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1. At a Glance
Revenue from operations of ₹47.34 crore for the June 2026 quarter, up 32.8% on the ₹35.66 crore of a year earlier. Operating profit of ₹9.42 crore against ₹7.03 crore. Net profit ₹4.27 crore against ₹3.20 crore. EPS ₹2.17.
For a company operating two hospitals inside one district of Jharkhand, that is a lot of arithmetic moving in the same direction at once. The surgical theatres logged 1,980 procedures in the quarter, up from 1,549 — roughly 22 surgeries a day, which is either a hospital or a very well-organised production line, and in this case both descriptions are on the record.
The cancer unit’s occupancy went from 42% a year ago to 56%. The super-specialty unit’s went the other way, 64% to 59%, with the company attributing the ARPOB dip there to the addition of 20 critical care beds — a temporary dilution, per the presentation, because new beds arrive empty and nobody has yet invented a bed that shows up pre-occupied.
Elsewhere in the quarter: a two-day Cancer Conclave in Dhanbad with 200-plus oncologists, a CME session in Koderma, and a hoarding campaign in Godda, Sahibganj and Pakur. Trade receivables moved from ₹5,406.67 lakh at March-end to ₹6,464.56 lakh at June-end on a standalone basis.
Also on the calendar: a board meeting on 25 August 2026, with an agenda item that includes leaving the SME platform entirely.
2. Introduction
Asarfi Hospital Limited was incorporated in 2005 in Dhanbad, Jharkhand, and the corporate journey reads like a masonry project that kept going. IPD department in 2008. Burn department in 2009. Block-A expansion in 2016, taking capacity to 120 beds. Cardiac department and Block-B construction in 2017. Land allocated for the cancer hospital in 2019, construction started 2022.
In July 2023 the company raised ₹26.94 crore through an IPO and listed on the BSE SME platform. In 2024 the cancer hospital at Ranguni was operationalised with an initial capacity of 50 beds. In 2025 it signed an MoU with Gleneagles Hospital, Chennai, for what the company describes as Jharkhand’s first Multi-Organ Transplant Unit. In 2026 it upgraded the cath lab with a Philips Azurion 5 M12 system and installed a GE dual-detector SPECT gamma camera.
Two decades, one district, and a slide labelled “Journey Over The Years” that has to use a smaller font each year to fit everything in.
The legal history is on record too. In June 2024, the Supreme Court disposed of Civil Appeal 6781-6782/2023 in the company’s favour, relating to land allotted by the State of Jharkhand for the cancer hospital. In March 2025, the Jharkhand High Court removed Asarfi Hospital from a civil litigation relating to cancer hospital land. Building a hospital in India involves acquiring land, and acquiring land in India involves acquiring, eventually, a case number.
The rating history has its own arc. CARE rated the company from 2022, revised it to ‘CARE BB+’ in September 2024, and in September 2025 published the rating as issuer not cooperating, with CARE citing non-furnishing of information for monitoring. In October 2025, Crisil assigned ‘Crisil BBB-/Stable’ to ₹46.5 crore of bank facilities. Crisil’s rationale cites established market position, promoter experience, healthy financial risk profile and sound operating efficiencies, offset by geographic concentration and working-capital-intensive operations.
The subsidiary is Asarfi Educational Foundation, consolidated fully.
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3. Business Model: WTF Do They Even Do?
They run 350 beds in Dhanbad. That’s the whole model, and it is considerably more complicated than that sentence.
Unit one is a 285-bed super-specialty hospital at Baramuri, described as the first and only super-specialty facility in the Dhanbad region, offering 23-plus specialised departments under one roof. The department list runs from Neurosciences and Cardiology through Nephrology, Ophthalmology, Dental Sciences, Physiotherapy, Nutrition & Dietetics and Pain Management. When a hospital’s own slide needs three columns to list its departments, the phrase “under one roof” is doing structural work.
Unit two is the 65-bed Asarfi Cancer Institute at Ranguni, on 9.55 acres leased from the Jharkhand Industrial Area Development Authority, operational since 2024. The company describes it as one of only three dedicated cancer hospitals in the state of Jharkhand and the only dedicated cancer hospital within a 200 km radius. It runs the Varian TruBeam radiation machine.
Unit three is a Research Institute at Ranchi, 4 km from the airport, on 5.6 acres acquired for ₹13.5 crore, where the company plans medical and non-medical research management courses by FY28 and, through Asarfi Education Foundation, an integrated B.Com LLB programme — Bar Council of India approval to be sought this financial year for the 2027 academic session. A hospital company quietly building a law programme is the kind of diversification that makes a business-model summary sit down and think for a minute.
How the money arrives: 84% of Q4 FY26 revenue came from IPD, 16% from OPD. At the super-specialty unit in Q1 FY27, Cardiology is 23% of revenue, Neurosciences 17%, General Medicine 12%, with the top three specialties at 52% versus 60% a year earlier. At the cancer unit, Medical Oncology is 53%, Radiation Oncology 18%, Surgical Oncology 6%, Others 23%.
Staffing: 103-plus doctors, of whom 70 are full-time in-house, plus 1,580-plus nursing and support staff. The company is empanelled with the Government of Jharkhand for Mukhyamantri Gambhir Bimari Upchar Yojana, East Central Railway, Coal India Ltd and leading TPAs. Per Crisil, around 50–55% of revenue derives from PSUs, government departments and central/state government schemes — which means the customer is often an institution, and institutions pay the way glaciers move.
ARPOB in Q1 FY27: ₹23,498 at the super-specialty unit, ₹31,892 at the cancer unit. ALOS 4.23 days and 4.24 days respectively — two very different units arriving at almost exactly the same average stay, which is the sort of coincidence a spreadsheet produces once and never
