YATHARTH HOSP & TRA C S L

Operates a chain of multi-speciality hospitals in Delhi-NCR and Uttar Pradesh providing tertiary and quaternary healthcare, with over 3,200 beds across nine facilities and FY26 revenue of ₹1,207 crore. Three new hospitals commenced operations during FY26 — a 300-bed facility in Delhi's Model Town (July 2025), a 400-bed hospital in Faridabad Sector 20 (September 2025), and a 150-bed Shantived hospital in Agra (February 2026) — and these newer units together contributed ₹753 crore (22% of group revenue) in Q4 FY26. A 250-bed under-construction super-speciality hospital in Gurugram Sector 40 was acquired for ~₹200 crore (₹100 crore upfront plus ₹100 crore finishing capex) and is targeted to be operational by April 2027 with expected ARPOB above ₹50,000. The network recorded FY26 occupancy of around 68% and ARPOB of ₹33,124, while CGHS rate revision from December 2025 is expected to add ~5% to revenue and ~3% to EBITDA. Government payers (CGHS and similar schemes) make up ~35% of revenue, with management targeting a reduction to ~25% over two years by reweighting the payer mix toward the newer hospitals. Management is targeting 5,000 beds within three years — currently over 3,200 — with roughly 70% of additions via acquisitions and 30% greenfield, at ~₹75 lakh per bed for the Noida Extension and Greater Noida brownfield projects. The largest cost line is other operating expenses at 36.9% of revenue, followed by employee costs at 19.4% and depreciation at 7.3%.