Yatharth Hospitals Q2 revenue rises 52% to Rs 431.4 crore

Yatharth Hospital & Trauma Care Services Limited reported Q2 FY27 revenue of Rs 431.4 crore, up 52% year on year and 10% sequentially, with newer hospitals contributing Rs 120.5 crore, or 28% of group revenue. EBITDA rose 50% year on year to Rs 102 crore, while profit after tax increased 17% to Rs 48.5 crore.

What drove Yatharth Hospitals’ Q2 FY27 revenue growth?

Yatharth Hospitals’ Q2 FY27 revenue growth was driven by contributions from newer facilities alongside continued expansion at mature hospitals. Revenue reached a record Rs 431.4 crore for the quarter ended September 30, 2026, compared with Rs 283 crore in Q2 FY26 and Rs 392.7 crore in Q1 FY27. This produced year-on-year growth of 52% and quarter-on-quarter growth of 10%.

For the first half of FY27, Yatharth Hospitals reported revenue of Rs 824.1 crore, also 52% above Rs 542.3 crore in H1 FY26. Total patient volumes increased 50% year on year in Q2 FY27, while inpatient volumes rose 67%. The company reported an average revenue per occupied bed, or ARPOB, of Rs 35,948, up 11% year on year.

The quarterly comparison shows that revenue grew faster than profit after tax, which rose 17% from Rs 41.3 crore in Q2 FY26. Yatharth Hospitals said higher depreciation from capacity additions affected profit after tax growth. Cash profit, defined by the company as profit after tax plus depreciation and amortisation, increased 36% to Rs 81.6 crore from Rs 60.2 crore.

How did Yatharth Hospitals’ new and mature hospitals perform?

Yatharth Hospitals’ newer hospitals contributed Rs 120.5 crore in Q2 FY27, equivalent to 28% of group revenue, compared with an 11% revenue share in Q2 FY26. The company identified ramp-up at Greater Faridabad, Model Town, Faridabad Sector-20 and Agra as the main sources of the contribution. The rising 17-percentage-point share indicates that additions to the network accounted for a larger portion of quarterly revenue than a year earlier.

Mature hospitals also remained a contributor, with revenue from those facilities rising 24% year on year in Q2 FY27. Yatharth Hospitals said its Noida Extension and New Delhi premium National Capital Region hospitals were approaching the Rs 50,000 ARPOB mark, versus the group ARPOB of Rs 35,948. This points to different revenue intensity across the company’s hospital network, while the disclosure does not provide facility-level revenue or occupancy data.

The acquisition and ramp-up programme also affected profitability by facility. Yatharth Hospitals said Faridabad Sector-20 and Agra had become EBITDA-positive in H1 FY27, while New Delhi is expected to reach breakeven in H2 FY27. EBITDA means earnings before interest, tax, depreciation and amortisation. The company’s stated adjusted EBITDA margin, excluding the ramp-up effect of New Delhi and Faridabad Sector-20, was 28% in Q2 FY27.

What happened to Yatharth Hospitals’ profits and margins?

Yatharth Hospitals reported Q2 FY27 EBITDA of Rs 102 crore, up 50% year on year from Rs 68.1 crore and 11% quarter on quarter from Rs 91.7 crore. The EBITDA margin was 23.6%, improving 30 basis points from 23.3% in Q1 FY27 as newer hospitals turned profitable. A basis point is one-hundredth of a percentage point.

The year-on-year margin comparison moved in the other direction: Q2 FY27 EBITDA margin was 42 basis points below the 24.1% reported in Q2 FY26. In H1 FY27, EBITDA was Rs 193.7 crore, up 44% from Rs 134.1 crore, while margin declined 122 basis points to 23.5% from 24.7%. The company separately reported a 28% adjusted Q2 margin after removing the disclosed ramp-up effects of two newer hospitals.

Profit after tax reached Rs 48.5 crore in Q2 FY27, compared with Rs 45.4 crore in Q1 FY27 and Rs 41.3 crore in Q2 FY26. For H1 FY27, profit after tax was Rs 93.9 crore, a 13% increase from Rs 83.3 crore in H1 FY26. Pre-tax operating cash flow for the half year rose 49% year on year to Rs 111.3 crore, and cash and bank balances stood at Rs 428.9 crore.

What is Yatharth Hospitals planning after Q2 FY27?

Yatharth Hospitals has signed a definitive agreement with Advent International for a primary capital investment of Rs 3,150 crore through equity shares and warrants, subject to regulatory approvals. On full conversion, Advent is expected to hold about 24.9%, while the promoter family would remain the largest shareholder. The filing does not state a timetable for completion of the approvals or conversion.

Management said the proposed capital partnership is intended to support expansion to about 7,000 to 8,000 beds over the next few years. At the time of the announcement, Yatharth Hospitals said it had more than 2,800 beds across nine hospitals, including an upcoming Gurugram hospital, and announced overall capacity of about 3,255 beds. The network spans Noida, Greater Noida, Noida Extension, Greater Faridabad, Faridabad Sector-20, New Delhi, Jhansi-Orchha and Agra.

Management scheduled an earnings conference call for November 4, 2026 at 11:00 am Indian Standard Time following the November 3 results announcement. Investors may look for details on the regulatory process for the Rs 3,150 crore transaction, the expected New Delhi breakeven in H2 FY27 and the pace at which newer hospitals can add revenue and profitability.

Conclusion

Yatharth Hospitals’ Q2 FY27 results show that network expansion was a material source of growth: revenue rose 52% to Rs 431.4 crore, while new hospitals supplied 28% of group revenue and mature hospitals grew 24%. EBITDA increased 50% to Rs 102 crore, although the reported margin remained below the prior-year quarter’s 24.1% level.

Next, investors should watch the disclosed H2 FY27 breakeven expectation for New Delhi, continued profitability at Faridabad Sector-20 and Agra, and regulatory approvals for Advent International’s Rs 3,150 crore primary investment. Management’s longer-term plan is to expand towards 7,000 to 8,000 beds over the next few years.