The story
FY26 was the year Yatharth built the network. FY27 is when it starts filling up.
Over twelve months, Yatharth opened New Delhi Model Town and Faridabad Sector-20, completed the Agra Shantived acquisition, and expanded its bed base from 1,605 to 2,555 across nine hospitals. The footprint now spans NCR and Tier-2 North India.
Reported EBITDA margin compressed to 24.2% in FY26 because three newly opened hospitals carried full fixed costs while ramping their patient bases. Adjust for the new-hospital drag and the underlying franchise margin was 28.5% for the full year — 30.4% in Q4 alone. The established hospitals held their performance while new units progressed on schedule; Faridabad Sector-20 reached 70% occupancy within six months of opening.
Capacity ahead is funded and scheduled: brownfield expansions at Greater Noida (+200 beds) and Noida Extension (+250 beds) targeting FY28, plus a Gurugram greenfield (+250 beds) opening April 2027. The five-year capex plan runs entirely off internal accruals and existing treasury.
Q4 & FY26 full year result
| Metric | FY26A |
|---|---|
| Revenue | ₹1,207 Cr |
| YoY growth | +37% |
| EBITDA | ₹292 Cr |
| EBITDA margin | 24.2% |
| Adjusted margin (ex-new hospitals) | 28.5% |
| Bed additions | +950 |
| PAT (owners) | ₹176 Cr |
| PAT growth | +35% YoY |
| Total beds | 2,555 |
| Net cash | ₹109 Cr |
The established base
The four mature hospitals — Noida, Greater Noida, Noida Extension, and Jhansi-Orchha — ran at 63–75% occupancy through the year. Faridabad Sector-20 hit 70% occupancy by Q4 despite opening only in September. New Delhi and Agra were earlier in their ramp curves at 34% and 40% occupancy at year-end, moving in the right direction.
Significant FY26 events
- Agra Shantived acquired: 250-bed multispecialty hospital for ₹260 Cr cash, funded via a ₹249 Cr term facility. Closed in Q4 FY26.
- Gurugram announced: 250-bed Sector 40 asset under construction; ₹100 Cr acquisition plus ₹100 Cr fit-out. Opens April 2027 — the first NCR-South presence.
- Brownfield approved: Greater Noida (+200 beds), Noida Extension (+250 beds), both targeting FY28.
- CRISIL upgrade: from A−/Stable to A/Stable in November 2025.
Why we own it
Three catalysts. Sequential. Compounding.
Catalyst 1 — the capacity is built
The bed base expands from 1,605 (FY24) to 3,255 (FY28E) — a doubling in four years. Three-quarters of that addition is already commissioned; the remaining 700 beds are funded, board-approved, and on a known timeline. The volume engine is built — what compounds from here is utilisation, not steel.
