Financial Performance Highlights

  • Revenue: Achieved highest ever quarterly revenue of ₹392.7 crore (INR3,927 million), representing 51% year-over-year growth and 15% quarter-over-quarter growth.
  • EBITDA: Record EBITDA of ₹91.7 crore (INR917 million) with 39% year-over-year growth.
  • PAT: Profit After Tax stood at ₹45.4 crore (INR454 million).
  • EBITDA Margin: Consolidated EBITDA margin stood at 23.3%. Adjusted EBITDA margin, excluding the impact of New Delhi and Faridabad Sector 20 hospitals, was 28.1%.
  • ARPOB: Average Revenue Per Occupied Bed reached an all-time high of ₹34,758, up 7% year-on-year.

Hospital-Wise Performance Breakdown

Existing Hospitals (Noida and Jhansi-Orchha):

  • Contributed ₹286.2 crore to revenue, growing 22% year-over-year.
  • Overall occupancy reached approximately 75% with inpatient volume improving 15% year-over-year.
  • Specific occupancy rates:
  • Noida Sector 110: 91%
  • Jhansi: 91%
  • Greater Noida: 74%
  • Noida Extension: 56%

Newer Hospitals (Greater Faridabad, New Delhi, Faridabad Sector 20, Agra):

  • Contributed ₹106.7 crore, accounting for 27% of group revenue.
  • ARPOB by hospital:
  • Noida Extension: >₹50,000
  • New Delhi: ~₹50,000
  • Greater Noida: ₹43,000
  • Faridabad Sector 20: ~₹40,000
  • Greater Faridabad: ₹35,000
  • Noida: ₹35,000
  • Agra: ~₹30,000
  • Jhansi: ~₹13,000

Operational Highlights

  • Faridabad Sector 20 Hospital: Achieved EBITDA breakeven within 9 months, contributing monthly revenue of ₹12-13 crore with ARPOB approaching ₹40,000 (potential to reach ₹45,000-50,000).
  • New Delhi Hospital: Operating at monthly revenue run rate of ₹8 crore with ARPOB接近 ₹50,000. Revenue mix is 90%+ cash and private insurance patients.
  • Agra Hospital: Achieved revenue run rate of ₹9-10 crore and delivered 20%+ EBITDA margin in its first full quarter of integration.
  • Census Beds: Current operational census beds at 1,820 (increased from 1,655 in previous quarter) out of total capacity of 2,555 beds.

Strategic Initiatives and Guidance

  • Capacity Expansion: Company is on track to reach 5,000 beds target, with announced capacity already exceeding 3,200 beds including:
  • 250-bed Gurugram facility expected operational by Q1 FY28
  • 450-bed brownfield expansion at Noida Extension and Greater Noida (200 beds in 15 months, 250 beds in 18-19 months)
  • Oncology Focus: Oncology contributing close to 10% of group revenue with one LINAC machine at Noida Extension. Planning to add LINAC machines at Faridabad Sector 20 and New Delhi facilities.
  • International Expansion: Opened Yatharth Information Center in Uzbekistan and undertaking OPD initiatives in Asia, Africa, and Middle East markets.
  • Dividend and ESOP: Board approved maiden interim dividend of 5% of face value and launched ESOP scheme 2026 to attract and retain talent.

Financial Guidance

  • FY27 Outlook: Company expects to surpass last year's 37% YoY growth, targeting upwards of 24% EBITDA margin for full FY27.
  • ARPOB Growth: Expecting 9-10% year-on-year ARPOB growth.
  • Margin Progression: New hospitals expected to reach 25%+ EBITDA margins within two years, with Agra already at 20-23%.

Capital Structure and Capex

  • Debt Levels: Debt increased from ₹210 crore in March to ₹300 crore, partly due to acquisition funding of ₹80 crore.
  • Capex per Bed: Future capex per bed estimated at ₹75-80 lakhs, compared to historical ₹30.7-61.4 lakhs, due to higher real estate costs and equipment investments.
  • Funding Strategy: Comfortable with debt at 2x trailing 12-month EBITDA, with plans to utilize internal accruals for future acquisitions and maintenance capex.

Payer Mix and Operational Metrics

  • Government Business: Approximately 40% of revenue, though volumes are decreasing quarter-on-quarter.
  • New Hospital Mix: Newer hospitals maintain <10% government business.
  • ALOS: Average Length of Stay fell below 4 days, reflecting changing case mix with lower government patient percentage.
  • Doctor Attrition: Overall doctor attrition rate at 7%, with senior doctor attrition below 3-4%.