Target: ₹523

CMP: ₹409.45

Yatharth Hospital and Trauma Care Services Ltd (YHTCSL) incorporated in Feb 2008, is a super speciality hospital with 1405 beds across 4 facilities spread across Noida, Greater Noida, Noida Extension, and Jhansi. Noida Extension and Greater Noida are the 8th and 10th largest private hospitals in the Delhi NCR, respectively, in terms of the number of beds in FY23.

YHTCSL has acquired the Orchha facility (305-bedded) multi-speciality hospital that started operation on April 10, 2022, and it is one of the largest hospitals in the Jhansi-Orchha-Gwalior region in terms of bed capacity. YHTCSL healthcare services including Centres of Excellence such as the Centre of Medicine, Centre of Cardiology, Centre of Neurosciences, Centre of General Surgery, Centre of Nephrology & Urology, Centre of Paediatrics, Centre of Gastroenterology, Centre of Pulmonology, Centre of Gynaecology and Centre of Orthopaedics & Spine & Rheumatology and other specialities.

We initiate coverage on YHTCSL led by: A leading super-speciality hospital in the Delhi-NCR; diversification into new specialities where the margin is higher than the current margin; expanding into other regions through inorganic growth; and focus on increasing the share of international patients and improving ARPOB.

We expect Revenue / EBITDA / PAT to grow at a CAGR of 20/23.2/26.6 per cent during FY23-26.