Yatharth Hospital & Trauma Care Services Limited (NSE: YATHARTH) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Unidentified Speaker
Yatharth Tyagi — Whole Time Director
Pankaj Prabhakar — Chief Financial Officer
Analysts:
Unidentified Participant
Shrikant Akolkar — Analyst
Priyanshu Jain — Analyst
Surya Narayan Nayak — Analyst
Ishika Shah — Analyst
Nirali Shah — Analyst
Abhijit — Analyst
Akshat Mehta — Analyst
Shubham Harne — Analyst
Akhilesh Rawat — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Yadharth Hospital’s Q3FY26 earnings conference call hosted by Nirvama Wealth Management Limited. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, you can signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Srikant Akolkar from Nuvama Wealth Management Limited. Thank you. And over to you sir.
Shrikant Akolkar — Analyst
Hi. Good day everyone and thank you. Bhumi. On behalf of Nuvama Wealth Management we welcome you all to the Q3 and 9 month FY26 earnings conference call of Yasat Hospital and trauma Care Services Limited. From the management side we have with us today Mr. Yathat Kaji, Full Time Director. Mr. Amit Kumar Singh, Group Chief Executive Officer Mr. Nitin Gupta, President Finance and Group Chief Operating Officer Mr. Pankaj Subakar, Group Chief Financial Officer Mr. Ashutosh Kumar JA, Group Chief Strategy, MNA and Investor Relations and Mr. Sonu Goel, Group Chief Group Financial Controller. I now hand over the conference call to Mr.
Yathat Yaji for his opening remarks. Thank you. Over to you.
Yatharth Tyagi — Whole Time Director
Good afternoon and welcome to Yathat Hospitals and Trauma Care Services Limited earnings conference call for the quarter ended December 31st, 2025. Our earnings presentation is available on the Stock Exchange and on our website. We hope you have had the opportunity to review it. Quarter three FY26 marked yet another quarter of industry leading performance for Yathat hospitals. With a robust 46% YoY revenue growth trajectory delivering our highest ever quarterly revenue and profitability. Our standout highlight this quarter has been the rapid scale up of a newly operational New Delhi and Faridabad sector 20 hospitals.
In the first full quarter of operations these hospitals generated rupees 279 million in revenue contributing the 9% to groups revenues. Faridabad sector 20 has already reached a monthly revenue run rate of rupees 7 to 8 crore within just three months of launch. While New Delhi is delivering close to Rupees five crore of monthly revenue run rate. Both These hospitals derived 100% of their revenues from cash and TPA I.e. private insurances. Reflecting our focus towards spare mix from day one of operations on the operating metrics they demonstrated strong initial RPOP performance. Also with New Delhi at approx.
Rupees 40,000 and Faridabad sector 20 at rupees 36,000. These levers are higher than Group average, underscoring the quality of case mix and the clinical offerings from day one on. Our new hospitals with the addition of Faridabad Sector 20 alongside our earlier started Greater Faridabad Hospital that commence operations last fiscal, Yathaat has now emerged as the most preferred healthcare chain in the Faridabad region. This has been achieved through strategic investments in star clinicians, high end and complex super specialties and state of the art technology including robotics enabled care from the inception. A Greater Fridabad facility which achieved break even in quarter one FY26 continues to contribute meaningfully not only to revenue but also to profitability with its EBITDA margin now approaching the group average.
These outcomes reinforce the strong target identification, integration and scale up of capabilities as well as our focus on achieving profitability in new facilities within short time frames. Moving to a recent expansion, the Agra Hospital has now been fully integrated into the Yathaat network effective 2-1-2026. The hospital is already a fully operational facility with strong visibility in its micro market and we are confident that it will contribute meaningfully to revenue and EBITDA from this quarter. Moving on, Clinical excellence remains at the core of our value proposition. During the quarter our teams delivered several advanced and complex interventions including successful management of brachial plexus injury using high precision intercoastal to muscular cutaneous nerve transfer to restore key motor functions.
In another treatment of a rare congenital urological condition, left uretrical with duplex collection system complicated by uretic stones and severe hydroin forces through advanced minimal invasive endological surgery was performed. We also completed a 13 perennial endoscopic myotomy POEM procedure in two months demonstrating our leadership in scar free endoscopic therapy across the region. These outcomes highlight the depth of clinical expertise across our network and strengthen our positioning as a leading quaternary care provider. Some of our key clinicians were also recognized with Marquee National Award this quarter, further strengthening our clinical reputation. With the Javer Airport expected to begin operations soon, we have accelerated our medical value travel initiatives and continue to gain traction.
During the quarter we expanded international outreach through OPD operations in Mauritius, Nigeria and Turkmenistan. We also hosted delegation visits and hospital tours from Afghanistan, Uzbekistan, Tajikistan and strengthening our diplomatic and healthcare partnerships. Through this, we further conducted partner engagement events with stakeholders across Africa and Iraq. Looking ahead, our focus will remain on accelerating the ramp up of new facilities like New Delhi, Faridabad Sector 20 and Agra hospitals while continuing to drive operational efficiencies across the network. We are already seeing encouraging signs from the recent CGHS price revision benefiting both our top line and bottom line and we further remain confident and committed to clinical excellence, disciplined execution and strong governance and are confident in our ability to deliver sustained value to all our stakeholders.
Quarter three has been an exceptional performance by the company and we further expect due to the integration of the new hospitals in our network that quarter 4 would even be better than the quarter 3 numbers. With that I would now like to hand over the call to Mr. Pankaj Prabhakar for a detailed financial update.
Pankaj Prabhakar — Chief Financial Officer
Good afternoon everyone. I am pleased to share that Yakart Hospital has delivered a stellar performance this quarter. During quarter three FY26 we achieved a revenue of Rupees 3205 million reflecting a strong growth of 46% year over year and 15% growth quarter over quarter. This strong growth was driven by our existing hospitals which sustained a robust growth trajectory of 33% year over year as well as our newly operational hospital which contributed to rupees 279 million in revenue 9% to group’s revenue in their first full quarter of operations. Occupancy across our hospital network stood healthy at 67% during quarter three with our key hospital Noida operating at 91%, Greater Noida at 74%, Noida Extension at 61% and Jhansi Orcha at 72%.
During the quarter our newer host facilities saw promising adoption with healthy volume at our greater Faridabad, New Delhi and Faridabad Sector 20 Hospital demonstrating Jakart position as a preferred healthcare provider in the region. Our ARPO was up by 10% year over year to rupees 33,744 in quarter three. Driving by our continued emphasis on improving our mix of high value super specialties and investment in the state of the art medical infrastructure. Our Maida Extension Hospital achieved its highest ever ARPO of approximately 4000 up 16% year over year supported by approximately 70% contribution from super specialty services of which 18% came from oncology treatment even in initial days of their operation.
Our New Delhi hospital achieved an RPOB of approximately rupees 40,000 while Faridabad sector 20 achieved an RPOB of rupees 36,000 which are higher than the group averages. Our other hospitals in Greater Noida, Noida and Jansi Orchard registered an r form of approx. 39,000 plus 14% year over year rupees 31,000 that is 8% year over year and rupees 14,000 respectively. On the profitability front, we have achieved our highest ever EBITDA at Rs. 742 million up by 35% year over year. Adjusting for the initial ramp up losses at our newly operationalized New Delhi and Faridabad sector 20 hospitals, our adjusted EBITDA margin is still strong at 29.2%.
Led by operating leverage mix improvement and positive impact of trials revision in government business, new profit Net profit after tax stood at rupees 431 million up by 41% year over year while adjusted tax up by 80% year over year. With a strong execution engine in place, we remain confident of sustaining the accelerated growth momentum while enhancing operational efficiencies and exploring new avenues for growth. Our robust balance sheet position with a strong net cash position provide us ample financial headrooms to capitalize on sustained growth opportunities as it comes. Thank you for your attention. I would now like to hand over the call to the moderator for question and answer session.
Questions and Answers:
operator
Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question comes from the line of Priyanshu Jain from Infinity. Please go ahead.
Priyanshu Jain
Hello, Am I audible?
operator
Yes, please go ahead.
Priyanshu Jain
Thanks for the opportunity sir. My first question is on the revenue mix side. So as of today by the end of Q3, what is the revenue mix from the cash and TPA and from government side.
Yatharth Tyagi
So you know, the current revenue mix from the government side is close to 35% and the remaining is equally divided with cash and private insurances. The recent quarter, you know, with the promises the new hostels have shown on the cash and private insurances segment side, we believe quite confident remain that in the coming quarters we should be inching towards reduction in a government mix like our initial target.
And I feel in two and a half years time our government mix should be reduced somewhere close to 25 to 28%.
Priyanshu Jain
So two years down the line we are aiming for 25 to 30%. Like approximately
Yatharth Tyagi
two years down the line government business should be lesser than 30%.
Priyanshu Jain
Okay, so my second question is on the brownfield expansion as we are going for 3,000 beds going forward. So like till what time we can think that this might be operational?
Unidentified Speaker
Yeah, so we are Talking of the you know addition of almost 3,000 beds, you know to take the total cumulative bed to 5,000 in the next three years where we have mentioned that the deals will be announced by in the next three years and the operationalization of the hospitals will be in four to five years, you know, over a period of time.
Priyanshu Jain
Okay and so like as of today what’s the net cash on the balance sheet? Like if we are aiming for any acquisition going forward,
Yatharth Tyagi
Current cash and bank position as on the 30th of December at a console level is coming close to 200cr.
Priyanshu Jain
And like we are aiming for any acquisition as of today because we have like acquired many hospitals in last few years. So like are we in still like looking for it?
Yatharth Tyagi
See acquisitions will definitely happen over the course of coming you know, years. So we do have a good strong cash position as well.
As you know we can always take certain debt however intel accurate also quite strong. So I think using all these three mixes we are well in position to fund our capex for the next you know, good three years.
Priyanshu Jain
Okay so just last two questions. What is the right now capex per bed like as of today if we go for it.
Yatharth Tyagi
So as of today capex per bed should be around 60 lakhs per bed because you know there were a lot of hospitals that we started 10 years ago where the construction as well as the land prices were quite cheap that time and slowly we had upgraded to medical equipment.
But if you look at our newer hospitals, that is the Delhi, the Faridabad, both the Faridaad hospitals there the capex per bed is much higher I think there the capex per bed would be in the tune of upwards of you know, 80 to 90,000 capex per bed. 80 lakhs per bed. So that’s, that’s the current capex per bed plan.
Priyanshu Jain
Okay so last question is on the I just wanted to know that there is a recent incident where one of the relatives have go for a knee replacement surgery. And like suppose it’s take an example it’s around 2 lakh rupees in cash.
Is it possible that an insurance while like hospitals do practices these kind of activities where like if in cash segment if they deal they go for 2 lakh but like if the patient is having an insurance policy they make it to up to 2.5 lakhs or 3 lakhs.
Yatharth Tyagi
No, it’s absolutely not. I mean that’s this pricing already fixed. So if the cash is let’s say 2 lakh rupees in fact for the Insurance it will be a lesser effectively towards. I mean what is the landing price to us? Because that’s agreement is signed, rates are already you know freezed so you can’t make a change and it’s not a manual that you know if I wish I can change it.
So that’s not the practice always the catch will be the higher this thing then there will be some insurance and then the government. This is the practice.
Priyanshu Jain
Okay, thank you sir. That’s all from my side. All the best.
operator
Thank you. Our next question comes from the line of from Sunidi Securities. Please go ahead.
Surya Narayan Nayak
Hello, Good afternoon sir. I hope I am audible. So a couple of questions. One is that if you can throw some light on or give the numbers regarding the New York hospitals I think consensus census bills and the. And the ramp up strategy going forward for FY27 and regarding the Agra note also said if you can give the ARPO currently we are enjoying and what is the status of census beds there and what is the plan in FY27?
Unidentified Speaker
Basically as of now we have a capacity around 2550 beds including the AGRA of 250 beds in totality we have a plan to go around 5,000 to 6,000 beds as we just told in the other question as well.
So in the rampant stage we may come to around an additional 3,000 bed in the coming three to four years down the line and on the occupancy front we are at 67% on the blended numbers and
Surya Narayan Nayak
my limited question, my limited question was related to the newer hospitals, newer facilities. Newer facilities in the NCR region and Agra.
Unidentified Speaker
Yes, the border town which is in Delhi. We have a kind of occupancy of 38% on the hundred beds census beds. We have a capacity of around 300 beds there in Delhi which will be taking up as the demands come in the coming quarters.
We have another new hospital in sector 20 in which we have an occupancy of 43% in this quarter with the again 125 beds on the operation levels which has a capacity of around 400 beds. Agra we have just started in the month of February just we have started it out having current operational beds of around 150 which we will going to expand to around 250 beds in the coming quarters.
Surya Narayan Nayak
So. So new hospitals, new hospitals. Can can we expect 50% occupancy next year?
Yatharth Tyagi
Yeah, definitely. See Faridabad if you see this started three months back and two and a half three months back.
Presently with the 125 bids as operational 43% occupancy and without having any panel in fact not full fledged even insurance and tps. Right. So definitely that that is very promising. These numbers as of now even the same goes for a Delhi as well. Still 100 insurance are yet to come. I mean with all of government channels or Even corporate and PSUs which are dependent on the various states, there’s still negotiations going on. So I think bye bye end of quarter four or probably the beginning of quarter four, sorry the next two months I think we should be full fledged with all impairment then we expect that more than 50% occupancy in the coming quarters Coming to the Agra which We started just 1st of February, current ARPO because that’s running hospital it’s presently I think around 26,000 kind of RPO by having us over there with the, you know having starting with the super facilities and others and we believe that we can easily take it up by next quarter.
I think anything between 30, 32,000 kind of ARPO.
Surya Narayan Nayak
Okay so and regarding the Agra unit compared to the other facilities, you know with understanding is that the acquisition cost is little bit higher side. So how do you plan to make it at par with the other NCR region facilities and all?
Yatharth Tyagi
Yeah, so see Agra Hospital, it is the one of the and I would say the best infrastructure hospital within not just Agra but you know even up till a radius of 100 kilometer in that whole region. So it’s a fully super specialty hospital. It has all the machines including mri, cath lab and you know there’s also space available for further expansion.
It’s a full NABH hospital. So you know there were multiple ways why we felt the value is right. It is already a running hospital and the hospital you know in last if I talk about 12 months has had a revenue of close to 45 to 50 crores and is almost now EBITDA positive and PME positive also. So from February when it is on our books we do not need to incur any more losses to make it profitable. So we also add that sort of, you know to justify that value because otherwise when we start a new hospital it takes 15 months and more cash losses to get that into profitability.
But it is already from February when it is on our books not just it is contributing meaningfully to the revenue but also contributing to EBITDA as well as profitability. So you know we are quite confident we have huge plans for Agra. We, we already are in the process of appointing leading star doctors. In fact just you know this week itself Agra Hospital has Been you know, placed with da Vinci surgical robot which is not just Agra but in that region one of the first robotic surgery is going to happen. So you know, we feel Agra will contribute meaningfully to our coming quarters.
Surya Narayan Nayak
And in terms of payoff mix. Just to want to understand now even in case of tpa, whether or not how much is it possible to give a breakup of group policy versus retail policy. Because retail policy happens to be little profitable than the group policy. So is it possible to give the bifurcation of that?
Yatharth Tyagi
I think largely yes. It’s a group. It’s mainly about the, you know, corporate insurances and all you’re talking about I believe retail business. Yes, it’s always higher in terms of the number but I think it probably going with the 60, 40% kind of.
Because that also depends on which area you are operating. Let’s say if you are operating in Delhi NCIS where there are more corporates are there? Right. So that percentage will be a different if you are operating with the AGRA or probably the MEERA or some other reason where the corporate species are not that much that that numbers will be lesser. So that won’t be any, you know, standard answer for it. That depends on unit unit and the area where you are operating.
Surya Narayan Nayak
No, because the structurally due to this GST benefits are the retail policies would arise.
I mean the quantum should rise. That is the my understanding and structural it is positive. And thirdly oncologists I thought I saw that the our quantum of percentage is remaining same. So is there any facility constraint in our offerings or is there any scope of increase going ahead?
Yatharth Tyagi
So first of all it is not same. Our pie has increased. Right. A percentage might look similar but there is an absolute increase in the volume and the revenue coming from oncology this quarter and year on year. In fact it’s a significant increase. Also it is to be noted that in the upcoming Faridabad and New Delhi hospitals we will also be offering full scale of oncology service which still have not started in this quarter.
So going forward in these two hospitals are new hospital because oncology takes five, six months to start setting machines and complete bone marrow transplants and other high end cancer surgery. So in the coming quarters in the new hospitals, oncology will also begin. And that’s where you also see an increase in the percentage. But also in an absolute number Oncology if I talk about has significantly increased. In fact if we compare year on year oncology has, you know, increased from 63 crores to almost 85 crores which is a significant jump
Surya Narayan Nayak
so any. Any guidance going ahead for oncology alone? I mean for a couple of years
Yatharth Tyagi
Oncology today is you know contributing close to 10% of our overall specialty pie which is you know if you compare two, three years ago it was you know, less than 4%.
So we are quite confident that going forward with the new two new hospitals now being fully fledged oncology services providers, we expect oncology to touch around 15% in less than two years time. Maybe one and a half years time we should be there.
Surya Narayan Nayak
And any influx in the medical tourism this quarter?
Yatharth Tyagi
Absolutely. The numbers has definitely increased percentage wise still is in a single digit I would say but it’s quite encouraging the kind of thing cities which international team has taken various OK’d centers and the channel partners will be started. So believe that in fact J airport when I start probably by within a two months or something that’s a new deadline had come up.
So we are very quite confident on these numbers. Absolute number definitely increase and rather just only the numbers. You see that. You know the geography which we touched upon in last entire. I mean whatever 8, 9 months, 10 months which we have worked on international. So we have to various geography and it’s quite encouraging that patient has come from the all those geographies. So I think it’s a very good base has been created. Now we just have to capitalize it
Surya Narayan Nayak
and case mix oncology apart from oncology more or less the case mix will be remaining same or will there be any change in neuroscience or something
Yatharth Tyagi
As a totality we are focusing on increase in a super specialty services versus specialty.
So in the case mix also you will see all the super specialties. So you know cardiology, neurosurgery, gastroenterology and couple of others combined together would be higher than you know, let’s say specialties like gynecology, internal medicine, basic orthopedic works. So that’s where the shift you will see in the coming years which we are already reflecting quarter on quarter.
Surya Narayan Nayak
Any guidance on the allos going forward?
Yatharth Tyagi
I think e loss should be as per industry standard.
Surya Narayan Nayak
It should be at three going forward
Yatharth Tyagi
because that’s a couple of new hospitals coming up. You know that’s. There are certain business call you need to take.
So I think it will be anything around close to 4.4.3. That’s it’s quite acceptable within 4 4.5. I think that’s acceptable number which we see that as you grow probably the two years down the line if you say definitely there’s going to be a lesser.
Surya Narayan Nayak
Okay, thank you.
operator
Thank you ladies and gentlemen, in order to ensure that management is able to address questions from all the participants, please limit your questions to two per participant. Our next question is from the line of Ishika from Perpetuity Ventures. Please go ahead.
Ishika Shah
Yeah, I hope I’m audible under peer mix. Your new hospitals seem to be driven largely by cash and TPA insurance with minimal government scheme contribution. Is this mix structural and expected to continue, or do you anticipate a meaningful shift towards government embattlement over the next 12 to 24 months?
Yatharth Tyagi
This is very much strategically planned and expected. We, you know, as a group, you know, have always talked about in the past to reduce government mix, and that is what we are doing. I wouldn’t say that it will remain zero after a year. Definitely it will increase. But I don’t see in the new hospital government mix being more than, you know, somewhere 15 to 18% or maybe max for 20%. So ultimately, this is going forward, what you will see. And ultimately, this is what will drive our, you know, debtor days and receivables to come down.
So that is a strategic call that we have done, and we are able to showcase it with a strong attraction of cash and private insurance patients.
Ishika Shah
Okay, understood. That was helpful. And could you just please repeat your hospitalized occupancy and RPOP for Q3 FY26 for all your operating units?
Unidentified Speaker
Yeah, so the total occupancy is 67% on the blended basis. The Greater Noda Hospital, we have an occupancy of 74%. Noda, we have 91%. Noda extension, we have 61%. Jhansi Osha, we have 72%. Greater Sridabad, we have 60%. Borrelton, we have 38%. And New Hospital Sridhar, we have 43%. And in totality, we have RPO of 33,744, out of which we have nearly around 39,000. Of Greater Noda, 32,000 nearly. We have Noida Noda extension, we have 44,000 nearly. We have nearly around 14,000. Greater Fridabad, we have nearly around 35,000. Moral Tone, we have nearly around 40,000.
And Hridabad New One, we have 36,000 nearly.
Ishika Shah
Okay, thank you. That was very helpful. Can I just squeeze in one last question? You had a brownfield beds coming in for Greater Noida and Noida Extension. What is the current status?
Yatharth Tyagi
1 and a half years from now? I think we should be close to commissioning them.
Ishika Shah
Okay, thank you. Thank you so much.
operator
Thank you. Our next question is from the line of Shreya Chatterjee from each list Capital. Please go ahead.
Unidentified Participant
Hello sir. Thank you for taking my question. My question was more about if you could give an EBITDA level breakdown for all the hospitals and where do you see your EBITDA ramp up in in the next two to three years, would it be around 29, 30% or would it continue in the range of 24 25%?
Yatharth Tyagi
See I think unit wise EBITDA is something, you know, right now it would not be a right estimate because a lot of new hospitals and old hospitals are starting. So we are always calculating as a consolidated level. And also you know we have certain subsidies and certain hospitals are within the parent company. So you know in totality 2, 3 hospitals are within the holding company and then there are two, three subsidies comprising them. So I can talk about the group level ebitda. So you know, even if you look at it with the two new hospitals starting, even then we are almost a bit in fact higher than the last quarter to EBITDA margins.
And without these two new hospitals we would have been somewhere close to 28, 29% of EBITDA. So I think the company is very well on track for our targeted ebitda. We feel in the coming quarters EBITDA margins at consolidated level will definitely increase because the major reason is that in the first two quarters when a hospital starts like a New Delhi Hospital and Sadaba 20, it is expected to be be EBITDA drag. But by the third or the fourth quarter of their operations that is reduced. Also very positive is the Agra hospital that we’ve started is not a EBITDA drag at all.
So that is also another reason whatever condition will have will add to the ebitda. So we are quite confident in the coming quarters EBITDA margins will increase. And no, we are not targeting 28 29% EBITDAs even in less than 2, 3 years because they will constantly be new additions, new hospitals. As we earlier mentioned, we want to be somewhere around 5,000 bed capacity within next three, three and a half years. So that will mean lot of EBITDA from the upcoming hospitals. But at a consolidated level we feel somewhere around, you know, 24, 25% EBITDA margin would be a right estimation.
Yes, if you remove all the new hospitals that we’ll be starting, the EBITDA margins would be somewhere around 3, 3.5% more than the consolidated average.
Unidentified Participant
Got it sir. And also with your current payer mix, what is the receivable days as of Q3, 26. And where do you posit it to go maybe in FY27 to 28. Also on RPOB like right now you have really ramped up. Well, but maybe in two years time at the console level, where do you see your RPOB going up with the oncology picking up and everything else.
Yatharth Tyagi
So in September 2025 we have reported around 116 receivable days. In December also we are very, very much close to the same receivable days. And we are very much hopeful to close March 2027 with reserve days less than 110.
Unidentified Participant
And what about going forward like in the next two years when your government portion will like CGHS portion will fall down to around 25, 28% of what receivable days can we expect to observe in that time?
Yatharth Tyagi
So after two years down the line, as we already mentioned, we will reduce our government mix and we will increase our cash and TPA business. And, and as we already mentioned our both the hospitals we have started with the cash, cash and TV business only after two years of three years down the line we will very much close to 80 or 82 days.
Unidentified Participant
Got it sir. And what about the RPOB guidance And it was just an extension. It was just an extension of the question what about the up of guidance in maybe FY27 to 28.
Yatharth Tyagi
If you look at it, that’s even a large numbers which you see that year on year we are growing more than 10% of our outbound. So I think that, so you can easily guess over there. And even the current numbers which you see the kind of node extension get around hospitalized zone. So 10% are popped year on year. I think that’s quite easily achievable for us. That’s what our guidance.
Unidentified Participant
Okay. So thank you. Thank you for answering my question.
operator
Thank you. Our next question is from the line of Nirali Shah from Ashika Stock Services. Please go ahead.
Nirali Shah
Hi. Congratulations on the great set of numbers. I had a couple of questions. We had expected some margin pressure given the contribution from newly opened hospitals. But like you said, EBITDA margins have broadly remained stable. QOQ also. So the question is that what helped offset this drag in this particular quarter? Were there any specific factors that we should not be assuming that will repeat in Q4?
Yatharth Tyagi
There’s a lot of background noise to your line. So you know there were a lot of good EBITDA traction we gained from our existing hospitals. So other than the new hospitals, our existing hospitals are ramping up. Good oncology business, they’re ramping up. Good Even rpop. Right. So RPOP of if you see node extension has increased upwards of 15% year on year. Similarly a Greater Noda. So even our existing hospitals, you know, older hospitals are growing at a good rate. So that has led to this, you know, margin being sustainable.
Unidentified Speaker
Further, if you see our Morton hospital also we started in Q2 and the losses have been reduced from Q2 to Q3.
So in Q3 there is a 50% reduction in losses in modern hospital itself.
Yatharth Tyagi
Yes. And also going forward with the new CGHS rate revision which has been we saw in December, full December and now we will be seeing from the first January in the whole quarter four that will also, you know, help going forward to, you know, contribute to our EBITDA margins significantly.
Nirali Shah
So is it fair to assume that the older hospitals, the margins from older hospitals were much higher than the drag that could have come from the newly opened hospitals?
Yatharth Tyagi
Yes, that’s true, that’s true. And also like as we mentioned that quarter two, quarter three, the new hospital drag was also less because of, you know, the increase in the business.
Nirali Shah
But then do we expect that in Q4 or Q1 maybe?
Yatharth Tyagi
Yes, definitely, definitely. As I mentioned, you know, the EBITDA margins could be better from here on in the coming quarters for sure.
Nirali Shah
Understood. And could you also help us understand how much of the increase in employee expenses is attributable to the labor code change versus the normal hiring and the ramp up at the new hospitals?
Unidentified Speaker
See, based on the recent changes which has drawn by the labor code, we don’t have any significant impact on us. We are mostly aligned to our current stature as per the post codes. However, minor impact may come as a change of the basic pay which has been packed to the gratuity and we don’t have any major impact on the other fronts like Bonus act or the leave engagement. And in totality we perceive that we have a complete assessment in place and we don’t have any major impact in this financial year due to this new labor goals.
Nirali Shah
Okay. And in the. So if it is not coming in this financial year, it won’t be coming in the next financial year too.
Unidentified Speaker
We are already in line to the kind of a proposed structure. Our stature is already in line. So there is no gaps to have any financial impact measure in this financial year. Obviously in the next financial year it will be aligned already. So there is no financial impact which will be coming in the place in the financials.
Nirali Shah
Fantastic, Fantastic. And just the last one wanted to know on the MVT business, so because there was a mention about the benefits and the union budget mentioned about the promoting medical tourism. So do you think any incremental benefit will be coming to us?
Yatharth Tyagi
Yeah. So you know we would see around 5 to 6% increase in the cost that you know we would be benefiting from the. From that. That’s our estimation on that specific business.
Nirali Shah
Got it. Thanks. I have more question. I’ll join back with you.
operator
Thank you. Our next question is from the line of Abhijit from PI Asset. Please go ahead.
Abhijit
Thanks for the opportunity. Hope I’m audible. Sir, we can notice a sharp increase in the other expense. Was it because of one time marketing or impairment of start doctor and are the cost expected to taper down in FY27 or. Or should we assume the same B rate?
Yatharth Tyagi
So there is a. So if you see there is a quarter on quarter increase at a console level majorly because of the new hospital additions. And in the. In both the new hospitals we have added the complete doctor cost. That’s the only reason major change because of the doctor cost.
Only if you see now there’s no major change. Yeah.
Abhijit
We should introduce as the new normal weight.
Yatharth Tyagi
This is. This is now a normal. And there will not be any major increase now.
Abhijit
Understood. And sir, what is the capex for FY27? I missed that reason please.
Yatharth Tyagi
Pardon?
Abhijit
What is the capex for FY27?
Yatharth Tyagi
So you know we have given a overall capex for next, you know five years. Deals will be announced within let’s say three, three and a half years. But the total deployment of the capex will take five years time and that is around 1500 crores for you know getting us a bit capacity of close to 5,000 beds.
Abhijit
Understood. Okay. Thank you.
operator
Thank you. Our next question comes from the line of Akshat Mehta from Seven Rivers Holding. Please go ahead.
Akshat Mehta
Yeah, so the first question that I have maybe for your part himself is that if you assume that the overall trade receivable days in the business is 110 then that would. And assuming that 35% of the businesses is. Is from your government and 65% is split even between cash and TPA that would imply that your government business receivable days are north of 245, 250 days. Is that the right way to look at it?
Yatharth Tyagi
So I mean there are certain pairs, you know within. Let’s say TP is also which does drag because majority of the TPA business is received.
The payment is received within time. But then there are certain exceptions and with the certain things of that also contributes a bit but yes, I would still say what you’ve mentioned it would be close to that but not exactly to that amount. Indian government also,
Akshat Mehta
but there are other listed peers who have indicated that their receivable is on the government businesses sub150,140. So why is it that we are at the closer to 250 and what are we doing to bring that down specifically?
Yatharth Tyagi
Yeah, so I don’t think it’s closer to 250. I think it’s closer to 200.
First and second is, you know as we’ve also stated in the past, there was a certain reason that this led to especially if you look at, you know a year ago when we got increased with the infrastructure there were a lot of government business that we onboarded. Right. So our systems and processes took time to upgrade ourselves. Right. It’s not that it’s all 100% on the government, only the receivables. There are certain frameworks and systems within the hospital which allows faster recovery. So we were not having it initially. If I talk about in last one year the reason why we have generated close to 60 to 70% OCA Prepida is a way where, you know, we’ve optimized the process.
In fact recently there have been certain teams that have been outsourced for recovery to get faster recovery which are already working for certain other hospitals that you have mentioned. So we have learned from their example and deployed the same, you know, network of facilities within our hospital. So that also has led to this reduction and other than just the pure decrease in the government share which will ultimately bring this down a better recovery and better, you know, follow ups from our is also helping us to achieve this.
Akshat Mehta
Got it. My second question is around the trade.
Yatharth Tyagi
Just one, one, one. One last thing I would also ask you lot of when you mentioned other hospital chains, some of them also don’t do the exact same fear of government mix that we do. Right. There’s a government payer called ESI that many other hospital chains they don’t do. ESI has been shown typically in the past to have a slow payment cycle and I would say around 30 to 35% of our outstanding with the government is specifically from ESI channels. So that has also led to an increase which is not standard across other hospital chains.
Akshat Mehta
Okay, that clarifies it. Thank you. My second question is around your trade receivables again in your annual report there was a reduction in overall trade receivables to the tune of 20 crores. And in FY24 the number was around 35 crores so implying almost a 6 and 11% reduction respectively. What was the reason for that reduction and how should we look at it moving forward?
Yatharth Tyagi
This is on the basis of the collections as we already mentioned now. So from last one or more than one year we are working on the rigorous collections. We have, we have, we have implement all the protocols to a better billing processing, better dispatch processes and all the recovery processes.
Akshat Mehta
No, I’m talking about, there was a right, I’m talking about a write off in trade receivables
Unidentified Speaker
right off. See as a prudence policy we generally have the provision for the doubtful debts but certainly very minuscule of the bad debts generally comes where we don’t have any bad debts as of now. We generally makes a provision as a prudence based on the kind of a principle of the accounting but based on the trends we see that the, our deductions is coming down and generally our provision is being reversing over the period. So.
Yatharth Tyagi
Yeah, so basically what you’re mentioning to deduction is basically not the write off of any debt but basically it is certain bills which are, you know, contested by, by the pyramids and then that’s what the direction comes to.
Just like you know, let’s say any private insurance company there are certain deductions happening built on bill basis. So that was that case.
Akshat Mehta
And how should we look at it moving forward? Should we assume a similar percentage in the UP in the coming years quarters as well?
Yatharth Tyagi
So our deduction overall as a group level is reducing from last two years. You can see from our reported results also in the same trend we will follow but it is not 1 or 2%. Yes, it will decrease and we are taking a provision for the non collected amount also.
Akshat Mehta
Got it. Great, that clarifies it. Thank you and congratulations on a good set of numbers. Thank you.
operator
Thank you. Our next question is from the line of Shubham Harne from Panatha Investment Advisors. Please go ahead.
Shubham Harne
Thanks for the opportunity. Sir. What risk do you foresee due to entry of new chain hospitals in Noida region?
Yatharth Tyagi
See, I think rather than risk we feel that it’s, it’s a good for our business because when any territory, when more and more hospital comes, you know you, that territory gets developed, you know, so you move, it attracts your, your catchment gets increased, you know, people come. So I think everyone will have a. I’ll give you example. I mean in our territory, 2, 3, new hospital has come with the new brands and new entry but still I think we have grown more than 30% and with even an existing hospital, I see that growth was more than 25%.
So. So I mean it’s all how you look at it, right? We personally believe that if yes, you need to be aware with your computer what they do it. But if you are working with your core strength and more and more player coming in, I mean be focused, I mean be on limelight, people will always will come to you. That’s fine. We don’t see, I mean detection in a pie to be very honest.
Shubham Harne
And do you foresee any coaching of doctors from your institute to other institute?
Yatharth Tyagi
It’s a part and parcel, believe you me. Any hospitals entered into any territory they try to look at it which one is doing good? Who are the good doctors? We also do it, right.
We, when we enter in a Delhi, we did the same thing. We entered Faridabad, we did the same thing. So it’s a part and person and we as an hospital, we are prepared for this. Right. So one go, other can come. So this is how it is.
Shubham Harne
Thank you sir.
operator
Thank you. Our next question is from the line of Akhilesh Rawat from Redhanta Vision Private Limited. Please go ahead. Mr. Rawat, your line has been unmuted. Yeah, please go ahead.
Akhilesh Rawat
Hi. Hi. So first of all I would like to congratulate management on good sets of numbers. So I have just one, one quick question and all my questions are answered. So like I just want to. To understand what is our current receivable days as of now group. All. All group hospitals.
Yatharth Tyagi
So current current receivable days as a group, as a console level is coming around 115 days. And as I already mentioned in, in the earlier question, this will be reduced and come down between 105 to 110 by March 2020. Sir.
Akhilesh Rawat
Yeah. Thank you. That’s it. From my side. Thank you.
operator
Thank you. Our next question is from the line of Anand B from Kasima Wealth Private Limited. Please go ahead.
Unidentified Participant
Hey. Congratulations. Two questions. One is the IT issue has been completely resolved right now.
Yatharth Tyagi
Yeah. So you know, all the attachments and the, you know, freezing of any asset or everything has been removed. And we are in the final stages. We are expecting very soon that matter to be resolved. So yes, it’s going as per plan
Unidentified Participant
or when you think the matter will be completely resolved. Like a timeline or so quarterly or something.
Yatharth Tyagi
I mean these are industry standard. I think sometime, you know, in the coming quarters definitely it will. Even though the, the. The matter which was on the emphasis has already been resolved in the last quarter.
So for us it’s more of a formality now. Which is remaining?
Unidentified Participant
Okay. Okay, my final question is, can you just repeat the RPOB numbers for each of the hospitals again? And what are your expectations of the RPOB, let’s say in FY27 and FY28 for each of the hospitals.
Unidentified Speaker
So yes, on the blended basis our RPAP is 33, 7, 44 out of which we can say the greater Noda having a RPAP of nearly around 39,000. Nora Hospital, we have a RPA of nearly 32,000. Noda Extension, we have a RPO nearly around 44,000. Chance we have RPAP of 14,000.
Greater P, we have a hospital nearly 34,000 more than we have R of 40,000. And the feeder new one we have a RPO 36,000. So you can see that the trend we are calling up having a kind of a rise or growth of 10% every year on a year basis. And the same we can expect that we have a growth of around another 10% in the coming.
Unidentified Participant
But you mentioned for Agra, the up of expectations around 30,000, 32,000. But for the newer hospitals like Delhi and Faridabad, do you have like similar expectations also for FY27?
Unidentified Speaker
Yes, yes. That territory we are calling in Delhi and the freeze is different from the Agra. The Agra we are believing that it will be having a touch around 30,000 the same way and it’s a good RPOB in terms of the territory of the tier two cd.
Unidentified Participant
Okay, thank you.
operator
Thank you. Our next question is from the line of Omakant from Vansh Ventures Private Limited. Please go ahead.
Unidentified Participant
Yeah, hi chief. Congratulations on a good set of numbers. Most of my questions have been answered. I’ve just got, you know, just one quick question. Could you just touch down a little bit about the margin profile at where do we stand currently on your greater Faridabad hospital as well as the model town? I just. The reason I asked this question is because I just want to get a clarity in terms of how much juice do we further have to scale up the mature hospital margin profile from 29. Can it go to let’s say a further X percentage.
So if you could just throw just some color around that and even on the chassis, how much. What is the margin profile currently?
Yatharth Tyagi
So I think you know as we mentioned that if we remove the newer hospitals of Model town in sector 20. Right. Sector 20 and later for there were two different hospitals. So the sector 20 in Model Town hospitals, removing them, the group margins comes to 29%. But in this the major contributor are from our, you know the the Greater Noida, the Sector 110 Noida and Noda extension hospitals. Because you know, these are earlier started hospitals.
If I talk about some hospitals like Jhansi or even the greater Faridabad because they were started almost two years and one and a half years back time there the margin would be still reaching close to 20% upwards. But it is basically the 29% margin figure that you are getting at the consolidated level without the new hospital. It’s primarily because of the Noida hospitals. However, going forward we feel even without the newer hospitals the margins we do not expect them to rapidly rise above these levels because there are certain even though occupancy ramp up will happen.
But there is high quality growth that is happening. We are also growing rpop wise. We are also changing up payer mix. We are reducing government payments not just in the new hospitals with even our earlier hospitals. So for that there are certain cost expenditures that we have to do. So the margins for other new hospitals would roughly remain in the same line and will not increase significantly.
Unidentified Participant
Okay, got it. Just to follow up on this one first question. When we say that I think we have incurred a loss of about 10cr in our newer hospital that is sector 20 and model town about we’ve run losses of 20 at operational level.
Do we now that we had at one point do we’ll be ramping it up. So do we expect this losses to widen before we start seeing the margins expansion this thing turning positive. And secondly, what is the occupancy that we let’s say see when do we see a healthy level of occupancy in these two hospitals?
Yatharth Tyagi
No, so that the losses as we mentioned earlier, so all the you know, the cost centers which you see. So all the you know expenditure has been done mainly the you know for new hospital the doctor cost and the employee cost already placed.
Now the cost related to the business. So coming quarters these losses should come and what we I can tell you things that’s for the probably we will do a break event probably much earlier. In fact probably well within the 12 months which will be a really very good set. So I think that’s what expectations coming and the kind of business trend coming in last three months. Similarly Model town which we see I think within the 15 months which we should have operational break event. So we don’t see any losses coming up. It’s whatever the losses would be that’s related to the directly proportional to the whatever business we acquire.
The second question of yours
Unidentified Participant
regarding the occupancy in these two when do we see a healthy level of occupancy?
Yatharth Tyagi
So when we do a full fledged. As of now I think Faridabad is operating with around 125 operational bed and moral town is around 120 bits. But when we have a full fledged as a Model Town 300 bed and Faridabad is a 400 bed I think anything between 30, 35% of the full operational bid I think will be a breakeven and next probably as I said it within the 12 months or 15 months I think we would be very much achieved those targets.
Unidentified Participant
Got it. Perfect. And then my second question was if you could just provide some of the, you know, some. Any further updates on your future expansion plans Would it be led by any greenfield expansion or brownfield? And if it’s a brownfield, if it’s a brownfield what kind of a size are we looking at and what will be the. What what’s let’s say what capex this thing per bed we are comfortable with. And also just some color on the geography
Unidentified Speaker
as we have mentioned we are targeting to reach to close to 5,000 beds in the next three years in terms of announced deals and of course the deployment can be over the next four to five years because there will be a mix of greenfield, brownfield and asset light expansion.
And the combined capex that we are planning for this is around 1500 crores. So this would be coming to around 60 lakhs per bed because there is a mix of greenfield and asset light and this will be in the geography of you know, first priority as NCR and priority to as major cities in North India.
Unidentified Participant
So just, just one clarification. When you say we are targeting a 1500 crore CapEx I’m assuming we’re talking only about the 2000 of the incremental because we’ve already planned for 6500 brownfield. Right. The Noida and Noida extension we’ve already planned it.
So 2000 for 1500. So we are saying that. Yeah exactly. So and we are comfort and so we are, we are saying that we’re going to be just at 60 lakh. That’s quite a less number. Right? Like I mean if you get it that’s
Yatharth Tyagi
great models where, where we are not spending on you know land and building. We will be only building in the equipment. That kind of models also we are exploring.
Unidentified Participant
Oh wow. Okay, great, great. So that’s, that’s it from my side. Thank you so much.
operator
Thank you. Our next question is from the line of Subhanu Bungal from Three Head Capital. Please go ahead.
Unidentified Participant
Yeah, hope I am audible. Good afternoon sir. As you mentioned, Q4 will be better than Q3 and EBITDA margin will be going forward will be improved. What kind of EBITDA margin we are targeting in FY27? This is my first question.
Yatharth Tyagi
So as we have indicated that since we will we are in a growth phase, we will keep on adding more hospitals and we will ramp up the, you know, latest additions of hospitals. So our guidance for the blended EBITDA margin is the range of 24 to 25% on a consolidated level. Is that clear to you?
operator
Just a second sir. I think the line got disconnected. As there are no further questions, I would now like to hand the conference over to management for closing comments.
Yatharth Tyagi
Thank you everyone. Thank you for tuning to Yathat Hospitals and Trauma Care Service Limited’s earning conference call for the quarter ended December 31, 2025. We hope you are able to answer all your queries and thank you for your questions.
operator
Thank you on behalf of Nirvama Wealth Management Limited. That concludes this conference. Thank you for joining us and you may now discuss. Thank you.