Yatharth Hospital & Trauma Care Services Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 431.42 Cr (+52.44% YoY) and PAT growth of +17.47% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 431.42 Cr (+52.44% YoY) |
| PAT (Q2) | Rs. 48.46 Cr (+17.47% YoY) |
| EBITDA margin | 23.65% (-42 bps YoY) |
| EPS (Q2) | Rs. 5.25 (+22.66% YoY) |
Yatharth delivered 52.44% YoY revenue growth to Rs.431.42 Cr with EBITDA margin of 23.65% (up 30 bps QoQ but below the guided >24%), keeping revenue guidance on track while margin remains a stretch requiring ≥24.5% in H2. The Advent Rs.3,150 Cr primary raise (EGM-approved) funds a debt-funded expansion cycle that swung the balance sheet to Rs.159.55 Cr net debt and produced negative H1 FCF of Rs.163.88 Cr. Watch Model Town breakeven in Q3-Q4 FY27 and the pending Rs.59.74 Cr tax demand as near-term catalysts and risks.
| Driver | What happened | Verdict |
|---|---|---|
| Revenue ahead on seasonal caseload tailwind ("a seasonal admissions tailwind for an NCR/UP multi-specialty chain") | Revenue +52.44% YoY, +9.87% QoQ | Played out |
| Margins flat-to-compressing on ramp drag; below the >24% guide | 23.65% (QoQ +30 bps, YoY −42 bps) | Played out |
| ARPOB re-acceleration vs the 9–10% guide | Not disclosed in the filing | Not observable |
| Tax: watch for a provision against the Rs.59.74 Cr demand | No provision; appeals filed; PAT fully reported — no booked impact | Played out |
| Advent process on schedule; narrative = deployment | EGM approved October 15, 2026; closing subject to regulatory approvals | Played out |
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Consolidated EBITDA margin "upwards of 24%" by FY27 | Q1 FY27 earnings call | 23.65% in Q2 (H1: 23.50%); +30 bps QoQ — in-quarter below guide | On Track |
| FY27 EBITDA margin 24%–25% | Q4 FY26 earnings call | same — in-quarter below guide | On Track |
| FY27 revenue growth to surpass FY26's ~37% ("easily surpass last year's 37% YoY") | Q1 FY27 earnings call | +52.44% YoY (Q2); +51.97% (H1) | On Track |
| Receivable days <110 by March 2027 | Q3 FY26 earnings call | 102.8 days at Sep-26 (annualized basis) vs 113.3 at Mar-26 | On Track |
| Model Town EBITDA breakeven Q3–Q4 FY27 | Q1 FY27 earnings call | No unit-level update in the filing | Too Early |
| 3,200 beds / Gurugram live Q1 FY28; ≥1 acquisition in FY27 | Q1 FY27 earnings call | No update in the filing | Too Early |
| Elevated other-expense run-rate is the "new normal" | Q2/Q3 FY26 concalls | Other expenses 38.84% of revenue in Q2FY27 vs 37.69% in Q2FY26, 39.15% in Q1FY27 — stable-to-slightly-up, as guided | Confirmed |
| Margin drag rotates as new hospitals break even | Q1 FY27 concall | Margin +30 bps QoQ to 23.65%, but still below the >24% guide and −42 bps YoY; unit-level data not in filing | Partially confirmed |
| Interest costs rose due to debt for Agra | prior concalls | Finance costs Rs.8.29 Cr vs Rs.0.26 Cr YoY; borrowings Rs.450.69 Cr | Confirmed |
| Receivables glide toward <110 days | Q3 FY26 concall | ~103 days (annualized basis) vs ~113 | Confirmed on derived proxy |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.