Ladies and gentlemen, good day and welcome to the Q1 FY 2026 online conference call of Yatharth Hospital & Trauma Care Services Limited, hosted by Philip Capital PCG Desk. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pssing Star then zero on your touch-tone phone. Please note that this conference is being recorded. Let me draw your attention to the fact on this call. Company's discussion will include certain forward-looking statements, which are predictions, projections, or other estimates about future events. These estimates reflect management's current expectations about the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause the company's actual results to differ materially from what is expressed or implied. I will now hand the conference over to Mr. Aman Vishwakarma from PhilipCapital India Private Limited Hand it over to you, sir. Thank you, Sudhi. Good morning, everyone, and on behalf of Philip Capital Private Client Group, I welcome you all to the Q1 FY 2026 online conference call of Yatharth Hospital & Trauma Care Services Limited. From the management, we have Mr. Yatharth Tyagi, Full-time Director; Mr. Amit Kumar Singh, Group Chief Executive Officer; Mr. Nitin Gupta, President Finance and Chief Operating Officer; Mr. Pankaj Prabhakar, Group Chief Financial Officer; Mr. Ashutosh Kumar Jha, Group Chief Strategy M&A & IR; and Mr. Sonu Goyal, Group Finance Controller. I now hand over the conference to Mr. Tyagi for his opening remarks, and we will then open the floor for the question and answer session. Over to you, Mr. Tyagi. Thank you. Good afternoon and a very warm welcome to Yatharth Hospital & Trauma Care Services Limited's earnings conference call for the quarter ending June 2026. The call is now being recorded. Joining me today are Mr. Amit Kumar Singh, Group CEO, Mr. Pankaj Prabhakar, Group CFO, Mr. Nitin Gupta, President Finance & COO, Mr. Ashutosh Kumar Jha, Group Chief Strategy, M&A & IR, and Mr. Sonu Goyal, Group Finance Controller. Our earnings presentation has been uploaded to the Stock Exchange and is also available on our website. We hope you have had a chance to review it. I am pleased to report another quarter of stellar performance, attaining the highest ever revenue and profitability. Revenue grew 22% year-on-year while net profit surged by 23% year-on-year, reflecting the strength of our strategic initiatives and operational excellence. A key highlight this quarter was the Greater Faridabad facility, which turned net profit positive in quarter one within just one year of operation. It contributed INR 234 million in revenue, accounting for approximately 9% of our total revenue. This rapid turnaround underscores our ability to ramp up and optimize new assets effectively. Looking ahead, our new hospitals in New Delhi and Faridabad, with a combined capacity of 700 beds, will further exceed growth from quarter two FY 2026 onwards. The New Delhi facility was inaugurated in mid-July 2025, and the Faridabad facility is scheduled for inauguration in mid-August 2025. Both the facilities are being equipped with cutting-edge technologies, including robotic surgery and a state-of-the-art diagnostic infrastructure. We are also onboarding leading super specialists, which will enhance our clinical strength and drive equity in both regions. The latest of which is the cardiology team, which will be the first in the region, which is already taking great strides in the treatment of complicated pediatric muscles. Our commitment to clinical excellence was demonstrated by several complex cases handled this quarter, such as an 11-year-old girl from Kazakhstan, initially misdiagnosed with lymphoma, who was currently diagnosed with pneumonia at our facility. Our team successfully removed a 2.5 kg tumor through a combined sternotomy and thoracotomy. In another case, a 53-year-old woman with advanced lymphoma and multiple organ complications was treated with intensive care, dialysis, and chemotherapy by our oncology team. She achieved complete remission and is now on maintenance therapy with no signs of the appearance of tumors. These cases highlight our clinical capabilities, advanced infrastructure, and a growing reputation as a leading quaternary care provider in the region. We continue to focus on improving our test mix and payments, supported by strategic investments in super specialty services. We have made significant progress in our mix of medical value travel initiatives. For instance, we have collaborated with the Children's Heart Fund and Black Lion Hospital to run a government hospital in Ethiopia, paving the way for a patient transfer program. We also conducted continued measurement and selection programs on IBS and molecules, along with patient studies to identify potential treatable cases. We are preparing to open an information center in Baghdad as well. Currently, we are working with the Chinor Medical Center in Tashkent to establish a representative office, serving as a hub for medical value travel for countries such as Uzbekistan, Kazakhstan, Tajikistan, and Iraq. These initiatives are expected to drive medical value travel and contribute meaningfully to overall growth in the coming years, along with improvements in operating and financial metrics. I would also like to report the resolution of the transfer plan issue during the quarter. The committee of Sagar Sambhag, Madhya Pradesh, following the direction of the Hon'ble High Court of Madhya Pradesh, has set aside its earlier orders, challenging our ownership over the land. This outcome brings greater clarity to our ownership and ensures operational continuity. We are also in the process of transitioning our statutory auditors, with our current auditors resigning in this board meeting. We will propose the appointment of a well-reputed firm, MSKA & Associates, a member of VM International, at the upcoming AGM. This is in line with the commitment to strong governance practices and underscores our vision for strong transparency to all our stakeholders. As we move forward, we will focus on strategic expansion to strengthen our presence in North India, clinical excellence, and continue investment in advanced medical technologies. We are confident that these efforts will continue to deliver serious healthcare outcomes and create long-term value for all our stakeholders. With that, I would now like to hand over the call to Mr. Pankaj Prabhakar, our CFO, f or a detailed financial update. Good afternoon, everyone. I am pleased to report that Yatharth Hospital h as continued its journey of accelerated growth, delivering a strong result for the quarter ending June 2025. During Q1 FY 2026, we achieved a revenue of INR 2,578 million, reflecting a 22% YoY and 11% quarter-over-quarter growth. This performance was driven by higher occupancy rates and the net improvement in RPO, supported by our strategic focus on super specialty services and operational excellence. Our newer hospitals lead the growth, with hansi-Orchha Hospital reporting a significant 63% year-over-year increase, contributing 7% of total revenue. The Greater Faridabad facility, which got operationalized in May 2024, has ramped up well and now accounts for 9% of total revenue. We witnessed a strong patient volume growth in the quarter, with patient volume surging 27% year-over-year, and all patient volumes rose 20% year-over-year, reflecting the growing trust in our services and the effectiveness of our outreach and engagement initiatives. Our focus on high-value super specialty services has resulted in a 6% year-over-year increase in the RPO, reaching a record of INR 32,395 for quarter one FY 2026. Secondly, Noida Extension achieved an RPO of INR 39,850, with a 70% contribution from super specialty services. Our Greater Noida facility reported an RPO of INR 38,377, up 9% year-over-year. Notably, oncology now contributes 17% of Noida Extension's revenue and 10% of the group's revenue, making a 49% year-over-year increase. On the profitability front, EBITDA rose 20% year-over-year and 13% quarter over quarter to INR 645 million, demonstrating a 13th consecutive quarter of growth. EBITDA margin improved by 41 basis points sequentially and exceeded 25%. Despite higher depreciation due to ongoing expansion and investment in advanced medical equipment, our net profit has grown 38% year-over-year and 9% quarter- over- quarter, reaching INR 420 million. Our balance sheet position has stood healthy with a strong net cash position, providing us with the flexibility to capitalize on future growth opportunities as they arise. Looking ahead, we remain optimistic about sustaining our growth momentum in both revenue and profitability. Our strategic priorities will continue to focus on operational excellence, sustainable growth, and capitalizing on emerging opportunities in the healthcare sector. Thank you for your attention. I would now like to hand over the call to the moderator for question and answer session. 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 your 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. The first question is on the line of Amed Jain from LASK Investments Please proceed. Mr. Aman, as there's no response from the current participants, yes, sir. Yes, sir. This is a small correction. This is Saumil. There was some confusion. Thank you for the opportunity and congrats on good set of numbers, sir. Can you lay out the RPO in the new hospitals and the status on the upcoming hospitals? For the upcoming hospitals for New Delhi, as we have stated earlier, this will be the RPO, be in a better than probably what the current RPO of our replacement hospital, Noida and Greater Noida, which we are operating as of now. You can, you know, figure it out. For Faridabad, I would say that that's going to be in a line of what Noida Extension is operating as of now. This is what the current RPO is, sir. As far as for the already started new hospital, to your earlier question, that is for the Greater Faridabad, the RPO that we currently have is around INR 31,393 for the quarter one. As Mr. Singh mentioned, the upcoming two new hospitals, which would be starting, the New Delhi Hospital has actually started last month, and the Faridabad Hospital will be starting late of this month. We do expect RPO there to be more than our group average RPO. Okay. What about Jhansi, sir? You mentioned there was a 60% year-over-year growth. How much would your RPO rise here? Jhansi, as we have stated earlier, Jhansi is going to remain on the RPO, will not be the change. Jhansi has a volume growth, right? Jhansi will be in the line of close to INR 15,000. I think that is what I think we are reaching, the INR 14,000 something. INR 14,000, I think, RPO as of now, I think. Yeah, INR 13,500 something. Anything between, you know, closer to INR 15,000 to the best case scenario of, you know, INR 16,000, INR 17,000, that will be, I think, it will be a pleasing number for us. Right. Okay. Two more questions, sir. One on the timeline for the new hospitals. Are we on track? Secondly, on the margins for the full year, you mentioned you're expected to remain around the same level as quarter four for the entire FY 2026. Are we on track for that as well? Yeah. The upcoming new hospital, as I mentioned, New Delhi has already started for operationalization. Its revenue will start from the month of August as we speak. Given how the clinic is in Faridabad, the phone is a great hospital. It normally takes late August. The revenue for these two hospitals, you will start seeing from quarter two onwards. We are pretty much on track for that. As far as the margins are concerned with the operation of these two hospitals, yes, we do expect these two hospitals, they would be setting right on the EBITDA margin compared to the whole of FY2025. Quarter four of FY2025 would be a right analysis to compare the margins, and probably a% up and down from the quarter four would be a right estimation for these two hospitals now starting for the overall growth. Okay. When do you expect these two new hospitals to reach breakeven? See, if you talk about, if you look at Greater Faridabad Hospital that, you know, got operationalized 12 months ago, that hospital has in the latest quarter now become a profit positive. We believe this is a good achievement for any hospital starting operations within 12 months of it. We do expect probably these two hospitals to follow a trend somewhere around 15 months would be a right estimation for these two hospitals also. Okay. Got it. Thanks. That's it for now, sir. Thank you so much and all the best. Thank you. The next question is on the line of Himanshu Mali from Wallford CMS. Please proceed. Hello, sir. Congratulations for the good set of numbers. I have two questions. My first question is, what is the share of MBT now and how it will look in the future? The second question is, the share of dialysis and chemotherapy now and how it will look in further quarters. Okay. The first question is for the medical value added tourism. International patients is something that we have recently started tapering to because if you look at Delhi NCR, international patients come for high-end treatments like oncology, radiation oncology, liver transplants, bone marrow transplants. These are the programs that we have just started over the course of the last one and a half years. As soon as we have started these treatments, we have seen a good flow of these patients now. As I mentioned in the commentary itself, we have tied up and opened up various offices across the CIS countries. There are some hospitals that we have tied up there. We are seeing a good step up in the volume as well as the contribution of medical tourism is concerned. The second question on the chemotherapy aspect, I think we would, in a large way, revisit how we look at it in terms of oncology because not just chemo, but the whole radiation oncology, the surgical oncology, as well as the bone marrow transplant. We have seen a strong emphasis on that. We are quite happy to see that year on year, we have shown 50% growth in our oncology business. Oncology is now contributing close to 10% for the overall growth. We do expect this number to even go higher because, remind you, our upcoming hospitals, both the Faridabad as well as the Mall Town Hospital, within three months will also be having radiation oncology. These two hospitals will also act as oncology treatments for the whole group. The 10% radiation oncology that is for the complete oncology that is to take for the whole group can even grow around 15% in the next couple of years as far as the total payer assistance. Okay. Okay. Thanks. Thanks. That's from my side. Thank you. The next question is from the line of Dhruv Maheshwari. Please proceed. I just wanted to understand that the Greater Noida Hospital, the occupancy for years has been around 65%. Noida Extension also seems to be flatlining at an occupancy of 51%. Do you see a breakthrough in this? That would be my first question. Secondly, I wanted to understand that the Noida Hospital had a 79% occupancy in quarter four. It has gone up to 86%. Quite a huge jump. What was the factor contributing to this? Have they been improving the payer mix as well? The third would be on the other income and the tax increase. As far as your first question is concerned, Greater Noida and the Noida Extension has an occupancy almost similar to what we had last year. What you need to look at is, as I had mentioned in the commentary blog, the IPD number of CCC that has increased. The LOH has decreased. We have treated more patients. However, because of the LOH, and that is the deliberate attempt, as we have said in the previous quarters, we are trying to sanitize our payer mixes, right? These are the impacts of it. I think that this percentage, we are very much satisfied with the Noida, Greater Noida with the 67% of occupancy and Noida Extension with 61%. In totality numbers, if you see the IPD numbers, we have treated more. That's the answer of your first question. The second question is about the Noida. Yes, Noida occupancy has increased, significantly increased. The number CCC, as we had mentioned earlier, the earlier number is 50, and now we see the cash DPA Noida has done, Noida is doing better. This was a deliberate attempt, as we said earlier. We are reducing a bit of dependency on the government for the cash DPA. The specialty mixes also have gone better. This is what we think. As far as your first question on the other income is concerned, the other income that you see for this year is basically the interest that the company has received on the certain strategies that we were having, both from the strategy fund that we had as well as certain internal actors we had. Over the course of upcoming quarters, that could also be generalized. For this quarter, yes, there was other income received due to the interest that we received on the IP. Okay. What is your payer mix currently? As far as the payer mix is concerned, as we have always mentioned, we are reducing our government business, a government business which, a year and a half ago, used to be somewhere around 40%. As we speak today, in the latest quarter of Q1, it is around 35%. The remaining is equally divided between the cash as well as private insurance, with private insurance being a bit more in terms of the volume, but in terms of the revenue, cash component might be a bit more. We are seeing good growth in our international patient flow as well. We are quite confident that maybe with all these steps that we have taken in medical value travel, rates for opening up, and now these new leading star doctors on our board, we feel international payer mix can even touch close to double-digit numbers in a couple of years for the whole group. That's good to hear. Lastly, what is your net cash on the book? Today, you know, we would be upwards of around INR 200 crore, you know, and when we closed the last financial, we were close to INR 500 crore. The amount that has been spent has been on the equipment front in the upcoming two new hospitals of the New Delhi Hospital as well as the Faridabad Hospital. Okay, thank you. Thank you. The next question is on the line of Harsh Shah f rom Seven Rivers Holdings. Please proceed. Hi, sir. Good afternoon. A strong start to Q1. I just wanted to reiterate. You mentioned that the intent on EBITDA from the two new hospitals, that is New Delhi and Faridabad, will be 100%, and it will get neutralized by Q4. Q4 FY 2026, we should be back to 25% EBITDA margin. Yeah. I think rather than saying quarter on quarter, how we see it for the full year, we feel, as I mentioned, EBITDA margin would be somewhere close to what we had in Q4, maybe a question up and down. That's how we are looking at it. Q1, you know, we also see for a good EBITDA percentage as well as good EBITDA growth because the Greater Faridabad Hospital has become also EBITDA positive. The drag that the Greater Faridabad Hospital had last year, we might be having this year. Even though we have two hospitals operationalizing, we also have one hospital who is now turning EBITDA positive for the year. Okay. Sir, how should we look at these two new hospitals in terms of if I look at Q4 FY 2026 exit run rate, what kind of occupancy do we expect? What kind of payer mix will this new hospital have? I believe the government dependency might be low in this newly commenced hospital. What kind of payer mix do we expect? What kind of occupancy do we expect, say, on Q4 FY 2026 exit run rate basis? Again, rather than quarter to quarter, how we feel is that after first year of operation, you know, technically they are starting in Q2. The right estimation would be a year from Q2. We do expect both these two hospitals to have an occupancy somewhere around close to 30%- 35%. That's what, you know, our existing other new hospitals have also had. As far as the payer mix is concerned, yes, you're right. There would be a very less government business, similar to what we have already proven in the Greater Faridabad Hospital because that's also a reason why, you know, the hospital has achieved good numbers because the dependency on government business is very low there. We have hired a lot of star doctors also in that region. We do expect for these two hospitals on a similar line, maybe government business should not be more than 20%- 24% in these two hospitals going forward. On FY 2026 as a whole, do we still expect our RPO to increase by 10% for FY 2026 as well as FY 2027 on the business? Yeah. It's not sure. I think earlier you said there's anything between 8%- 10% that I think the RPO growth, which we're looking at. We have all the drivers. We believe that I think this will be easily achievable. Last question, any update on the income tax investigation that you would like to share? As we were in Q4, the company is quite happy with the progress in the income tax matter. It is a status quo from Q4 that is still there, which is a very nice subsidiary of the company contributing close to around 40% of the revenue. The implement audit is largely being completed, and there's a ministry demand that has been arising. In the coming time, we would be looking to pay that and settle that off. As for the whole remaining company is concerned, we will expect somewhere close to the end of this calendar year that also will be completed. As we've already mentioned, before this closing of the financial year or somewhere close to the end of the calendar year, we would be completely looking to settle off the complete matter. Whatever amount that would be required at all would be something we would be well capable of handling. It would be a very small amount that we were anticipating in that matter so far. If I can squeeze in just one last question, if you can share the statements and timeline on the brownfield expansion at Greater Noida and Noida Extension hospitals. Yeah. You know, we have just started two new hospitals. That is the New Delhi Hospital and the Faridabad Hospital that we have just recently started now this month. The whole focus was there in ramping up these two hospitals. Now that these two hospitals are started, we are shifting back our focus to finish off our brownfield expansion. Our Greater Noida Hospital is already at a commencing stage. That means the construction is about to start for the digging of the basement, taking all the floors up. As far as Noida Extension is concerned, we are at analyzing stage for the mass for the whole building. Both 200 and 250 beds will be added in these two hospitals. The timeline remains largely similar, maybe two, three months up and down. However, for the last quarter, we were more focusing on the Delhi and the Faridabad hospitals. The brownfield expansion is now well back into the focus for the quarter two. All right, sir. Thank you so much and all the best. Thank you. The next question is on the line of Sumit Gupta from Centrum. Please proceed. Hi. Good afternoon. I'm available? Yes, sir. Yeah, a question from the GSP. I just want to understand, what is the trajectory over the next two to three years where we can see on-call share rising from current 10% and the medicine share declining? Can we? Yeah. In fact, Sumit, you see the crucial trend is going to be on-call, definitely going to increase that. You see the, you know, the other transplants and high-end procedures will increase, right? Definitely, in terms of the percentage, the internal medicine and conservative will be down, but not the absolute number, right? As we are going distinct. Yes, this is a trend that's more super specialty, particularly led by the oncology, are going to be resolved. Yeah. We have not matured. All these departments are not matured, Sumit, as of now. As we said, that quarter in quarter, in fact, every super specialty department is going, right? Yes, the faster growth coming from the oncology. Yeah, yeah. I'm talking 2022 to three years down the line for a bigger picture. In medicine, that's the oncology contributing around 20%, 18%- 20%. Try and go to around 20%. I think that's our internal medicine. Medicine is very, very important because medicine can feed all super specialty. Reducing medicine is also not a smart move, right? There has to be a good balance. I believe that if medicine is contributing around 15% to close to 15%, 17%, I think that's a fairly good number, right? That's the most I can see there for a super specialty. Understood. On the line of here, overseeing is on improving on all the common specialties, cardiac, onco, ortho. Understood. Thanks, Yatharth. With respect to the deficiency, how soon will it look like? Look like Look like it has been approved in the same time, or should we see? From the last two years now, as we are adding two more facilities, that will definitely impact, but the impact is not so much. We can presume around INR 20 million, INR 30 million impact quarter on quarter on a total basis. Can you repeat the question? Cumulative CapEx for the next three years? So cumulative CapEx would be for the next three years, would be in the tune of, if you include both brownfield as well as greenfield, it would be in the tune of around INR 1,400 crore-INR 1,500 crore over the next three years. How much would be maintenance? Maintenance is a low KPI for us. Maintenance, as I've seen, are included in this. Maintenance for the whole year should be around INR 20 crores-INR 25 crores. We have already ramped up our hospital in the recent past, and all the kind of new equipment that was already in place. Just a few fieldwork has to be there, as you mentioned about the brownfield expansion as well. That's the only thing that's coming up. The rest of the thing has been already changing all the centers. Understood. Thank you. All the best. Thank you. The next question is on the line of Nirali Shah from Ashika Stock Services. Please proceed. Thank you for the opportunity. I had a couple of questions. I just wanted to know, is there any update on the Ghaziabad greenfield opportunity? If you're also evaluating those two more cities, has there been any progress on those fronts? You are right, we are evaluating not just Ghaziabad. We are evaluating other opportunities within NCR, Ghaziabad, Gurgaon, outside NCR, also big cities, basically. The company would be looking to add at least one acquisition for this year. Maybe it could be a greenfield land. It could be a stressed asset. The company is evaluating certain opportunities. We remain confident for the remaining of the FY 2026, we will be adding and choosing one of these opportunities. What kind of investment are we looking at this number and the KPIs? For a greenfield, you know, including the land, we are looking to add around INR 1,300 crores-INR 1,350 crore. Including land, I think the total CapEx outflow that we see is around INR 300 crore. Okay. I just wanted to know, the effective tax rate for the quarter is higher than usual. I guess it's around 28%. Are there any technical adjustments this quarter, or can you still assume a full-year ETR, as I read it earlier, to be around 24%? We can say the current expectations are coming 8%- 24%. Okay? There is not an adjustment because there were some submitted JaffaTax assets in our Ram Rajasthan Hospital. That is in JaffaTax liability. That came up to a total of 28% of the overall percentage limit. On a full-year basis, we're going to submit the fees? No. It will come down to 25% to 26%. Okay. Understood. Thank you. Just the last one on the RPO. This quarter is around INR 32,000, and that is likely, you live by, I think, about JP then. The two new hospitals, we were expecting it to be around in the range of INR 33,000 to INR 35,000, correct? It would be a bit more for the two new hospitals. It would be somewhere around INR 31,000 for those two new hospitals that are new ready as well as the Faridabad Hospital, the bigger Faridabad. Understood. That will be coming from the second quarter? Yes. Most, you know, the big impact will be starting from Q2 onwards because we are in midway of, you know, the Q2 auditing and Faridabad is yet to start. The big impact will start, should be starting from Q2 itself. On a blended basis, say for 2026, what would be the RPO? What is the number that we are building in? See, it's not a forward-looking number, but I can tell you, you can just, you know, correlate. As of now, you see the Greater Noida and Noida Extension is in a line of INR 40,000 equals to INR 40,000 RPO, right? As we said that Faridabad and Delhi would be doing, Delhi would do a bit more, and the Faridabad would be in a line of this height. This is what I think I can tell you as of now. Understood. That's it. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to two per participant. The next question is on the line of Aditya Sen from Findoc. Please proceed. Hello. Hi. Thanks for the opportunity. Available, right? Yes, please do. Yeah. This is regarding the international patients that we are targeting. As we added to the double digits as a% of our total patient mix, will there also be any additional costs associated with the procurement of international customers? No. Typically, as of now, we are a single-digit number. What do you need? You need basically a good team. Team has already been added, right? When you start doing your various information centers, setting up various information centers in different places, there's all the OpEx, right? If you need insurance too, and you understand that the RPO base is better, I think that's the only OpEx that will be the thing. There is no other CapEx that is neither revenue nor manpower cost. It's already being taken care of now. We do not see any impact on our profit to future EBITDA due to increase in the international patients. It will not increase or change any of our parameters once the international business increases. In fact, it will better our RPO numbers because all the expenses mostly have been done in terms of adding the doctors, getting those, you know, equipments in place, and starting those treatments. Now just the volume has to grow. Understood. I was asking this question particularly because there is a competitor of ours in Gurgaon who has a higher RPO because of international patients, but the EBITDA margin is way lower than our EBITDA margins. I was just afraid that if we are adding international, we might not fall back to their level of EBITDA margin. The difference between that comparison is that we are not just strictly handling, focusing on international patients. You know, all the revenue comes from CAC patients, ones that come from private insurance, and certainly comes from government. We will not make international patients' contribution to one third of our revenue. That's the difference. It will still be around 10%. This is how a lot of other hospitals also operate. Okay, fair enough. Got my answer. Thank you. Thank you. The next question is on the line of Bhagwat from Prosperity Wealth Management Please proceed. Thank you for the opportunity. Touching on the operationalization of two new hospitals, what is the estimated revenue growth on a consolidated level for the current year and next year, FY 2024? The revenue growth expectations for the whole year remain the same. Our guidance remains the same as we have always maintained that, you know, the last few years the company has grown close to around 30%. I think in the coming years also, including this year, we remain on track for that. Okay. Similar income, 30% we can expect. Hello? Yes. Yeah, yeah, please. Yes, I think I got my answer. I was saying 30% growth can be estimated. Hello? Yes. Yes. Okay. Thank you Thank you. The next question is on the line of Surya Narayan Nayak from Sunidhi S ecurities. Please proceed. Thank you for giving me the opportunity. Congratulations for the GSA of numbers. Just one question is that how are you going to phase out the addition of new beds in the new Faridabad 400 and the revenues? Because the economy is saying that we have added 300 beds. Can we assume around 250 beds from the Q2 onwards? Like this, can you please guide for the Faridabad unit also? Yeah. So, you know, whenever we're starting a hospital, the beds become optional on a scheme basis. It is not that we have restricted to any beds. We might operationalize like a New Delhi Hospital, you know, with it innovated. Today, we can have operationalized close to 150 beds. If we get 151 patients today, it's not that that patient would be receivable for admission. The scalability of the beds is there as and when required. The infra is ready. The nurses are there. The equipment is there. As and when the patients are coming, we will look to add up and scale up those floors. Even from day one, we are starting the hospital with compressed infra. It's not that certain floors are not ready or certain construction is going on in that area. Everything is complete. Similarly to what we did in the Greater Faridabad Hospital, we would be ramping up our central beds and operational beds in a similar manner. Okay. Sir, for the Noida Extension, Greater Noida Extension, the current occupancy is considered similar to that. Can we expect, you know, what would be the expectation for the peak occupancy in these regions in the NCR? Can it go to, let's say, 75% or 80%? It's not as simple as Greater Noida. It's above 400 bed facility. If anything, 75%- 80%, it would be a very, very ideal and very optimal utilization. I think beyond that, it's a bit difficult. That's what we are hinting towards. Anything 70%- 80% can be, you know, a guidance. Certainly, the drivers are there for this, which we are quite confident that in the coming years and the coming quarters, we will see increase in occupancy in these two hospitals. Specifically, we have added a lot of star doctors in even these two hospitals. We have started certain new treatments like the transplant program, the radiation oncology, where the volumes are bound to increase, as well as increase in international patients. These three are good drivers for the growth of occupancy also. We are quite confident that in the coming quarters, you will see that rising occupancy. Is it because you are adding a new, you know, even offering? Can we consider that some of the areas where we are not actually mature or not established and often establishing our cases maybe in radiation Ocology and other areas, we will be getting higher occupancy and not before this? It's not just the new therapeutic areas we have added. Even in the existing areas, like pediatrics and ortho, there are constant updates of departments and the new doctors that are added. New doctors are not just adding the new specialties, but even our existing specialties, so they're also going to expect an increase in the volume, including general surgery and certain other specialties like gastro, like neuro that we have been doing since a long time. We can expect occupancy to grow from all the super specialties. Yes, highest trends with increase of the super specialties, like cardiology, oncology, and neurosurgery. Okay. Can it be fair to assume that we will be beating the inflation in all the NCR region hospitals, at least for the next few years? Yeah, because to my scenario, we keep on changing our pricing. By considering the inflation, we keep on changing our pricing of the overall patient charge. We are pretty much close to beating the inflation. Okay. Sir, regarding. Before I shut off, Mr. Surya, may we request you to join the queue as there are other participants waiting for their turn? Okay. Thanks. Thank you. The next question is from the line of Prerana from Equity Research Program. Please proceed. Hello, sir. Can you hear me? Yes, please. Go ahead. Yeah. What is the status of empanelment in your New Delhi Hospital that you recently inaugurated? How is empanelment going with insurance and various other government departments? We have started taking all the private cash patients, as well as for the private insurances. The process is ongoing because we are getting fast-tracked NABH and other QCe permissions. As soon as that happens, private insurances will be empowered, and then the number comes from the government empowerment. Already from day one, nowadays, there are a lot of agencies like CreditBuddy, and other aggregators which do provide cashless facilities to any private insurance holder who's walking to a hospital. He's able to utilize his insurance through those third-party aggregators and they're able to get cashless treatments. Similarly, we have done that in the past in our Greater Faridabad Hospital, and we're doing that today in our New Delhi Hospital. Already we're treating private insurance patients there. As far as the empowerment of these private insurance and government empowerments are concerned, I think within the first year, we would be able to get 90% of all private insurance as well as the government empowerments. It will not hamper our progress of taking those patients. Thank you, sir. Okay. The last question is on EBITDA margin. You told, you know, that because of the starting of these two new hospitals, the EBITDA margin will be similar to Q4 of FY 2025. Can we expect around that 25%, or is it going to be lower than that? Around that would be the right estimation. For now, it's around 24% would be the right estimation. Okay, sir. Thank you so much. Thank you. Thank you. The next question is on the line of Vicky from Guardian Capital Partners. Please proceed. Thank you for the opportunity, sir. Some high questions. What was the EBITDA and CapEx for Greater Faridabad Hospital for this quarter? EBITDA for this quarter in Greater Faridabad, that contributes to 1.7% of the overall EBITDA, and that is 2.4% of the revenue in Greater Faridabad. Okay. Sir, one more thing I wanted to ask. We have been seeing increase in employee costs as we are onboarding new super doctors. When do we expect this to settle down? Earlier, our employee cost as a percentage of sales was around 17%, 17.5%, which has increased to around 19%. When should we expect this to normalize going forward? As you said, these hospitals like Greater Faridabad as a new hospital, right? You see that the percentage of employee costs will be higher. When they're at a mature hospital, I think it should be anything between 15%- 17%, 18%. It's an ideal percentage. I think we should get settled in it. Okay. Sir, one more question. These are very early days. How is the response on the new hospitals, new hospitals that you inaugurated? We started just on the 14th. I think that the excitement in the market, I think the medical fraternity is very, very excited. There are so many, you know, people are coming, running, these things. I think that we are in that area, which is a very old but a very, very prominent area of Delhi, right? We see that this hospital will do a much, much faster ramp-up in our growth. Thank you. Thank you. The next question is from the line of Yash Molani from Samarthya Investment Advisors. Please proceed. Hello, sir. Am I available? Yes, sir. Yeah. Sir, I just wanted to ask you, what are the drivers behind the increase in occupancy rate in Jhansi Orcha Hospital? What are your projections for next quarter for sure in terms of ARPO? Jhansi Orcha, as you see, I mean, I think we have made very good progress. As year-on-year, I think the last stage was 45%. Now it's around close to 50%, right? Jhansi Orcha is doing good. As you know, that's the hospital delivering good quality care. The whole super specialty is getting spread in that particular market. We have the advantage of, you know, there is no other big hospital in the range of 200 km% in that region. I think as time is moving, yes, a bit of empowerment is also playing a big role. There are clearly some more government empowerments that are adding to that particular hospital. Because there are two years of operation, it's a 60% occupancy. I believe it's a very good occupancy. If it's around close to 70%-75%, I think that optimally will drive the Jhansi. Okay. My next question is, how do you anticipate the ramp-up of the two new hospitals and how this will influence the overall occupancy rate growth rate? With the addition of even 700 beds, they will take time to ramp up because, as I said, after the first year of both these two hospitals operationalized, we've seen that both these hospitals can have an occupancy close to 30%-35%. At a group level, yes, even though with the addition of 700 significant beds, we expect even at the group level, occupancy to increase because occupancy is bound to increase in our existing hospitals of Faridabad as well as the Greater Noida, Noida Extension. Okay. Thank you, sir. Thank you. The next question is on the line of Aman from PhillipCapital. Please proceed. My question is on the KPIs that you mentioned. If we are currently at 3.3 million beds, and we are about 700 beds from our targeted 3 million now, thank you. If I look at the KPIs that you gave earlier of about 1,400, 1,500, is that number right, just to begin with? Yes, that's approximately around that. Okay. Now, if we just roughly do the math, the KPIs per bed comes out to about INR 1.5 million per bed almost, right? This is relatively higher than what our historical numbers have been. Is it majorly because we plan on doing more on GHG KPIs that might drive our cost up? If I'm understanding correctly. No. Just to correct you there, when I said 1,500 growth, it is not just to take our beds from 2,300- 3,000. In the next year, we are looking to add around 1,200 beds more. That's why the KPIs per bed will come down in the tune of once a year and not in the tune of that. There is no benchmark that we have taken that we'll just stop at 3,000 once the growth is there. We have executed our growth. We will continue to grow at the same level in terms of adding of the beds that are concerned. There are a lot of good opportunities that we have seen and we are evaluating them. It is not that we are chasing a number of beds that we want to be. If a good opportunity is there, we would like to add to it. That's why we are evaluating a few land parcels. We are evaluating two stress assets. Over the course of the next year and a half or two, three years, we will be adding more beds than just 3,000. Okay. Noted. I just wanted to clarify that. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to one per participant. The next question is on the line of Anand fro m KSEMA Wealth Pvt. Ltd. Please proceed. Yes, Anil. Yes, sir. You've given a good set of numbers. I just want to understand on the brownfield expansion of Greater Faridabad Hospital. Would you see a brownfield expansion by how many beds, let's say, in the next four or five years for Greater Faridabad? Yeah. Greater Faridabad does not have any brownfield expansion possibility. That hospital has currently 200 beds. In fact, that is the reason why we have acquired another hospital, Faridabad. This is now a 400-bed hospital. This is going to start at the end of this month. Maybe the hospital you're talking about is Greater Noida, which currently is 400 beds, and we are doing a brownfield expansion of 200 beds there. This will be coming to utilize that capacity within two years. Okay. There's no brownfield expansion for Greater Faridabad at all? No. Okay, sir. I just want to get an understanding of what would be the census, you know, as a percentage of operations, like what would be the census percentage of the new hospitals, Faridabad and Delhi? To 25%. To 25%. Sorry? To 25%. Sorry, I'm sorry. Can you repeat again? I'm not very clear. It's going to be 13%- 85% of the total bed. 13%- 85%. Okay. Okay. Okay. What would be the occupancy rates for these two hospitals as well? After a year or two, it's somewhere around 30%-35% would be right estimate. Okay. That's all the questions I have. Thank you. Thank you. The next question is on the line of Mohammed Patel from Edelweiss Public Alternative. Please proceed. Yeah, hi. I just wanted to add to have one clarity. Can you break up the KPIs for INR 1,500 crore? Right. So, you know, if you look at it, we are already doing a brownfield expansion of Greater Noida, Noida Extension hospital. That comes to around 450 beds. Now, brownfield expansion that we are doing would be at a CapEx of around INR 6 million- INR 7 million per bed. That is the cost of the brownfield expansion we're doing. Plus, I have talked about that when we are acquiring a greenfield project, you know, as earlier mentioned, maybe this year, around 300 to 350 beds, we will be spending around INR 3 billion for inclusion for that hospital. Similarly, for any expansion of a, you know, 300- 350 beds in the corresponding areas also, we would be spending INR 10 million CapEx per bed. That's roughly how it is, you know, probably within INR 1,500 crores, we would be able to add around, you know, 1,200 beds additionally, including the greenfield and the brownfield. This is improving on inorganic acquisition. Thank you. The next question is on the line of Vicky from Guardian Capital Partners. Please proceed. Thank you again for the opportunity. I just wanted to ask one question. What was the data for the last quarter? The data for the whole year in FY 2025 was around 120,000. I think for the latest quarter also, we are looking to reduce that. Somewhere, I think we see by FY 2026, we should be reaching a number of around 118- 117 days. I think that is if we are on that because even our spend is increasing, the volume is increasing. Probably FY 2026, we would be looking to close around 117 days for the data. Okay, thank you so much. Thank you. The next question is on the line of Vishnu from Vishnu One Family. Please proceed. Mr. Vishnu? As there's no response from the current participant, we move on to the next participant. The next question is on the line of Umakant Sharma from Meishan Ventures. Please proceed. Yeah. Hi. Thank you for the opportunity, sir. Most of my questions are answered. I just have one quick question. It's to just touch down on your new hospitals, which is your Mother Town and Faridabad Hospital. Could you just talk a little bit about what is the competitive scenario situation in those two areas as to which are the hospitals that we would be competing, which are the hospitals that are there in the catchment areas? Could you show some color? Yeah. As far as New Delhi Hospital is concerned, within a 10-km radius, we have cottages and mans. If you see, that hospital is in the region where there is a very high density of the population, right? I think three, four, five kilometers is enough for you to feed largely 60%- 70% of your bed capacity. That is what, since our competitions are with the cottages and mans and then a few smaller hospitals there, we are making that hospital just a completely an apartmentary care hospital. That's there. I believe that more and more hospitals in New Delhi in that particular region, more and more market develops, we are nowhere inferior in that particular market. As far as Faridabad is concerned, also just to add for the New Delhi Hospital which was operationalized a few weeks ago, our new competitors that we just mentioned, we have taken on board some of the star doctors who have been in those hospitals for the last 10 years, the last 15 years. That's how we are positioning that hospital. In fact, how we're trying to compete is also, we're trying to create a very boutique hospital culture where every patient who's entering our hospital is very safe and addressed too. The other hospitals in the region, which might be 7 km, 8 km within a radius, the patient volume and the patient turnover is so huge in those hospitals that patients are sometimes not getting the personal attention that is required. How we position ourselves and can be a platform that is coming to the hospital will be highly focused on the patient care experience by the same star doctors who have been previously practicing in those regions. As far as Faridabad is concerned, Faridabad is a market we very much understand. We already have a hospital, 200 beds in Greater Faridabad. We operated that a year and a half ago. The new hospital, Faridabad, that we have is also, there is one public care hospital chain where it has new big local hospitals which are still not listed. Those hospitals are already doing well in that region. In fact, Faridabad, if you see, is an older city with much more bigger healthcare markets than even Noida as of today these days. There are a lot of opportunities for others similarly from star doctors that we were onboarding in Faridabad. The good part is we already have a feeder from a Greater Faridabad hospital to feed certain of the specialties that we will be doing here which we couldn't do there, like oncology, like transplant program, like certain of the bone marrow transplants. We already have a feeder from an existing hospital to feed a bigger 400-bed hospital in Faridabad also. Got it. Perfect. Sir, just one from a numbers perspective, right, we see that the employee cost has jumped by about INR 4 crore Q on Q basis. Is that, can that still be related with the officialization of this new hospital? Also, a correlated question would be, let's say by year-end, what would this on a quarterly or monthly basis, what are the numbers that we're talking about on the employee cost by the year-end? I think I've already answered this question. As a new hospital is coming up, the percentage-wise, if you see, this really looks a bit higher side of it. We understand that this is going to be the range within the industry practice. Anything between 15%- 17%, 18%, that's what I think the employee cost, and that's going to settle down. As far as doctor cost is concerned, I mean, that's also you see because the new hospital is coming up, the percentage will increase. This will be well within the range, and we are very much onto it, these numbers. Once this gets mature, I think that's the ideal time when you can have questions on the big percentage. This hospital is not matured. I mean, we just started it. 1% or 2%. What I'm trying to get a sense is, this 48 number where we are seeing for the quarter, does that reflect the entire cost of the Greater Delhi Hospital, isn't it? No. Even in the New Delhi Hospital, because, you know, it has actually been officialized, you know, this few weeks back. In quarter two is when you will see those numbers, and they are not reflecting in the quarter one. Okay. In July only. Yeah. In July sale is when the hospital got inaugurated. Okay. Got it. Got it. One last question, if you could just show some, if I don't know if you mentioned that, but if you can just talk a little bit on the operationalization of the brownfield KPIs that we're planning for, when are we seeing that that could be getting operationalized? The Greater Noida Hospital should be before the two years, and Noida Extension should be around two years from today. Okay. Perfect. Thank you. Thank you very much. Thank you. Our next question is on the line of Umi Konya from LED Advisors. Please proceed. Hello. This is Umi from LED Advisors. A question, is there any resistance on the target of 300 beds by FY 2028, since you have managed to add new beds faster? See the size of your teams in Singhalal and also beyond the 3,000 beds, say, five years ahead. What do you see going on? Definitely, you know, we are looking to expand, because as I mentioned, we are not just looking to expand anymore. We need to expand because there are some good opportunities that we have identified which are present in the geographies where we operate, where we feel that we can have or even cost more advantages by being present in those geographies. The 3,000 target invest definitely looks like it might be met before the FY 2028 target. Even beyond that, for a five-year horizon, you know, we would be looking to scale up at a similar trend to what we have scaled up in the last two years. We would like to continue with the same momentum as to how many beds it will leave after five years. Time will tell, but the momentum should be continuing, at least within the North India market. We are not taking any particular target in terms of number of beds. As and when good opportunity comes, we will be scaling ourself. Okay. Thank you. The next question is on the line of Anand Kulkarni from Sunantuli Raison. Please proceed. Hi. Thank you for the opportunity and congrats on the great set of numbers. Most of my questions are on revenue numbers. Let's go on the specialty target. As you know, the spirit of combo in total revenue continues to rise. How are we looking at our specialty targets as a percentage of combo revenue in a couple of years down the line? Thank you, Ananda. Hello, Misha. I think this is hello? Is it Fadil calling? Could you call for? Anand? Yes, Anand, can you please repeat the question, please? Yes, as I was saying, this is one of the specialty target parts. As our share of combo in total revenue continues to rise, how are we looking at what specialty targets for the percentage of combo revenue a couple of years down the line? We are not seeing that way. If you see that with the 70% revenue being contributed by this combo, I believe that's the, and then we'll be really having probably the higher expenditure. That's there, right? As such, if you ask me, we are not seeing that way, that how much is in a percentage of the hospitalities and how much percentage of the expenditure of our combo, we have not seen it. Yes, you can extrapolate in that way. There is 70% revenue contributed by this thing. There are probably higher where the more and higher surgeries you do, where we do transplants and others you do. There are a good, I mean, a good% of expenditure. A higher percentage of expenditure goes in those hospitalities. Okay, guys, for the last 10 years, CPI/KPI is in the range of 40%- 45%. Do we expect to be in similar range or on the higher end? I think somewhere 5% higher would be the right explanation, but not significantly higher than that. Okay. Great. Thank you and all the best. Thank you. Thank you. The next question is on the line of Ankush from Invest. Please proceed. Yeah, I had just one question on the trade receivables side. Our trade receivables have been higher. Anything you can just guide us on that? I think last year we were quite happy with the overall conversion the company has done. We had a customer return of around 58%. Even with high receivables, the important part is that we are receiving that money. Yes, the new business that was enlisted has also gone into receivables, but the big happened last year. This year, we are on the similar trend. For Q1 itself, we have seen good receivable position as far as the money that is entering into the company. Over the course of the next few years, when the government business comes down in the tune of 25%, that's where you could expect the gains, an active number of the receivables to also come down. More important for us is that the money that is being generated has been received by the company, and we are happy with that progress for the quarter as well. Understood. As far as S5 rankings, anything that we can agree on? I think I've already mentioned for S1, the number of receivable gains that we do expect. I think for the whole year, it could be on a similar trend also. Understood. Yeah, that's it from my end. Thank you so much. Thank you. The next question is on the line of Sumit Gupta from Centrum. Please proceed. Hi. Just one clarification on the tax rate. Is it divided for 25% or 26%, or is it still 24%? It's still 25.67%. Effective tax rate. Okay. How much do you expect for 2026 on a four-year basis? It's coming out 26% on a four-year basis. Okay, thank you. Thank you. The next question is on the line of Rudra from MD Investment. Please proceed. Hi, my question is, what steps is the board taking to improve the corporate governance compared to peers like Max or Apollo? My question to you is, what is your outlook for expansion strategy in leisure markets, in leisure cities like you have in Jhansi, Walia, Agra? What is your expansion strategy there? If you could share some light on that, that'd be great. Yeah. As I already told about in the coming series, we have onboarded BDO as a strategy auditor, you know, who would be taking over, and I have accepted the resignation to BDO, of being appointed a strategy auditor, as well as Deloitte has been appointed as an internal auditor from last three quarters. We have been getting a lot of good insights and improving our operational efficiency through Deloitte as concerned. As far as the second question in terms of our expansion geographies are concerned, I think Jhansi Orcha for us went down good because it was one of our, you know, good ROI, ROC opportunities that we saw. Going forward, we would like to be in bigger cities. We would not like to experiment much with TSC cities. Amazing, you know, NCR and, you know, county cities of the big cities is where we would like to be, because we still have good growth in terms of paying potential and RCOP in those cities. Therefore, we would like to explore more. That's why you see close, Jhansi there are quite a few hospitals that are in new buildings, like a and for the and Pritapar. So just sort of reflects as an example of the strategy that the one which we are approaching forward with. All right. Just to follow up, by when do you think that on an average level, the group can, you know, achieve an average occupancy of upwards of 75%? That's what I was about to say because we're constantly adding up new beds, all right? That's like a group level. Only we can test that is buying the new hospital. I think in a couple of years, our existing hospitals will be at a group level occupancy close to 75%. All right. Thank you. That answers my question. Thank you. The next question is on the line of Mohammad Patel from Eldeweiss Public Alternatives. Please proceed. How are you going to fund this ticket? We already have a cash position, as we talked about, of around INR 300 crore as we speak. Today, the company is sitting on zero debt. That is an option the company will explore in the future. Thirdly, we will be having good internal accruals. The tickets that we have talked about is a spec of convenience, right? It's not that immediately we do require certain things. I think the company is quite capable of funding it through the internal accruals, the debt, as well as the cash position the we can release it on Thank you. You do the time, Pankaj. That was the last question. I now hand the conference over to Mr. Amit. Over to you, sir. Oh, thank you. On behalf of Phillips Capital ParentLine Group, we thank all the participants for your valuable time and especially the entire team of Yatharth Hospital & Trauma Care Services Limited. Before we close the call, I would like to hand it over to Mr. Yatharth Tyagi for his closing comments. Over to you, Mr. Yatharth Tyagi. Thank you. Thank you, everyone, for participating in our earnings call for quarter one, FY 2026. Thanks for your questions. Thank you. On behalf of Phillips Capital India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect.