Yatharth Hospital & Trauma Care Services Limited (YATHARTH) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q1 FY '26 Earnings Conference Call of Yatharth Hospital & Trauma Care Services Limited, hosted by PhillipCapital PCG Desk. [Operator Instructions] Please note that this conference is being recorded. Let me draw your attention to the fact on this call, company's discussion will include certain forward-looking statements, which are predictions, projections or other estimates about future events. These estimates reflect management's current expectations about the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause company's actual results to differ materially from what is expressed or implied. I now hand the conference over to Mr. Aman from PhillipCapital India Private Limited. Thank you, and over to you, sir.

Thank you, [ Sudhi ]. Good morning, everyone. On behalf of PhillipCapital Private Client Group, I welcome you all to the Q1 FY '26 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 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 IR; and Mr. Sonu Goyal, Group Finance Controller. I now hand over the conference to Mr. Tyagi for his opening remarks, and we will then open the floor for the question-and-answer session. Over to you, Mr. Tyagi. Thank you.

Good afternoon, and a very warm welcome to Yatharth Hospital & Trauma Care Services Limited Earnings Conference Call for the quarter ended June 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 has been uploaded to the stock exchange and is also available on our website. We hope you've had a chance to review it. I'm pleased to report another quarter of stellar performance, achieving our highest ever revenue and profitability. Our revenue grew 22% year-on-year, while net profit surged by 38% year-on-year, reflecting the strength of our strategic initiatives and operational excellence. A key highlight this quarter was the Greater Faridabad facility, which turned net profit positive in quarter 1 within just 1 year of operations. It contributed INR 234 million in revenue, accounting for approximately 9% of our total revenue. This rapid turnaround underscores our capability to ramp up and optimize new assets effectively. Looking ahead, our new hospitals in New Delhi and Faridabad with a combined capacity of 700 beds will further accelerating growth from quarter 2 FY '26 onwards. The New Delhi facility was inaugurated in mid-July 2025, and the Faridabad facility is scheduled for inauguration in late August 2025. Both the facilities are being equipped with cutting-edge technologies, including robotic surgery, equipment and state-of-the-art diagnostic infrastructure. We are also onboarding leading super specialists, which will enhance our clinical strength and brand equity in these regions. The latest of which is pediatric cardiology team, which will be the first in Noida region, which is already taking great strides in the treatment of complicated pediatric cases. Our commitment to clinical excellence was demonstrated by several complex cases handled this quarter, such as an 11-year-old girl from Kazakhstan initially misdiagnosed with lymphoma was correctly diagnosed with [ thymoma ] at our facility. Our team successfully removed a 2.5 kg tumor through a combined sternotomy and thoracotomy. In another case, a [ 23-year-old ] woman with advanced lymphoma and multiple organ complications was treated with intensive care, dialysis, chemotherapy by our oncology team. She achieved complete remission and is now on maintenance therapy with no signs of recurrence of tumor. These cases highlight our clinical capabilities, advanced infrastructure and growing reputation as a leading coronary care provider in the region. We continue to focus on improving our case mix and payer mix, supported by strategic investments in super specialty services. We have made significant progress in our medical value travel initiatives. Recently, we have collaborated with the Children Heart Fund and Black Lion Hospital, the largest government hospital in Ethiopia, paving the way for a patient transfer program. We also conducted continued medical education program on IVF in Mauritius along with patient training to identify potential treatable cases. We are preparing to open an information center in Baghdad as well. Additionally, we are working with Chinor Medical Center in Tashkent to establish a representative office serving as a hub for medical value travel for countries such as Uzbekistan, Kazakhstan (sic) [ Tajikistan ], Turkmenistan and Kazakhstan. These initiatives are expected to drive medical value travel and contribute meaningfully to overall growth in the coming years, along with improvement in operating and financial metrics. We are also pleased to report the resolution of the Jhansi land issue during the quarter. The Commissionerate of Sagar Sambhag, Madhya Pradesh following the direction of Honorable High Court of Madhya Pradesh has set aside its earlier order challenging our ownership over the land. This outcome brings legal clarity, reaffirming our ownership and ensuring operational continuity. We are also in the process of transitioning our statutory auditors with our current auditors resigning in this Board meeting. We will propose the appointment of well-reputed firm, MSKA & Associates, a member of BDO International at the upcoming AGM. This, in line with our commitment to strong governance practices, underscores our vision for a strong and transparency to all our stakeholders. As we move forward, we remain focused on strategic expansion to strengthen our presence in North India, clinical excellence and continued investment in advanced medical technologies. We are confident that these efforts will continue to deliver superior health care outcomes and create a long-term value for all our stakeholders. With that, I would now like to hand over the call to Mr. Pankaj Prabhakar, our CFO, for a detailed financial update.

Good afternoon, everyone. I am pleased to report that Yatharth Hospital has continued its journey of accelerated growth, delivering a strong result for the quarter ended June 2025. During Q1 FY '26, we achieved a revenue of INR 2,578 million, reflecting a 22% Y-o-Y and 11% quarter-over-quarter growth. This performance was driven by higher occupancy rates as well as improvement in ARPOB, supported by our strategic focus on super specialty services and operational excellence. Our newer hospital lead the growth with Jhansi-Orchha hospital reporting a significant 63% year-over-year increase, contributing 7% of total revenue. The Greater Faridabad facility, which got operationalized in May 2024 has ramped up well and now accounts for 9% of total revenue. We witnessed a strong patient volume growth in the quarter. Inpatient volumes surged 27% year-over-year and outpatient volumes rose 20% year-over-year, reflecting the growing trust in our services and the effectiveness of our outreach and engagement initiatives. Our focus on high-value super specialty services has resulted in a 6% year-over-year increase in the ARPOB, reaching a record of INR 32,395 for quarter 1 FY '26. Notably, Noida Extension achieved an ARPOB of INR 39,830 with 70% contribution from super specialty services. Our Greater Noida facility reported an ARPOB of INR 38,377, up 9% year-over-year. Notably, oncology now contributes 17% of Noida Extension's revenue and 10% of the group's revenue, making a 49% year-over-year increase. On the profitability front, EBITDA rose 20% year-over-year and 13% quarter-over-quarter to INR 645 million, demonstrating 13th consecutive quarter of growth. EBITDA margin improved by 41 bps sequentially and stood at 25%. Despite higher depreciation due to ongoing expansion and investment in advanced medical equipment, our net profit has grew 38% year-over-year and 9% quarter-over-quarter, reaching to INR 420 million. Our balance sheet position stood healthy with a strong net cash position, providing us with the flexibility to capitalize on future growth opportunities as they arise. Looking ahead, we remain optimistic about sustaining our growth momentum in both revenue and profitability. Our strategic priorities will continue to focus on operational excellence, sustainable growth and capitalizing on emerging opportunities in health care 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.

[Operator Instructions] The first question is from the line of [ Amay Jain ] from Lucky Investment. As there is no response from the current participant...

Just a small correction. This is [ Saumil ]. That was the confusion. Congrats on a good set of numbers, sir. Can you lay out ARPOBs in the new hospitals and the status on the upcoming hospitals?

So for upcoming hospital, Delhi, as we have stated earlier, this will be -- ARPOB would be better than probably what at the -- current ARPOB of our flagship hospital, Noida and Greater Noida, which we are operating as of now. So that you can figure it out. For Faridabad, I would say that's going to be in a line of what Noida Extension is operating as of now. So this is what -- as far as ARPOB is concerned.

And as far as for the already started new hospitals, which was your earlier question, that is for the Greater Faridabad, the ARPOB that we currently have is around INR 3l,393 for the quarter 1. And as Mr. Amit Singh mentioned, the upcoming 2 new hospitals, which would be starting -- the Delhi hospital has actually started last month, and the Faridabad hospital will be starting late this month. We do expect ARPOB there to be more than our group average ARPOBs.

Okay. And what about Jhansi, sir? You mentioned there was 63% year-on-year growth. How much did the ARPOB rise here?

So Jhansi, as we have stated earlier as well, the Jhansi is going to be the remain on the ARPOB will not be a much change. Jhansi has a volume growth, right? So Jhansi will be in the line of close to INR 15,000. I think that is what I think we are reaching that INR 14,000 something -- INR 14,000 ARPOB as of now, I think. Yes, 13,500 something. So anything between closer to INR 15,000 to the best case scenario of INR 16,000, INR 17,000, that will be I think -- it will be a pleasing number for us.

Right. Okay. And 2 more questions, sir. One on the time line for the new hospitals, are we on track?

Yes, as I just mentioned that...

And secondly, on the margins for the full year, you mentioned you expect it to remain around the same levels as quarter 4 for the entire FY '26. Are we on track for that as well?

Yes. So the upcoming new hospitals, as I mentioned, Delhi has already started -- got operationalized. So its revenue will start flowing from the month of August as we speak. And the bigger hospital in Faridabad, the 400-bed hospital, we have planned to inaugurate it late August. So the revenue for those -- these 2 hospitals, you will start seeing from quarter 2 onwards. So we are pretty much on track for that. As far as the margins are concerned with the operation of these 2 hospitals, yes, we do expect these 2 hospitals, there would be a certain drag on the EBITDA margin compared to the whole of FY '25. But quarter 4 of FY '25 would be a right analysis to compare the margins and probably 1% up and down from the quarter 4 would be the right estimation for these 2 hospitals now starting for the overall group.

Okay. When do you expect these 2 new hospitals to reach breakeven, sir?

See, if we talk about -- if you look at Greater Faridabad hospital that got operationalized 12 months ago, that hospital has in the latest quarter, now become profit positive, so which is -- we feel is a good achievement for any hospital starting operations within 12 months of it. So we do expect probably these 2 hospitals to follow a trend somewhere around 15 months would be a right estimation for these 2 hospitals also.

The next question is from the line of Himanshu Mali from Wallfort PMS.

Congratulations for the good set of numbers. I have 2 questions. So my first question is what is the share of MVT now and how it will look in future? And the second question is the share of dialysis and chemotherapy now and how it will look in further quarters?

Okay. So as far as your first question is for the medical value-added tourism. So international patients is something that we have recently started catering to because if you look at Delhi NCR, international patients come for high-end treatments like oncology, radiation oncology, liver transplant, bone marrow transplants. These are the programs that we have just started over the course of last 1.5 years. As soon as we have started these treatments, we have seen a good flow of these patients now. As I mentioned in the commentary itself that we have tied up and opened up various offices across the CIS countries. There are some hospitals that we have tied up there. So we are seeing good step-up in the volume as well as the contribution of medical tourism is concerned. And your second question on the chemotherapy aspect, I think we would -- in a large way to generalize it, how we look at it in terms of oncology, because not just chemo, but the whole radiation oncology, the surgical oncology as well as the bone marrow transplant, we have placed strong emphasis on that. And we are quite happy to see that year-on-year, we have shown 50% growth in our oncology business. And oncology is now contributing close to 10% for the overall growth. We do expect this number to even go higher because I remind you that our upcoming hospitals, both the Faridabad as well as the Model Town Hospital within a few months will also be having radiation oncology. So these 2 hospitals will also act as oncology feeders for the whole group. And the 10% radiation oncology that is for the complete oncology that is today for the whole group can even grow around 15% in the next couple of years as far as the total payer mix is concerned.

The next question is from the line of [ Dhruv Maheshwari ].

[indiscernible] So just wanted to understand that the Greater Noida hospital, the occupancy has been -- for years has been around 65% (sic) [ 67%]. And Noida Extension also seems to be plateauing at an occupancy of 61%. So do you see a breakthrough in this? That would be my first question. Secondly, I wanted to understand that the Noida hospital had a 79% occupancy in quarter 4, has gone up to 86%, so quite a huge jump. So like what was the factors contributing to this? And have we been improving the payer mix as well? And the third would be on the other income and the tax increase.

So as far as your first question is concerned, Greater Noida and Noida Extension has occupancy almost similar what we had last year. But what you need to look at it as well, as Yatharth mentioned in the commentary about the IPD numbers, if you see, that has increased. So your [ ALOS ] has decreased. So we have treated more patients. However, because of the ALOS and that is a deliberate attempt. As we had said in the previous quarters, we are trying to sanitize our -- the payer mixes, right? So these are the impact of it. However, I think this percentage, we are very much satisfied with the Greater Noida with the 67% of occupancy and Noida Extension, the 61%. The totality numbers, if you see the IPD numbers, we have treated more. That's the first -- I mean, the answer of your first question. Second question is about Noida. Yes, Noida occupancy has increased, significantly increased. But the numbers, if you see, as we had mentioned earlier, the earlier number, if you see and now we see the cash TPA, Noida has done -- Noida is doing better. This was a deliberate attempt, as we have said earlier. So we are reducing a bit of dependency on the government, so the cash TPA. And then the specialty mix also has gone better. So this is what the thing. Third...

Yes. As far as your third question on the other income is concerned. So the other income that you see for this year is basically the interest the company has received on the certain FDs that we were having both from the QIP fund that we raised as well as certain internal accruals we had. So over the course of upcoming quarters, that will also be generalized. But for this quarter, yes, there was other income received due to the interest that we have received on the FDs.

Okay. So what is your payer mix currently?

So as far as the payer mix is concerned, as we have always maintained that we are reducing our government business, government business, which 1.5 years ago used to be somewhere around 40%. As we speak today, in the latest quarter of Q1, it is around 35%. And the remaining is equally divided between the cash as well as private insurance. With private insurance being a bit more in terms of the volumes, but in terms of the revenue, cash component might be a bit more. And we are seeing good growth in our international patient flow as well. We are quite confident that maybe with all these steps that we have taken in medical value tourism, with the airport opening up, with now these new leading star doctors on our board, we feel international payer mix can even touch close to double-digit numbers in a couple of years for the whole group.

That's good to hear. And just lastly, what is your net cash on the book?

So today, we would be upwards of around INR 300 crores. And when we closed the last financial, we were close to INR 500 crores. So the amount that has been spent has been on the equipment front in the upcoming 2 new hospitals of the Delhi hospital as well as the Faridabad hospital.

The next question is from the line of [ Harsh Shah ] from Seven Rivers Holdings.

A strong start to Q1. Sir, just wanted to reiterate, you mentioned that the impact on EBITDA from the 2 new hospitals, that is Delhi and Faridabad will be 100 bps, right? And it will get neutralized by Q4. So Q4 FY '26, we should be back to 25% EBITDA margin?

Yes. I think rather than seeing quarter-on-quarter, how we see it for the full year, we feel, as I early mentioned, EBITDA margin would be somewhere close to what we had in Q4, maybe 1% up and down. That's how we are looking at it. And Q1, we also saw a good EBITDA percentage as well as good EBITDA growth because the Greater Faridabad hospital has become also EBITDA positive. So the drag that the Greater Faridabad hospital had last year will not be having this year. So even though we have 2 hospitals operationalizing, we also have 1 hospital who is now turning EBITDA positive for the year.

Okay. And sir, how should we look at these 2 new hospitals in terms of -- if I look at Q4 FY '26 exit run rate, what kind of occupancy do we expect? And what kind of payer mix will this new hospitals have? Because I believe the government dependency might be low in this newly commenced hospital. So what kind of payer mix do we expect? What kind of occupancy do we expect, say, on Q4 FY '26 exit run rate basis?

So again, rather than quarter-to-quarter, how we feel is that after first year of operation, so technically, they are starting in Q2. So the right estimation would be a year from Q2. We do expect both these 2 hospitals to have an occupancy somewhere around close to 30% to 35%. And that's what our existing other new hospitals have also had. As far as the payer mix is concerned, yes, you're right, there would be a very less government business similarly to what we have already proven in the Greater Faridabad hospital because that's also a reason why the hospital has achieved good numbers because the dependency on government business is very low there. We have hired a lot of star doctors also in that region. So we do expect for these 2 hospitals on a similar line, maybe government business should not be more than 20%, 24% in these 2 hospitals going forward.

And sir, on FY '26 as a whole, do we still expect our ARPOB to increase by 10%, say, for FY '26 as well as FY '27 on a blended basis?

Yes. So it's not -- anything -- as we have said, anything between 8% to 10%, that's I think the ARPOB growth which we are looking at. So we have all the drivers. So I think we believe that I think this will be easily achievable.

And sir, last question, any update on the income tax investigation that you...

So as we were in Q4, the company is quite happy with the progress in the income tax matter. It is a status quo from Q4, that is [indiscernible], which is a very large subsidiary of the company, contributing close to around 40% of the revenue. The income tax audit is largely being completed. And there is a miniscule demand that has been arise. And in the coming time, we would be looking to pay that and settle that off. As well as for the whole remaining company is concerned, we do expect somewhere close to the end of this calendar year, that also will be completed. And as we have always maintained, before this closing of the financial year or somewhere close to the end of the calendar year, we would be completely looking to settle off the complete matter. And whatever amount that would be required at all would be -- company would be well capable of handling that, and it would be a very small amount that we were anticipating in that matters as well.

And if I can squeeze in just one last question. If you can share the status and time line on the brownfield expansion at our Greater Noida and Noida Extension hospitals?

Yes. So we have just started 2 new hospitals. That is the New Delhi hospital and the Faridabad hospital that we have just recently starting now this month. So the more focus was there in ramping up these 2 hospitals. Now that these 2 hospitals are started, we are shifting back our focus to finish up our brownfield expansion. Greater Noida hospital is already at a commencing infra stage. That means the construction is about to start for the digging of the basement, creating all the floors up. As far as Noida Extension is concerned, we are at finalizing stage for the maps for the whole building, both 200 and 250 beds will be added in these 2 hospitals. And the time lines remains largely similar, maybe 2, 3 months up and down. But however, for last quarter, we were more focusing on the Delhi and the Faridabad hospitals. The brownfield expansion is now again back into the focus for the quarter 2.

The next question is from the line of Sumit Gupta from Centrum.

Yes. So sir, first question is on the case mix. So I just want to understand like what is the trajectory over the next 2 to 3 years where we can see onco share rising from current 10% and medicine share declining. So can we expect that to increase?

Yes. So in fact, Sumit, you see the future trend is going to be, yes, onco definitely going to increase that. You see the other transplants and high-end procedures will increase, right? So definitely, in terms of the percentage, the internal medicine and conservative will be down, but not the absolute number, right, because as we are growing these things. But yes, this is the trend. It's more super specialty, particularly leading by the oncology going to be the [indiscernible]. As I said earlier, we are not a matured -- all these departments are not matured, Sumit, as of now. So as we said that quarter-on-quarter, in fact, every super specialty departments are growing, right? But yes, the faster growth coming from the oncology.

Yes, I'm talking from 2 to 3 years down the line, so a bigger picture. So in medicine, let's say, as of now, it is contributing around 20% -- 18% to 20%. So can it go to around 10%, 11% over the next [ 3 ] years [indiscernible]?

But I think that's internal medicine. Medicine is very, very important because medicine can feed all super specialty. So reducing medicine is also not a smart move, right? So we -- there has to be a good balance. So I believe that if medicine is contributing around 15% to -- close to 15%, 17%, I think that's a fairly good number, right, because that works as a feeder for super specialties.

Understood.

And [ 3 ] years down the line, what we are focusing is on improving on all the [ CONGO ] specialties, cardiac, onco, ortho and neurosciences.

Understood. And with respect to the depreciation, how should we look at it? Can we expect it to be at the same trend? Or should we see for the next...

So for next 2 years, as we are adding 2 more facilities, so that will definitely impact, but the impact is not so much. So we can assume around INR 20 million, INR 30 million impact quarter-on-quarter on a total basis.

Okay. And for the next 3 years, how much of cumulative CapEx you're...

Can you repeat the question?

Cumulative CapEx for the next 3 years?

So cumulative CapEx would be -- for the next 3 years would be in the tune of -- if you include both brownfield as well as greenfield, it would be in the tune of around INR 1,400 crores to INR 1,500 crores over the next 3 years.

And how much would be maintenance?

Maintenance is a low CapEx for us. Maintenance has actually not included in this. Maintenance for the whole year should be around INR 20 crores to INR 25 crores for us.

We have already ramped up our hospital in the recent past and all the kind of new equipment was already in place. Just a few civil work has to be there, as we mentioned about the brownfield expansion as well. So that's the only thing which will be coming up. The rest [indiscernible] in all the centers.

The next question is from the line of Nirali Shah from Ashika Stock Services.

I had a couple of questions. I just wanted to know, is there any update on the Ghaziabad greenfield opportunity? And you were also evaluating 2, 3 more cities. Has there been any progress on those fronts?

So as you are right, we are evaluating not just Ghaziabad, we are evaluating other opportunities within NCR, Ghaziabad, Gurgaon, outside NCR also big cities basically. And the company would be looking to add at least one acquisition for this year. Maybe it could be a greenfield land. It could be a stressed asset. The company is evaluating certain opportunities. And we remain confident for the remaining of the FY '26, we will be adding and closing one of these opportunities.

And what kind of investment are we looking at this number and the CapEx?

Yes. So for a greenfield, including the land, we are looking to add around 300 to 350 beds. And including land, I think the total CapEx outflow that we see is around INR 300 crores.

Okay. And just wanted to know the effective tax rate for the quarter is higher than usual. I guess it's around 28%. Are there any specific adjustments this quarter? Or should we still assume a full year ETR as guided earlier to be around 24%?

Basically, if you see the current tax rate is coming around [indiscernible]. And there is not an adjustment because there is a reversal. Earlier, there were deferred tax asset in our Ramraja Superspeciality Hospital that is located in Orchha, [ right now, they're deferred ] tax liability. That tune to total 28% of the overall percentage in the tax rate.

So on a full year basis, we can expect this to be...

No. It will come down to 25%, 26%.

Okay. Understood. And just a last one on the ARPOB. So this quarter it's around INR 32,395 and that is likely aided by Faridabad breakeven. The 2 new hospitals, we were expecting it to be around in the range of INR 33,000 to INR 35,000, correct?

It would be a bit more for the 2 new hospitals. It would be somewhere around 38,000 for those 2 new hospitals that New Delhi as well as the Faridabad hospital, the bigger Faridabad.

Understood. So that will kick in from second quarter?

Yes. Most -- big impact you will start seeing from Q3 onwards because we are midway of Q2 already and Faridabad is yet to start. So the big impact you should start seeing from Q3 itself.

So on a blended basis, say, for '26, what would be the ARPOBs? What is the number that we are building in?

See, no forward-looking number, but I can tell you, you can just correlate. As of now, you see the Greater Noida, Noida Extension is in the line of INR 40,000 -- close to INR 40,000 ARPOB, right? As you said that, that's Faridabad and Delhi would be doing -- Delhi would do a bit more and the Faridabad would be in the line of this thing. So this is what I think I can tell you as of now.

[Operator Instructions] The next question is from the line of Aditya [indiscernible].

Yes. So this is regarding the international patients that we are targeting. So as we add it to the double digits as a percentage of our total patient mix, will there also be any additional cost associated with the procurement of international customers?

No. So typically, as of now, we are a single-digit number. And then -- so what do you need? You need basically the good team. The team has already been added, right? So when you start doing your various information center -- you're setting up various information centers on different place. So there's all the OpEx, right? And then definitely, if you [indiscernible] international and you understand that the ARPOB is better. So right, I think that's only the OpEx will be this thing. There is no other CapEx neither even manpower cost has already been taken care of now.

Yes. And we do not see any impact on our profitability or EBITDA due to increase in the international patients. So technically, your question, it will not increase or change any of our parameters once the international business increases. In fact, it will better our ARPOB numbers because all the expenses mostly have been done in terms of hiring the doctors, getting those equipments in place and starting those treatments. Now just the volume has to grow.

Understood. So I was asking this question particularly because there is a competitor of ours in Gurgaon, who has a higher ARPOB because of international patients, but the EBITDA margin is very low than our EBITDA margins. So I was just afraid that if we are adding international, we might not fall back to their level of EBITDA margin.

The difference between that competitor and us is that we are not just single handedly focusing on international patients. Still 1/3 of the revenue comes from cash patients, 1/3 comes from private insurance and certain still comes from government. We will not make international patients' contribution to 1/3 of our revenue. So that's the difference. It will still be close to around 10%, which is how a lot of hospitals -- other hospitals also operate on.

The next question is from the line of [ Bhagwat ] from Prosperity Wealth Management.

Considering the operationalization of 2 new hospitals, what is the estimated revenue growth on a consolidated level for current year and next year FY '27?

See, our revenue growth expectations for the whole year remains the same, our guidance remains the same as we have always maintained that. Last few years, the company has grown close to around 30%. I think in the upcoming years also, including this year, we remain on track for that.

Okay. Similar range of 30% we can expect. I think I got my answer. You're saying 30% growth can be estimated.

Yes.

The next question is from the line of Surya Narayan Nayak from Sunidhi Securities.

Congratulations for the great set of numbers. Sir, just one question is that how are you going to phase out the addition of new beds in the new Faridabad 400 and Delhi 300 units because the press release is saying that we have added 300 beds. So can we assume around 250 census beds from the Q2 onwards? Likewise, can you please guide for the Faridabad unit also?

Yes. So whenever we're starting a hospital, the beds become operational on a scale-wise. But it is not that we have restricted to any beds. We might operationalize like the Delhi hospital, which just inaugurated. Today, we can have operationalized close to 150 beds. But if we get 151 patients today, it's not that, that patient would be refused for admission. So the scalability of the beds is there as and when required. The infra is ready. The nurses are there, the equipments are there. As and when the patients are coming, we will look to add up and scale up those floors. So even from day 1, we are starting the hospital with complete infra. It's not that certain floors are not ready or certain construction is going on in the Delhi hospital, everything is complete. So similarly to what we did in the Greater Faridabad hospital, we would be ramping up our census beds and operational beds on a similar manner.

Okay. And sir, for the Noida Extension, Greater Noida extension, the current occupancy is you said similar to that. So can we expect -- what would be the expectation for the peak occupancy in these regions in the NCR, especially -- can it go to, let's say, 75% or 80%?

Noida Extension, Greater Noida, it's above 400-bed facility. So if anything 75% to 80%, it will be a very, very ideal and very optimal utilization. I think beyond that, it's difficult. So I think that we are inching towards it. So anything 75% to 80% can be a guidance.

And certain drivers are there for this, which we are quite confident that in the coming years and the coming quarters, you will see increase in occupancy in these 2 hospitals. Specifically, we have added a lot of star doctors in even these 2 hospitals. We have started certain new treatments like the transplant program, the radiation oncology, where the volumes is bound to increase as well as increase in international patients. So these 3 are good drivers for the growth of occupancy also. And we're quite confident that in the coming quarters, you will see that rise in occupancy.

Sir, because you are adding new even offering. So can we consider that some of the areas where we are not actually matured or not established and establishing our cases maybe in radiation oncology and other areas, we will be getting higher occupancy and not before there?

Already -- it's not just the new therapeutic areas we have added, even in the existing areas like pediatric, ortho, [ gyne ], there is constant upgradation of departments and the new doctors that are added. New doctors are not just added in the new specialties, but even in our existing specialties. So there also, we do expect an increase in the volume, including general surgeries, including certain other super specialties like gastro, like neuro that we have been doing since a long time. So we do expect occupancy to grow from all the super specialties. But yes, highest share will increase of the super specialties likes of cardiology, oncology and neurosurgeries.

Okay. Can it be fair to assume that we will be beating the inflation in all the NCR region hospitals, at least for next 3 years?

Yes, because twice in a year, we keep on changing our pricing. So by considering the inflation, we keep on changing our pricing or the overall patient charges. So we are pretty much sure to beat the inflation.

Okay. And sir, regarding the...

Sorry to interrupt Mr. Surya, may we request you to join the queue as there are other participants waiting for their turn.