Thank you. Hi, good day everyone.

On behalf of Antique Stock Broking, we welcome you all to the Q4 and FY '26 earnings conference call of Yatharth Hospital and Trauma Care Services Limited. From the management side, we have with us today: Mr.

Yatharth Tyagi, Whole-Time Director; Mr. Amit Kumar Singh, Group Chief Executive Officer; Mr.

Nitin Gupta, President - Finance and Group Chief Operating Officer; Mr. Pankaj Prabhakar, Group Chief Financial Officer; Mr.

Ashutosh Kumar Jha, Group Chief - Strategy, M&A and Investor Relations; and Mr. Sonu Goyal, Group Chief Finance Controller.

I now hand over the call to Mr. Yatharth Tyagi for his opening remarks.

Thank you and over to you, Yatharth.

Good afternoon and welcome to Yatharth Hospital and Trauma Care Services Limited's earnings conference call for the quarter and year ended March 31, 2026. Our earnings presentation has been uploaded on the stock exchanges and on our website and we hope you have had the opportunity to review it.

FY '26 has been an exceptional and a transformative year for Yatharth Hospitals, marked by strong operational execution, strategic expansion into high-potential healthcare markets, accelerated ramp-up of new facilities, and continued strengthening of clinical excellence across our network. During the year, the company reported consolidated revenue of approximately ₹12,072 million, reflecting a robust growth of 36% YoY, while EBITDA increased by 30% YoY to ₹2,921 million.

On the clinical front, we continue to strengthen our position as a leading quaternary care provider through ongoing investments in advanced medical technologies, expansion of high-end specialties, and onboarding of reputed clinicians. During the quarter, our hospitals delivered several noteworthy clinical milestones, reinforcing the depth of our tertiary and quaternary care capabilities.

Some of them are: at Greater Noida Hospital, the neurosurgical team managed a complex pan-brachial plexus injury using a precision intercostal nerve-to-nerve musculocutaneous nerve transfer to restore motor function. In another case reinforcing our neuroscience leadership in Noida Sector 110, hospital performed a navigation-guided awake craniotomy for an intracranial lesion in the speech area, followed by continuous intraoperative speech monitoring, enabling the patient to recover without neurological speech deficits.

In Sector 20 Faridabad facility, which has also emerged as a strong center for advanced GI interventions, performing 13 POEM procedures within two months of its starting and further strengthening our minimally invasive gastrosciences capabilities. We are also pleased to witness growing recognition of our clinical leadership.

Our Dr. Viresh Mahajan was honored as Pediatric Cardiologist of the Year at National Cardiovascular Summit 2025, while Dr.

Dhansukh received the prestigious Desh Ratna Award 2025 for his contribution to pediatrics and neonatology. Dr.

Gunaal Bahrani was recognized with the Leadership in Neurological Services Award at VOH National Healthcare Awards 2025. Also Dr.

Sourodeep Ghosh received the Chairman Award for the Lifetime Contribution to Critical Care Medicine from ISCCM Delhi-Noida-Gurugram. These recognitions underscore the strength of our growing clinical talent and a continued commitment to delivering world-class patient care.

In line with our cluster-based expansion strategy and following the early success of our Faridabad cluster, we have seeded our next high-potential cluster in the Gurugram market through the acquisition of an ultra-modern, under-construction super-specialty hospital in Sector 40, Central Gurugram. The upfront consideration for this project is approximately ₹100 crore along with an additional proposed investment of nearly ₹100 crore towards finishing and providing medical infrastructure.

Once operational, the hospital is expected to deliver ARPOB in the excess of ₹50,000, positioning it among premium healthcare assets in NCR. Strategically located near IGI Airport and key residential and corporate catchments, the facility is well-placed to strengthen our premium healthcare positioning and expand medical value travel opportunities.

We expect the hospital to become operational by April 2027. During the year, our newly operational hospitals at New Delhi and Faridabad Sector 20 witnessed a strong ramp-up.

These facilities scaled up ahead of internal expectations and have emerged as meaningful contributor to the growth within a short period of commencements. Together, these two new hospitals contributed approximately 11% to revenue in quarter four FY '26 and continue to deliver healthy operating metrics, including superior ARPOB levels and a favorable payer mix largely comprising cash and TPA patients.

We also successfully integrated our 250-bedded Agra Hospital, which strengthens our presence across the NCR-Agra healthcare corridor via the Yamuna Expressway. Since its integration effective February 2026, the hospital has demonstrated encouraging traction, achieving a monthly revenue run rate of approximately ₹7 crore along with double-digit EBITDA margins, reflecting strong patient inflows and a healthy operating start.

Establishing our clinical excellence, we installed Agra's first Da Vinci robot and have successfully completed 50 robotic surgeries till date. In areas in the cities nearby Agra, robotic surgeries is something which have been provided for the first time and Yatharth Group has taken initiative by completing such a large number of robotic surgeries in that region.

With strong connectivity to our Noida and Faridabad facilities, we expect the Agra Hospital to evolve into a key feeder hub for oncology and other high-value specialties over the medium term. Our Greater Faridabad Hospital, which commenced operations last year, delivered strong performance and achieved profitability during the year, demonstrating our ability to efficiently scale and turn around new assets.

During the year, we further strengthened our focus on international collaborations and global outreach. A key milestone was our association to become the exclusive hospitality partner for the now operational Noida International Airport at Jewar, which is expected to significantly enhance international patient access and regional healthcare community and connectivity.

As part of our medical value travel initiatives, we undertook multiple international outreach programs across the Middle East and the CIS regions, hosted international delegations, conducted OPD initiatives, and participated in strategic healthcare forums, strengthening long-term partnerships and global presence. Looking ahead, we remain focused on scaling up our newly added facilities, driving operational efficiencies, enhancing specialty mix, and strengthening our presence across high-growth healthcare markets in North India.

With the upcoming Gurugram facility and brownfield expansions planned at Noida Extension and Greater Noida, our total bed capacity has reached over 3,200 beds. We remain confident of achieving our target of 5,000 beds over the next three years.

With newer hospitals demonstrating higher ARPOB levels, we expect a meaningful uplift in overall group realization as these facilities continue to scale up. FY '26 has been a transformative year for the group, and the early success of our new facilities gives us confidence in sustaining and eventually, potentially surpassing the YoY growth that we have shown for this year for the year to come with this growth trajectory in the coming fiscal.

Thank you, and now I'll pass on to Mr. Pankaj Prabhakar, our Group CFO, for his management commentary on the financials.

Good afternoon everyone. I am pleased to share that Yatharth Hospitals has delivered a strong performance in quarter four financial year 2026, concluding the year on a robust note.

During the quarter, we reported a revenue of ₹3,416 million, reflecting a growth of 47% year-over-year and 6% quarter-over-quarter. For financial year '26, the company reported a revenue of ₹12,072 million, registering a 36% year-over-year growth.

This performance was driven by sustained momentum across our existing hospitals along with increasing contribution from our newly operational facilities. Our established hospitals maintained a healthy growth trajectory during the quarter and throughout the year, supported by higher occupancies, strong patient footfalls, increasing surgical volume, and a rising contribution from super-specialty treatments.

Occupancy across the network stood at 71% in quarter four financial year 2026, while financial year 2026 occupancy stood at 68%. Our Noida Hospital operated at 86%, Greater Noida at 76%, Noida Extension at 61%, Jhansi-Orchha at 86%, and Greater Faridabad at 69% during the quarter.

Our ARPOB improved to ₹33,282 in quarter four FY '26, up 5% year-over-year, while FY '26 ARPOB stood at ₹33,124, up 7% year-over-year. Notably, during quarter four, our Noida Extension Hospital reported its highest ever ARPOB of ₹47.8k, up 23% year-over-year; Greater Noida Hospital at ₹40.3k, up 15% year-over-year, while our newer hospitals reported encouraging initial ARPOBs, with New Delhi at approx ₹40k, Faridabad Sector 20 at ₹38k, and Greater Faridabad at ₹31k, reflecting sustained improvement in mix.

On the profitability front, we achieved our highest ever quarterly EBITDA of ₹799 million, reflecting a growth of 37% year-over-year, with EBITDA margin at 23.4%. For FY '26, EBITDA stood at ₹2,921 million with margins at 24.2%.

Adjusted for initial ramp-up losses at our new hospitals, adjusted EBITDA margin remains strong at 30.4% in quarter four and 28.5% for FY '26, reflecting operating leverage and improved mix. Profit after tax for quarter four FY '26 stood at ₹447 million, up 15% year-over-year, while FY '26 PAT stood at ₹1,703 million, reflecting a growth of 30% year-over-year.

The improvement in profitability was driven by strong revenue growth, operating efficiencies, better realizations, and the scale-up of newer hospitals. Our balance sheet remains robust, supported by strong cash generation and disciplined capital deployment.

During the year, pre-tax operating cash flows stood at ₹2,866 million with a cash conversion ratio of 98%, reflecting significant improvement in working capital efficiency. We ended the year with a healthy total cash position of ₹3,931 million, a net cash position of ₹1,160 million, providing us with ample financial flexibility to pursue growth opportunities while continuing investment in infrastructure, technology, and clinical excellence.

With a strong execution engine, improving our occupancy trajectory, ramp-up of new hospitals including Agra, and continuous focus on operational efficiencies and super-specialty expansion, we remain confident of sustaining healthy growth momentum in the coming quarters. Thank you for your attention.

I would like to hand over the call to the moderator for question-and-answer session. Thank you.

Yeah. Hi.

Am I audible? Yes.

Yeah. Good morning all and thanks for the opportunity.

Just wanted to understand about the new hospitals, Agra, Model Town, Faridabad, and Jhansi and Gurgaon also. Just please tell about the operational parameters, how those things are performing for these newer hospitals.

One is that Jhansi, specifically Jhansi, what is the condition? How much occupancy is currently running at?

You said 86%. Is it that the ARPOB has increased in that?

Because we've been seeing that the ARPOB for this particular Jhansi was not up to the marks or not up to the company level. One is that.

Second question on the interest cost. We have seen a significant rise on a sequential basis on the interest.

Just wanted to understand how is your debt position and what would be the debt position in the coming year?

Yeah. Basically on the occupancy front, as you've been saying about it, our new hospital primarily we have opened in Delhi, Faridabad Sector 20, and Agra.

We have enough headroom in the occupancy level. We have a current occupancy level of 32% in the Model Town, that is Delhi, with the census capacity of 100 beds, but we have capacity bed of 300 beds in Delhi.

Similarly, if we say about the Faridabad, the newer hospital, we have a current occupancy of 52% on 100 beds with the capacity of 400 beds there. In the Agra, we have a current occupancy level of 52% with the census bed of 110 with the overall capacity of 250 beds.

The overall bed expansion and the capacity we have enough headroom to grow with the occupancy level. On the kind of a Jhansi, the Jhansi is currently operating around 85% of the occupancy on the 250 beds census level with the bed capacity of around 305.

We have enough headroom there also to have a complete network occupancy and expansions.

As far as your question on the ARPOB impact of Jhansi on the overall group is concerned, even though Jhansi ARPOB is lower than the group average, the impact at a group level is not significant because the whole contribution to Jhansi in terms of our revenue pie chart is very less. If you look at it, in fact, as has been mentioned in the commentary, the ARPOB has been growing really at a good pace for even our mature hospitals of Noida Extension, Greater Noida, which has touched upwards of ₹43,000 and ₹48,000 as far as the ARPOB is concerned.

In relation to the interest cost, that was your third question. As we know, we have invested in Agra, we have taken certain loan to fund the Agra unit.

That's the main reason there is an upside in the interest cost, what you're asking for.

As far as the debt levels are concerned, somewhere our debt today is at ₹230 crore,

but

going forward there would be still certain debt, but we would also be generating strong internal accruals as well as strong cash flow conversion cycles which will be further leading to higher internal accruals. Growing forward, yes, we will also take certain debt, but even if you look today as far as our net debt cash position is concerned, our net debt today stands at—

₹116

crore. Today's net cash position is of ₹116 crore.

Okay. Any levers for increasing the ARPOB going forward?

If you look at the strategy we have had for the new hospitals, even the Delhi Hospital, the Sector 20 Faridabad Hospital, these two have just recently started, but then also showing a starting ARPOB of upwards of ₹40,000. As volumes and cases, specialties mature in these hospitals, these will be significant ARPOB levers for further growth.

As far as Gurgaon Hospital is concerned, we expect ARPOB in Gurgaon to be upwards of ₹50,000. That has to do primarily because of three reasons.

First is the optimized case mix there, having international patients, high pricing of private insurance and cash tariffs in that Gurgaon region would also significantly help us for the growth levers in ARPOB. Constantly we have been increasing the pie of our private insurance as well as cash and international patients, which has also led us this year to a YoY growth of around 7% as far as ARPOB is concerned.

Going forward also this growth should be close to 10% for upcoming years is concerned. Also

to add, we are also improving our specialty mix across all our hospitals. While Noida Extension has a large share of super-specialty hospitals, we are also improving the share of super-specialty cases in all the other hospitals.

That will also help improve the ARPOB.

Okay. That's it from my side.

If I have any further questions, I will join back in the queue.

Thanks for the opportunity. Am I audible?

Yes.

Sure. I have couple of questions.

First is, can you talk us through what steps has company taken since listing for strengthening the corporate governance and how do you see going forward what steps company would take or is it now things are more or less settled? First question is with regards to overall corporate governance.

How do you see evolving it going further?

For us, since our listing, corporate governance is one angle that has been top priority for the management. If you look at our journey since listing and especially in last 1 and 1/2 years, we have taken multiple steps to further strengthen our corporate governance.

It all starts with appointment of top six auditory firm, BDO International, the MSKA & Associates. They have been appointed as company's statutory auditor couple of quarters back.

In fact, this year's financial results were the first results with the BDO International as the statutory auditor. Second step we took was appointment of Mr.

Ramesh Krishnan as a independent director. We have expanded our board.

We have added a strong independent director. Today, we have him and his expertise.

He's a professional, seasoned healthcare leader who has worked across different organizations and helping and strengthening our corporate governance as far as the board level is concerned. Another step that we took was appointment of Deloitte as a internal auditor.

This also happened during the course of last one year, which has further helped us to fast track our financial systems, our processes, and strengthening governance mechanisms through the help of Deloitte. These are the few steps that we have taken as far as improving and strengthening our corporate governance is concerned.

Going forward also, just to add, on a quality side of business, we are adding a couple of very key positions as far as operations are concerned, for taking care of our medical operations as well as in the quality side of it. Understood.

Thanks for answer.

Another question which I have, that is more on the expansion side. As you have shared that company's aims to have a 5,000 bed counts in next three years.

First I would like to acknowledge that I literally liked the way you have expanded your portfolio, the kind of acquisitions you have done. Going forward, do you see acquiring those hospitals or you will be building hospitals from scratch also?

Any vision if you would like to share. I know it's far fetched, but anything in your mind?

Will that increase the debt levels as well? How it will impact profitability is secondary thing, but how you're looking to expand basically?

As far as the bed target of 5,000 beds is concerned over the next three years, 3,200 beds have been already announced over and above the 2,500 beds that we currently operate, the Noida Extension and the Greater Noida and the Gurgaon Hospital upcoming, that adds to the 3,200 beds. As far as the targets of 5,000 beds over the next three years is concerned, firstly we feel that we might even reach there a bit earlier rather than the three years.

We have always surpassed our bed capacity targets in the past and it might be possibly going forward also. As far as the question on the greenfield, brownfield and the acquisition split is concerned, of these upcoming beds, we feel around 70% would be acquisitions mostly, and 30% beds would be through greenfield that we will be adding.

These would be primarily be in the cities that we very well understand and knows. We have not just gone to any outside area just because there's a hospital to acquire.

We have been selectively choosing an asset and then going forward for an asset because for us geography matters a lot. There's a reason why all the recent acquisitions have done very well because they have been strategically located in the well-established markets of NCR, bigger cities of North India, capital cities of the states, and Uttar Pradesh, Haryana, Punjab.

These have major cities and metro cities is where we would also like to be going forward. For as far as the capex plan for these bed expansion is considered, we feel that we have a good cash position as of today and there's still room way for certain debt is concerned, and as we said that because of high cash conversion percentage, we would be generating higher internal accruals going forward.

We are well in the position to fund this capex. There's no plan to raise any fund and going forward for these specific 5,000-bed capacity is concerned.

Just a small follow-up on this. As you said, the geography is important for you and also the 70% might come through acquisition.

Just wanted to specifically understand what Yatharth Hospital does differently. We have M&A team or how we do so that we come up with such good acquisitions?

Just operational thing I would like to understand. How company is different from any other company when it comes to acquisitions?

Because I believe we are at the forefront of acquisition. Operationally if you can share what different we do.

I think there is a strong team which is headed by Ashutosh who is sitting with us today. He heads the group M&A strategy.

He has been instrumental in some of the acquisitions that we have done recently. Also, we have a team who is constantly looking out for assets.

We also have a very straightaway, clear-cut guidelines as far as acquisition is concerned. It's not that we need to frame guidelines for every asset that we see.

For us, the capex per bed needs to make sense. For us, if the geography is big enough, if it's a proven healthcare market within the micro markets also.

What has been instrumental is the cluster approach that we have taken. If you look, we started with one hospital in Noida and we have three hospitals there.

We started with one hospital in Faridabad, we have two there. Similarly, we have just seeded a new cluster in Gurugram with one hospital.

Each of these clusters and again the UP cluster that we operate which has the Agra and the Jhansi-Orchha Hospital has the potential for a cluster-based approach, which really helps us to sort of ease into the acquisitions while identifying the clusters that we want to operate in and then we choose the assets which are available in those clusters.

Understood. Thanks for patiently answering my question.

I'll get back into the queue if I have any question.

Hello? Am I audible?

Yeah. My first question is on understanding this big jump in Noida Extension and Greater Noida ARPOB, 23% and 15%.

Is this just purely because of case mix jump or is there something else behind this increase?

More if it's a jump on a OPD which translated into the IPD, and plus, yes, all these, which as we have mentioned in our previous commentary, that these super-specialties are not mature. I think quarter-on-quarter they are getting mature, new line of treatments getting added within the super-specialties.

I think these are the factors which has improved the ARPOB significantly. There's also a growing increase in our international patients as far as Greater Noida and Noida Extension hospitals concerned.

The pie of the international patients specifically in these two hospitals have significantly increased, which has hugely contributed and even surpassed our ARPOB expectations for these two hospitals growth is concerned. Specially with the new Noida Airport starting, which very soon international flights will be taking off from there.

The ecosystem around the whole international tourism and medical tourism within the Noida zone is really at a increasing trend, and we feel that both these two hospitals are benefiting from that industry trend.

Just a follow-up, can you share with us what's the oncology share in Noida Extension now? It was 20 19-20% earlier.

It is somewhere around 30% today as far as Noida Extension Hospital is concerned. The oncology share is growing I would say close to 30% from 20%, and this is primarily due to increase in key areas within oncology, that is the surgical oncology and the bone marrow transplant is concerned.

We have been performing very good numbers of bone marrow transplants, which is also contributing. We have also added a new oncology team of doctors within the Noida Extension Hospital, which is further helping us to drive this volume.

My second question is on the revenue and margin, sir. How should we look at those in FY '27?

Because we've done an acquisition which will come in April 2027. All the acquisition that we completed in '26 are just going to ramp up in '27.

How should we look at the margin and the revenue?

As far as margins are concerned, we've always maintained that at a consolidated level for the full year, our margin guidance will always been somewhere around 24 to 25%, and we have been delivering on that. Going forward also, we do not see any variation from our margin guidance is concerned.

Even, yes, a new hospital might be coming in '27, but we have had three new hospitals that have come up in '26 also. We've added around 1,000-bed capacity in the financial year of '26 and even then we have been at a steady margin of upwards of 24% for the whole year is concerned.

We feel that in fact from this financial year's EBITDA margins next financial year EBITDA margins should actually be better. Similar story would also be seen as far as our revenue growth is concerned.

This full financial year we've grown somewhere close to 36% in the revenue YoY. We feel that in '27 we would surpass this 36% YoY revenue growth.

A follow-up on that, sir. When do we expect the break-even for this New Delhi and Faridabad Hospital approximately?

Both these hospitals are doing fantastically well. To be very honest, they've just gone beyond of our expectations.

Probably the Faridabad unit, Sector 20, I think that's probably the first hospital would be in our group which will be obviously break-even in a month, probably tenth or eleventh month maximum. The New Delhi is concerned, Delhi will take probably close to around 14 to 15 months.

I think both these two hospitals combined together you will see in this FY '27 H2 that both these two hospitals would be EBITDA break-even.

Okay. If I may ask one last question, I just wanted to understand where are we in the cycle of our brownfield additions?

Have you started construction or exactly where are we? Is that taken a back seat with all the new beds coming in with the brownfield additions or where is it at exactly?

We have commissioned the Greater Noida Hospital's brownfield expansion plans. We have just finalized the structural drawings and the basic construction work has also started.

As far as the Noida Extension is concerned, a similar phase is there. It's not that we have deliberately slowed it down.

It's just that we feel that when we were adding new beds in the other parts of NCR, that became a first priority. However, the legal formalities and everything have now been completed for both these hospitals and we feel that at the right time because these both hospitals still have some occupancy ramp-up yet to be seen.

By the time we will have these brownfield capacity with us is when we will actually be requiring them. As far as those two brownfield hospitals plans are concerned, it's pretty much on track.

Perfect. Thank you.

I'll come back in the queue.

Hello everyone. I am having two questions.

Firstly, can I get ARPOB into occupancy percentage across all the units? My second question is, what is the outlook for the debtor days for by the end of FY '27?

Thank you.

Yeah. We have a overall blended capacity occupancy of 71% in the quarter four with the kind of a new hospital adding being having the enough headroom there, as we explained in the earlier question as well.

The Model Town Hospital, which has been recently opened in this financial year, having a occupancy of 32% on the census bed of 100 with the capacity of 300 beds. On the Faridabad new one having a occupancy of 52% with the census bed of 100, having a capacity of 400 beds.

Agra having a occupancy of 52% on the census of 110 with the capacity of 250 beds. Greater Noida having a occupancy of 76% with the census of 330 and the capacity of 400 beds, with a further expanded, as we explained in the for the brownfield expansion.

Noida 1, we have a occupancy of 86% with the census of 215 with the capacity of 250 beds. Noida Extension, we have occupancy of 61% with the census of 390 beds with the total capacity of 450 beds with the further expanded capacity in the brownfield project.

Jhansi-Orchha, we are having a occupancy of 86% with the census bed of 250 with the full capacity of 305 beds. The Greater Faridabad, the old Faridabad hospital, having a occupancy of 69% with the census bed of 150 with the capacity of 200 beds.

The overall occupancy is around 71% in Q4 with a year end of 68% in totality.

Okay. Thank you, sir.

Also my second question was regarding this outlook for the debtor days by the end of FY '27. Thank you.

Yeah.

Sir, as we informed earlier, for FY 2025 we clocked debtor days of 124 debtor days and this year, that is financial 2026, we had a debtor days of 112 debtor days. This is by driving process efficiencies and controls and by reducing time to dispatch the bills and uploads through outsourcing the same.

Further, for FY '27, the outlook tend to around 90 to 95 days. What we are aiming for 90 to 95 days for FY 2027.

Okay. Thank you.

Thank you.

Thank you.

Hello. Yeah.

Good morning. Just one question.

What is the payer mix for FY '26 versus FY '25?

Payer mix. The payer mix is it's almost the same, only thing is that 2-3% down.

The government payer is around close to 35%, and remaining is the cash and TPA. As we had mentioned in our previous this thing, efforts are going on to reduce it by and close it to around 25% in next probably two financial year.

They are thinking in the next two financial—

I'll just add you the efforts, that's if you look at it in any new of our hospitals, the government business percentage are very, very low, and that's what we are keeping control on it. An existing one also, we are very selectively choosing it.

When the Sector 20 Faridabad have started and the Model Town Hospital has started, and the Gurugram Hospital is starting in few quarters, the government business in those hospitals we're not ever expecting more than 10-12% within two years. This is where the overall pie of the government business will come down when the impact of these newer hospitals increases as far as the revenue contribution is concerned.

We are able to do it because today we are being joined by most reputed and clinical star doctors within those cities who are bringing huge clientage of private insurance and self-pay patients, as well as international patients, which now we can cater to at a large scale because we have those treatments which are required for international patients, something which we were not having 4-5 years back. This is how we are very confident, and already being reflected in the numbers of our newer hospitals, that in two years down the line, the government business should be somewhere around 25%.

Okay. Thank you so much.

The 35% government mix that you said, majority CGHS?

It's basically three schemes. It's CGHS, ECHS, and ESI.

The rates of all these are sort of CGHS rates. It varies hospital to hospital, but it's difficult to say overall what is this thing.

It has some of the hospital has a CGHS is higher percentage. One of the hospital which is just across the Asia's largest ECHS society has a ECHS patients are more.

It's largely on a similar front. Right.

If but

that means most of the rates are linked to CGHS rates?

Yes. Yes.

Okay.

Okay. Last question from me.

Are you seeing any dip in international patients in Q1 FY '27 due to the West Asia crisis?

Yeah. Overall we saw that whatever had happened in last three, four months, there was a dip across the industry.

We believe that some of the, particularly for India, like Bangladesh was closed, Afghanistan were closed, Middle East has got disrupted. We believe that's coming quarter, I think these things will get over and we'll be benefited largely.

Our efforts are very much into it. In fact, we are very strongly focused on the African market.

We have sent our very senior resources in those countries. Two, three our medical centers are getting operated started very soon.

There are some of the initiatives which we took in the last financial years, I think these are getting matured, we are getting a substantial inflow from those regions. Yes, we feel that the next quarter, coming quarter, I think the numbers will be much better.

Okay. Thank you so much and all the best.

Hi. Good morning.

Thanks for my question. Could you quantify the CGHS rate benefit which we would have booked in FY '26 and Q4?

Oh,

yeah. There is upside of around 5% in our overall business with the revised guidelines by the government, which was come in the month of December.

From December onwards, if we see each month-on-month, we have benefited 5% in the overall revenue for the increase in the rates is concerned, and around more than 3% of that has flown to the EBITDA as far as that is also concerned.

Okay. Suffice to say on a base of about ₹1,200-odd crores maybe ₹60 to ₹70 crore would be the benefit in terms of the overall revenues for FY '26?

No. That happened from December onwards.

Right? The real impact you will see would be from this year.

I think from Q3 and Q4 majorly, Q3 second half and Q4 majorly, is where that 5% increase you would see. Complete effect of 5% has come only in the Q4 quarter of FY 2026.

For the complete effect of 5% will come in the next financial, that is FY 2027.

Okay. My second question is on the oncology side.

Some of our peers have sort of reported disruption with regards to the chemotherapy drugs, there has been some price control and some conflict. Have we seen any impact at all in terms of our volumes or numbers?

Yes,

there has been an impact, but it's not a huge impact as far as we are concerned. If you see at a group level, oncology contributes to 10% of our overall revenue.

Now, what we have measured is certain oncology drugs that were sort of the pricing had been capped. As far as those impact is concerned within that 10% oncology revenue, we see somewhere an impact of close to 20-odd to 30% of the pricing within that 10% of oncology.

It's not that we have stopped those drugs completely. We do also understand that the substitutes of drugs are not that straightforward and not that easily available.

Yes, we have been seeing a marginal impact. However, for that also, we feel that going forward this year, as far as because of the revision of the CGHS rates, our still the pie of oncology revenue will still continue to grow for us.

Still for oncology, if you see, there are certain of our hospitals that we have recently started oncology, and oncology machines like the radiation oncology still going to start soon in the Sector Faridabad 20 is concerned, for the Model Town New Delhi is concerned. For us, the oncology revenue will still continue to increase.

However, there's a very marginal impact that we've seen because of the new government policy that has come up. Further, as already mentioned by Mr.

Yatharth, that we have not stopped it. Some of the patients bringing medicines from CGHS, ECHS dispensary.

We are also doing parallel exercise to minimize the impact. There are also other streams in oncology like radiation oncology, surgical oncology, and bone marrow transplant.

We are focusing more.

Okay. Thank you.

Yeah. Hi.

Hello everyone. Am I audible?

Yes.

I want to ask couple of questions. With the acquisition of the hospital in Gurugram, what kind of specialty mix are you targeting for this facility?

Gurgaon, see, if you see any of our hospital, it's completely the tertiary and quaternary care services is what we offering, in the same for Gurgaon. Because we believe that's Gurgaon is a very competitive market as well, but it has same time it has a huge potential catchment, right?

We have to have a very tertiary and quaternary-level facility in Gurgaon.

Okay. Could you elaborate on the estimated timeline you're targeting for this Gurugram facility to reach break-even?

Additionally, it would be helpful to understand expected mix both from a specialty perspective and from a payer mix standpoint.

I think this Gurgaon will be up in a next 13 to 15 months' time, right? As far as mix is concerned, definitely would be more on the self-payer and the insurance business.

As we mentioned just now, that's we want to have a bit control on the government's business on it. Similar expectations would be to break-even would be somewhere around 15 months from the date it gets operationalized.

We're quite confident it should be on our books from the first day of the very new financial year is concerned.

Okay. That helps, sir.

Thank you.

Good morning, sir. Sir, I would like to know what is the current loss that we're incurring from the new hospital and when do we expect the Agra Hospital to break-even?

New

loss. Among the entire pie at the Model Town New Delhi, we have a EBITDA loss of ₹21 crore.

Similarly, in the Faridabad new hospital, which has started in this year, having a EBITDA loss of ₹9 crore. Overall the percentage of the EBITDA drag is around 2% in the overall pie in the net losses.

As we said about it, in the H1, nearly around 12 month to 15 month, we will be able to have the break-even of the EBITDAs to be kind of a sport on the entire one.

Okay.

For Agra? For Agra, Agra itself is contributing around 18% itself.

It's a profitable hospital and it is having an EBITDA margin of already 18%. When we acquired the hospital, it was already break-even, it's not EBITDA drag for us.

All right. That's wonderful.

Sir, any revenue and margin guidance for FY '27 from today? See,

we already have said that we will surpass the growth that we have shown this year as far as both the EBITDA and as far as the top line is concerned. All right.

Thank you, sir.

Yeah. Good morning, team.

I have one follow-up question. This is towards our brownfield expansion.

What is the cost per bed for Greater Noida and Noida Extension expansion? Is there any cost escalation down the line due to uncertainty in current energy prices?

I think the cost for both these two hospitals brownfield expansion is concerned is somewhere around ₹75 lakh capex per bed. That is because we have already acquired land, so that does not include the land, and also because certain machines and certain things are already there in the towers which are already running.

That's why the capex per bed would be around ₹75 lakh per bed, and there's no escalation in the cost that we expect there.

Okay. Thank you.

Thanks for the opportunity. Sir, just wanted to know what's the current status of the income tax issue?

Where we are sitting right now?

Income tax issue is almost at its final leg of conclusion. If you go through the audited notes of this fiscal year's balance sheet also, we have closed certain years.

Certain years' order has come. However, the company has looked into that and did not see any major financial liability or any large cost as far as that is concerned.

For the complete case order to be out there, we feel that before the end of quarter two for this financial year is somewhere when the whole matter would be resolved. Today as far as we're concerned, there's no financial liability or any impact as far as our operations or any financial operations are concerned, and there has been no FDs or any assets that has been provisionally blocked or frozen.

Everything is free for the company to be utilized as per our wishes.

Understood. Just one last thing.

Sir, is the margin profile of procedures conducted under different government schemes are different? Is it the case?

If you look at the CGHS, ECHS, and ESI, the margin profile is sort of similar as far as these three schemes are concerned because the pricing is same. They all follow CGHS rates.

As far as Ayushman is concerned, that is where the margin profile differs. It tends to be much lower.

However, Ayushman is something that we—

No, no, sir. I was actually asking the margin profile of the different procedures.

Like the margin profile which a cardiac procedure will give, is the same for neurology or the nephrology under government scheme? Is the margin profile different and for the different procedure under the same government scheme?

Is it?

Do we focus on conducting high-margin procedures under government scheme? Is it the case?

That's the all the questions I have. Yes,

the margin profile definitely varies within the government scheme as well. Depends on what procedures you are opening.

It's a surgical procedures, margins are different. If it's a conservative, margins are very different there, right?

What is the second question? For example, oncology tends to have a better margin than compared to let's say any other procedures within the government scheme as well.

Does cardiac procedures. Yes, we also selectively sometimes try to focus on high-margin specialties even within the government profile.

Again, that depends on let's say we're starting a hospital in particular regions, when we have a bed capacity, we need to in those numbers to fill the beds. That's a journey, right?

As you get mature, as your occupancy gets filled, you try to be a bit more selective and the controls over the business.

Understood. Sir, ARPOB for Agra Hospital?

Agra is giving around close to around 26, 27,000 ARPOB, which is from that region it's quite good.

Okay. Got it, sir.

Thank you. Thank you for patiently answering my question.

Thanks.

Just one clarification. You did tell Agra ARPOB, what was that?

26,000.

26,000, right. Okay.

My other question was on the overall, I just wanted to understand on the CGHS benefit as well. You said that 5% on the revenue front and 3% on the EBITDA front, right?

A couple of calls back in FY '27, we had estimated that the revenue impact will be 2.5% and it would be 1.75% on the EBITDA front. Has the benefit kind of gone up or because 5 and 3% are for Q3 and Q4, we should accordingly take it for the full year?

The benefit always as far as the CGHS thing is on the overall business has been similar. The benefit of CGHS on the purely government business if you compare on that percentage tends to differ.

Probably that is where the different numbers might be in your— The numbers that you were quoting, 4.5% and 1.7%, 4.5% was for the full quarter, and that's the same that we are quoting now also. 1.7% was in the quarter when the price increase was implemented, we did not get the benefit for the full quarter.

That's why that benefit for that quarter was 1.7%. The benefit also happened in a stage-wise.

Certain schemes first implemented the rate revisions. Certain schemes took more time.

Now as far as the full implementation of the rate revision has been done across CGHS, ECHS, and ESI. That's where, in our overall calculation, we feel it should contribute 5% to our overall revenue.

Okay. Sir, my next question is, if you look at the balance sheet, sir, there's been a big jump in your other assets, financial assets and other current assets, sir.

Why is that?

There is a FD. There is a presentation of books of accounts as per the Ind AS.

These are the FD parked in the other financial assets. That's the only reason you are getting upside in the number as compared to the last year.

In the last week of the financial year, we have a good collections in hand from the different payers. We have parked the fund temporarily into this FDs so that we can get the best returns from that.

Okay. Sir.

Thank you.

Hello. Hi.

Thank you for taking my question. I wanted to just check.

I was having a look at the strategy slide in the deck and I see that you have sort of emphasized the cluster-based approach in Delhi. I just wanted to check that given how do you view the competitive dynamics in the overall market given you have much larger players in the market as well?

Something related that, yeah, what is the differentiation in the strategy of Yatharth versus other peers?

When we talk about cluster-based approach, we sort of tend to become the largest player in the areas of our core operations. Similar to what happened in Noida, we have already proven that with three hospitals, these are sort of different micro markets within the same city.

This is what we're doing with Faridabad. The two hospitals in Faridabad and the three hospitals in Noida are each located sort of 20 km from each other.

We tend to cater to different micro markets within that same city. However, that gives us a upper hand in that brand building within that city is concerned.

Today when we are trying to attract star doctors in Faridabad, having two hospitals on different sides of the town, each catering to different micro markets within that city, helps us to have that talent on board. Within that Delhi region also, within the Gurugram region also, this is the same approach that we will follow.

What makes it sort of different in the sense that we identify micro markets which are sort of unmet. Within NCR and the regions beyond, there's still a lot of areas which a city might have a lot of hospitals, but within those cities the other areas are still upcoming areas which are coming up with population, with high-rise urban societies that we are identifying, and sort of that helps us to move early into those regions and build a bigger brand within those cities are concerned.

It's just not that hardcore NCR is what we're looking at. Our UP cluster, which has started the seed from Agra, still has huge potential.

Does Haryana beyond this Gurugram, and we would be looking at a much bigger market across North India, and we feel there are assets available to acquire. Some might not fit certain other players who might be looking for let's say a bigger land parcel, bigger size for a hospital, and sometimes for us it might be okay as far as that size is concerned.

Some other players that you mentioned might be already be present in those areas, but for us it could be a good entry to those areas. These are the things which have sort of helped us to make these acquisitions, and that's why we're quite confident of surpassing our target of 5,000 beds over the next three years.

I think we should be there much earlier. Right.

Okay. Sorry, the second part, or if I could just follow up, that yeah, what is the differentiation in our offerings versus other players in Delhi-NCR, given it is fairly competitive?

See,

healthcare has a huge scope within Delhi-NCR is concerned. Cities of Noida, Gurugram, Faridabad, and even Ghaziabad and so that for other parts of Delhi are still growing massively of population.

In fact, this is still far from saturation. There's enough space for quality hospitals, for quality clinical talent to establish themselves.

Something that sort of helped us in the past that we have been a very doctor-friendly organization, sort of we have been able to attract clinical talents based on that approach. We have not typically followed the concepts of P&L-driven corporate-led organizations where clinicians are given targets to perform certain numbers.

We have always sort of provided an easy environment for the clinical talents to join us, and sort of that is the reputation that we have created and that is the reason why a lot of other clinical talents today wants to join us when we're going to the new areas. As far as our infra is concerned, still it's at par with all the other players in the region.

As far as certain of our new hospitals, we're trying to create a sort of a much more boutique hospital environment where sometimes these days when patients are going to big, massive hospitals, they feel lost, but with the much more patient-centric approach with the same clinical talent and a much more customized boutique hospital experience is where we feel that we are filling the gap within the metro cities, within the regions which might have certain bigger players, 10, 20 minutes from us, but this is sort of the gap which we are trying to also fill within the capital and metro cities that we are operating.

Okay. Thank you.

Thank you, everyone. Thank you for joining the conference call for this financial year of '26, and we appreciate your questions.

Thank you.