Yatharth new hospitals reach 28% of Q2 FY27 group revenue

Yatharth Hospitals said its newer hospitals generated Rs 120.5 crore, or 28%, of Q2 FY27 group revenue of Rs 431.4 crore, compared with an 11% share in Q2 FY26. Faridabad Sec-20 reached EBITDA, or earnings before interest, tax, depreciation and amortisation, break-even in nine months and Agra was EBITDA-profitable in Q2 FY27.

How much did newer hospitals contribute to Yatharth's Q2 FY27 revenue?

Yatharth's newer hospitals contributed Rs 120.5 crore in Q2 FY27, representing 28% of revenue from operations of Rs 431.4 crore. Yatharth defines newer hospitals as Greater Faridabad, New Delhi Model Town, Faridabad Sec-20 and Agra. Their revenue share rose from 11% in Q2 FY26 and 27% in Q1 FY27, while existing hospitals accounted for the remaining 72% in Q2 FY27.

Total revenue rose 52% year on year from Rs 283 crore in Q2 FY26 to Rs 431.4 crore in Q2 FY27, and increased 10% sequentially from Rs 392.7 crore in Q1 FY27. Yatharth said existing hospitals, comprising Noida, Greater Noida, Noida Extension and Jhansi-Orchha, delivered 24% year-on-year revenue growth. The presentation therefore identifies growth in both the new and established networks.

Yatharth's asset mix was more distributed in Q2 FY27 than in Q2 FY26. Noida Extension remained the largest contributor at 26%, followed by Greater Noida at 23% and Noida at 16%; these three assets accounted for 65%, versus 81% for the same three assets a year earlier. Faridabad Sec-20 represented 9%, New Delhi Model Town 6% and Agra 5% of Q2 FY27 revenue.

Did Faridabad Sec-20 become profitable in Q2 FY27?

Yes. Yatharth reported that its 400-bed Faridabad Sec-20 hospital was EBITDA-profitable in Q2 FY27 and reached EBITDA break-even in nine months. The hospital generated Rs 40 crore during the quarter, equivalent to about 9% of group revenue, and reported latest monthly revenue of about Rs 15 crore.

Faridabad Sec-20's latest average revenue per occupied bed, or ARPOB, was about Rs 40,000. More than 90% of its business mix was cash and third-party administrator, or TPA, business. Yatharth also reported that the Da-Vinci X surgical robot was live and that the transplant programme became operational in H1 FY27.

Yatharth expects radiation oncology at Faridabad Sec-20 from H2 FY27. It also said operational census beds across New Delhi, Faridabad Sec-20, Agra and Gurugram would increase progressively as those hospitals ramp up, separating the 400-bed stated capacity from the beds then used in the group's occupancy calculation.

How did Agra and New Delhi Model Town perform in Q2 FY27?

Agra generated Rs 20 crore of Q2 FY27 revenue, or about 5% of Yatharth's group revenue, and was EBITDA-profitable in the quarter. The 250-bed hospital reported latest monthly revenue of about Rs 9 crore and latest ARPOB of about Rs 33,000. Yatharth said the facility contributed to top-line and bottom-line from day one.

Agra had completed more than 200 robotic surgeries to date, according to Yatharth. The hospital installed Agra's first Da-Vinci X robot and a Velys orthopaedic robot. These service additions accompanied its reported Q2 FY27 profitability rather than being presented as future plans.

New Delhi Model Town generated Rs 26 crore in Q2 FY27, or about 6% of group revenue, from a 300-bed facility. Its latest monthly revenue was about Rs 10 crore and latest ARPOB about Rs 50,000, above the approximately Rs 40,000 reported for Faridabad Sec-20 and Rs 33,000 for Agra. Yatharth expects Model Town to reach EBITDA break-even in H2, while transplant-programme approval was under way and radiation oncology remained in the pipeline.

What do Yatharth's group operating figures show?

Yatharth reported Q2 FY27 EBITDA of Rs 102 crore, up 50% from Rs 68.1 crore in Q2 FY26 and 11% from Rs 91.7 crore in Q1 FY27. Reported EBITDA margin was 23.6%, compared with 24.1% a year earlier and 23.3% in the preceding quarter. Profit after tax increased 17% year on year to Rs 48.5 crore.

Yatharth separately reported an adjusted EBITDA margin of 28.2% for Q2 FY27, excluding ramp-up losses from Model Town and Faridabad Sec-20. This differs from the reported 23.6% margin, which includes the group's reported operating results. The presentation simultaneously records Faridabad Sec-20 as EBITDA-profitable in Q2 FY27 and includes it in the description of hospitals whose ramp-up losses are excluded from adjusted margin.

Network capacity was 2,555 beds in Q2 FY27, compared with 2,305 in Q2 FY26, while operational census beds rose to 1,820 from 1,535. Occupancy increased to 72% from 66%, ARPOB rose to Rs 35,948 from Rs 32,426, and average length of stay declined to 3.3 days from 4.0 days.

Inpatient volume increased to 36,000 in Q2 FY27 from 22,000 a year earlier, while outpatient volume rose to 158,000 from 108,000. Inpatient revenue reached Rs 373.9 crore and outpatient revenue Rs 57.5 crore, compared with Rs 251 crore and Rs 32 crore, respectively, in Q2 FY26. Together, those two revenue streams equal the reported Rs 431.4 crore quarterly revenue.

What is Yatharth's next disclosed hospital expansion milestone?

Yatharth expects to operationalise a 250-bed super-speciality hospital in Sector 40, Gurugram, in H1 FY28. The company disclosed a Rs 100 crore cost for the 100% stake acquisition and a further Rs 100 crore outlay, including medical equipment, resulting in proposed total outlay of Rs 200 crore.

Management indicated potential ARPOB of about Rs 50,000 or more for the Gurugram facility. The presentation describes the asset as under construction and does not report revenue, occupancy or profitability from it. Its H1 FY28 operationalisation is therefore the next stated expansion milestone rather than a current operating contribution.

Conclusion

Yatharth's Q2 FY27 results show newer hospitals becoming a material part of reported operations, with Rs 120.5 crore of revenue and a 28% revenue share, up from 11% in Q2 FY26. Faridabad Sec-20's nine-month EBITDA break-even and Agra's profitable quarter provide asset-level evidence of the ramp-up, while existing hospitals delivered 24% year-on-year revenue growth.

The next disclosed milestones are Model Town's expected EBITDA break-even in H2, radiation oncology at Faridabad Sec-20 from H2 FY27, and the planned H1 FY28 operationalisation of the 250-bed Gurugram hospital. Yatharth also expects census beds at newer facilities to increase progressively, making occupancy, ARPOB and revenue progression relevant measures in subsequent periods.