Ladies and gentlemen, good day and welcome to Yatharth Hospital & Trauma Care Services Limited Q4 FY 2026 earnings conference call hosted by Antique Stock Broking Limited. Let me draw your attention to the fact that on this call, discussions will include certain forward-looking statements, which are predictions, projections, or other estimates about the 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 company's actual results to differ materially from what is expressed or implied. 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 telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sumit Gupta, Senior VP, Institutional Equity Research, Healthcare from Antique Stock Broking Limited. Thank you, and over to you, Mr. Gupta. Thank you. Hi, good day, everyone. On behalf of Antique Stock Broking, we welcome you all to the Q4 and FY 2026 earnings conference call of Yatharth Hospital & Trauma Care Services Limited. From the management side, we have with us today Mr. Yatharth Tyagi, Whole- 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, and Investor Relations; and Mr. Sonu Goyal, Group Chief Finance Controller. I now hand over the call to Mr. Yatharth Tyagi for his opening remarks. Thank you, over to you, Yatharth. Good afternoon, welcome to Yatharth Hospital & Trauma Care Services Limited earnings conference call for the quarter and year ended March 21, 2026. Our earnings presentation has been uploaded on the stock exchanges and on our website. We hope you have had the opportunity to review it. FY 2026 has been an exceptional and a transformative year for Yatharth Hospitals, marked by strong operational execution, strategic expansion into high-potential health care markets, accelerated ramp-up of new facilities, and continued strengthening of clinical excellence across our network. During the year, the company reported consolidated revenue of approximately INR 12,072 million, reflecting a robust growth of 36% YoY, while EBITDA increased by 30% YoY to INR 2,921 million. On the clinical front, we continue to strengthen our position as a leading quaternary care provider through ongoing investments in advanced medical technologies, expansion of high-end specialties, and onboarding of reputed clinicians. During the quarter, our hospitals delivered several noteworthy clinical milestones, reinforcing the depth of our tertiary and quaternary care capabilities. Some of them are at Greater Noida hospital, the neurosurgical team managed a complex pan-brachial plexus injury using a precision intercostal nerve-to-nerve musculocutaneous nerve transfer to restore motor function. In another case, reinforcing our neuroscience leadership in Noida Sector 110, hospital performed a navigation-guided awake craniotomy for an intracranial lesion in the speech area, followed by continuous intraoperative speech monitoring enabling the patient to recover without neurological speech deficits. In Sector 20, Faridabad facility, which has also emerged as a strong center for advanced GI interventions, performing 13 POEM procedures within two months of its starting and further strengthening our minimally invasive gastro sciences capabilities. We were also pleased to witness growing recognition of our clinical leadership. Our Dr. Viresh Mahajan was honored as Pediatric Cardiologist of the Year at National Cardiovascular Summit 2025, while Dr. Dhansukh received the prestigious Desh Ratna Award 2025 for his contribution to pediatrics and neonatology. Dr. Kunal Bahrani was recognized with the Leadership in Neurological Services Award at BW National Healthcare Awards 2025, and also Dr. Saurabh Ghosh received the Chairman Award for the Lifetime Contribution to Critical Care Medicine from ISCCM Delhi Noida Gurugram. These recognitions underscored the strength of our growing clinical talent and a continued commitment to delivering world-class patient care. In line with a cluster-based expansion strategy and following the early success of our Faridabad cluster, we have seeded our next high-potential cluster in the Gurugram market through the acquisition of an ultra-modern, under-construction super speciality hospital in Sector 40, central Gurugram. The upfront consideration for this project is approximately INR 100 crore, along with an additional proposed investment of nearly INR 100 crore towards finishing and providing medical infrastructure. Once operational, the hospital is expected to deliver ARPOB in the excess of INR 50,000, positioning it among premium healthcare assets in NCR. Strategically located near IGI Airport and key residential and corporate catchments, the facility is well-placed to strengthen our premium healthcare positioning and expand medical value travel opportunities. We expect the hospital to become operational by April 2027. During the year, our newly operational hospitals at New Delhi and Faridabad Sector 20 witnessed a strong ramp-up. These facilities scaled up ahead of internal expectations and have emerged as meaningful contributors to the growth within a short period of commencement. Together, these two new hospitals contributed approximately 11% to revenue in quarter four FY 2026 and continue to deliver healthy operating metrics, including superior ARPOB levels and a favorable payer mix, largely comprising cash and TPA patients. We also successfully integrated our 250-bedded Agra hospital, which strengthens our presence across the NCR-Agra healthcare corridor via the Yamuna Expressway. Since its integration effective February 2026, the hospital has demonstrated encouraging traction, achieving a monthly revenue run rate of approximately INR 70 crore, along with double-digit EBITDA margins, reflecting strong patient inflows and a healthy operating start. Establishing our clinical excellence, we installed Agra's first da Vinci robot and have successfully completed 50 robotic surgeries till date. In the cities nearby Agra, robotic surgery is something which have been provided for the first time, and Yatharth Group has taken initiative by completing such a large number of robotic surgeries in that region. With strong connectivity to our Noida and Faridabad facilities, we expect the Agra hospital to evolve into a key feeder hub for oncology and other high-value specialties over the medium term. Our Greater Faridabad hospital, which commenced operations last year, delivered strong performance and achieved profitability during the year, demonstrating our ability to efficiently scale and turn around new assets. During the year, we further strengthened our focus on international collaborations and global outreach. A key milestone was our association to become the exclusive hospital partner for the now operational Noida International Airport at Jewar, which is expected to significantly enhance international patient access and regional healthcare community and connectivity. As part of our medical value travel initiatives, we undertook multiple international outreach programs across the Middle East and the CIS regions, hosted international delegations, conducted OPD initiatives, and participated in strategic healthcare forums, strengthening long-term partnerships and global presence. Looking ahead, we remain focused on scaling up our newly added facilities, driving operational efficiencies, enhancing specialty mix, and strengthening our presence across high-growth healthcare markets in North India. With the upcoming Gurugram facility and brownfield expansions planned at Noida Extension and Greater Noida, our total bed capacity has reached over 3,200 beds. We remain confident of achieving our target of 5,000 beds over the next three years. With newer hospitals demonstrating higher ARPOB levels, we expect a meaningful uplift in overall group realization as these facilities continue to scale up. FY 2026 has been a transformative year for the group. The early success of our new facilities gives us confidence in sustaining and eventually potentially surpassing the YoY growth that we have shown for this year, for the year to come, with this growth trajectory in the coming fiscal. Thank you. Now I'll pass on to Mr. Pankaj Prabhakar, our Group CFO, for his management commentary on the financials. Good afternoon, everyone. I am pleased to say that Yatharth Hospitals has delivered a strong performance in Q4, FY 2026, concluding the year on a robust note. During the quarter, we reported a revenue of INR 3,416 million, reflecting a growth of 57% year-over-year and 6% quarter-over-quarter. For FY 2026, the company reported a revenue of INR 12,072 million, registering a 36% year-over-year growth. This performance was driven by sustained momentum across our existing hospitals, along with increasing contribution from our newly operational facilities. Our established hospitals maintained a healthy growth trajectory during the quarter and throughout the year, supported by higher occupancies, strong patient footfalls, increasing surgical volume, and a rising contribution from super specialty treatments. Occupancy across the network stood at 71% in Q4, FY 2026, while FY 2026 occupancy has stood at 68%. Our Noida hospital operated at 86%, Greater Noida at 76%, Noida Extension at 61%, Jhansi-Orchha at 86%, and Greater Faridabad at 69% during the quarter. Our ARPOB improved to INR 33,282 in quarter four FY 2026, up 5% year-over-year, while FY 2026 ARPOB stood at INR 33,124, up 7% year-over-year. Notably, during quarter four, our Noida Extension hospital reported its highest-ever ARPOB of INR 47.8K, up 23% year-over-year. Greater Noida hospital at INR 30.3K, up 15% year-over-year. While our newer hospitals reported encouraging initial ARPOBs with New Delhi at approx INR 30,000, Faridabad Sector 20 at INR 38,000, and Greater Faridabad at INR 31,000, reflecting substantial improvement in mix. On the profitability front, we achieved our highest-ever quarterly EBITDA of INR 799 million, reflecting a growth of 37% year-over-year, with EBITDA margin at 23.4%. For FY26, EBITDA stood at INR 2,921 million with margins at 24.2%. Adjusted for initial ramp-up losses at our new hospitals, adjusted EBITDA margin remains strong at 30.4% in quarter four and 28.5% for FY26, reflecting operating leverage and improved mix. Profit after tax for quarter four FY26 stood at INR 447 million, up 15% year-over-year, while FY26 PAT stood at INR 1,703 million, reflecting a growth of 30% year-over-year. The improvement in profitability was driven by strong revenue growth, operating efficiencies, better realizations, and the scale-up of newer hospitals. Our balance sheet remains robust, supported by strong cash generation and disciplined capital deployment. During the year, pre-tax operating cash flows stood at INR 2,866 million, with a cash conversion ratio of 98%, reflecting significant improvement in working capital efficiency. We ended the year with a healthy total cash position of INR 3,931 million, a net cash position of INR 1,160 million, providing us with ample financial flexibility to pursue growth opportunities while continuing investment in infrastructure, technology, and clinical excellence. With a strong execution engine, improving our occupancy trajectory, ramp-up of new hospitals, including Agra, and continuous focus on operational efficiency and specialty expansion, we remain confident of sustaining healthy growth momentum in the coming quarters. Thank you for your attention. I would like to hand over the call to the moderator for question and answer session. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, let us wait for a moment while the question queue assembles. You may please press star and one to ask questions. We will take the first question from the line of Ashutosh Adsare from Universal Sompo. Please go ahead. Yeah. Hi. Loudly? Yes. Yeah. Good morning, all. Thanks for the opportunity. I just wanted to understand about the new hospitals, Agra, Model Town, Faridabad, and Jhansi, and Gurgaon also. Just could you just tell about the operational parameters, how those things are performing for these newer hospitals. One is that Jhansi, specifically Jhansi, what is the condition like? How much occupancy is currently running at? You said 18%. Is it that the ARPOB are increasing that because we've been seeing that the ARPOB for this particular Jhansi was not up to the mark or not up to the company level. One is that. Second question on the interest first. We are seeing a significant rise on a sequential basis on the interest. Just wanted to understand how is your debt position and what would be the debt position in the coming year. Yeah. Basically on the occupancy front, as you've been saying about it, our new hospital primarily we have opened in Delhi, Faridabad Sector 20, and Agra. We have enough headroom in the occupancy level. We have a current occupancy level of 32% in the Model Town that is Delhi, with a census capacity of 100 beds, but we have capacity bed of 300 beds in Delhi. Similarly, if we say about the Faridabad, the newer hospital, we have a current occupancy of 52% on 100 beds with a capacity of 400 beds there. In Agra, we have a current occupancy level of 52% with a census bed of 110 with an overall capacity of 250 beds. The overall bed expansion and the capacity, we have enough headroom to grow with the occupancy level. On the kind of a Jhansi, the Jhansi is currently operating around 85% of the occupancy on the 250 bed census level with the bed capacity of around 305. We have enough headroom there also to have a complete network of commencing expansions. As far as your question on the ARPOB impact of Jhansi on the overall group is concerned, even though Jhansi ARPOB is lower than the group average, the impact at a group level is not significant because the whole contribution to Jhansi in terms of our revenue pie chart is very less. If you look at it, in fact, as we mentioned in the commentary, the ARPOB has been growing really at a good pace for even our mature hospitals of Noida Extension and Greater Noida, which has touched upwards of INR 43,000 and INR 48,000 as far as the ARPOB is concerned. Interest cost. In relation to the interest cost, that was your third question. As we know, we have invested in Agra, so we have taken a certain loan to fund the Agra unit. That's the main reason there is upside in our interest cost, what you are asking for. As far as the debt levels are concerned, somewhere our debt today is at INR 200. INR 30. INR 30 crores. Going forward, there would be still certain debt, but we will also be generating strong internal accruals, as well as strong cash flow conversion cycles, which will be further leading to higher internal accruals. Going forward, yes, we will also take certain debt, but even if you look today, as far as our net debt cash position is concerned, our net debt today stands at- INR 116. Yeah. our net cash position is INR 115 crores. Okay. Any levers for increasing the ARPOB going forward? If you look at the strategy we have had for the new hospitals, even the Delhi hospital, the Sector 20 Faridabad hospital, these two have just recently started, also showing a startling ARPOB of upwards of INR 40,000. As volumes and cases specialties mature in these hospitals, these will be significant ARPOB levers for further growth. As far as Gurgaon hospital is concerned, we expect ARPOB in Gurgaon to be upwards of INR 50,000. That has to do primarily because of three reasons. First is the optimized case mix there, having international patients, high pricing of private insurance and cash status in that Gurgaon region will also significantly help us for the growth levers in ARPOB. Constantly we have been increasing the pie of our private insurance as well as cash and international patients, which has also led us this year to a YoY growth of around 7%, as far as ARPOB is concerned. Going forward also, this growth should be close to 10% for upcoming years is concerned. To add, we are also improving our specialty mix across all our hospitals. While Noida Extension has a large share of super specialty hospitals, we are also improving the share of super specialty cases in all the other hospitals. That will also help improve the ARPOB. Okay. That's it from my side. If I have any further questions, I will join back in with you. Thank you. We'll take the next question from the line of Satyam Kumar from JM Group Financial Family Office. Please go ahead. Thanks for the opportunity. Am I audible? Yes. Yes, sir. Sure. I have a couple of questions. First is, can you talk us through what steps has companies taken since listing for strengthening the corporate governance, and how do you see, going forward, what steps company would take, or is it now things are more or less settled? First question is with regards to overall corporate governance, how do you see evolving it going further? For us, since our listing, corporate governance is one angle that has been a top priority for the management. If you look at our journey since listing, and especially in last one and a half years, we have taken multiple steps to further strengthen our corporate governance. It all starts with appointment of top six auditing firm, BDO International, MSKA & Associates LLP. They have been appointed as company's statutory auditor a couple of quarters back. In fact, this year's financial results were the first results with BDO International as the statutory auditor. Second step we took was appointment of Mr. Ramesh Krishnan as the independent director. We have expanded our board. We have added a strong independent director. Today, we have him and his expertise. He's a professional seasoned healthcare leader who has worked across different organizations and helping and strengthening our corporate governance as far as the board level is concerned. Another step that we took was appointment of Deloitte as our internal auditor. This also happened during the course of last one year, which has further helped us to fast-track our financial systems, our processes, and strengthening governance mechanisms through the help of Deloitte. These are the few steps that we have taken as far as improving and strengthening our corporate governance is concerned. Going forward also, just to add, on a qualitative side of business, we are adding a couple of very key positions as far as operations are concerned, for taking care of our medical operations as well as in the quality side of it. Another question which I have that is more on the expansion side. You have shared that company aims to have a 5,000 bed counts in next three years. First I would like to acknowledge that I literally liked the way you have expanded your portfolio, the kind of acquisitions you have done. Going forward, do you see acquiring those hospitals, or you will be building hospitals from scratch also? Any vision, if you would like to share. I know it's far-fetched, but anything in your mind. Will that increase the debt levels as well? How it will impact profitability. Profitability is second thing, but how you are looking to expand, basically. As far as the bed target of 5,000 beds is concerned over the next three years, 3,200 beds have been already announced. Over and above the 2,500 beds that we currently operate, the Noida extension and the Greater Noida and the Gurugram are still upcoming. That adds to the 3,200 beds. As far as the target of 5,000 beds over the next three years is concerned, personally, we feel that we might even reach there a bit earlier rather than the three years. We have always surpassed our bed capacity targets in the past, and it might be possible going forward also. As far as the question on the greenfield, brownfield, and the acquisition split is concerned, of these upcoming beds, we feel around 70% would be acquisitions, mostly, and 30% beds would be through greenfields that we will be adding. These would be primarily be in the cities that we very well understand and know. We have not just gone to any outside areas just because there's a hospital acquired. We have been selectively choosing an asset, and then going forward for an asset, because for us, geography matters a lot. There's a reason why all the recent acquisitions have done very well, because they have been strategically located in the well-established markets of NCR, bigger cities of North India, capital cities of the states. Uttar Pradesh, Haryana, Punjab, these have major cities and metro cities where we would also like to be going forward. As far as the CapEx plan for these bed expansions is considered, we feel that we have a good cash position as of today, and there's still room way for certain debt is concerned. As we said that because of high cash conversion percentage, we would be generating higher internal materials going forward. We are well in the position to fund this CapEx. There's no plan to raise any fund and going forward for these specific 5,000 bed capacity concern. Just a small follow-up on this. As you said, the geography is important for you and also the 70% might come through acquisition. Just wanted to specifically understand what a Yatharth Hospital does differently. We have M&A team or how we do so that we come up with such good acquisitions. Just operational thing I would like to understand how company is different from any other company when it comes to acquisitions, because I believe we are at the forefront of acquisition. Operationally, if you can share on what different we do. I think there's a strong team which is led by Ashutosh Kumar Jha, who's sitting with us today. He heads the group M&A strategy. He has been instrumental in some of the acquisitions that we have done recently. Also, we have a team who is constantly looking out for assets. We also have a very straightaway clear-cut guidelines as far as acquisition is concerned. It's not that we need to frame guidelines for every asset that we see. For us, the CapEx per bed needs to make sense. For us, if the geography is big enough, if it's a proven healthcare market within the micro market also. What has been instrumental is the cluster approach that we have taken. If you look, we started with one hospital in Noida, and we have three hospitals there. We started with one hospital in Faridabad, we have two there. Similarly, we have just seeded a new cluster in Gurugram with one hospital. Each of these clusters, and again, the UP cluster that we operate, which has the Agra and the Jhansi hospital, has the potential for a cluster-based approach, which really helps us to sort of ease into the acquisitions while identifying the clusters that we want to operate in, and then we choose the assets that are available in those clusters. Understood. Thanks for patiently answering my question. I'll get back into the queue if I have any question. Thank you. The next question is from the line of Akshat Mehta from Seven Rivers Holdings. Please go ahead. Hello. Sir, may I request you to kindly use your handset, please? Yeah. There is a static. Yeah. Please continue. Yeah. My first question is on understanding this big jump in Noida Extension, Greater Noida ARPO from 8%- 15%. Is this just purely because of a case mix jump or is there something else behind this increase? More with the jump on OPD, which translated into the IPD. Plus, yes, all these, which as you have mentioned in our previous comments, these super specialties are not mature. I think quarter on quarter, they are getting mature, new line of treatments getting added within the super specialties. I think these are the factors which has improved the ARPO significantly. There's also a growing increase in our international patients as far as Greater Noida and Noida Extension Hospital is concerned. The pie of the international patients specifically in these two hospitals has significantly increased, which has hugely contributed and even surpassed our ARPO expectations for these two hospitals' growth is concerned. Especially with the new Noida airport starting, it is very soon international flights will be taking off from there. The ecosystem around the whole international tourism and medical tourism within the Noida zone is really at an increasing trend, and we feel that both these two hospitals are benefiting from that industry trend. Just to follow up, can you share with us what the oncology share in Noida Extension now? It was 19%, 20% earlier. It is somewhere around 30% today, as far as Noida Extension Hospital is concerned. The oncology share is growing close to 30%, from 20%. This is primarily due to increase in key areas within oncology, that is the surgical oncology and the bone marrow transplant is concerned. We have been performing very good numbers of bone marrow transplant, which is also contributing. We have also added a new oncology team of doctors within the Noida Extension Hospital, which is further helping us to drive this volume. My second question is on the revenue and margins. How should we look at those in FY 2027? We've done an acquisition which will come in April 2027. All the acquisitions that we completed in 2026 are just going to ramp up in 2027. How should we look at the margins and the revenue? As far as margins are concerned, we have always maintained that at a consolidated level for the full year, our margin guidance has always been somewhere around 24%- 25%. We have been delivering on that. Going forward also, we do not see any variation from our margin guidance is concerned. Even, yes, a new hospital might be coming in FY 2027, but we've had three new hospitals that have come up in FY 2026 also. We've added around 1,000 bed capacity in the financial year of FY 2026, and even then, we have been at a steady margin of upwards of 24% for the whole year is concerned. We feel that in fact, from this financial year EBITDA margins, next financial year EBITDA margins should actually be better. Similar story would also be seen as far as our revenue growth is concerned. This full financial year, we've grown somewhere close to 36% in the revenue YoY. We feel that in FY 2027, we would surpass this 36% YoY revenue growth. A follow-up on that. When do we expect a breakeven for this New Delhi and Faridabad hospitals approximately? Both these hospitals are doing fantastically well. To be very honest, it has gone beyond our expectations. Probably the Faridabad unit, Sector 20, I think that's probably the first hospital would be in our group, which will be obviously breaking even in a month or probably 10 or 11 months maximum. Where Delhi is concerned, Delhi will take probably close to around 14 to 15 months. I think both these two hospitals combined together, you will see in this FY 2027 H2 that both these two hospitals would be EBITDA breakeven. Okay. Can I ask one last question? I just want to understand where are we in the cycle of our brownfield additions. Have you started construction, or exactly where are we? Is that taking a backseat with all the new beds coming in with the brownfield additions, or where is it at the breakout exactly? We have commissioned the Greater Noida Hospital brownfield expansion plans. We have just finalized the structural drawings, and the basic construction work has also started. As far as the Noida Extension is concerned, a similar phase is there. It's not that we have deliberately slowed it down. It's just that we feel that when we were adding new beds in the other parts of NCR, that became a first priority. However, the legal formalities and everything have now been completed for both these hospitals. We feel that at the right time, because both hospitals still have some occupancy ramp-up yet to be seen. By the time we will have these brownfield capacity with us is when we will actually be requiring them. As far as those two brownfield hospitals plans are concerned, it's pretty much on track. Okay. Thank you. I will come back. Thank you. The next question is from the line of Nilay Parekh from Perpetuity Ventures LLP. Please go ahead. Hello, everyone. I'm having two questions. First is that can I get ARPO in the occupancy percentage across all the units? My second question is, what is the outlook for the better days by the end of FY 2027? Thank you. Yeah. We have a overall blended occupancy of 17% in the quarter four. With the kind of a new hospital adding wing and having enough headroom there, as we explained in the earlier question as well. The Model Town hospital, which has been recently opened in this financial year, having an occupancy of 32% on the census bed of 100, with a capacity of 300 beds On the Faridabad new one having an occupancy of 52% with the census bed of 100, having a capacity of 400 beds. Agra having an occupancy of 52% on the census of 110 with a capacity of 250 beds. Greater Noida having an occupancy of 76% with a census of 330 and a capacity of 400 beds with a further expanded, as explained from the brownfield expansion. Noida One, we have an occupancy of 86% with a census of 215, with a capacity of 250 beds. Noida extension, we have occupancy of 16% with the census of 390 beds, with the total capacity of 450 beds, with the further expanded capacity in the brownfield project. Jhansi-Orchha, we're having an occupancy of 86% with a census bed of 250, with the full capacity of 305 beds, and the greater Faridabad, the old Faridabad hospital, having an occupancy of 69% with a census bed of 150, with a capacity of 200 beds. The overall occupancy is around 71% in Q4 with a year-end of 68% in totality. Okay. Thank you, sir. Also my second question was regarding this outlook for the debtor days by the end of FY 2027. Thank you. Sir, as we informed earlier, for FY 2025, we clocked debtor days of 124 debtor days. This year, that is FY 2026, we had a debtor days of 112 debtor days. This is by driving process efficiencies and controls and by reducing time to dispatch the bills and upload through outsourcing the same. For FY 2027, the outlook, 10 to around 90-95 days. We are aiming for 90-95 days for FY 2027. Okay, thank you. Thank you. Thank you. The next question is from the line of [Dikshant Gupta] from Geojit PMS. Please go ahead. Hello. Yeah. Just one question. What is the payer mix for FY 2026 versus FY 2025? Payer mix. The payer mix is almost the same. Only thing is it's 2%-3% down. The government payer is around close to 35% and the remaining is the cash and TPA. As we had mentioned in our previous discussions, efforts are going on to reduce it by and close it to around 25% in next probably two financial years. Yeah, I think in the next two finances- I'll add Sorry, can I just add you therefore, that if you look at it in any of our hospitals, the government business percentage are very low, and that's what we are keeping control on it. Existing one also, we are very selectively choosing it. When the Sector 20 Faridabad has started and the Model Town hospital has started and the Gurugram hospital is starting in two quarters, the government business in those hospitals, we are not expecting more than 10%-12% within two years. This is where the overall pie of the government business will come down when the impact of these newer hospitals increases as far as the revenue contribution is concerned. We're able to do it because today we are being joined by most reputed and clinical star doctors within those cities who are bringing huge clientage of private insurance and self-pay patients, as well as international patients, which now we can cater to at a large scale because we have those treatments which are required for international patients, something which we were not having four, five years back. This is how we are very confident and already being reflected in the numbers of new hospitals, that in two years down the line, the government business should be somewhere around 25%. Okay. Thank you so much. In the 35% government mix that you said, majority CGHS? It's basically three themes. It's CGHS, ECHS, and ESIC. The rates of all these are sort of CGHS rates. It varies hospital to hospital, but it's difficult to say overall what is it. Some of the hospital has a CGHS higher percentage. One of the hospital, just because it's the largest ECHS society, has the ECHS patients some more. It's largely on a similar front. That means most of the rates are linked to CGHS rates. Yes. Okay. Last question from me. Are you seeing any dip in international patients in Q1 FY 2027 due to the West Asia crisis? Yeah. Overall, we saw that whatever happened in last three, four months, there was a dip across the industry. We believe that some of the, particularly for India, like Bangladesh was closed, Afghanistan was closed, Middle East has got affected. We believe that coming quarter, I think these things will get over, and we'll be benefited largely. Our efforts are very much into it. In fact, we are very strongly focused on the African market. We have sent our very senior resources in those countries. Two, three medical centers are getting operated. They'll start very soon. There are some of the initiatives which we took in the last financial years. I think these are getting matured. We are getting a substantial inflow from those regions. Yes, we feel that the next quarter, coming quarter, I think, the numbers will be much better. Okay, thank you so much. Thank you. The next question is from the line of Deven Sangoi from Canara HSBC Life. Please go ahead. Hi, good morning. Thanks for my question. Could you quantify the CGHS rate benefit which we would have booked in FY 2026 and Q4? Yeah. There's an upside of around 5% in our overall business with the revised guideline by the government, which was come in the month of December. From December onwards, if we see, each month-on-month, we have benefited 5% in the overall revenue for the increase in the rates is concerned and around more than 3% of that has flown to the EBITDA as far as that is also concerned. Okay. Roughly to say on a base of about INR 1,200 odd crores, so maybe INR 60 crores-INR 70 crores would be the benefit in terms of the overall revenues for FY 2026. Of course, that happened from December onwards. Right. The real impact you will see would be from this year. I think from Q3 and Q4 majorly, Q3 second half and Q4 majorly is where the 5% increase you will see. Complete effect of 5% was come only in the Q4 quarter of FY 2026, for the complete effect of 5% will come in the next financial, that is FY 2027. Okay. My second question is on the oncology side. Some of our peers have sort of reported disruption with regards to the chemotherapy drugs and there has been some price control and some conflict. Have we seen any impact at all in terms of our volumes or numbers? There has been an impact, it's not a huge impact as far as we are concerned. If you see at a group level, oncology contributes to 10% of our overall revenue. What we have measured is certain oncology drugs, the pricing had been capped. As far as those impact is concerned, within that 10% oncology revenue, we see somewhere an impact of close to 20% or to 30% of the pricing within that 10% of oncology. It's not that we have stopped those drugs completely. We do also understand that the substitutes of drugs are not that straightforward and not that easily available. We have been seeing a marginal impact. For that also, we feel that going forward this year as far as because of the revision of the CGHS rates, still the pie of oncology revenue will still continue to grow for us. Still for oncology, if you see, there are certain of our hospitals that we have recently started oncology and oncology machines like the radiation oncology still going to start soon in the sector Faridabad 20 is concerned, for the Model Town, New Delhi, is concerned. For us, the oncology revenue will still continue to increase. There's a very marginal impact that we've seen because of the new government policy that has come up. Further, as I already mentioned, like I said, we have not stopped it. Some of the patients bringing medicines from CGHS, e-CGHS dispensary. We are also doing parallel exercise to minimize the impact. There are also other streams in oncology like radiation oncology, surgical oncology and bone marrow transplant, we are focusing more. Okay. Thank you. Thank you. I request to all the participants to kindly limit their questions to two per participant. Should you have a follow-up question, please rejoin the queue. We'll take the next question from the line of Surya Narayan Nayak from Sunidhi Securities. Please go ahead. Yeah. Hello, everyone. Am I audible? Yes. Yes. I want to ask a couple of questions. With the acquisition of the hospital in Gurgaon, what kind of specialty mix are you targeting for this facility? Gurgaon, if you see any of our hospital, completely tertiary and quaternary care services which we would be offering and the same for Gurgaon. We believe that Gurgaon is a very competitive market as well, but at the same time, it has a huge potential catchment. Right. We have to have a very tertiary and quaternary care facility in Gurgaon. Okay. Could you elaborate on the estimated timeline you are targeting for this Gurgaon facility to reach breakeven? Additionally, it could be helpful to understand the expected mix both from a specialty perspective and from a payer mix standpoint. I think that Gurgaon will be up in the next 13- 15 months' time. Right. As far as mix is concerned, that definitely will be more on the self-payer and the insurance business. As we mentioned just now, that we want to have a tight control on the government side of business on it. Similar expectations to breakeven would be somewhere around 15 months from the date it gets operational. We are quite confident it should be on our books from the first day of the very new financial year is concerned. Okay. That sums up. Thank you. Thank you. The next question is from the line of Archit Aggarwal from StepTrade Capital. Please go ahead. Mr. Archit Aggarwal, please proceed with your questions. I have unmuted your line, sir. As there is no response, we will move on to the next question from the line of Vidhi Shah from C.R. Kothari & Sons. Please go ahead. Good morning, sir. I would like to know what is the current loss that we are incurring from the new hospital, and when do we expect the earnings to be visible? Losses. Among the entire pie at the Model Town New Delhi, we have a EBITDA loss of INR 21 crore. Similarly, in the Faridabad new hospital, which has started in this year, having a EBITDA loss of INR 9 crore. Overall, the percentage of the EBITDA drag is around 2% in the overall pie in the net losses. As we said about it, in the H1, nearly around 12 months to 15 months, we will be able to have a breakeven of the EBITDA to be kind of a spot on the entire one. Okay. For Agra itself, it is contributing around 18% itself. It's a profitable hospital, and it is contributing EBITDA margin. It is having an EBITDA margin of already 18%. When we acquired the hospital, it was already breakeven. It's not EBITDA drag for us. All right. That's wonderful. Finally, revenue and margin guidance for FY 2027, 2028? We already have said that we will surpass the growth that we have shown this year as far as both the EBITDA and as far as the top line is concerned. Thank you, sir. Thank you. The next question is from the line of Rushikesh Bhoi from Purnartha Investment Advisors. Please go ahead. Yeah. Good morning. I have one follow-up question, which is towards our brownfield expansion. What is the cost per bed for Greater Noida and Noida extension expansion? Is there any cost escalation down the line due to uncertainty in current energy prices? I think the cost for both these two hospitals, brownfield expansion is concerned, is somewhere around INR 75 lakhs CapEx per bed. That is because we have already acquired land, so that does not include the land. Also because certain machines and certain things are already there in the towers which are already running. That's why the CapEx per bed would be around INR 75 lakhs per bed, and there's no escalation in the cost that we expect there. Okay, thanks. Thank you. The next question is from the line of Satyam Kumar from JM Group Financial Family Office. Please go ahead. Thanks for the opportunity. Sir, just wanted to know, what's the current status of the income tax issue, where we are sitting right now? Income tax issue is almost at its final leg of conclusion. If you go through the audit notes of this fiscal year's balance sheet also, we have closed certain years. Certain years' audit has come. The company has looked into that and do not see any major financial liability or any large cost as far as that is concerned. For the complete case audit to be out there, we feel that before the end of quarter two for this financial year is somewhere when the whole matter would be resolved. Today, as far as we're concerned, there's no financial liability or any impact as far as our operations or any financial operations are concerned. There has been no FDs or any assets that has been provisionally blocked or frozen. Everything is free for the company to be utilized as per our wishes. Understood. Just one last thing. Sir, is the margin profile of procedures conducted under different government schemes are different? Like margin profile, is it the case? If you look at the CGHS, ECHS, and ESIC, the margin profile is sort of similar as far as these three schemes are concerned, because the pricing is same. They all follow CGHS rates. As far as Ayushman is concerned, that is where the margin profile differs. It tends to be much lower. However, Ayushman is something that we. No, sir. I was actually asking the margin profile of the different procedures, like the margin profile which a cardiac procedure will give, is the same for neurology or the nephrology under government scheme. Is the margin profile different and for the different procedure under the same government scheme? Yeah. Do we focus on conducting high margin procedures under government scheme? Is it the case? That's all the questions I have. The margin profile definitely varies within the government scheme as well. It depends on what procedures you are applying. If it's a surgical procedure, margins are different. If it's a conservative, the margins are very different there. What is the second question? For example, oncology tends to have a better margin than compared to, let's say, any other procedures within the government scheme as well. Does cardiac procedures. Yes, we also selectively sometimes try to focus on high margin specialties even within the government profile. Again, that depends on, let's say, we are starting a hospital in particular regions, and we have a bed capacity, maybe you need those numbers to fill the beds. I mean, that's a journey, right? As you get matured, as your occupancy gets filled, you try to be a bit more selective and the control is over the business. Understood. Sir, ARPOB for Agra hospital? Agra is giving close to around INR 26,000, INR 27,000 ARPB, which from that region is quite good. Okay. That's it, sir. Thank you for patiently answering my question. Thanks. Thank you. The next question is from the line of Akshat Mehta from Seven Rivers Holdings. Please go ahead. Okay. Just one clarification you gave earlier. What was that? 26,000. 26,000. Okay. My other question was on the CGHS benefit as well, you said that 5% on the revenue front and 3% on the EBITDA front, right? A couple of calls back, in FY 2027, we had estimated that the revenue impact will be 2.5% and it will be 1.75% on the EBITDA front. Has the benefit gone up? Because 5% and 3% are for a few things, we should accordingly take it for the full year? The benefit always as far as the CGHS thing is on the overall business has been similar. The benefit of CGHS on the purely government business, if you compare on that percentage tends to differ. Probably, that is where the different numbers might be in your. Those are numbers that you are quoting, 4.5% and 1.7%. 4.5% was for the full quarter, and that's the same that we are quoting now also. 1.7% was in the quarter when the price increase was implemented. We did not get the benefit for the full quarter. That's why the benefit for that quarter was 1.7%. The benefit also happened in a stage where certain schemes were first implemented, the rate revisions. Certain schemes took more time. Now as far as the full implementation of the rate revision has been done across CGHS, ECHS, and ESI. That's where in our overall calculation, we feel it should contribute 5% to our overall revenue. Okay. Sir, my next question is, if you look at your balance sheet, sir, there's been a big jump in your other assets, financial assets and other current assets. Why is that? There is a transition of books of accounts as per the Ind AS. These are FD parked in the other financial assets. That's the only reason you're getting upside in the numbers as compared to the last year. In the last week of the financial year, we have good collections in hand from the different payers. We have parked the funds temporarily into these FDs so that we can get the best returns from that. Okay. Thank you. Thank you. The next question is from the line of [Gopal Bhatt] from Baroda BNP Paribas AMC. Please go ahead. Hello. Hi. Thank you for taking my question. I wanted to just check. I was having a look at the strategy slide in the deck, and I see that you have sort of emphasized the cluster-based approach in Delhi. I just want to check that how do you view the competitive dynamics in the overall market, given you have much larger players in the market as well? Something related that, what is the differentiation in the strategy of Yatharth versus other peers? When we talk about cluster-based approach, we sort of tend to become the largest player in the areas of our core operations. Similar to what happened in Noida, we have already proven that with three hospitals. These are sort of different micro markets within the same city, and this is what we're doing with Faridabad. The two hospitals in Faridabad and the three hospitals in Noida are each located sort of 20 km from each other. We tend to cater to different micro markets within that same city. However, that gives us the upper hand in that brand building within that city is concerned. Today when we are trying to track start our hospitals in Faridabad, having two hospitals on different sides of the town, each cater to different micro markets within that city, helps us to have that talent on board. Within the Delhi region also, within the Gurugram region also, this is the same approach that we will follow. What makes it sort of different in the sense that we identify micro markets which are sort of unmet within NCR and the regions beyond. There's still a lot of areas which a city might have a lot of hospitals, but within those cities, the other areas are still upcoming areas which are coming up with population, with higher level society that we are identifying. Sort of that helps us to move early into those regions and build a bigger brand within those cities are concerned. It's just not that hardcore NCR is what we're looking at. Our UP cluster, which has started to seed from Agra, still has huge potential. Does Haryana beyond just Gurugram. We would be looking at a much bigger market across North India, and we feel there are assets available to acquire. Some might not fit the certain other players who might be looking for let's say a bigger land parcel, bigger size for a hospital. Sometimes for us, it might be okay as far as that size is concerned. Some other players that you mentioned might be already be present in those areas, but for us, it could be a good entry to those areas. These are the things which have sort of helped us to make these acquisitions, and that's why we're quite confident of surpassing our target of 5,000 beds over the next years. I think we should be there much earlier. Okay. Sir, sorry, the second part, or if I could just follow up that what is the differentiation in our offerings versus other players in Delhi NCR, given it is fairly competitive? Healthcare has a huge scope within Delhi NCR is concerned. Cities of Noida, Gurugram, Faridabad, and even Ghaziabad and other parts of Delhi are still growing massively in population. In fact, they're still far from saturation. There's enough space for quality hospitals, for quality clinical talent to establish themselves. Something that has helped us in the past is that we have been a very doctor-friendly organization. We have been able to attract clinical talent based on that approach. We have not typically followed the concepts of P&L-driven, corporate-led organizations where clinicians are giving targets to perform certain numbers. We've always provided an easy environment for the clinical talents to join us, and that is the reputation that we have created, and that is the reason why a lot of other clinical talents today want to join us when we are going to the new areas. As far as infra is concerned, still it's at par with all the other players in the region. As far as certain of our new hospitals, we are trying to create a much more boutique hospital environment where, sometimes these days when patients are going to big massive hospitals, they feel lost. With the much more patient-centric approach, with the same clinical talent and a much more customized boutique hospital experience, is where we feel that we are filling the gap within the metro cities, within the regions which might have certain bigger players 10, 20 minutes from us. This is the gap which we are trying to also fill within the capital and metro cities that we are operating. Okay. Thank you. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I will now hand the conference over to Mr. Yatharth Tyagi for closing comments. Thank you, and over to you, sir. Thank you, everyone. Thank you for joining the conference call for this financial year 2026, and we appreciate your questions. Thank you. Thank you, members of the management. On behalf of Antique Stock Broking Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your line. Thank you. Okay.