In a country where hospitals usually complain about price caps, doctor shortages, and insurance delays, Asarfi Hospital chose a different flex—50% revenue growth and 70% PAT growth, all while running a cancer hospital where 90% patients don’t even pay cash.
Yes, trade receivables ballooned. Yes, government payments take their sweet time. And yes, management admitted it openly—rare honesty on a concall. But when ARPOB doubles, occupancy rises sharply, and margins hold at 20%, you’re allowed a little swagger.
This was not a “defensive healthcare” call. This was an expansion-heavy, ambition-loaded, Jharkhand-first, metro-later narrative.
Read on. The numbers look clean. The execution risk is where the real drama hides.
2. At a Glance
Revenue ₹80.6 Cr (+50% YoY) – Growth that doesn’t ask permission.
EBITDA ₹15.9 Cr (+38%) – Costs behaving… for now.
EBITDA margin ~20% – Stable despite cancer ramp-up drag.
PAT ₹7.32 Cr (+70%) – Operating leverage finally kicking in.
Trade receivables +67% – Government pays… eventually.
Beds 330 → target 500 – Expansion without heavy capex gymnastics.
3. Management’s Key Commentary
“We voluntarily report quarterly despite SME norms.” (Translation: We want institutional investors, not just traders.) 😏
“Cancer hospital ARPOB doubled to ₹41,401.” (Translation: This asset is finally waking up.)
“90% cancer hospital business is cashless.” (Translation: Patience required. Lots of it.) 😬
“Receivables are mainly government.” (Translation: Low credit risk, high blood pressure.)
“FY26 revenue target ₹160 crores.” (Translation: H2 must run harder than H1.)
