YATHARTH Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹342 Cr
verified against source
Revenue YoY
36%
reported change
EBITDA
₹292.1 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 an exceptional FY26 with consolidated revenue of Rs 1,207.2 crore (+36% YoY) and EBITDA of Rs 292.1 crore (+30% YoY), though margin compressed 80bps to 24.2% due to new hospital ramp-up costs. Q4 standalone saw revenue of Rs 341.6 crore (+47% YoY) with EBITDA margin at 23.4%. Occupancy reached 71% in Q4 with ARPOB improving 5% YoY to Rs 33,282. The newly acquired Agra hospital is already contributing Rs 7 crore monthly revenue run-rate with 18% EBITDA margins, while Delhi and Faridabad new hospitals are scaling ahead of expectations. Management targets surpassing FY26's 36% revenue growth in FY27, maintaining 24-25% EBITDA margins, with 5,000-bed capacity target expected to be achieved earlier than 3 years. Key risks include high working capital days at 112 (targeting 90-95), incremental debt for Gurugram expansion, and potential international patient disruption from Middle East geopolitical issues.
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Guidance to track
- Management expects to exceed FY26's strong growth trajectory driven by ramp-up of newly added facilities (Delhi, Faridabad Sector 20, Agra) and continued momentum in mature hospitals.
- Company maintains consolidated full-year EBITDA margin guidance at 24-25% despite new hospital ramp-up costs, expecting margin improvement as facilities scale.
- Private insurance and cash patient mix improvement, international patient inflows, and specialty mix upgrade expected to drive 10% ARPOB growth annually.
- Working capital efficiency drive through process improvements and bill dispatch optimization targeting reduction from current 112 days to 90-95 days by FY27.
Risks flagged
- 112 days DSO is significantly elevated, though management targets 90-95 days improvement. Cash conversion remains strong at 98%, but working capital tied up in receivables could limit flexibility during expansion.
- Delhi new hospital and Faridabad Sector 20 incurred Q4 losses of Rs 21 crore and Rs 9 crore respectively, creating ~2% EBITDA drag. Break-even not expected until H2 FY27, temporarily constraining margin expansion.
- Government schemes (CGHS, ECHS, ESI, Ayushman) constitute ~35% of revenue. While margins are similar across CGHS/ECHS/ESI, Ayushman has significantly lower margins. Management targets reducing government mix to 25%, but execution risk exists.
- NPPA price controls on certain chemotherapy drugs affecting ~20-30% of oncology revenue. With oncology being only 10% of group revenue, impact is marginal but warrants monitoring as this segment grows.
Key quotes
- We feel that we might even reach [5,000 beds] earlier than the 3 years. We have always surpassed our bed capacity targets in the past.
- Oncology share is growing close to 30% from 20%... this is primarily due to increase in key areas within oncology that is the surgical oncology and the bone marrow transplant.
- The full effect of 5% [CGHS rate revision] will come in FY27. So the complete effect was only in Q4 quarter of FY 2026.
- We have not typically followed the concepts of P&L driven corporate led organizations where clinicians are given targets. We've always provided an easy environment for clinical talents to join us and that reputation has helped us attract star doctors.
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