BSE: 543943
ASARFI HOSPITAL LIMITED
Runs a multi-specialty hospital business from Dhanbad, Jharkhand, operating two units with a combined 350 beds — a 285-bed Super-Specialty Hospital and a 65-bed Cancer Hospital. Revenue is earned from inpatient (IPD) and outpatient (OPD) services across cardiology, neurosurgery, orthopaedics, general medicine, oncology, and other specialties, with FY26 consolidated revenue of ₹173.5 crore (up 42% YoY) on IPD growth of 46% and OPD growth of 34%. The Cancer Hospital contributed about ₹33 crore (10-12% of revenue) at 42% bed occupancy, operating a Varian TrueBeam LINAC and a Siemens 64-slice PET CT. A May 2025 MoU with Gleneagles Hospital Chennai is setting up a multi-organ transplant unit, and the Cancer Hospital is to expand from 65 to 150 beds for ₹2-3 crore capex. The largest cost line is other operating expenses at 42% of revenue, followed by materials and medical consumables at 15.4% and employee costs at 15.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Super-Specialty Hospital (IPD + OPD), Cancer Hospital (10%). Asset-heavy, regional single-segment hospital operator with two units and rising ARPOB-driven margins
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 84 | 121 | 174 |
| EBITDA (ex other income) | 16 | — | — |
| margin % | 19.0 | — | — |
| Owners' profit | 4 | — | — |
| EPS, as reported (₹) | 2.31 | 5.37 | 8.47 |
| ROE % · ROCE % | 5.9 · 7.9 | — · 15.0 | — · 18.4 |
| Debt / equity (x) | 0.45 | — | — |
| Cash from operations | 26 | (4) | 18 |
| Capex | (46) | (12) | (18) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 54 | 67 | 81 | 92 |
| Profit before tax | 0 | 5 | 9 | 10 | 12 |
| Net profit | 0 | — | — | — | — |
| EPS (₹) | 0.00 | 2.19 | 3.19 | 2.19 | 4.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,12,042 | 53.6 | 11.23 | 29.6 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,239 | 56.4 | 7.65 | 36.1 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 55,603 | 53.1 | 5.47 | 27.5 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 35,048 | 42.7 | 7.72 | 23.5 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,204 | 106.8 | 7.08 | 34.9 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 33,865 | 60.9 | 8.50 | 34.4 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,211 | 136.4 | 11.42 | 39.7 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,073 | 101.4 | 7.11 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.4 | 42.2 | 6 of 30 | 83% |
| ROCE | 15.4 | 10.9 | 5 of 30 | 86% |
| Market cap | 325 | 2481 | 21 of 30 | 31% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · CRISIL upgrades Asarfi Hospital rating to BBB/Stable | credit debt | high | — | — |
| 27 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 and H1 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · AGM 2026: 3 resolutions pass; approval for migration from BSE SME to BSE Main Board and NSE listing | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Asarfi Hospital 21st AGM approves migration to BSE Main Board and NSE listing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Asarfi Hospital FY26 Annual Report and 21st AGM notice filed - Revenue up 42 percent | compliance | minimal | — | — |
| 5 Sept 2026 · Asarfi Hospital appoints Cost Auditor for FY 2026-27 | management changes | medium | — | — |
| 25 Aug 2026 · Board approves migration from BSE SME to BSE Main Board, NSE listing | management changes | medium | — | — |
| 18 Aug 2026 · Board to consider BSE Main Board migration and NSE listing on 25 Aug | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Q1 FY27 Results: Revenue up 33% YoY, PAT rises to Rs 427 lakhs | compliance | minimal | — | — |
| 7 Aug 2026 · Asarfi Hospital Q1 FY27: Revenue up 33% YoY, PAT grows 37% | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.