📉 The Financial Deep Dive
Yatharth Hospital & Trauma Care Services Limited has reported a stellar financial performance for the third quarter and nine months of FY26, underscoring robust operational execution and strategic expansion.
The Numbers:
- Revenue: Operations revenue for Q3 FY26 surged by 46% year-on-year (YoY) to Rs. 3,205 million. Sequentially (QoQ), it saw a 15% growth. For the nine-month period (9MFY26), revenue reached Rs. 8,577 million, marking a 32% YoY increase.
- EBITDA: The company's EBITDA jumped 35% YoY to Rs. 742 million. The reported EBITDA margin stood at 23.2%. An adjusted EBITDA margin of 29.2% was provided, excluding ramp-up losses from new facilities, indicating underlying profitability strength.
- PAT: Profit After Tax (PAT) grew 41% YoY to Rs. 431 million, with a PAT margin of 13.4%. For 9MFY26, PAT grew 38% YoY to Rs. 1,264 million. Consolidated PAT saw an even higher jump of 48.74% YoY to ₹453.51 Cr in Q3 FY26, with diluted EPS at ₹4.71. However, standalone PAT grew a more modest 7.38% YoY to ₹238.93 Cr, with a dip in standalone diluted EPS.
Operational metrics reflect strong demand and effective capacity utilization. Bed capacity stands at over 2,550 beds, with occupancy rising to 67% (+11% YoY). Average Revenue Per Occupied Bed (ARPOB) increased by 10% YoY to Rs. 33,744.
The key growth drivers for the quarter were the newly acquired and commenced hospitals, including New Delhi and Faridabad Sec-20, which contributed Rs. 279 million (9% of Group revenue) in their first full quarter.
A significant strategic development is the successful acquisition of the Agra hospital (250 beds) for Rs. 260 crore, effective February 1, 2026. This acquisition is poised to be a major contributor to future growth. The company is also actively pursuing expansion in high-value specialties and developing its Medical Value Travel (MVT) business, including international information centers and African partnerships.
Governance & External Validation:
Governance has been bolstered with the appointment of new auditors, MSKA & Associates, an independent director, and Deloitte as internal auditors. The company's inclusion in the MSCI India Small Cap Index and its CRISIL Rating of A/Stable [cite:NA] serve as external validations of its improving stature.
Risks & Outlook:
The primary risk remains the successful integration and ramp-up of newly acquired facilities and the effective execution of the MVT strategy. While consolidated numbers show robust growth, the divergence with standalone performance warrants monitoring for potential cost pressures in existing operations.
However, the outlook remains positive. The aggressive expansion strategy, coupled with a focus on specialized treatments and international patient services, positions Yatharth Hospital for continued growth. Analysts have a consensus "Strong Buy" rating with an average target price of Rs. 935, suggesting a potential upside of over 49%.