We hereby submit Earnings Call Transcript for Q1 & FY26.
YATHARTH · price
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Yatharth Hospitals reported its highest-ever quarterly revenue of Rs. 2,578 million in Q1 FY26, up 22% year-on-year, with net profit surging 38% YoY to Rs. 420 million and EBITDA growing 20% YoY to Rs. 645 million at a 25% margin (13th consecutive quarter of EBITDA growth). ARPOB hit a record Rs. 32,395, up 6% YoY, driven by super-speciality mix improvement, while inpatient volumes rose 27% and outpatient volumes 20% YoY. The Greater Faridabad facility turned net profit positive within 12 months of operations, contributing 9% of revenue, and new 700-bed hospitals in Delhi (inaugurated mid-July) and Faridabad (late August) are expected to start contributing from Q2 FY26. Management maintained ~30% revenue growth guidance, ~24% EBITDA margin (1% up/down from Q4 FY25), 8-10% ARPOB growth, and outlined Rs. 1,400-1,500 crore cumulative CAPEX over 3 years.
Strong quarter with multiple record highs in revenue, profitability, and ARPOB supports a positive near-term outlook; however, margin drag from two new hospitals and elevated employee costs (now ~19% of sales) may limit upside in the next 2-3 quarters before new assets ramp up. Balance sheet remains net cash positive (~Rs. 300 crores), providing flexibility for further expansion and acquisitions.