Asarfi Hospital Ltd (543943)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Asarfi Hospital's revenue was ₹47.5 Cr (+33.2% year on year, +5.1% on the previous quarter), and net profit ₹4.3 Cr (+36.8% year on year); the operating margin was 19.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹47.5 | +33.2% | +5.1% |
| Operating profit | ₹9.5 | +35.3% | +22.4% |
| Net profit | ₹4.3 | +36.8% | +8.9% |
| EPS (₹) | 2.17 | +36.5% | +9.0% |
| Operating margin | 19.9% | — | — |
📢 Recent Corporate Announcements
CRISIL Ratings has upgraded the long-term bank facilities of Asarfi Hospital Limited to 'CRISIL BBB/Stable' from 'CRISIL BBB-/Stable' and assigned a short-term rating of 'CRISIL A3+'. The rated bank loan facilities have also been enhanced to ₹60 crore from ₹46.5 crore. The upgrade is driven by a 32% increase in ARPOB, improved cancer unit occupancy from 30% in FY25 to 42% in FY26, and operating margins holding steady at 20-21%. Net cash accruals grew to ₹28 crore in FY26 compared to ₹23 crore in FY25, supporting a comfortable capital structure with debt-to-equity below 1x.
- Long-term credit rating upgraded to CRISIL BBB/Stable from CRISIL BBB-/Stable; short-term rating assigned at CRISIL A3+
- Total bank loan facilities rated enhanced to ₹60 crore from ₹46.5 crore
- Cancer unit occupancy improved to 42% in FY26 compared to 30% in FY25, alongside a 32% rise in ARPOB
- Net cash accruals increased to ₹28 crore in FY26 from ₹23 crore in FY25, with interest coverage at 8.43 times
- Operating income reported at ₹170.31 crore in FY26 vs ₹121.39 crore in FY25, with gearing at 0.58 times
Asarfi Hospital Limited's Board of Directors has approved the migration of the company from the BSE SME platform to the BSE Main Board, along with a proposed direct listing on the NSE, subject to shareholder and regulatory approvals. The company has scheduled its 21st Annual General Meeting (AGM) for September 18, 2026, with the e-voting cut-off date set as September 11, 2026. Additionally, the Board re-appointed Director Gopal Singh (retiring by rotation) and approved the appointment of Ashutosh Kumar Sinha & Co. as Cost Auditor for FY 2026-27.
- Approved migration from BSE SME platform to BSE Main Board and proposed listing on NSE, subject to shareholder approvals
- 21st Annual General Meeting (AGM) scheduled for Friday, September 18, 2026
- Book closure fixed from September 05, 2026 to September 18, 2026; E-voting cut-off date set to September 11, 2026
- Appointed M/s Ashutosh Kumar Sinha & Co. as Cost Auditor for F.Y. 2026-27
Asarfi Hospital Limited has scheduled its 4th Board Meeting for FY 2026-27 on Tuesday, August 25, 2026. A key strategic agenda item is considering the proposal to migrate from the BSE SME Platform to the BSE Main Board alongside a proposed listing on the NSE. The Board will also approve the FY26 Directors' Report and propose convening the 21st AGM on September 18, 2026, with book closure set for September 5 to September 18, 2026.
- Board meeting scheduled for Tuesday, 25 August 2026 at 11:00 A.M.
- Board to deliberate on migrating from BSE SME to BSE Main Board and listing on NSE
- Proposed 21st AGM date set for Friday, 18 September 2026 at 12:00 Noon
- Book closure proposed from 5 September 2026 to 18 September 2026 for AGM purposes
Asarfi Hospital reported a strong performance for Q1 FY27 with consolidated revenue growing 33% YoY to ₹47.53 Cr, which accounts for approximately 27.6% of its TTM revenue. Profitability showed significant improvement as PAT rose 37% YoY to ₹4.27 Cr, supported by a healthy EBITDA margin of 20%. Growth was driven by a 44% surge in OPD revenue and improved realizations, with the Cancer Unit achieving a high ARPOB of ₹31,892. The company continues its trajectory toward expanding its total capacity to 500 beds by March 2026.
- Consolidated revenue increased 33% YoY to ₹47.53 Cr for the quarter ended June 30, 2026.
- Net profit (PAT) grew 37% YoY to ₹4.27 Cr from ₹3.12 Cr in the corresponding quarter of the previous year.
- OPD revenue grew by 44% YoY, while IPD revenue increased by 31% YoY, indicating strong patient volume growth.
- Average Revenue Per Occupied Bed (ARPOB) reached ₹31,892 for the Cancer Unit and ₹23,498 for the Super-Specialty unit.
- EBITDA margin remained stable at 20%, driven by high-acuity specialties including Cardiology and Neurology.
Asarfi Hospital reported a strong start to FY27 with standalone revenue growing 33% YoY to Rs 47.34 Cr. Profit After Tax (PAT) also increased by 33% to Rs 4.27 Cr, maintaining a steady PAT margin of 9%. Growth was primarily driven by a 44% surge in OPD revenue and a 31% rise in IPD revenue, supported by improved realizations in high-acuity specialties like Cardiology and Oncology. The company maintained an EBITDA margin of 20%, reflecting operational efficiency despite scaling.
- Standalone Revenue from operations increased 33% YoY to Rs 47.34 Cr in Q1 FY27
- EBITDA grew 34% YoY to Rs 9.42 Cr with a stable margin of 20%
- OPD revenue showed significant momentum with 44% YoY growth compared to Q1 FY26
- ARPOB for the Cancer Unit reached Rs 31,892, outperforming the Super-Specialty unit's Rs 23,498
- Basic and Diluted EPS for the quarter improved to Rs 2.17 from Rs 1.62 in the year-ago period
Asarfi Hospital reported a strong Q1 FY27 with consolidated revenue growing 33.2% YoY to Rs 47.5 Cr and PAT increasing 36.7% to Rs 4.3 Cr. The Super-Specialty unit saw a 21% YoY increase in ARPOB to Rs 23,498, despite a slight dip in occupancy to 59% due to bed additions. The Cancer Hospital unit showed significant improvement in occupancy, rising to 56% from 42% YoY. The company is on track for its 500-bed expansion target by March 2026, supported by a 28% increase in total surgery volumes.
- Consolidated Revenue grew 33.2% YoY to Rs 47.53 Cr in Q1 FY27
- PAT increased by 36.7% YoY to Rs 4.27 Cr, maintaining a 9.0% margin
- Super-Specialty ARPOB rose 21% YoY to Rs 23,498 from Rs 19,398
- Cancer Hospital occupancy improved significantly to 56% from 42% YoY
- Total surgery count increased by 28% YoY to 1,980 procedures
Asarfi Hospital reported a strong Q1 FY27 with revenue growing 32.7% YoY to ₹47.34 Cr, driven by its dominant position in the Dhanbad region. Net profit increased 33.4% YoY to ₹4.27 Cr, maintaining a steady net margin of approximately 9%. However, trade receivables surged to ₹64.65 Cr, representing nearly 1.4x the quarterly revenue, which highlights ongoing working capital pressure from government scheme tie-ups. The company continues its transition toward a 500-bed capacity, evidenced by a 125% increase in Capital Work-in-Progress (CWIP) since March 2026.
- Revenue from operations increased 32.7% YoY to ₹47.34 Cr from ₹35.66 Cr in Q1 FY26.
- Net Profit (PAT) grew 33.4% YoY to ₹4.27 Cr compared to ₹3.20 Cr in the same period last year.
- Trade Receivables rose significantly to ₹64.65 Cr from ₹54.07 Cr as of March 31, 2026.
- Capital Work-in-Progress (CWIP) increased to ₹3.97 Cr from ₹1.76 Cr, indicating ongoing facility expansion.
- Employee benefit expenses rose 36% YoY to ₹7.86 Cr, reflecting increased clinical and support staff for scaling operations.
Asarfi Hospital reported a strong start to FY27 with revenue from operations growing 32.7% YoY to Rs 47.34 Cr. Net profit for the quarter rose 33.4% YoY to Rs 4.27 Cr, maintaining a steady margin profile. However, trade receivables increased significantly by Rs 10.58 Cr during the quarter to reach Rs 64.65 Cr, reflecting the company's known challenge with elongated collection cycles from government schemes. Capital Work-in-Progress (CWIP) increased to Rs 3.97 Cr, signaling continued progress on the planned expansion to 500 beds.
- Revenue from operations increased 32.7% YoY to Rs 47.34 Cr compared to Rs 35.66 Cr in June 2025.
- Net Profit after tax grew to Rs 4.27 Cr, up from Rs 3.20 Cr in the corresponding previous quarter.
- Trade receivables spiked to Rs 64.65 Cr as of June 30, 2026, up from Rs 54.07 Cr in March 2026.
- Capital Work-in-Progress increased by 125% to Rs 3.97 Cr from Rs 1.76 Cr in the previous quarter.
- Basic and Diluted EPS improved to Rs 2.17 for the quarter from Rs 1.62 YoY.
Asarfi Hospital has scheduled a board meeting for August 7, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. This follows a strong FY26 where the company reported revenue of Rs 174 Cr and a PAT of Rs 17 Cr. Investors will be looking for the impact of the planned capacity expansion from 315 to 500 beds, which was targeted for completion by March 2026. The results will also provide clarity on the progress of the multi-organ transplant unit partnership with Gleneagles Hospital.
- Board meeting scheduled for August 7, 2026, to approve Q1 FY27 results
- Company reported FY26 revenue of Rs 174 Cr, a ~50% increase over FY25
- Targeted bed capacity expansion to 500 beds by March 2026 is a key monitorable
- Operating profit margin (OPM) stood at 20.0% for FY26
Asarfi Hospital has set an ambitious long-term revenue target of ₹400 crore by FY2028, a 132% increase over its current TTM revenue of ₹172 crore. The company is diversifying its healthcare ecosystem by bidding for a 100-seat Medical College under a PPP model and evaluating the acquisition of a 70-bed regional hospital. Management is also preparing for migration from the SME platform to the Main Board, which could enhance liquidity and institutional interest. Key growth drivers identified include Cardiology, Oncology, and Neurosurgery, supported by a planned Bone Marrow Transplant facility.
- Targeting ₹400 crore revenue by FY2028, compared to the current TTM revenue of ₹172 crore
- Evaluating the acquisition of a 70-bed hospital to strengthen regional presence in Jharkhand
- Bidding for a 100-seat Medical College under the Public-Private Partnership (PPP) model
- Planned expansion to 500 total beds by March 2026, up from the current 315-bed capacity
- Initiated preparatory activities for migration to the Main Board of the stock exchange
Asarfi Hospital Ltd has scheduled a virtual meeting with analysts and institutional investors for July 24, 2026, from 4:30 P.M. to 5:30 P.M. IST. The meeting, organized by Hem Securities Ltd, will focus on the company's performance and investor presentation for the quarter and year ended March 31, 2026. This is a standard procedural engagement aimed at providing clarity on previously disclosed financial results. No new material financial information is expected beyond the existing FY26 disclosures.
- Virtual meeting scheduled for July 24, 2026, at 4:30 P.M. IST
- Organized by Hem Securities Ltd as a group webinar
- Discussion will center on the investor presentation for the year ended March 31, 2026
- Meeting duration is set for 1 hour
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 43% YoY in FY25 to INR 121.94 Cr from INR 84.99 Cr in FY24. In H1 FY26, revenue reached INR 81 Cr, a 50% increase compared to INR 54 Cr in H1 FY25. The Super-Specialty segment saw ARPOB grow 17.2% to INR 19,839, while the Cancer Hospital ARPOB surged 149.4% to INR 41,401 in H1 FY26.
Geographic Revenue Split
Historically, 95% of revenue was concentrated in Dhanbad, Jharkhand. The company is diversifying, with the Giridih district now contributing 10% of revenue. The target is for Dhanbad to contribute 50% and four other districts to contribute 10% each.
Profitability Margins
PAT margin improved to 9% in H1 FY26 from 8% in H1 FY25. EBIT margin increased to 15% in H1 FY26 from 13% in H1 FY25. The company aims to further increase PAT margins to a range of 13-15% through higher bed utilization and specialized services.
EBITDA Margin
EBITDA margin stood at 20% in H1 FY26, a slight compression from 22% in H1 FY25. The FY25 EBITDA margin was also 20%. The compression is attributed to the ramp-up phase of the new cancer unit.
Capital Expenditure
The Cancer Hospital was established at a project cost of INR 74.46 Cr, funded by INR 12.22 Cr from IPO proceeds, INR 28.5 Cr in term loans, and internal accruals. Planned near-term CAPEX is limited to INR 3 Cr for equipment to operationalize additional beds, as civil infrastructure is already complete.
Credit Rating & Borrowing
CRISIL assigned a 'Crisil BBB-/Stable' rating to INR 46.5 Cr of bank facilities in October 2025. CARE Ratings moved the company to 'CARE BB+; Stable; ISSUER NOT COOPERATING' in September 2025 due to non-payment of surveillance fees and lack of information. Interest coverage ratio was healthy at 6.90 times for FY25.
Operational Drivers
Raw Materials
Medical consumables, pharmaceutical drugs, surgical implants, and laboratory reagents.
Capacity Expansion
Current capacity is 315 beds (250 in Super-Specialty and 65 in Cancer Hospital). Planned expansion will increase Super-Specialty capacity to 350 beds and Cancer Hospital capacity to 150 beds, totaling 500 beds by March 2026.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company maintains cost records as per statutory requirements.
Manufacturing Efficiency
Occupancy rate for the Super-Specialty hospital improved to 64% in H1 FY26 from 59% in H1 FY25. The Cancer Hospital recorded 44% occupancy in H1 FY26.
Strategic Growth
Expected Growth Rate
23%
Growth Strategy
Growth will be driven by expanding bed capacity from 315 to 500 beds, operationalizing the state's first multi-organ transplant unit through a partnership with Gleneagles Hospital Chennai, and increasing penetration in neighboring districts to diversify the patient base beyond Dhanbad.
Products & Services
Tertiary healthcare services including Neurosciences, Cardiology, Oncology, Obstetrics & Gynaecology, Neonatology, Paediatrics, Urology, Orthopaedics, Gastroenterology, and Burn & Plastic Surgery.
Brand Portfolio
Asarfi Hospital, Asarfi Cancer Institute.
New Products/Services
Multi-organ transplant services (Liver and Kidney) expected to launch following the MoU with Gleneagles Hospital Chennai signed on May 19, 2025.
Market Expansion
Targeting 10% revenue contribution from each of the neighboring districts including Giridih, Jamtara, Hazaribagh, Koderma, Bokaro, and Dumka.
Market Share & Ranking
One of the largest Super-Specialty players in the Dhanbad region and 1 of only 3 dedicated cancer hospitals in the state of Jharkhand.
Strategic Alliances
Memorandum of Understanding (MoU) with Gleneagles Hospital, Chennai for establishing a multi-organ transplant unit.
External Factors
Industry Trends
The healthcare industry in Tier 2/3 cities is evolving toward super-specialization. Asarfi is positioning itself as a regional hub for advanced care like oncology and transplants to capture demand currently moving to metros.
Competitive Landscape
Competes with local hospitals in Dhanbad and neighboring districts like Bokaro, though it maintains a lead in specialized infrastructure like the Cancer Institute.
Competitive Moat
The company's moat is based on being the first and only super-specialty provider in the Dhanbad region with a 20-year track record. This is sustainable due to high entry barriers for specialized medical infrastructure and established referral networks.
Macro Economic Sensitivity
Highly sensitive to government healthcare spending and regulatory pricing for central/state health schemes.
Consumer Behavior
Increasing preference for local super-specialty care over traveling to distant metropolitan cities for complex procedures.
Geopolitical Risks
Minimal direct impact as operations are localized in Jharkhand, India.
Regulatory & Governance
Industry Regulations
Operations are highly regulated by government health bodies, including pricing caps under CGHS and Ayushman Bharat, and compliance with the Companies Act 2013.
Legal Contingencies
No applications or proceedings are pending under the Insolvency and Bankruptcy Code (IBC) 2016 as of March 31, 2025.
Risk Analysis
Key Uncertainties
Geographic concentration in a single location (Dhanbad) and potential reputational risks associated with medical outcomes in a highly regulated sector.
Geographic Concentration Risk
Historically 95% of revenue from Dhanbad, Jharkhand; currently diversifying to neighboring districts.
Third Party Dependencies
High dependency on government agencies (Railways, ECHS, ESIC) and insurance TPAs for patient referrals and revenue.
Technology Obsolescence Risk
Risk is mitigated by recent investments in modern equipment for the new Cancer Hospital and Cardiac units.
Credit & Counterparty Risk
Elongated collection cycles from government departments and insurance companies, with some debtors exceeding six months.
