Yatharth Hospital & Trauma Care Services Limited (YATHARTH)
Micro CapPharma stocks · Micro cap · NSE
Yatharth Hospital & Trauma Care Services Limited operates a chain of super-specialty hospitals in North India, primarily in the Delhi NCR region and parts of Uttar Pradesh. It focuses on multi-specialty care with 2,800+ beds and a strategy of cluster-based growth through acquisitions and brownfield expansions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +52% YoY · PAT +7% YoY · +15% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹393 Cr | +52.3% | +14.9% |
| EBITDA | ₹92 Cr | +43.8% | +15.0% |
| Operating margin | 23.0% | -200 bps | +0 bps |
| PAT | ₹45 Cr | +7.1% | +0.0% |
| PAT margin | 11.4% | -483 bps | -171 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
YATHARTH reports strong Q4 & FY26 revenue growth driven by new hospital ramp-ups and existing asset performance, but EBITDA margin compression raises questions about profitability sustainability amidst aggressive expansion.
While revenue and PAT growth are robust, the Q4 EBITDA margin decline and significant increase in depreciation and finance costs due to new acquisitions warrant scrutiny. The aggressive expansion strategy needs to prove its profitability quickly to justify the capital deployment and reverse margin trends.
New Hospital Ramp-up
positiveNew Delhi, Faridabad Sec-20, and Agra hospitals contributed Rs 753 mn (22%) to Group’s revenues in Q4 FY26, demonstrating early ramp-up success.
Cluster-Based Growth Strategy
positiveBuilding density in NCR (Noida, Faridabad, Gurugram, New Delhi) and expanding footprint beyond NCR in underserved markets like Agra and Jhansi.
High-Value Specialty Mix
positiveEnhanced mix across existing hospitals and rapid scale-up of newer hospitals are expected to elevate the Group’s ARPOB in coming years.
Medical Value Travel
positiveProximity to Noida International Airport is expected to spur medical value travel opportunities, supported by international outreach efforts.
Gurugram Hospital Acquisition
positiveAcquired 100% stake in an under-construction 250-bedded super-specialty hospital in Sector 40, Gurugram, with expected operationalization by April 2027. Proposed outlay Rs 200 Cr.
Agra Hospital Integration
positiveIntegrated a 250-bedded hospital in Agra, Uttar Pradesh, w.e.f. February 1, 2026, acquired for Rs 260 Cr. It serves as a feeder hub to NCR hospitals.
Faridabad Sector-20 Hospital
positive400-bedded hospital commenced operations in September 2025, generating ~Rs 6 crore monthly revenue and ~Rs 38k ARPOB.
Model Town, New Delhi Hospital
positive300-bedded hospital commenced operations in July 2025, generating Rs 8-9 crore monthly revenue and ~Rs 40k ARPOB.
Operating Leverage and Mix Improvement
positiveAdjusted EBITDA Margin stood robust at 30.4% in Q4 FY26, led by operating leverage, mix improvement, and positive impact of price revisions in government business.
Price Revisions in Government Business
positivePositive impact from price revisions in government business contributed to adjusted EBITDA margin robustness.
Initial Ramp-up Losses of New Hospitals
negativeReported EBITDA Margin of 23.4% in Q4 FY26 was impacted by initial ramp-up losses of New Delhi, Faridabad Sec-20, and Agra hospitals.
Increased Depreciation and Financial Costs
negativeDepreciation and amortisation increased 133% YoY in Q4 FY26, and financial cost increased 422% YoY, impacting PAT growth.
Integration Risk of New Acquisitions
neutralThe company has aggressively acquired and integrated new hospitals (Agra, Gurugram), posing integration challenges and potential for underperformance.
Profitability Sustainability Amidst Expansion
negativeOverall EBITDA and PAT margins declined YoY in FY26, indicating that ramp-up losses from new hospitals are currently outweighing gains from existing assets.
High Capital Outlay for New Projects
neutralThe Gurugram hospital acquisition involves a proposed outlay of Rs 200 Cr, and the company targets ~5,000 beds, requiring significant capital deployment.
Increased Leverage
negativeBorrowings increased significantly to Rs 2,533 mn in Mar-26 from Rs 41 mn in Mar-25, leading to higher financial costs.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess overall growth and annual trends, especially for a growing hospital chain. QoQ comparison is crucial to monitor sequential momentum, ramp-up of newly acquired/commissioned hospitals, and the immediate impact on margins and operational metrics.
Revenue from Operations
positiveQ4 FY26: Rs 3,416 mn (+47% YoY, +6% QoQ). FY26: Rs 12,072 mn (+36% YoY).
EBITDA
positiveQ4 FY26: Rs 799 mn (+37% YoY, +6% QoQ). FY26: Rs 2,921 mn (+30% YoY).
EBITDA Margin
negativeQ4 FY26: 23.4% (-161bps YoY, +1bps QoQ). FY26: 24.2% (-125bps YoY). Adjusted EBITDA Margin (excl. new hospitals) Q4 FY26: 30.4%, FY26: 28.5%.
PAT
positiveQ4 FY26: Rs 447 mn (+15% YoY, +4% QoQ). FY26: Rs 1,703 mn (+30% YoY).
Strengthening Governance
positiveAppointed MSKA & Associates as statutory auditors, Mr. Ramesh Krishnan as Independent Director, and Deloitte as Internal Auditor to strengthen governance mechanisms.
Focus on Cluster-Based Growth
positiveManagement emphasizes building density across clusters in NCR and expanding into underserved markets to drive brand recall and market leadership.
Capacity Expansion Target
positiveManagement aims to achieve ~5,000 beds capacity over the next 3 years through a clear roadmap of brownfield and announced acquisitions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Reported EBITDA Margin | 23.4% (Q4 FY26) | Sustained improvement in reported EBITDA margin as new hospitals mature and ramp up, closing the gap with adjusted margins. |
| Occupancy Rate & ARPOB of New Hospitals | New Delhi ~Rs 40k ARPOB, Faridabad Sec-20 ~Rs 38k ARPOB | Consistent high ARPOB and accelerated occupancy ramp-up in newly operationalized hospitals (New Delhi, Faridabad, Agra, Gurugram). |
| Net Debt/EBITDA | -0.4x (FY26) | Stability or reduction in leverage as significant capex continues, ensuring financial health and manageable debt service costs. |
| Return on Capital Employed (ROCE) | 16% (FY26) | Recovery and improvement in ROCE as new assets become profitable and contribute meaningfully to the bottom line. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
75Bullishfull bull SMA stack · SMA20 +7.8% / mo · MACD + · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
YATHARTHdaily · 1Y · AUTO+51.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 69. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~7.2% over last month) — short-term momentum positive.
- RSI(14) at 69 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 3% off 52W high · 84% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -17.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 54th percentile within Pharma. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 55.8%. Key concern: Promoter holding fell 5.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 54th pctile, median 70 · Micro: 46th pctile, median 73
61 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.8%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 5.8%.
- ▸ROCE trend is -4.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 52.70
- P/B
- 5.36
- EV/EBITDA
- 23.88
- Market Cap
- 9550.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 12.40%
- ROA
- 7.62%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 41.00%
- EPS 5Y
- 57.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 23.85×
- Altman Z
- 8.35
- Book Value
- 185.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 205.00 Cr
- EPS TTM
- 18.80
Shareholding
- Promoter Hold
- 55.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Pharma, ranked by similarity
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.