NSE: YATHARTH · BSE: 543950
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospital healthcare services (100%), Newer hospitals (Delhi, Faridabad Sec-20, Agra) (22%), Government payers (CGHS and similar) (35%). Capital-intensive, regionally clustered multi-speciality hospital chain in North India with active bed-capacity expansion
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 671 | 880 | 1,207 |
| EBITDA (ex other income) | 180 | 220 | 292 |
| margin % | 26.8 | 25.0 | 24.2 |
| Owners' profit | 114 | 0 | 170 |
| EPS, as reported (₹) | 14.46 | 14.72 | 18.20 |
| ROE % · ROCE % | 13.1 · 17.5 | 8.0 · 10.9 | 9.4 · 11.0 |
| Debt / equity (x) | 0.10 | 0.00 | 0.14 |
| Cash from operations | (3) | 150 | 205 |
| Capex | (93) | (311) | (317) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 218 | 219 | 232 | 258 | 279 | 320 | 342 | 393 |
| Profit before tax | 40 | 40 | 49 | 59 | 55 | 57 | 52 | 61 |
| Net profit | 31 | 30 | 39 | 42 | 41 | 43 | 45 | 45 |
| EPS (₹) | 3.59 | 3.57 | 4.37 | 4.36 | 4.28 | 4.71 | 4.93 | 4.88 |
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) | 50.6 | 42.2 | 20 of 30 | 35% |
| P/B | 5.1 | 5.4 | 11 of 24 | 57% |
| ROCE | 10.7 | 10.9 | 16 of 30 | 48% |
| ROE | 9.4 | 11.8 | 17 of 24 | 30% |
| Debt / Equity | 0.1 | 0.2 | 9 of 24 | 65% |
| EBITDA margin | 24.5 | 22.0 | 10 of 24 | 61% |
| Revenue growth | 52.3 | 20.2 | 2 of 23 | 96% |
| Profit growth | 8.1 | 8.1 | 11 of 21 | 50% |
| Market cap | 9169 | 2481 | 11 of 30 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · EGM approves share capital hike, preferential issue, and special rights to investor | board shareholder meetings | medium | — | — |
| 15 Oct 2026 · Yatharth Hospital EGM clears Advent backed Rasmalai preferential issue | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Routine SEBI compliance certificate for Q2FY27 from RTA | compliance | minimal | — | — |
| 7 Oct 2026 · Corrigendum to EGM notice published in newspapers | compliance | minimal | — | — |
| 6 Oct 2026 · Corrigendum to EGM notice for preferential issue of shares and warrants | board shareholder meetings | low | — | — |
| 28 Sept 2026 · We hereby submit intimation regarding the Closure of Trading Window for Q2FY27. | compliance | minimal | — | — |
| 25 Sept 2026 · Yatharth Hospital 19th AGM voting results: all 7 resolutions passed | compliance | minimal | — | — |
| 25 Sept 2026 · Yatharth Hospital 19th AGM held; ESOP 2026 and IPO proceeds change proposed | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Yatharth Hospital to attend investor meets in Mumbai on Sept 28-29 | board shareholder meetings | 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.