YATHARTH Q2 FY26 earnings call.
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Revenue
₹279.4 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
₹64.5 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Yatharth Hospital delivered a standout Q2 FY26 with record revenue of ₹279.4 crore (+28% YoY), driven by 110% YoY growth from new hospitals (Delhi and Faridabad Sector 20 adding 700 beds) and 19% growth from mature facilities. Adjusted EBITDA of ₹73.7 crore (+35% YoY) at 26.7% margin, with PAT up 63% YoY. Group ARPO stands at ₹3,250 with mature hospital ARPO growth of 9% YoY. Key growth levers include: CGHS rate revision effective October 2025 adding ~2.5% to revenue next year; GST rate cut benefit of 3-3.5%; Shanti Vid Hospital in Agra (250 beds, ARPO ~₹30,000+) joining from Q4; and international medical value travel expansion with 5-6 information centers planned. The company targets 8-10% annual ARPO growth through FY28. Risks include: new hospital ramp-up losses persisting into Q3; Jansi hospital's lower ARPO dragging blended metrics; and working capital normalization pending receivables cycle improvements.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided that 30% revenue growth is easily achievable and they are being 'bit conservative' with this number for FY26.
- Management maintained 40,000 ARPO target for FY28 with 8-10% annual ARPO growth expected, to be driven by Delhi/Faridabad ramping with oncology, transplant, and international patient mix.
- New CGHS rates effective October 2025 will contribute ~1% benefit in FY26 and ~2.5% to overall revenue from FY27 onwards, given 37% government revenue mix and some exclusions like ECHS.
- Shanti Vid Hospital (250 beds, running facility with ARPO ~₹30,000+) to be on books from Q4 with full integration expected by H2, contributing positively from day one.
Risks flagged
- Delhi and Faridabad Sector 20 hospitals will continue to drag EBITDA in Q3 similar to Q2 levels (~3.3% overall margin dilution), with break-even targeted in 15-17 months.
- Jansi hospital reaching 70% occupancy (ARPO roughly half of group average) is muting overall ARPO growth despite mature hospital ARPO growth of 9% YoY.
- Data days reduced by 8-10 days this quarter; OCF to EBITDA at 58% impacted by salary payment timing change, expected to normalize to ~78% by March 2026.
- Analyst asked about when Agra results would appear in books (Q4 confirmed), but integration execution risk exists given it is an existing running hospital being acquired mid-fiscal.
Key quotes
- We are quite happy that Jansi Osha hospital has reached an occupancy of 70% as per our target and it's now become a leading service provider in that area. Because the ARPO in Jansi hospital is almost half of that of the group average, so increase in the occupancy in Jansi hospital led to muted ARPO growth.
- With the Delhi and the Faridabad 20 hospital ramping up in the coming quarters which will have the ARPO much higher than the group average, we will still be on track for our yearly ARPO growth of somewhere around 8 to 9% from last year.
- Whatever capacity we are adding right now, even with three new hospitals in a financial year we're able to maintain margins upwards of 23% of EBITDA. So whatever in the future is going to be added, there is only upside from here.
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