### **Overview** Yatharth Hospital & Trauma Care Services Ltd is one of North India’s leading private healthcare providers, specializing in tertiary and quaternary care. Established in 2008, the company has grown rapidly through a combination of organic expansions and strategic acquisitions, currently operating a network of **seven super-specialty hospitals** with a **total bed capacity of over 2,300 beds**, including **640 critical care beds**. The company is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), having gone public in 2023. Headquartered in the National Capital Region (NCR), Yatharth has built a dominant presence across **Delhi, Noida, Greater Noida, Faridabad, Haryana, and the Jhansi-Orchha region in Madhya Pradesh**, focusing on high-density urban catchments with underserved healthcare infrastructure. --- ### **Recent Strategic Developments (2023–2025)** #### **1. Aggressive Expansion via Acquisitions** Yatharth has significantly expanded its footprint through a series of inorganic growth initiatives: - **Agra Hospital (Nov 2025):** Acquired 100% stake in a 150-bed multi-specialty hospital (expandable to 250 beds) located on **NH-19 in Agra, Uttar Pradesh**, for **Rs. 260 crores**. The 165,000 sq. ft facility is expected to be integrated into the network in **H2 FY26**, contributing to revenue and EBITDA from day one. It serves a large underpenetrated population and will operate as a **standalone super specialty hub**, offering cardiac surgery, angioplasty, and oncology services. - **Earlier Acquisitions:** - **Jhansi-Orchha Hospital (305 beds)** in 2023. - **Agra Hospital (250 beds)** in 2024. - In **2025**, acquired three major facilities: a **200-bed Gr. Faridabad** hospital, a **300-bed Delhi (Model Town)** hospital, and a **400-bed Faridabad (Sector 20)** hospital via a **60% stake acquisition** (enterprise value: **Rs. 152 crores**, payment: **Rs. 91 crores**). These moves position Yatharth as **one of the top 3 hospital chains in North India by bed count**, with a regional concentration that enhances operational synergies. --- ### **Growth Strategy & Capacity Expansion** Yatharth is executing a dual strategy of **brownfield expansion and greenfield development** with the goal of **3,000 beds by FY28**: - **Brownfield Expansions:** - **Greater Noida Hospital:** Expanding from 400 to **600 beds**. - **Noida Extension Hospital:** Expanding from 450 to **700 beds**. - **Greenfield Projects:** - New hospitals in **Delhi Model Town (~300 beds)** and **Faridabad (~400 beds)** are fully registered, possessed, and slated for **Q1 FY26 operationalization**. - **CAPEX per bed:** ~**Rs. 1 crore**, improved through operational efficiencies. The company plans to add **~1,200 new beds over the next three years**, prioritizing **high-growth urban centers** in **Uttar Pradesh, Haryana, Punjab, and Bihar**. --- ### **Clinical Excellence & Technology Adoption** Yatharth is shifting toward **high-acuity, super-specialty care**, driving growth and profitability: - **Revenue Shift:** Super-specialties now dominate, with **oncology contributing 11% of group revenue** and **~19–20% at Noida Extension**. - **Centers of Excellence (COEs)** established in **Cardiology, Neurosciences, Oncology, Orthopaedics, Renal Sciences, Gastroenterology, and Spine Care**. - **Robotic Surgery:** Equipped with **three Da Vinci X Surgical Robots and one Stryker Orthopedic robot**; has completed **over 115 robotic surgeries**. - **Advanced Technology:** Deployed **Rapid AI for stroke diagnosis, PET-CT, brachytherapy, radiation oncology (Elekta Versa HD), CAR-T cell therapy**, and **3DaVinci and Stryker robotic systems**. - **Transplant Services:** Offering **kidney, liver, and bone marrow transplants**; Noida Extension Hospital is a designated **Center of Excellence for organ transplants**. The **Noida Extension Hospital** is the **first in Uttar Pradesh to achieve Joint Commission International (JCI) accreditation**, complementing **NABH/NABL certifications** across all facilities. --- ### **Financial & Operational Performance** - **Revenue Growth:** Achieved **over 30% YoY revenue growth** in FY25, supported by new hospital ramp-ups. - **EBITDA Growth:** Over **20% YoY growth**, with strong operating cash flows of **INR 1,496 million** in FY25 and a **70% cash conversion ratio**. - **Occupancy & ARPOB:** - Group-wide occupancy improved to **61% in H1 FY25 (from 54% in H1 FY24)**. - **Average Revenue Per Occupied Bed (ARPOB)** reached **₹38,033 at Noida Extension**, ₹30,721 at Greater Faridabad. - Strategic shift to **lower government scheme reliance** in new facilities improves revenue quality. --- ### **Medical Value Travel (MVT) / International Expansion** Yatharth is developing **MVT as a second growth engine**, leveraging the upcoming **Jewar International Airport** (Asia’s largest): - **Representative Offices:** Established in **Tashkent** and **Baghdad** to serve as MVT hubs for **CIS and West Asia**. - **Information Centers:** Planned in **Tajikistan, Mauritius, Tanzania, and Kenya**. - **Outreach:** Conducted **health camps and OPDs** in **Nigeria, Iraq, Uzbekistan, and CIS countries**. - **Target Regions:** Nigeria, Cameroon, Ethiopia, Mauritius, Uzbekistan, Tajikistan, and Iraq. - **Dedicated Infrastructure:** - **200 beds at Greater Noida** for international patients. - **International patient floor and lounge** at Noida Extension. - Plans to operate a **clinical examination room at Jewar Airport**. The company aims to become the **exclusive healthcare partner** for the Jewar Airport, enhancing visibility and patient inflows. --- ### **Funding & Investor Confidence** - Raised **Rs. 6,250 million** via a **Qualified Institutional Placement (QIP) in Dec 2024**, signaling investor confidence. - Proceeds allocated to: - **Medical Equipment (Rs. 2,174 crore)** - **Funding Acquisitions (Rs. 1,517 crore)** - **Debt Repayment (Rs. 957 crore)** - The strong balance sheet supports future **acquisitions and CAPEX investments**. --- ### **Market Position & Competitive Advantage** - **Geographic Concentration:** Six of seven hospitals in **core NCR urban centers**, enabling shared services, referrals, and branding. - **High-Density Catchment:** Serves patients from **UP, Delhi, Haryana, Uttarakhand, and neighboring states**. - **Differentiation:** Focus on **world-class infrastructure, technology, and talent**, with a **low doctor attrition rate** due to a supportive professional environment. - **Talent Acquisition:** Recruits senior clinicians (‘number twos’) from Apollo, Max, and Fortis, offering leadership roles in new facilities. - **DNB Residency Program:** Runs across **13 specialties** with ~60 residents, building a future pipeline of super-specialists.