Yatharth Hospitals Q2 revenue rises 52% as newer sites profit

Yatharth Hospital & Trauma Care Services Limited reported Q2 FY27 revenue of Rs 431.4 crore, up 52% year on year, while its newer hospitals collectively moved from an EBITDA loss a year earlier to positive EBITDA in H1 FY27. The newer portfolio supplied 28% of quarterly revenue, compared with 11% in the corresponding period.

What drove Yatharth Hospitals’ Q2 FY27 revenue growth?

Yatharth Hospitals’ Q2 FY27 revenue increased 52% year on year and 10% sequentially to Rs 431.4 crore, its highest quarterly revenue to date. H1 FY27 revenue was Rs 824.1 crore, also 52% above the previous year, according to management on the November 4, 2026 earnings call.

The established hospitals in Noida, Greater Noida, Noida Extension and Jhansi-Orchha generated Rs 310.9 crore in Q2 FY27, up 24% year on year. Inpatient volumes at these hospitals rose 28%, while occupancy improved to 78% from 71% a year earlier, making the existing network the larger contributor to group revenue.

Newer hospitals in Greater Faridabad, New Delhi, Faridabad Sector-20 and Agra generated Rs 120.5 crore, or 28% of group revenue, in Q2 FY27. Their revenue share was 11% in the corresponding period a year earlier, showing that the new portfolio accounted for a substantially larger part of the group’s revenue base.

How did newer hospitals affect Yatharth Hospitals’ profitability?

Yatharth Hospitals said its newer hospitals collectively shifted from an EBITDA loss in the prior-year period to positive EBITDA in H1 FY27. EBITDA, or earnings before interest, tax, depreciation and amortisation, reached Rs 102 crore in Q2 FY27, rising 50% year on year and 11% quarter on quarter.

The Q2 FY27 EBITDA margin was 23.6%, and management attributed the improvement to profitable operations at newer hospitals. Management also reported an adjusted EBITDA margin of 28% after excluding ramp-up losses at New Delhi and Faridabad Sector-20, while saying the established Noida, Greater Noida, Noida Extension and Jhansi-Orchha hospitals had margins above 28%.

Faridabad Sector-20 generated about Rs 40 crore of revenue in Q2 FY27 after turning EBITDA-positive, according to management. More than 80% of its business came from cash and private-insurance patients, and its average revenue per occupied bed, or ARPOB, was about Rs 40,000.

Agra remained EBITDA-positive in Q2 FY27 on revenue of about Rs 20 crore. New Delhi’s Model Town hospital generated about Rs 26 crore in the quarter, but management expected it to break even during H2 FY27, separating its ramp-up stage from facilities already contributing positive EBITDA.

What do occupancy and ARPOB indicate for Yatharth Hospitals?

Yatharth Hospitals’ blended occupancy rose to 72% in Q2 FY27 from 68% in the preceding quarter, while group ARPOB reached Rs 36,000, up 11% year on year. Management specified that the occupancy measure covers operationalised beds, rather than all beds in the physical network.

Within the established portfolio, Noida and Jhansi-Orchha each operated above 90% occupancy in Q2 FY27. Greater Noida operated at 78% and Noida Extension at 61%, compared with a combined 78% occupancy across the four established hospitals.

The newer sites were at different stages of ramp-up. Greater Faridabad reported 77% occupancy, while Model Town was at 41%, the new Faridabad hospital at 59% and Agra at 58%; management said not all beds at these hospitals had opened.

Management said about 350 to 400 beds remained to be operationalised across Faridabad, Model Town and Agra. It expected the remaining beds to open over the next two to three quarters, providing a mechanism for higher patient volumes without an announced additional acquisition.

What were Yatharth Hospitals’ cash flow and balance-sheet figures?

Yatharth Hospitals reported Q2 FY27 profit after tax of Rs 48.5 crore, up 17% year on year, and H1 FY27 profit after tax of Rs 93.9 crore. Management said cash profit, which adds depreciation back to profit after tax, increased 36% year on year.

H1 FY27 operating cash flow increased 49% year on year to Rs 111.3 crore. As of September 30, 2026, cash and bank balances stood at Rs 428.9 crore and net debt was Rs 39.2 crore.

The government and institutional payer mix was 34% in Q2 FY27, down from 37% in the preceding quarter. Management said private insurance and cash accounted for most of the balance, with private insurance a few percentage points higher than cash, while international business was about 4% to 5%.

Management estimated that a cap on margins for a specified list of oncology drugs would reduce group EBITDA by around 0.3%. It said its company-level EBITDA guidance of about 24% for coming quarters and years remained unchanged because it planned to offset the effect through operating efficiencies and other line items.

What expansion plans has Yatharth Hospitals disclosed?

Yatharth Hospitals aims to build a 7,000 to 8,000-bed network over the next three to five years, management said. Since its August 2023 listing, capacity has increased from 1,405 beds to about 2,800 beds, while management said revenue and profit had tripled.

The existing organic plan remains to reach 5,000 beds in about three to four years through internal accruals. Management said the proposed Advent International investment could support a further 2,000 to 3,000 beds over about four years, with around 40% to 50% potentially going live from the next financial year if capital is deployed promptly.

The proposed primary investment from Advent totals Rs 3,150 crore through a preferential issue of equity shares and warrants. Management said the first Rs 1,750 crore tranche would arrive after Competition Commission of India approval, while the second tranche would follow after 15 to 18 months subject to conditions.

A 250-bed Gurugram hospital in Sector 40 is expected to operationalise in the next financial year. Management expects ARPOB above Rs 50,000 at that facility and said acquisitions funded by the Advent transaction would be EBITDA-positive hospitals, with North India its priority for multispecialty assets and hospital chains.

Conclusion

Yatharth Hospitals’ Q2 FY27 performance combined 52% revenue growth with a changing revenue mix, as newer hospitals supplied 28% of Rs 431.4 crore quarterly revenue and became collectively EBITDA-positive in H1. The established portfolio still produced Rs 310.9 crore of Q2 revenue and improved occupancy to 78%, while ramping facilities added the incremental growth platform.

The next markers are the planned opening of 350 to 400 beds across Faridabad, Model Town and Agra over the next two to three quarters, Model Town’s expected H2 FY27 break-even and the operationalisation of the 250-bed Gurugram hospital next financial year. Management’s Rs 3,150 crore Advent transaction also remains subject to regulatory approval and tranche conditions.