Yatharth Hospital Q1 FY27 Results: Revenue Surges 51%, New Hospitals Scale Rapidly; Company Targets 5,000+ Beds

BY ADMIN • FILED 11 Aug 2026, 3:36 PM

Yatharth Hospital & Trauma Care Services Ltd delivered strong operating and financial performance in the first quarter of FY27, supported by rapid ramp-up of newly acquired hospitals, higher patient volumes, improving ARPOB and expansion of its high-value speciality mix.

For Q1 FY27, the hospital chain reported revenue from operations of ₹392.7 crore, up 51.5% year-on-year and 14.9% sequentially. EBITDA increased 39% YoY to ₹91.7 crore, while consolidated EBITDA margin stood at 23.3%.

The company highlighted that its adjusted EBITDA margin, excluding ramp-up losses from the newer Model Town and Faridabad Sector-20 hospitals, was 28.1%.

Yatharth is pursuing a cluster-based expansion strategy across Delhi-NCR and other underserved markets, with a stated target of reaching 5,000+ beds over the next three years.

Yatharth Hospital Q1 FY27 Financial Highlights

Particulars	Q1 FY27	Q1 FY26	YoY Change	Q4 FY26	QoQ Change
Revenue from Operations	₹392.7 crore	₹259.2 crore	+51.5%	₹341.6 crore	+14.9%
EBITDA	₹91.7 crore	₹66.0 crore	+39.0%	₹79.9 crore	+14.7%
EBITDA Margin	23.3%	25.4%	-209 bps	23.4%	-5 bps
PBT	₹61.2 crore	₹58.7 crore	+4.3%	₹52.0 crore	+17.7%
PAT	₹45.4 crore	₹42.0 crore	+8.0%	₹44.7 crore	+1.6%
PAT Margin	11.6%	16.2%	-465 bps	13.1%	-153 bps

The headline growth was driven primarily by the addition and ramp-up of newer hospitals. However, higher employee expenses, other operating expenses, and depreciation associated with the expanded network moderated margin and profit growth.

Revenue Crosses ₹390 Crore

Yatharth Hospital’s Q1 FY27 revenue reached ₹392.7 crore, compared with ₹259.2 crore in Q1 FY26.

On a sequential basis, revenue grew nearly 15% from ₹341.6 crore in Q4 FY26.

The company said new hospitals contributed 27% of consolidated revenue in Q1 FY27, up from 22% in Q4 FY26 and only 9% in Q1 FY26.

New hospitals generated approximately ₹106.7 crore of revenue during the quarter, while existing hospitals continued to perform strongly with around 22% YoY revenue growth.

Revenue Mix

Revenue Contribution	Q1 FY26	Q4 FY26	Q1 FY27
Existing Hospitals	91%	78%	73%
New Hospitals	9%	22%	27%

This shift indicates that the company’s recent acquisition and expansion strategy is increasingly contributing to consolidated growth.

EBITDA Rises 39% YoY

EBITDA increased to ₹91.7 crore in Q1 FY27, compared with ₹66 crore in the year-ago quarter.

The reported EBITDA margin stood at 23.3%, compared with 25.4% in Q1 FY26.

The margin decline was partly attributable to ramp-up costs associated with newer hospitals, particularly New Delhi Model Town and Faridabad Sector-20.

Excluding these ramp-up losses, the adjusted EBITDA margin stood at a much stronger 28.1%.

This suggests that as newer facilities mature and achieve higher occupancy, there could be scope for further operating leverage.

PAT Increases 8% to ₹45.4 Crore

Profit after tax increased to ₹45.4 crore in Q1 FY27 from ₹42 crore in Q1 FY26, representing an 8% YoY increase.

The relatively slower PAT growth compared with revenue was partly due to:

Higher depreciation and amortisation
Higher employee expenses
Higher other operating expenses
Increased financial costs associated with the expanded platform

Depreciation and amortisation rose 89.3% YoY to ₹28.2 crore, reflecting the company’s expanded asset base and investments in hospitals and infrastructure.

Hospital Operations Show Strong Momentum

Yatharth’s operating metrics remained healthy during the quarter.

The company reported:

2,800+ beds of capacity, including the upcoming Gurugram hospital
68% occupancy
₹34,758 ARPOB
3.73 days ALOS

ARPOB, or Average Revenue Per Occupied Bed, increased from ₹32,581 in Q1 FY26 to ₹34,758 in Q1 FY27, representing approximately 7% YoY growth.

The improvement in ARPOB reflects a gradual shift towards higher-value specialities, premium hospitals, and a better payer mix.

Faridabad Sector-20 Reaches EBITDA Breakeven in Just Nine Months

One of the major highlights of the quarter was the performance of the Faridabad Sector-20 hospital.

The 400-bed facility achieved EBITDA breakeven in just nine months, demonstrating the company’s ability to rapidly scale newly added assets.

The hospital generated approximately ₹33 crore of revenue in Q1 FY27, accounting for around 9% of consolidated revenue.

Its latest monthly revenue has reached approximately ₹12–13 crore, while ARPOB is around ₹40,000.

The hospital also has several high-value growth initiatives planned, including:

Premium modular operating theatres
Radiation oncology expected to commence in H2 FY27
Transplant programme
Da Vinci X surgical robot

The addition of these speciality services could further improve the hospital’s revenue mix and profitability.

New Delhi Model Town Hospital Ramps Up Rapidly

Yatharth’s Model Town hospital in New Delhi is also showing strong early performance.

The 300-bed facility generated approximately ₹19 crore revenue in Q1 FY27, accounting for around 5% of consolidated revenue.

Its latest monthly revenue has reached approximately ₹8 crore, while ARPOB has approached ₹50,000.

The company expects EBITDA breakeven from the hospital in H2 FY27.

The hospital is targeting further growth through:

Modular operating theatres
Radiation oncology
Transplant programme
Premium patient mix

Around 90% of its business mix currently comes from cash and TPA patients, according to the presentation.

Agra Hospital Achieves More Than 20% EBITDA Margin

The Agra hospital delivered another strong performance, achieving an EBITDA margin of more than 20% in its first full quarter of integration.

The 250-bed hospital generated approximately ₹24 crore revenue in Q1 FY27, contributing around 6% to consolidated revenue.

Its latest monthly revenue is around ₹9–10 crore, and ARPOB is above ₹30,000.

The hospital has also introduced advanced robotic capabilities, including a Da Vinci X surgical robot and a Velys orthopaedic robot.

The company said more than 150 robotic surgeries have been completed to date.

Upcoming Gurugram Hospital Adds 250 Beds

Yatharth is strengthening its presence in the premium Delhi-NCR healthcare market through an upcoming hospital in Sector 40, Gurugram.

The company has acquired a 100% stake in the under-construction facility for approximately ₹100 crore.

The hospital will have:

250 beds
Expected operationalisation: Q1 FY28
Proposed overall outlay: approximately ₹200 crore
Additional medical equipment outlay: approximately ₹100 crore
Potential ARPOB: approximately ₹50,000+

The company believes the facility is strategically positioned within a dense, high-income catchment area comprising residential, commercial and corporate hubs.

Its proximity to the IGI Airport is also expected to support domestic and international patient opportunities.

Yatharth Targets 5,000+ Beds

Capacity expansion remains one of the company’s biggest growth drivers.

Yatharth currently has more than 2,800 beds, including the upcoming Gurugram capacity, and is targeting approximately 5,000+ beds over the next three years.

The company has announced a bed capacity expansion plan of approximately 3,250 beds through new hospitals, brownfield expansion and acquisitions.

Potential capacity additions include:

Location	Capacity / Expansion
Greater Faridabad	200 beds
New Delhi Model Town	300 beds
Faridabad Sector-20	400 beds
Agra	250 beds
Gurugram	250 beds
Brownfield Expansion	450 beds
Greater Noida / Noida Extension	Additional expansion
Target	5,000+ beds

The strategy is designed around a combination of greenfield development, brownfield expansion and strategic acquisitions.

Cluster-Based Expansion Strategy

A key part of Yatharth’s strategy is to create healthcare clusters rather than build isolated hospitals.

Noida Cluster

Yatharth has three hospitals in the Noida region with approximately 1,100 beds, along with additional capacity under development.

The company considers itself the largest player in Noida, with strong brand recognition.

Faridabad Cluster

The company has two hospitals with approximately 600 beds in Faridabad.

Greater Faridabad served as the initial platform, followed by the Faridabad Sector-20 hospital.

New Delhi

The Model Town hospital provides Yatharth with an entry into a premium urban catchment with high ARPOB potential.

Agra and Jhansi

Yatharth is also expanding beyond NCR into underserved markets.

The company describes Agra as its first corporate hospital in the region, while its Jhansi-Orchha hospital is positioned as one of the largest hospitals in its market.

Gurugram

The upcoming 250-bed Gurugram hospital is expected to act as a new cluster seed in a high-income catchment.

ARPOB Emerging as a Key Growth Driver

Yatharth’s ARPOB increased to ₹34,758 in Q1 FY27, compared with ₹32,581 a year earlier.

Several hospitals are already operating at significantly higher ARPOB levels:

Noida Extension: around ₹50,000+
New Delhi: around ₹50,000+
Gurugram potential: around ₹50,000+
Greater Noida: around ₹45,000–50,000
Faridabad: around ₹45,000–50,000
Greater Faridabad: around ₹35,000–40,000
Agra: around ₹30,000–35,000
Noida: around ₹35,000
Jhansi-Orchha: around ₹15,000–20,000

The company’s strategy is to increase the contribution of higher-ARPOB hospitals and high-value specialities as the network expands.

High-Value Specialities Strengthen the Business Mix

Yatharth is gradually diversifying its speciality portfolio toward areas that can support higher revenue per bed and better profitability.

The company highlighted growth in:

Oncology
Neurosciences
Cardiology
Nephrology and urology
Orthopaedics
Gastroenterology
Robotic surgery
Transplants
Minimally invasive procedures

The group has invested in advanced clinical infrastructure, including Da Vinci surgical robots, orthopaedic robots, LINAC systems and PET-CT technology.

Yatharth currently has eight robots across the group and has completed more than 1,200 robotic surgeries, according to its presentation.

Focus on International Patients

The company is also attempting to increase its international patient business.

Yatharth has expanded its international footprint through an information centre in Uzbekistan and partnerships with healthcare institutions across countries including Cameroon, Kenya and Sudan.

The company has also conducted:

OPD camps
Medical delegations
International healthcare engagements
Continuing Medical Education programmes
Overseas referral initiatives

Yatharth has also positioned itself as an exclusive hospital partner to Noida International Airport, supporting its international healthcare ambitions.

Strong Long-Term Financial Track Record

Yatharth has delivered strong growth since FY21.

According to the company’s investor presentation, between FY21 and FY26:

Revenue CAGR: 39%
EBITDA CAGR: 34%
PAT CAGR: 54%

Revenue increased from approximately ₹400.9 crore in FY22 to ₹1,207.2 crore in FY26.

Operating cash flow also increased significantly, reaching approximately ₹170.3 crore in FY26.

This track record demonstrates the scalability of the hospital platform as new facilities are integrated and mature.

Cash Generation Supports Expansion

The company’s growth strategy is increasingly being supported by operating cash flows.

Yatharth describes its growth model as a “growth flywheel”:

Higher occupancy → Better payer mix → High-value specialities → Higher ARPOB and margins → Higher cash generation → Capacity expansion

As mature hospitals generate stronger cash flows, those funds can support further capacity additions and acquisitions.

This creates the potential for a self-reinforcing expansion cycle if new hospitals achieve the targeted ramp-up.

ROCE Impacted by Expansion Investments

While the company’s long-term growth metrics remain strong, the investor presentation highlighted a temporary impact on return ratios.

ROCE has been affected by the fundraising and capital deployed toward acquisitions and infrastructure upgrades.

However, the company maintains a strong cash position and expects returns to improve as newly acquired hospitals mature and generate higher profitability.

First Interim Dividend Announced

Yatharth also highlighted its shareholder-return initiatives.

The company announced its first interim dividend at 5% of face value, balancing shareholder distributions with ongoing investments in capacity expansion.

The company also approved an ESOP grant under its existing ESOP Scheme 2024 and launched a new ESOP Scheme 2026 to attract, retain, and align high-quality talent.

Yatharth Hospital: Key Growth Drivers Going Forward

Several factors could drive Yatharth Hospital’s growth over the next few years:

1. Ramp-up of New Hospitals

The company’s recently added facilities are moving toward profitability, with Faridabad Sector-20 already achieving EBITDA breakeven and Agra delivering a 20%+ EBITDA margin.

2. 5,000+ Bed Target

The planned expansion provides a significant runway for revenue growth.

3. Higher ARPOB

Premium NCR hospitals and increasing contribution from high-value specialities could lift consolidated ARPOB.

4. Robotic Surgery and Advanced Care

Robotics, oncology and transplant programmes can improve the speciality mix and increase revenue per occupied bed.

5. Cluster-Based Expansion

Building multiple hospitals within the same geographic cluster can improve brand recall, patient referrals and operational efficiencies.

6. International Healthcare

The company is expanding its international patient ecosystem, which could provide another avenue for premium revenue.

Key Risks Investors Should Monitor

Despite the strong growth trajectory, investors should monitor several factors:

Execution risk associated with rapid capacity expansion
Ramp-up time for newly acquired hospitals
Rising employee and operating expenses
Higher depreciation from new assets
Capital requirements for future expansion
Occupancy levels at new hospitals
Ability to maintain or improve ARPOB
Competition in Delhi-NCR
Integration risks from acquisitions
Regulatory and healthcare-sector changes

The decline in reported EBITDA and PAT margins in Q1 FY27 also shows that rapid expansion can temporarily put pressure on profitability.