Asarfi Hospital Q1 FY27 Results (BSE: 543943)
Signal: Growth reaccelerated
The read
The key inflection is a return to YoY EBITDA-margin expansion at 19.90%, up 31bps after two consecutive quarters of contraction, while revenue growth remains substantial at 33.2%; however, rising receivables of ₹6,474.21 lakh and a sequential cash decline to ₹817.80 lakh temper the quality of the growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹47.53 Cr | +33.2% | +5.1% |
| EBIT | ₹6.88 Cr | +72.0% | |
| Net profit | ₹4.27 Cr | +36.7% | |
| EPS | ₹2.17 | +36.5% | |
| EBIT margin | 19.90% |
P&L walk
Revenue increased 33.2% YoY to ₹4,753.41 lakh, gross margin expanded 123bps to 77.19%, EBITDA margin improved 31bps to 19.90%, and PAT grew 36.7% to ₹426.72 lakh despite lower other income.
Segments
The company reports only one segment, Hospital; the subsidiary effect was immaterial, with consolidated PAT of ₹426.72 lakh versus standalone PAT of ₹426.84 lakh.
Key positives
- Consolidated revenue reached ₹4,753.41 lakh, growing 33.2% YoY and 5.1% QoQ, although the filing does not provide hospital operating KPIs.
- Gross margin improved 123bps YoY to 77.19%, while EBITDA margin recovered 31bps YoY to 19.90% after two quarters of YoY contraction.
- PAT increased 36.7% YoY to ₹426.72 lakh despite other income declining 60.1% YoY to ₹56.59 lakh, indicating that profit growth was not driven by treasury income.
- EPS rose 36.5% YoY to ₹2.17, closely tracking PAT growth.
Key concerns
- Trade receivables increased to ₹6,474.21 lakh from ₹5,412.16 lakh at 31-Mar-26, while operating cash flow was ₹348.01 lakh versus PAT of ₹426.72 lakh.
- Finance costs rose 65.8% QoQ to ₹116.92 lakh, and net debt increased to ₹4,661.83 lakh from ₹4,450.06 lakh at 31-Mar-26.
- The filing does not disclose occupancy, ARPOB, case mix, bed additions or other hospital KPIs needed to distinguish volume-led growth from pricing or mix-led growth.
Research and educational content only. Not investment advice.