General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Yatharth runs hospitals, selling admitted stays, outpatient visits and the procedures that come with them. Revenue for the three months to June 2026 came in at ₹392.65 crore. That is 52.3% above the same quarter a year earlier, when the figure was ₹257.77 crore. Against the March quarter, revenue rose 15.0%, and operating profit for the period was ₹91.68 crore. Profit after tax was ₹47.06 crore, an increase of 11.9% on the same quarter last year. The company has spent three years buying hospitals the way other people buy groceries, and the profit and loss account is visibly digesting.
The board met on 10 August 2026 and finished sixty-eight minutes later, having cleared four items. Those were the results, a maiden interim dividend of ₹0.50 a share, and the cost auditor’s re-appointment. The fourth was a fresh ESOP scheme, which lets employees buy shares in the company on agreed terms. Four material items in an hour is brisk by the standards of Indian board meetings.
Depreciation for the quarter was ₹28.24 crore, against ₹14.92 crore in the June 2025 quarter. Finance costs, the interest paid on borrowings, moved from ₹0.19 crore to ₹6.59 crore over the same span.
Operational bed capacity reached 2,555, and occupancy stood at 68% during the quarter. ARPOB, meaning average revenue per occupied bed per day, was ₹34,758. Management described the quarter, in the filing, as “a strong start of FY27.”
2. Introduction
Yatharth was incorporated in 2008 and grew up as multi-care hospitals in Uttar Pradesh. The three original sites are Noida, Greater Noida and Noida Extension. Greater Noida opened in 2010 and the Noida hospital in 2013. Noida Extension followed in 2019, completing an origin story compressed into roughly one pin code. Delhi, Faridabad, Agra and Jhansi are now on the map as well, and so is Gurugram.
The company listed in August 2023, and says in its own presentation that it has added five hospitals since. Those additions brought 1,400 beds, again per the company’s presentation. Greater Faridabad arrived in May 2024 and Model Town in Delhi in July 2025. Faridabad Sector-20 followed that September, with Agra in February 2026. Gurugram was announced in May 2026 and completed on 12 June.
Model Town came through an e-auction under the SARFAESI Act, which lets lenders sell a defaulting borrower’s assets. The multi-speciality hospital has 300 beds and cost roughly ₹160 crore. A further ₹60 crore of outlay went in, and Delhi’s Chief Minister inaugurated it in July 2025. Buying a hospital at a debt-recovery auction is rather like finding a working refrigerator on the pavement, except this refrigerator cost ₹160 crore and then had to be staffed with cardiologists.
Agra followed on 1 February 2026, a full stake in Shantived Institute of Medical Sciences. It cost ₹260 crore and came with 250 beds already in use. The facility spreads across 1.65 lakh square feet. Gurugram is a 250-bed super-speciality hospital still under construction in Sector 40. It was bought for ₹100 crore, with another ₹100 crore planned to finish it. Total outlay is ₹200 crore, and the company expects it operational by the three months to June 2027.
In October 2023 the Income Tax department searched the company’s premises, its subsidiaries and key managerial persons, under section 132. Certain properties, deposits and investments were then provisionally attached under Section 281B. That paragraph sits in the notes to the accounts, in the same font as the depreciation policy. Per the filing, the department released those attachments and issued assessment orders for assessment years 2014-15 and 2023-24. The Group has appealed and states in the filing that no provision is required.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
The group rents out beds, and then charges for everything that happens on top of one. Nine hospitals carry a capacity of more than 2,800 beds, counting Gurugram. Twelve Centres of Excellence sit across the network, and 80% of beds are in metro cities.
Noida Extension holds 450 beds and Greater Noida 400. Faridabad also has 400, with Jhansi-Orchha at 305. Model Town Delhi has 300 beds and Noida 250. Agra has 250 and Greater Faridabad 200. The upcoming Gurugram hospital adds a further 250.
Inpatients, meaning admitted patients, brought 89.1% of revenue in the year to March 2026. Outpatients, who visit and leave the same day, brought the other 10.9%. That is the hospital business in two numbers: outpatients are the trailer, inpatients are the film. ARPOB of ₹34,758 means an occupied bed earns roughly what a mid-range hotel room charges daily. The hotel, however, does not house a LINAC, the linear accelerator used to deliver radiotherapy.
Internal medicine led the specialities at 19% in that year, with neurosciences at 13%. Nephrology and urology took 10%, oncology
