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1. At a Glance
Revenue of ₹392.65 Cr for the June 2026 quarter, up 52.3% from ₹257.77 Cr a year ago and 15.0% over the March quarter. Operating Profit ₹91.68 Cr. PAT ₹47.06 Cr, up 11.9% YoY. Somewhere in there is a company that has spent three years buying hospitals the way other people buy groceries, and the P&L is now visibly digesting.
The board met on 10 August 2026 for sixty-eight minutes and emerged having approved the results, a maiden interim dividend of ₹0.50 per share, a fresh ESOP scheme, and a cost auditor re-appointment. That is four material items per hour, which by the standards of Indian board meetings is a sprint.
Depreciation for the quarter was ₹28.24 Cr, against ₹14.92 Cr in the June 2025 quarter. Finance costs went from ₹0.19 Cr to ₹6.59 Cr over the same span — the twin taxes that arrive when a hospital group stops talking about beds and starts paying for them.
The bed count reached 2,555 operational capacity, occupancy 68%, ARPOB ₹34,758. Management described the quarter, in the filing, as “a strong start of FY27.” What the network looks like underneath that sentence is the rest of this entry.
2. Introduction
Yatharth was incorporated in 2008 and began as multi-care hospitals in Noida, Greater Noida and Noida Extension, Uttar Pradesh. The Noida hospital dates to 2013, Greater Noida to 2010, Noida Extension to 2019 — an origin story compressed into roughly one pin code, which for a company now claiming Delhi, Faridabad, Agra, Jhansi and Gurugram is a fairly aggressive act of geographic ambition.
The company listed in August 2023. Since listing it has added five hospitals and 1,400 beds, per its own presentation. The additions arrived at a clip: Greater Faridabad in May 2024, Model Town Delhi in July 2025, Faridabad Sector-20 in September 2025, Agra in February 2026, Gurugram announced in May 2026 and completed on 12 June 2026.
The Model Town facility came through a SARFAESI Act e-auction — a 300-bed multi-speciality hospital acquired at roughly ₹160 crore with an additional ₹60 crore outlay, inaugurated in July 2025 by Delhi’s Chief Minister. Buying a hospital at a debt-recovery auction is the corporate equivalent of finding a working refrigerator on the pavement, except the refrigerator costs ₹160 crore and you must then staff it with cardiologists.
Agra followed on 1 February 2026 — a 100% stake in Shantived Institute of Medical Sciences for ₹260 crore, an established facility with 250 beds across 1.65 lakh sq ft. Gurugram is a 250-bed under-construction super-speciality asset in Sector 40, bought for ₹100 crore with another ₹100 crore planned for completion, total outlay ₹200 crore, expected operational by Q1 FY28.
There is also an October 2023 Income Tax search under section 132 at the company’s premises, its subsidiaries and key managerial persons, followed by provisional attachment of certain properties, deposits and investments under Section 281B. Per the filing, the department released those attachments and issued assessment orders for AY 2014-15 and 2023-24; the Group has appealed and states no provision is required. That entire paragraph sits in the notes to the accounts, in the same font as the depreciation policy.
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3. Business Model: WTF Do They Even Do?
They rent out beds, and then charge for everything that happens on top of one.
Nine hospitals, 2,800+ bed capacity including Gurugram, 12 Centres of Excellence, 80% of beds in metro cities. The capacity ledger reads: Noida Extension 450, Greater Noida 400, Faridabad 400, Jhansi-Orchha 305, Model Town Delhi 300, Noida 250, Gurugram 250 (upcoming), Agra 250, Greater Faridabad 200.
The revenue split for FY26 was IPD 89.1%, OPD 10.9%. This is the entire hospital business model in two numbers: outpatients are the trailer, inpatients are the film. The economics are captured in one metric, ARPOB — Average Revenue Per Occupied Bed — which at ₹34,758 for Q1 FY27 means the group earns per bed per day roughly what a mid-range hotel charges, except the mid-range hotel does not include a LINAC machine.
Speciality mix in FY26: Internal Medicine 19%, Neurosciences 13%, Nephrology & Urology 10%, Oncology 9%, Cardiology 9%, Orthopaedics/Spine/Rheumatology 8%, Pulmonology 7%, Gastroenterology 6%, General Surgery 6%, Gynaecology 4%, Paediatrics 3%. Geographically, Noida Extension contributed 30%, Greater Noida 26%, Noida 16% — the original three still doing most of the lifting while the new arrivals learn the words.
Hardware includes eight robots across the group, 1,200+ robotic surgeries and 260+ transplants since listing, one LINAC with two more in the pipeline, PET CT at one hospital. Accreditations are NABH across all hospitals, NABL at leading ones, JCI at Noida Extension.
