Asarfi Hospital Q2 PAT rises 45.2% as EBITDA margin hits 22.4%

In Q2’FY27, Asarfi Hospital Limited reported consolidated profit after tax of Rs 6.09 crore, up 45.2% year-on-year, while earnings before interest, tax, depreciation and amortisation (EBITDA) margin reached a record 22.4%. Revenue rose 18.1% to Rs 53.04 crore, but EBITDA increased faster, by 34.0%, to Rs 11.89 crore.

How did Asarfi Hospital perform in Q2’FY27?

Asarfi Hospital’s Q2’FY27 consolidated profit after tax, or PAT, was Rs 6.09 crore, compared with Rs 4.20 crore in Q2’FY26 and Rs 4.27 crore in Q1’FY27. The quarter-on-quarter increase was 42.8%, while the year-on-year gain was 45.2%. Management described quarterly revenue, EBITDA, earnings before interest and tax (EBIT), and PAT as the highest recorded, comparing Q2’FY27 with every quarter from Q1’FY26 and full-year results from FY22 through FY26.

Revenue from operations reached Rs 53.04 crore in Q2’FY27, against Rs 44.89 crore a year earlier and Rs 47.53 crore in Q1’FY27. That represented 18.1% year-on-year and 11.6% quarter-on-quarter growth. EBITDA was Rs 11.89 crore, versus Rs 8.87 crore in Q2’FY26 and Rs 9.46 crore in Q1’FY27, meaning operating profit grew faster than revenue in both comparisons.

The improvement extended below EBITDA. Consolidated EBIT rose 41.6% year-on-year to Rs 9.51 crore in Q2’FY27 from Rs 6.72 crore, and increased 38.3% from Rs 6.88 crore in Q1’FY27. Profit before tax was Rs 8.24 crore, up 45.8% from Rs 5.65 crore in Q2’FY26, while finance costs rose 19.3% year-on-year to Rs 1.27 crore.

How did Asarfi Hospital’s margins change in Q2’FY27?

Asarfi Hospital’s consolidated EBITDA margin expanded to 22.4% in Q2’FY27 from 19.8% in Q2’FY26 and 19.9% in Q1’FY27. This was a 2.6-percentage-point year-on-year rise and a 2.5-percentage-point sequential rise. The presentation identifies 22.4% as the company’s highest EBITDA margin in the six-quarter period from Q1’FY26 to Q2’FY27.

The margin expansion also covered operating and net profit measures. EBIT margin reached 17.9% in Q2’FY27, compared with 15.0% in Q2’FY26 and 14.5% in Q1’FY27. PAT margin was 11.5%, versus 9.4% a year earlier and 9.0% in the preceding quarter, so a greater share of revenue reached the bottom line.

Cost lines moved at different rates from revenue in Q2’FY27. Consolidated material costs were Rs 10.94 crore, up 3.3% year-on-year, while employee benefit expenses rose 26.6% to Rs 7.75 crore and other expenses increased 16.3% to Rs 22.46 crore. Depreciation and amortisation was Rs 3.06 crore, up 5.1%, whereas other income fell 10.2% year-on-year to Rs 68 lakh.

What do Asarfi Hospital’s hospital operating metrics show?

Asarfi Hospital reported 17% year-on-year growth in inpatient department (IPD) revenue and 39% growth in outpatient department (OPD) revenue across its units in Q2’FY27. Patient volume rose 11% quarter-on-quarter, while surgeries increased 25% year-on-year to 2,295. These operating measures accompanied the 18.1% increase in consolidated revenue to Rs 53.04 crore.

At the Super-Specialty Unit, bed capacity increased to 285 in Q2’FY27 from 265 in Q2’FY26, while occupancy remained at 64%. Average revenue per occupied bed (ARPOB) rose 17% year-on-year to Rs 23,716 from Rs 20,247. The unit therefore reported 20 additional beds, unchanged occupancy and higher ARPOB.

The Cancer Unit had 65 beds in both Q2’FY27 and Q2’FY26, but occupancy declined to 40% from 46%. Its ARPOB was Rs 50,572, nearly unchanged from Rs 50,614 a year earlier. The units therefore differed: the Super-Specialty Unit reported higher capacity and ARPOB, while the Cancer Unit’s capacity was unchanged and occupancy was lower.

How do Asarfi Hospital’s standalone and consolidated results compare?

Asarfi Hospital’s standalone revenue from operations was Rs 52.87 crore in Q2’FY27, up 17.9% year-on-year from Rs 44.85 crore and 11.7% quarter-on-quarter from Rs 47.34 crore. Consolidated revenue was slightly higher at Rs 53.04 crore. The difference between standalone and consolidated revenue in Q2’FY27 was Rs 17 lakh.

Standalone EBITDA was Rs 11.90 crore and EBITDA margin was 22.5% in Q2’FY27, compared with consolidated EBITDA of Rs 11.89 crore and a 22.4% margin. Standalone EBIT margin was 18.1%, against 17.9% on the consolidated basis. The presentation therefore shows closely aligned operating results across the two reporting bases during the quarter.

Standalone PAT was Rs 6.14 crore in Q2’FY27, up 42.7% year-on-year from Rs 4.30 crore and 43.9% quarter-on-quarter from Rs 4.27 crore. Its PAT margin rose to 11.6% from 9.6% in Q2’FY26. Standalone IPD revenue was Rs 44.00 crore, up from Rs 37.73 crore, while OPD revenue increased to Rs 8.87 crore from Rs 6.37 crore.

Conclusion

Asarfi Hospital’s Q2’FY27 results show profit growth exceeding revenue growth: consolidated revenue rose 18.1%, EBITDA increased 34.0% and PAT gained 45.2%. Margin movement supported that outcome, with EBITDA margin increasing from 19.8% to 22.4%, EBIT margin from 15.0% to 17.9% and PAT margin from 9.4% to 11.5%.

The next reported metrics to watch are whether the Super-Specialty Unit sustains 64% occupancy across its 285 beds and whether the Cancer Unit’s 40% occupancy recovers from 46% in Q2’FY26. Management’s presentation also records Q2’FY27 patient-volume growth of 11% quarter-on-quarter and 2,295 surgeries, up 25% year-on-year, as operating measures alongside future revenue and margin results.