our cancer hospital only. our focus primarily remains on on it scheme which has better package rates. our Aishman Bhar contribution to cancer hospital is around 15%.
Answered
High priority
Capex required to increase bed capacity from 65 to 150.
Asked by Nathan Gupta, investor
Management gave a specific capex range and funding source.
Read the exchange
Question
how much effect can we expect for them to increase the cap to increase the bed capacity from 65 to 150?
Management
Actually we don't require very high capex investment. It will be around 2 three cr rupes which will be met through internal approvals.
Answered
High priority
Plans for mainboard migration.
Asked by Nathan Gupta, investor
Management confirmed plans and gave a timeline.
Read the exchange
Question
any plans for the mainboard migration?
Management
Yes, we have decided that we will be migrating to mainboard. We are figuring out the eligibility criteria and process. We will be eligible after the month of July.
Partial answer
Medium priority
Reason for delay in bone marrow facility.
Asked by Kima C research
Management cited policy issues but did not give a firm timeline for resolution.
blamed external factorsno specific timeline
Read the exchange
Question
why there was a delay in the bone wire of facility like why is it not like till now because previously we told that it will go in 26?
Management
Basically in Jakartan organ transplant policy is very not in a good shape and we are trying to obtain approval for organ transplant facility. Delay is caused due to the procedural delay.
Partial answer
High priority
Status of proposed merger with another company.
Asked by Kima C research
Management gave a reason but only a vague timeline of 'this year'.
no specific timelineblamed external factors
Read the exchange
Question
what is the status of that and why is it still not done?
Management
There is delay because two three shareholders had died and the hairs have not inherited the shares. We are in continuous touch and hopefully it should be done this year.
Partial answer
Medium priority
Reason for decrease in cancer patients and future expectations.
Asked by Akarval, family office
Management gave a reason but did not quantify the decrease or give clear future outlook.
no quantificationblamed external factors
Read the exchange
Question
why was the cancer patient decreased this quarter and do you expect the same in coming half year or several years?
Management
In the last quarter there was some scheme launched by government of Jarhand and there was some changes in the approval system. So there was administrative delay in the approval and that is why some few patients got decreased.
Answered
Medium priority
Percentage of revenue from cancer segment and impact of delays.
Asked by Akarval, family office
Management gave a specific percentage range and stated limited impact.
Read the exchange
Question
can you just put into numbers that how many how much percentage or in revenue guidance you are expecting from can this segment only?
Management
they contribute to 10 10 12% of revenue and if in case of administrative delay there there will not be much impact to revenue.
Answered
High priority
Forward guidance on EBITDA margins.
Management gave specific margin targets for current and next year.
Read the exchange
Question
I just wanted to know what is happening forward again.
Management
We are trying to bring case mix and margins in such a way that EBITDA remains at achieves 22 23 to 25%. This year we have achieved 20% EBITDA. We definitely would like to push it to at least 22% next year.
Declined
Low priority
Details of other income of 3.6 cr in March 2025.
Management declined to provide details on the call, deferring to email.
deferred to emailrefused to answer on call
Read the exchange
Question
In March 2025, we have another income of 3.6 cr which is missing this year. So what is this other income?
Management
I also understand details of order income will be mailed to you. I request you to kindly send this question on our email. We will send the breakups and details.
Evasive
High priority
Confidence in achieving 260 cr top line by 2030.
Management gave a generic confident statement without any concrete plan or breakdown.
no specificsvague assurance
Read the exchange
Question
what could be a line for 2030 as you have mentioned it will be like 260 cr. So are you confident to achieving this top line amount?
Management
Yes sir, we are working very hard and we should be able to achieve it.
Partial answer
High priority
Margins and utilization for cancer hospital facility.
Asked by Pashant Sharma, security
Management gave revenue figures but avoided margin and utilization specifics, deferring to email.
deferred to emailgave revenue but not margins
Read the exchange
Question
what is the margins for this particular facility and how should we think about the margins going forward and what would be the utilization level?
Management
To answer your question we require some number crunching and if you could write a mail to us we reply very specific. Just to give an overview that cancer hospital last year we had a revenue of 20 crores. This year we have achieved a revenue of 33 crores.
Partial answer
High priority
Key growth levers to reach 400 cr revenue with margin.
Asked by Pashant Sharma, security
Management highlighted cancer hospital but did not break down other growth levers as requested.
no breakdown of other leversfocused only on cancer
Read the exchange
Question
it would be helpful if you could break down the key growth levers such as bed expansion occupancy ramp up and ask for improvement transplant services and on contracts and indicate which of these are expected to be the biggest contributors going forward.
Management
Major contribution will come from growth in the cancer hospital business because cancer hospital has not achieved its potential. We are at 42% of capacity utilization of 65 beds and we are going to increase the number of beds.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin achieved 20% this year | 20% | 17% | Overstated vs filing |
| Target EBITDA margin at least 22% next year | 22% | 17% | Overstated vs filing |
| Cancer hospital revenue 33 cr this year vs 20 cr last year | ₹33 cr | ₹45.2 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.