YATHARTH Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹320 Cr
verified against source
Revenue YoY
46%
reported change
EBITDA
₹74.2 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Yatharth Hospital delivered Q3 FY26 revenue of ₹325 crore (up 46% YoY) driven by 33% organic growth and ₹27.9 crore contribution from newly operational Delhi and Faridabad Sector 20 hospitals. EBITDA stood at ₹74.2 crore (up 35% YoY) with adjusted margins of 29.2% excluding new facility losses; PAT at ₹43.1 crore grew 41% YoY. Occupancy averaged 67% network-wide, with Noida flagship at 91% and new hospitals ramping rapidly—Faridabad Sector 20 already at 43% occupancy within 3 months of launch. Management expects Q4 to surpass Q3, guided by FY27 consolidated EBITDA margin of 24-25% as new hospitals approach breakeven within 12-15 months. The 3,000-bed expansion plan (~₹1,500 crore capex over 5 years) targets 5,000 total beds in NCR and North India. Receivables at ~115 days should improve to 80-82 days as government mix declines from 35% to 25-28%. Key risk: new hospital drag of ~₹20 crore in Q3 may persist near-term before scale benefits materialize.
Colored figures show movement against the previous available record.
Guidance to track
- Management explicitly stated Q4 will be better than Q3 driven by full-quarter impact of CDHS price revision (from January 1, 2026) and reduced losses from new hospitals as occupancy ramps.
- With ongoing new hospital additions, management guides blended EBITDA margins in the 24-25% range on consolidated level for FY27, noting mature hospital margins (excluding new hospitals) at ~29%.
- Announced deals within 3-3.5 years with ₹1,500 crore total capex (~₹60 lakh per bed) over 5-year deployment period. Mix of greenfield, brownfield, and asset-light expansion in NCR and major North Indian cities.
- Management targets reducing government business from current 35% to 25-28% through strategic focus on cash and private insurance, particularly in new hospitals where government mix will be capped at 15-20%.
Risks flagged
- Delhi and Faridabad Sector 20 incurred ~₹20 crore combined losses in Q3. While management expects breakeven within 12-15 months, losses may widen before stabilizing as capacity expansion continues with 300-bed Delhi and 400-bed Faridabad Sector 20 full operationalization.
- Analyst questioned why Yatharth's government receivables (~200+ days) exceed listed peers (sub-150 days). Management attributed this to 35% ESI exposure (30-40% of government business), which has slower payment cycles than standard CGHS. Collections improvement initiatives underway but government mix remains a working capital headwind.
- Analyst raised concerns about new hospital chain entry in Noida region. Management responded that competition validates the territory's attractiveness but did not quantify market share impact or respond to the specific competitive threat question with concrete mitigation steps beyond 'clinical excellence' positioning.
- When pressed on specific timeline for complete resolution of the IT/litigation matter mentioned in prior quarters, management stated 'very soon' and 'coming quarters' without committing to a specific quarter. This evasive response leaves uncertainty around potential contingent liabilities or operational disruptions.
Key quotes
- Quarter 3 FY26 has been an exceptional performance by the company and we further expect due to the integration of the new hospitals in our network that quarter 4 would even be better than the quarter three numbers.
- With the addition of Faridabad Sector 20 alongside our earlier started Greater Faridabad hospital, Yatharth has now emerged as the most preferred healthcare chain in the Faridabad region. This has been achieved through strategic investments in star clinicians, high-end and complex super specialities and state-of-the-art technology including robotics enabled care from the inception.
- In the ramp stage we may come to around additional 3,000 beds in the coming three to four years down the line. And on the occupancy front we are at 67% on a blended numbers.
- I don't think it's closer to 250 [government receivables days]. I think it's closer to 200 first... there are certain frameworks and systems within the hospital which allows faster recovery. So we were not having it initially.
Research modules