Ladies and gentlemen, good day and welcome to the Yatharth Hospital & Trauma Care Services Limited FY 2026 earnings call hosted by Elara Capital. 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 pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kashish Thakur from Elara Capital. Thank you, and over to you, sir. Thank you, sir. Oh, good afternoon, everyone. On behalf of Elara Capital, I would welcome you all to FY 2026 earnings conference call of Yatharth Hospital & Trauma Care Services Limited. From the management, we have Mr. Yatharth Tyagi, Whole-time Director; Mr. Amit Kumar Singh, Group CEO; Mr. Nitin Gupta, President, Finance and Chief Operating Officer; Mr. Pankaj Prabhakar, Group CFO; and Mr. Ashutosh Kumar Jha, Group Finance Strategy, Mergers and Acquisition, IR; and Mr. Sonu Goyal, Group Finance Controller. I now hand over the call to Mr. Tyagi for his opening remarks, and then we will open the floor for question and answer. Over to you, Mr. Tyagi. Thank you. Good afternoon, and welcome to Yatharth Hospital & Trauma Care Services Limited's earnings conference call for the quarter ended September 30, 2025. Joining me today are Mr. Amit Kumar Singh, Group CEO; Mr. Pankaj Prabhakar, Group CFO; Mr. Nitin Gupta, Group COO and President, Finance; Mr. Ashutosh Kumar Jha, Group Chief Strategy, M&A and Investor Relations; and Mr. Sonu Goyal, Group Finance Controller. Our earnings presentation is available on the stock exchange and on our website. We hope you have had the opportunity to review it. This quarter marks a significant phase of operational and strategic progress for Yatharth Hospital, delivering industry-leading performance with the highest-ever revenue and a better. A key positive milestone this quarter has been the order from income tax authorities on freezing the provisional attached properties and fixed assets of the company, restoring full financial flexibility for expansion initiatives. This milestone marks an important step towards the resolution of a long-pending income tax issue. Upholding highest standard of governance, we are happy to announce the appointment of Mr. Ramesh Krishnan as Independent Director. He is a healthcare veteran with three decades of experience leading hospitals and private equity in the healthcare space. In our latest annual general meeting, we have also appointed MSKA & Associates, a member firm of BDO International, as our statutory auditor with effect from quarter two itself, further reinforcing highest standard of transparency and governance for all our stakeholders. We are also pleased to share that Crisil has upgraded our credit rating to Crisil A/Stable, reflecting the strength of our business prospects. During the quarter, we operationalized Model Town Hospital in New Delhi during mid-July, adding 300 beds to the capacity. Moreover, we also commenced operations at a Faridabad Sector 20 hospital, adding 400 beds to the capacity. We are already seeing increasing footfalls at both these new hospitals. With our advanced infrastructure and clinical team, we expect both these facilities to be a key growth driver in the upcoming quarters. Continuing our expansion strategy, we also this quarter acquired Shantiv ed Hospital in Agra, having an expanded capacity of 250 beds. This hospital is already running and hence will contribute meaningfully to both our revenue and profitability from day one of its integration. We expect this integration to be completed by H2 of this fiscal itself, and we should be adding revenues and a better of this hospital from quarter four of this financial year. Our commitment to clinical excellence is also demonstrated by several technological adoptions and complex procedures conducted this quarter. We utilize the latest navigation system and intelligent joint software to perform Delhi's first-ever robotic intellectual hip revision surgery at a newly started Model Town Hospital. We also adopted rapid AI and advanced AI-enabled neuroimaging technology for fast and accurate stroke detection at a greater number of facilities, enhancing diagnosis and treatment timelines. These advanced procedures position us among a select group of hospitals in North India providing these cutting-edge clinical care. We have also made significant strides on the medical value travel front. In FY 2026, we established Yatharth representative offices in Baghdad and Tashkent in partnership with Chinor Medical Center and expanding into Cameroon through both institutional and private partnerships. We are also in the process of being the exclusive healthcare partner for the upcoming Jewar AiARPOBrt, which is expected to drive international patient volumes from these regions, and the presence of Yatharth Hospital's clinical medical examination room at the Jewar Airport will also enhance our visibility to the passengers, both domestic and international, using the airport. I would also like to take this opportunity to highlight a key industry-wide development this quarter with a long-awaited Central Government Health Scheme, CGHS rate revision after more than a decade, effective October 13, 2025. We welcome this move, and the new framework introduces rationalized tier-based rates with higher reimbursement for accredited super specialty providers in metros. This structural change will significantly enhance our revenue realization and profitability across all our hospitals. Looking ahead, our focus remains on ramping up the new facilities, expanding super specialty offerings, and driving operational efficiencies across the network. We are confident that these initiatives, combined with robust governance practices and a strong management team, will help us deliver sustained value to all our stakeholders. With that, I would now like to hand over the call to Mr. Pankaj Prabhakar for a detailed financial update. Good afternoon, everyone. I am pleased to say that Yatharth Hospital has delivered another quarter of record revenue and EBITDA. During quarter FY 2026, we recorded revenue of INR 2.794 billion, reflecting a healthy 28% year-over-year and 8% quarter-over-quarter growth. Our newer hospitals were key growth drivers, reporting a significant 110% YOY increase, while our mature hospitals sustained the upward trajectory, reporting a 19% year-over-year increase. Notably, Greater Faridabad, just in its first full year of operation, now contributes 10% of our overall growth revenue, reflecting the strength of our expansion strategy. During the quarter, we have added 700 beds with commencement of our New Delhi and Faridabad hospitals. However, despite the bed addition, our occupancy stood healthy at 66% during the quarter. As far as hospital-wide occupancy is concerned, our Noida Extension facility achieved an occupancy of 89%, Greater Noida at 69%, Noida Extension at 64%, and Jhansi Orchha at 71% during the quarter. Our strategic focus on high-value super specialty care and continued investment in cutting-edge medical infrastructure has resulted in an increase in consolidated ARPOB of INR 32,015 in quarter FY 2026. notably, mature hospitals, which include Noida, Greater Noida, and Noida Extension, achieved an ARPOB growth of 9% year-over-year, while our newer hospitals registered an ARPOB growth of 19% year-over-year, reflecting our continuing focus on improving the mix. Our Noida Extension hospital achieved its highest-ever ARPOB of INR 40,800, up by 7% year-over-year, given its approximately 70% contribution from super specialty services. Our Noida hospital reported ARPOB of approximately INR 31,100, Greater Noida at INR 38,300, and Greater Faridabad at INR 31,900. Our Model Town New Delhi facility began operation in the quarter with an initial ARPOB of INR 33,600. As we ramp up our Model Town and Faridabad Sector 20 hospitals, we expect these hospitals to generate ARPOB much higher than our group ARPOB. On the profitability front, EBITDA stood at record level of INR 645 million, up by 18% year-over-year. Given the initial operational losses at our newly operationalized Delhi and Faridabad Sector 20 hospitals, our adjusted EBITDA was INR 737 million, up by 35% year-over-year, while our adjusted EBITDA margin stood at healthy 26.7%. Accordingly, our adjusted profit after tax grew by 63% year-over-year. Our balance sheet position continues to remain robust, with a strong net cash position of INR 3.692 billion, providing ample financial headroom to capitalize on suitable growth opportunities. Looking ahead, we remain optimistic about sustaining our growth trajectory. Our strategic priorities will focus on expanding our footprint across North India, optimizing existing clinical infrastructure, enhancing clinical excellence to drive higher ARPOB, and capitalizing on emerging opportunities in the 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, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Ritika Khandelwal from Perpetuity Ventures. Please go ahead. Hi. Thank you for the opportunity. I just wanted a bit of clarity on Faridabad and Delhi hospitals, the amount of losses that you would be looking at. Since Faridabad has been operationalized right now and the minority share has been positive, large minority share, are the Faridabad losses being booked? What are the expectations going forward from the two facilities? If you see in Q2, we have around 3.3% overall dilution in EBITDA because of the two new facilities, that is, Faridabad Sector 20 hospital and New Delhi Model Town hospital. We are pretty much sure within the next 15-17 months, both hospitals will be EBITDA break even. Also, even though the Faridabad 20 facility was officialized fully, that is, the IPD started on November 1st, but prior to that, for a month or so, almost a couple of months, the staffing was already there. That is why a bit of the loss is already there, including some of the doctors, nurses, and admin staff who are all stationed and getting ready for the hospital. Yes, certain of the expenses have been booked FY 2020 and will also fully be operationalized, and fully expenses will be booked from quarter three itself. What kind of, if you can quantify, what kind of losses are you looking at? Sort of the similarity of what the EBITDA loss for Q2 was would be a bit similar also in Q3 because of these two hospitals, because Delhi Hospital will be then probably four-five months into the operations. The EBITDA drag there will reduce in Q3, but EBITDA drag FY 2020 will increase a bit. I think similar trend of the EBITDA loss of Q2 should be seen in Q3 from these two specific hospitals. Also, for Delhi, what is the run rate currently, and what kind of occupancy are you seeing? It's a very, I mean, it's very early to tell you that occupancy as of now because it's just two to three months of the operations. I think 13%-14% of already Delhi is operating as of now. Faridabad has just started it. As said earlier, we are expecting both these hospitals to have a break even reaching in 15-16 months kind of. I think we are very much up to it, right? Yes, more empowerments and then insurances are, I mean, yet to come. Once it's been done in the next four-five months, I think we would be, and as we had said earlier as well, around anything between 30-35% of occupancy, we reached an EBITDA break even. That's what we are expecting in the next 15-16 months. Okay. Sorry to interrupt, Ms. Ritika, your voice is breaking. For the Agra facility, when is it going to start? Agra facility will be on our books from quarter four fully. Somewhere from the first week of the new year, we should be starting the facility. It is already a running facility, but it will be integrated on our balance sheet from the first day of quarter four. Okay. Thank you. Lastly, just can you tell us the payer mix and what is the percentage of professional fees you are paying to the doctors? Payer mix is somewhere around 37% roughly is the government business, and the rest is equally divided between private insurance, TPA, as well as self, that is the cash payer. As far as your second question of. Overall, we are at 21.5% in the doctor share, doctor cost percentage of revenue. Okay. Sorry to interrupt, Ms. Ritika, may we please request you to rejoin the queue, ma'am? Several participants are waiting for their turn. Okay. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the question queue, please restrict your questions to two per participant. Should you have follow-up questions, please rejoin the queue. Next question is from the line of Nirali Shah from Ashika Stock Service. Please go ahead. Hi. Thank you for the opportunity. I had a question on ARPOBs. Your slide shows that group ARPOB is moving from INR 30,395 in one queue to INR 32,015 in two queues. Despite the mature and new hospitals reporting ARPOB growth, this is what we are seeing, the difference. Can you reconcile the math, which hospital or the payer segment pulled the consolidated ARPOB down QoQ, and why did that happen? The reason for that is the very strong increase in the occupancy of Jhansi Hospital. We are quite happy that Jhansi Hospital has reached an occupancy of 70% as per our target, and it's now become a leading service provider in that area. Because the ARPOB in Jhansi Hospital is almost half of that of the group average, increase in the occupancy in Jhansi Hospital led to the decrease, not decrease, but muted ARPOB growth. However, with the Delhi and the Faridabad 20 hospital ramping up in the coming quarters, which will have the ARPOB much higher than the group average, we will still be on the track for our EBITDA yearly ARPOB growth for the whole year, somewhere around 8%-9% from last year. Okay. Got it. Also, on the income tax matter, you've reported that assets have been increased and the FVs have been increased. Are there any residual contingencies or appeal windows or any potential future claims? Any clarity on this matter? Yeah. I think this was a major development as far as the whole matter is concerned. We expect the whole matter also to be resolved somewhere before, I think, before the end of the financial year. Probably before the end of the calendar year, it will also significantly move towards closure. I think the right timeline should be before the end of this calendar year. My last one is on the CapEx plan. We had announced in the previous con call that somewhere around INR 1,400 crore-INR 1,500 crore for 3 years. Just wanted to know how much additional debt do you plan to take in the next 12 months to fund the brownfield, and what will be the highest cost of borrowing you could consider as an acceptable level? Yeah. Just a correction here. The INR 1,500 crore- INR 1,400 crore CapEx for the 3 years means that we will end up spending it technically in the next 5 years, somewhere around 4.5-5 years. Because yes, deals would be announced for that CapEx within the next 3 years, but after 3 years is the greenfield expansion that we are doing. The complete utilization of that fund would take somewhere around 4.5-5 years. Technically, we will be spending INR 1,500 crore over the next 4.5 years. That is the first correction. Second is, as far as the next 12 months are concerned, obviously, Agra's 250 beds will be with us in Q4, and then we also remain committed post that. That means somewhere around H1 of the upcoming next financial year, 2027, we should also be looking to add somewhere around 300-400 beds through an acquisition or an upcoming project that we are working on. Got it. I have one more question, if I may. Ms. Nirali, may we please request you to rejoin the queue, ma'am? Sure. I will join back the queue. Thank you. Next question is from the line of Param Vora from Trinetra Asset Managers. Please go ahead. Hello. Thank you for giving me this opportunity, and congratulations for a great set of numbers. Sir, your Q2 revenue growth is strong. Can you break down the quarter's revenue growth? What led to the growth? Was it the patient footfall that has increased, or is it the mix and shift specialties towards high margin specialty, or maybe the pricing? Yeah. It is a mix. A, definitely, as you had said, that we have still in existing hospitals, we have a dry growth, be it change of mix or a bit of fine-tuning of our existing mix. Second is very good growth, as mentioned in the commentary, that is a 10% contribution from the new hospital, Faridabad 88, right? All these things, we believe that adding a Delhi and the new, I mean, Faridabad Sector 20 will add up much more growth. However, there is still good room for our existing hospital, be it Greater Noida and Noida Extension, for upward growth. Okay. Thank you. Thank you. Next question is from the line of Akhilesh Rawat from Riddhanta Vision Private Limited. Please go ahead. Hi. Am I audible? Yes. Please proceed. Yes. First of all, I want to congratulate you on the good set of numbers, and I have basically questions regarding this international medical value tourism. What's your plan regarding this for upcoming financial 2026 and financial 2027? We have a strong team now, and then we have already rolled out our strategies. As recently, we had opened two information centers and operating centers. One is in Tashkent, and another is in Iraq. A few more are going to come in the African market. I think we have identified the pockets, and in this financial year, I think that the strategy is very, very clear that we'll open around five to six information centers, and we are developing a, we are working on the channel partners, be it in that particular respective country or the local. We believe that this financial year, probably the H1 of the next financial year, we will have a very good percentage contribution from the international business, as airport results is also going to start by probably the end of this financial year. Okay. What kind of ARPOB lift are you seeing from this? Could you quantify on that? See, I think there is always upward of around anything between 45%-55% that's up from your domestic. You can extrapolate from there. My last question is regarding the Agra hospital. When will we see the results in our books regarding that hospital? As earlier mentioned, from quarter four of this financial year. Okay. Okay. What kind of ARPOB are we expecting from that hospital ARPOB? I think upwards of INR 30,000, somewhere around that to begin off, and slowly, as we ramp up more super specialties, this really has the potential to be somewhere the group average ARPOB and also a bit higher also in the future if possible. Okay. Okay. Okay. That's it from my side. Thank you. Thank you, all the very best for upcoming quarters. Thank you. Next question is from the line of Akshath Mehta from Seven Rivers Holding. Please proceed. Hello. Thank you for the opportunity, sir, and congrats on a great set of results. I have a few questions here. One is that in the Delhi hospital that we just started, we had earlier guided for a 39,000-40,000 kind of an ARPOB number, but in this quarter, you've seen a 34,000 roughly ARPOB. Can you help us explain why? What is the difference here? See, by Delhi, I would say, I mean, it's too early to judge Delhi. Still, there is no insurance, even a cash person. Initially, there is a very early rate which we have put in market. In the next 2-3 months, if you see when our tariffs and everything is frozen as per the competitive, the insurance negotiation happened, and more and more international flowing in that particular hospital, you'll see this ARPOB will be much more than what you are seeing as of now. What we have said earlier, it is absolutely realistic. Whenever a hospital starts, usually first few months, it takes for ARPOB building. In fact, we are quite happy that the first month itself, it has started with INR 33,000 ARPOB. That gives us confidence that within 12 months or even earlier, this ARPOB can cross INR 40,000. That's the trend across other hospitals also that we witnessed when we started them. Okay, sir. Next question is that I want to understand with the losses that we've seen from the new hospitals and that will continue in Q3 and probably in Q4, because Shantiv ed also will be adding, what kind of margins can we look at on a full-year basis? With the new hospitals being added, I think we can overshoot a number of 30% revenue growth also. If you can provide a guidance on that as well. Agra will not be a better drag because when it comes to Q4, it is already a better positive hospital and even a profitable. There will be no drag due to Agra. That's one. Second, as far as the margins are concerned, I think what we closed the H1 margin for, I think somewhere around that would be a realistic number for the whole of the end year also, maybe 0.5% up and down here. I think these margins that we have already will not be dragged further. We are quite confident even for the quarter two margins which are here, it will be only upside from here for the whole financial year. Agra will be a better positive from day one. Lastly, your question on the 30% revenue growth, yes, I think that's easily visible. I think we are being actually a bit conservative when we're saying 30% revenue growth. We feel that this number should be easily overachieved. Yes, sir. My next question is on the overall CapEx side as well. This year, sir, what is the kind of this and next year, what is the kind of CapEx that we're seeing that you spend? I think we have already given the guidance for the next four, four and a half years of INR 1,500 crore of CapEx. I think we'll just stick to that. We have a good cash position. We are debt-free, and we are generating good internal accuracy. So whatever CapEx is required, the company will be able to very well fund it also. Thanks. Sir, one more question. Sorry, Mr. Akshath, may we please request you to rejoin the queue, sir? Sure. Thank you. Next question is from the line of Surya Narayan Nayak from Sunidi Security & Finance Limited. Please proceed. Yeah. May I intervene, sir? Yes, please go ahead. Yeah. Thank you for giving the opportunity and congratulations on the good set of numbers. Just once, the understanding about the Agra hospital, when we took over, I believe it is operating at around 40% occupancy, and we have planned to expand it to 250. Over what period of time will the hospitals be ramped up? I understand that it will be acting as a feeder hospital. What will be when we will be able to incorporate all kinds of super specialties in it, and when will we be able to get a kind of ARPOB at least of 35,000+? That is the first question. Agra, we are not just seeing it as a feeder hospital. Agra is a big standalone 250-bed super specialty hospital. Agra as a market is very fertile. We are the first corporate hospital in that region, and it has a huge population of not just Agra, but nearby places like Hathras, Saifai, Etawah, Shikohabad. All these patients drain to Agra, and the combined at this level of facility is not there in that whole region. Agra will be a full standalone super specialty hospital where we will be providing all the super specialties. It will be on our books from January itself of the next calendar year. We will start with 150 beds, but we do not need to do any more CapEx to reach that 250-bed expansion. Only just beds need to be added. The whole infra is almost ready there for 250 beds. As and when required, as per occupancy, we will see, and we will just keep on opening floors and putting in beds there. As far as the ARPOB full measure is concerned, remind you that because it is already a running hospital, it will not take time for us to develop super specialties much time because already there is a cath lab there, cardiac surgery is happening there, there are angioplasties happening there. A lot of super specialties are already existing in that hospital. We will see a very good and very quick ramp-up of both the ARPOB super- specialties as well as occupancy for the Agra hospitals is concerned. Okay. Just one of the previous participants, Alisher's, I just noticed the year-ending EBITDA margin considering the two quarters and heat and the new hospital's cost absorption. What will be the guided EBITDA margin FY 2026, and whether that will be fully absorbed and will not be incurring more loss in FY 2027? No. As we earlier said, the EBITDA margin what we have for this quarter, there's only upside from here that will happen for the coming quarter and the whole financial year also. It will be fully absorbed because, yes, next year also we will be adding capacity. This year, if you look at it technically, we have added including Agra, we will be adding. The whole financial year, we would be adding 1,000 beds. That's three new hospitals that have come up. Even with the three new hospitals in our financial year, we are able to maintain margins upwards of 23% of EBITDA. Whatever in the future is going to be upside from here only. Sir, regarding the— Sorry to interrupt, Mr. Surya. May we please request you to rejoin the queue, sir? Just one follow-up question, sir. Sir. Okay. Can I, sir? Yes, please go ahead, sir. Okay. Okay. Thanks. Just with the long-term ambition of INR 1,500 crore CapEx over 4.5 years, can we assume that we will first see that the consolidation of this additional 1,000 beds happens, and maybe then we will think of having inorganic because we have brownfield plans as well going ahead. Can we assume that we will expect some kind of consolidation at the existing new facilities? Then we will think of expansion, let's say inorganic expansion, and whether inorganic expansion will limit to NCR region or periphery of NCR. That is what I just want to understand. At least for the remaining of this financial year, there will be no additional capacity that would be coming to be utilized. We might take a greenfield project upcoming soon, but that will take time for the capacity to come into play. If these hospitals, as we are targeting that in 15 months, they're getting break-even. It's not that we have to wait long to first consolidate and then add capacity. I think we are very well in a position right now also, not this financial year, but maybe the next financial year, to add more acquisitions, more hospitals in H1 itself, and that's the plan. Second to your question, as far as the location and geographies, we believe that the markets where we are present, that is the NCR market, the whole North India market of big cities in UP, Haryana, Punjab, Rajasthan. I think we want to be in metro cities. We want to be in big cities. It will technically not be just peripheral hospitals. All our hospitals, so far, if you look at it in the last few quarters, we have added in the hardcore Delhi and Faridabad market, which are big cities. This is what we also want to continue going forward. Agra is also a big city in UP. These are the big metro cities where we want to be in the coming years also. What is the cut of ARPOB you have set here? Sorry? Can you repeat that? What is the cut of ARPOB you have planned for new acquisitions? I mean, below a certain threshold, you will not want to look at, I mean, location-wise. I mean, is it 35,000? Yeah. I think upwards of that, I mean, that should be the minimum. That's the criteria. Okay. Thank you. Thank you. Before we move to the next question, a reminder to the participants, please restrict yourselves to two questions only. Should you have a follow-up question, please rejoin the queue. Next question is from the line of Dhaval Sangoi from Canara HSBC Life Insurance. Please go ahead. Yeah. Hi. Thanks for the opportunity. Yatharth, just wanted to check your view on this CGHS rate revision that has happened from October. Have we seen any benefit flowing in, and does it in any way impact us positively? Yeah. The CGHS rate has been implemented recently in the month of October. We are looking at the upside of the CGHS revenue will be nearly around 1.5% in FY 2026, with the benefit of the EBITDA to nearly around 1% in this financial year, which may go up to 2.5% in the next year on the revenue front and nearly around 1.75% on the EBITDA front. Okay. So say on a base of 37% of government revenues that you have, we will see an incremental benefit coming in on that to the extent of 1.5%? Yeah. Is it a price benefit? Yes. It will be benefit towards the company. The rate revision will be adding to the more ARPOB as well, and it will be benefit to the company. Okay. That's it for now. Thank you. Thank you. Next question is from the line of Naveen Baid from Nuvama Asset Management. Please proceed. Thank you for the opportunity and great sales numbers. I mean, if I look at your trend for the past six, seven quarters, your ROS has been coming down, and your occupancy ratios have also been going up. In a way, your throughput has been increasing pretty significantly. What explains the drop in ROS over the last six quarters from, say, 4.8, 4.9 to where this quarter we are reporting this at 4.06? The introduction of the new sets of technology, like robotics, that's reduced your LOS significantly, right? High-end specialty, state-of-the-art infrastructure. That's anything which is earlier for the, I'll give you an example, for any lap surgery where a patient used to stay for 3, 3.5 days or 4 days kind of, now you can discharge that patient in up to 2 days, right? Adding of the new technology has played a big role in reducing the LOS and very, very, very new sets of treatment modalities. This has a role to play. If that is the case, then should your ARPOB not have increased by much more than what it has actually? Even if I strip off the government segment, which is about, say, 37%, your ARPOB has gone up by just about, say, 5%-6% over the last six quarters despite the significant improvement in the case mix. What explains this? Do you think there is a significant upside in your ARPOB to go up over the next four-six quarters? You need to see the data of that classic hospital, particularly the Noida Extension where we have all those sets of modalities and new technologies. There, the ARPOB has significantly increased, right? It's not like directly you see the INR 1 increase here and INR 1 increase there should be, but I think this is how it should play. We believe that as more and more the capacity gets ramped up in those super specialties, we believe that, I believe that, the ARPOB will also increase. Also, for the last two, three years, yearly, we have shown 8%-10% ARPOB growth. I think for the next three years also, we do expect 8%-10% ARPOB growth yearly. Especially now with the Delhi market and the Faridabad bigger hospital having oncology, transplant, increase in the international share, that ARPOB will be a huge lever for us also for going forward if we continue to be, as I talked about, big in metro cities. Obviously, a market like Jhansi Orchha would have been a drag on the ARPOB. If we are expanding our facilities here in Noida Extension in Delhi, ARPOB should significantly increase at a faster pace as the capacity happens in these new hospitals. Sure. Just one more question. This is continuing from the previous participant's question that if your government share of revenue is roughly about, say, 37%-odd, if I take the full year impact for next year, would not 2% be too conservative, or this is what we are seeing from your kind of case mix that the blended equity is going to be 2%? I think 2.5%. Yeah, please go ahead. Yeah, please go on. Sir, also, if you could kind of split the government revenues into what is divided through CGHS and what is non-CGHS. Yeah. 2.5% is the minimum that we have said conservatively. Whatever upside we get from there, we will take it. I think it's realistic to take a 2.5 number because at a 37% revenue, it's not that 100% of that revenue will fall under the new rate revision scheme. There is part, for example, we do a bit of Aayushman in Jhansi Orchha Hospital, and Aayushman doesn't fall and benefit from these schemes. Overall, I think when we have calculated, minimum to minimum 2.5% gain we should be seeing next year on the overall revenue, not the CGHS. Overall revenues, yeah, overall revenue upside is 2.5%. The whole company will be benefiting significantly from this rate revision. 2.5% of the whole revenue, you can imagine, is a big quantum that will be benefiting next year and in the coming years also. Got it. Got it. This is it, sir. Thanks a lot. 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 restrict yourselves to one question only. Next question is from the line of Sumit Gupta from Centrum Broking. Please go ahead. Hey, hi. Thanks for taking my question. So two questions. First is, is there a scope of further margin improvement in the mature facilities? There is, yes, because there is still capacity left to utilize in the mature capacities. When we mature hospitals, when we say they're mature, that doesn't mean that they are saturated in terms of occupancy. For example, both Noida Extension and Greater Noida can reach optimized utilization of 75% of occupancy. So still a 10% roomway for occupancy to grow, which will directly flow to the EBITDA. Yes, there is scope for EBITDA expansion in our mature facilities also. Okay. So because over the last one and a half, two years, I think it is at 26%-27% kind of range. And majority of the drag, obviously, is coming from the new hospital. So this 27% can reach around 28.5%-29%. In the coming years. Basically, Noida Extension would be running at 32%-33% kind of margin. If I am sure, if basically I just want to ask on Noida Extension as well as Greater Noida. Yeah. I mean, not that high. As I said, there are also a lot of recent additions in terms of doctors and star doctors expenditure that we have done in the last one year. Going forward, a lot of those expenses are being done now that happened over the course of one year. Going forward, we will see an upside from those expenses done, which should be able to drive the numbers that you are just mentioning. Understood. Okay. The additional 300-400 bed M&A that you plan to do over the next 12-15 months, is it already mentioned? Is it additional to the CapEx plan mentioned in the presentation? It is inclusive of that INR 1,500 CapEx. Okay. Okay. Good. Thank you. Thank you. Next question is from the line of Gartha Jain from Anantnath Skycon Private Limited. Please go ahead. Hi, sir. Thank you so much for the opportunity. I just had two questions. First one is, what is the cost to set up a bed in a mature or a developing hospital, and how many days does it take for it to break even? If you are doing a greenfield today in NCR, it would take you roughly around INR 1 crore CapEx per bed, at least for our brand. That's the threshold we would be spending. It takes almost, I would say, 15-18 months, which we personally target as a brand to achieve a break even after operationalizing of that hospital. If you're doing brownfield, then that CapEx per bed can be somewhere around INR 7.5 million per bed because a lot of medical equipment is already present in one tower. Brownfield expansion is a bit less than the greenfield expansion of INR 10 million CapEx per bed. What is the time period for the break- even for brownfield? We generally have a break even, EBITDA break- even of around 15 months for the new brownfield expansion projects. All right. Got it. And how many total number of? Sorry to interrupt, Ms. Jain. Maybe please request you to reach out. Sure. Sure. Thank you. Thank you so much. Next question is from the line of Tripti Shukla from KDA Securities Private Limited. Please go ahead. Hello, sir. Thanks for the opportunity. My question is related to working capital rate. Your receivable has increased meaning for this quarter, and cash balance have declined due to CapEx and working capital needs. Could you elaborate on which specific receivable bucket are stretching the cycle, and by when the debtor's pay should normalize? Also, when do you expect the operating cash flow to be returned to the historical level of 70%-80%? If you see, our debtor days have been reduced. What we have given the projections earlier also in our earning cost. This time also, we have reduced the debtor days by 8-10 days. We are very much sure we will follow the same trend, and we will clock the same 8-10 days reduction as on March 2026. Okay. Next question. Next question. One more. Yes, sir. Sorry? Yes, sir. Regarding cash flow? Yes, sir. Yeah. Regarding cash flows, OCF2 beta currently we are at 58%. We have changed the policy. Earlier, we have paid salaries on next imminent day of a month. Now, we are matching the salaries payment as per the competition, as per the peers. Now, we are making the payment on the same last day of a month. If we neutralize that effect, our OCF2 beta will be around 78%. It is better than what we reported earlier. Okay. Sir. Thank you. That's all from my side. Thank you. Next question is from the line of Vidisha from CRK. Please go ahead. Hello, sir. I wanted to ask on the EBITDA margin. You said it will only go upward henceforth. I want to know with the new capacities coming in future, how do you see the EBITDA margin improving further? Won't there be any margin dilution? No. There will be no margin dilution because, as we earlier mentioned, that we still have added 700 beds in just one quarter and still have this base margin. Going forward, there's no plan to add 700 beds in one quarter, at least for the next four or five quarters. There is only an upside of the margin. In fact, if you look at it, we have clearly mentioned that excluding the capacity expansion that we have done, our EBITDA margins would have been close to 26.5%. That is the reason why we feel confident that when these new facilities start ramping up on occupancy, there is a big margin expansion that should happen in the coming years. All right. Can you give me a guide? Sorry to interrupt, Ms. Shah. May we please request you to rejoin the queue. Many participants are waiting for their turn. It's my second question. Ma'am, we restrict to one question only. Please rejoin the queue. Thank you. A reminder to the participants, please restrict your question to one question per participant only. Next question is from the line of Anand B from Ksema Wealth Private Limited. Please go ahead. Good afternoon, sir. Can you hear me? Yes. Please proceed. Yeah. I just want to know the CapEx, sorry, not CapEx, the census beds of each of the hospitals in this quarter. We have a census of around 750 as of date for all the capacity we are in operating. If it is breaking up from the older and newer capacities as well? You need unit-wise breakup? Yeah. Yeah. Breakup by hospital- to- hospital. The Greater Noida facility, we have 330 beds, census beds. Noida, we have 215 beds. Noida Extension, we have 390 beds. Jhansi Orchha, we have around 250 beds. Greater Faridabad, Sector 88, we have 150 beds. The rest of the new facility we just added in this quarter and we just started in New Delhi as well. We have been to a ramp-up stage of nearly around 150 each. That comes to around 1,750. Okay. Okay. Thank you. Thank you. Next question is from the line of Santosh Singh from Asha Investments Fund. Please go ahead. Hello, sir. Good afternoon, sir. Yes. Good afternoon. Good afternoon. Good afternoon. Thanks for waiting. Sir, I have one question. Sir, could you please explain the reason behind the refinancing loan amounting to INR 516 crore in this quarter? Additionally, which subsidiary has received this loan? What does the subsidiary do? What is the intended purpose of the loan, like working capital or the expansion or any specific project? Basically, it's a subsidiary we have just added. The new hospital, which we added in Sector 20, Faridabad, is one of the subsidiaries for which we have given the capital outlay as per the object clause. We have raised the fund in the QIP. There is no loan for anything, but it's a kind of object for the depletion and the deployment for the CapEx as well as the expansion of the hospital. Okay, sir. Thank you. Got it. Thank you. Current debt levels are standing at almost zero. The company is actually debt-free. There is no current debt that any of the holding company or its subsidiaries have taken as of now. Thank you. Next question is from the line of Abhay Sahukar from Convergence Capital. Please go ahead. Yeah. Thank you for the opportunity and congratulations on a good set of numbers. I just wanted to know that what are the initiatives taken to improve clinical program depth? Are there any specific specialty lines, for instance, cardiac, neuro, or oncology, or any other thing faster ramp-up in any of the units? We have been going into the unit-wise units. We see that is what is in the market. We saw the facility we are lacking in that super specialty and quaternary care, right? A year and a half back, we started in a flexible hospital Noida Extension with the entire spectrum of cancer treatment and all the transplant programs. Similarly, Greater Noida, we started our kidney and liver transplant program. Delhi is definitely going to be a full-fledged quaternary care hospital, including the transplant. Similarly, Faridabad as well. What clinical treatment modalities would be added depends on which area we are operating in and what are the competitive advantages we will have by adding those specialties or facilities. Similarly, Agra also, we are seeing that definitely we will be having entire tertiary care facilities in that particular region, including probably in long-term cancer, right? This is how we analyze it, which are the gray areas where we need to invest and what would be the ROI, all these things, metrics, bobs. Perfect. Thank you, sir. Just to follow up on that. Sorry to interrupt, Mr. Sahurkar. Maybe please request you to rejoin the queue for the follow-up questions, sir. Sure, sir. Thank you so much. Next question is from the line of Prerana Amanna from Equity Research Programs. Please go ahead. Yeah. All my questions have been answered. Thank you. Thank you. Next question is from the line of Anand Kulkarni from Front Wave Research. Please proceed. Hi. Thank you for the opportunity. Just one question from my end. Can you share with us the status of the brownfield expansion of Greater Noida and Noida Extension hospitals? When can we expect this to be post-FY 2028, after we achieve our target of 3,000 beds, how are we looking at our bed expansion strategy? Thank you. Yes. I think both these two hospitals' capacity should be available for us to be utilized somewhere 15 months from the date today. So 15 should be Greater Noida, and maybe 17-18 months from today should be the Noida Extension. Because we will add the 3,000-bed capacity by 2028, I think we should cross it much more even earlier because there's something planned next year in terms of acquisitions concerned. In fact, we have revised our bed capacity target. Rather than now talking about 3,000 beds in 2028, the bed capacity would be much more for next three years from today. With the Agra addition, we would be around 2,550 beds. We feel that probably in the next 3-4 years, there is still scope in the company to even close to double this capacity in the next three to four years, including all these brownfield expansions that are already in place, the upcoming acquisitions, and one more greenfield that the company is planning very soon within the NCR region. I think we are looking at a much bigger bed capacity after 4 years from today. Great. That really answers the questions. Thank you so much and all the very best. Thank you. Next question is from the line of Abhijit from PISH. Please proceed. Thanks for the opportunity. Just one question. There is a GST rate cut on consumables, agents, and chemicals. So will it be safe to assume that we can retain the benefit? There is a change in GST that will definitely help us. That will lead to around 0.3%-0.5% of the overall revenue. That will change only 0.3%-0.5% in EBITDA. Okay. Okay. Thank you. Thank you. Thank you. Next question is from the line of Nirali Shah from Ashika Stock Service. Please proceed. Yeah. I just had a follow-up on the cost of borrowing. So what is the highest cost of borrowing that you can consider acceptable? As on that, we don't have the kind of a debt in the books. However, when we take up the debts, if required, we then generally it comes to around 7.5%-8% on a rate coupon from the PSU banks. Okay. We are guiding 40,000 ARPOBs FY 2028. we are consistent on that. Eight to 10% growth yearly from now. I think we are quite confident of reaching there. Okay. That's helpful. Thank you. Thank you. Next follow-up question is from the line of Akshat Mehta from Seven Rivers Holding. Please go ahead. Hello, sir. Just one bookkeeping question, sir. In this quarter or in this half year, we've seen a slight reduction in our cash flow from operations. There is a bump up in other financial liabilities. Can you help us understand what is that? Basically, as I already mentioned, there is a change in policy. The company has taken a call to match the salary payment as per the peers. Now we have started making salaries on the last day of a month. That is why there is a change in other financial liability. Yeah. We make on the first day of the month. Yeah. Okay. Okay, sir. Thank you. Ladies and gentlemen, we will take this as the last question for the day. I would now like to hand the conference over to the management for the closing comments. Thank you, everyone, for tuning into the earnings call of Yatharth Hospital & Trauma Care Services Limited for the FY 2026. thank you for your presence. Thank you, sir. On behalf of Elara Capital, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.