Asarfi Hospital Limited delivered robust financial and operational performance in Q4 FY26 and the full year FY26, as detailed in its investor presentation and audited financial results filed under Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors approved the audited standalone and consolidated financial results at their meeting held on May 11, 2026, with the results reviewed and recommended by the Audit Committee prior to approval. Subsequently, the company issued a press release on May 12, 2026, published in The Times of India and Dainik Jagran (Jagran Prakashan Limited), disseminating the audited results extract to investors and the general public. The filing was submitted to BSE Limited by Company Secretary & Compliance Officer CS Sudipa Singh (Membership No.: ACS 56989), and the results were signed off by Managing Director Udai Pratap Singh (DIN: 08453794). The Dhanbad-based healthcare provider reported significant revenue expansion, infrastructure upgrades, and strategic partnerships during the period, reinforcing its position as a leading regional healthcare player in Jharkhand.

Audited Financial Results – Q4 FY26 and Full Year FY26

The audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 reflect strong top-line and bottom-line growth. The full format of the financial results is available on the Bombay Stock Exchange website ( www.bseindia.com ) and the company's website at www.asarfi.in . The following table presents key financial parameters across both standalone and consolidated bases:

Note: Figures for the quarter ended March 31, 2026 and March 31, 2025 represent balancing figures derived between audited full-year figures and published year-to-date reviewed figures up to the third quarter of the respective financial years. Paid-up Equity Share Capital stood at ₹1,967.73 lakhs (face value ₹10 per share) for both periods.

Q4 FY26 Standalone Financial Performance

On a standalone basis, Asarfi Hospital reported revenue growth of 28% YoY to ₹45 Cr in Q4 FY26, compared to ₹35 Cr in Q4 FY25. While revenue momentum remained strong, margin metrics reflected some moderation during the quarter. The following table summarises key standalone financial parameters for Q4 FY26:

The EBITDA margin stood at 17% in Q4 FY26 versus 18% in Q4 FY25, while the EBIT margin contracted to 13% from 20% in the same period. PAT margin was reported at 9% in Q4 FY26 compared to 11% in Q4 FY25.

Full Year FY26 Highlights

For the full year FY26, Asarfi Hospital reported 42% YoY revenue growth on a consolidated basis, with standalone revenue rising to ₹173.5 Cr from ₹121.8 Cr in FY25. The company maintained 20% EBITDA margins and 10% PAT margins, with a Return on Capital Employed (ROCE) of 17% as of FY26. Standalone PAT grew 58% YoY to ₹16.7 Cr from ₹10.6 Cr in FY25. The Net Debt-to-Equity ratio stood at 0.46 for FY26. On the operational front, FY26 IPD revenue grew 46% YoY and OPD revenue increased 34% YoY, supported by growth in patient volumes and higher realizations.

Unit-wise Operational Performance – Q4 FY26

The company operates two hospital units — the Super-Specialty Hospital and the Cancer Hospital (Asarfi Cancer Institute). For the full year FY26, ARPOB (Average Revenue Per Occupied Bed per Day) increased to ₹23,020 for the Super-Specialty Unit and ₹37,428 for the Cancer Unit. Key operational metrics for Q4 FY26 are presented below:

The Super-Specialty Unit's ARPOB improvement was driven by higher revenue realization, enhanced case-mix, and higher ICU/critical care utilization. The decline in occupancy from 62% to 56% was primarily attributed to bed capacity expansion temporarily outpacing patient volume growth. During Q4 FY26, total bed capacity across both hospital units stood at 350, of which effective beds were at 297. The Cancer Hospital Unit saw occupancy improve to 40% from 30% in Q4 FY25. However, ARPOB declined from ₹65,481 to ₹27,014, attributed to lower patient volumes and a temporary pause in government-funded Ayushman Bharat cases amid delayed and reduced reimbursements.

Revenue Mix and Specialty Performance

Within the Super-Specialty Unit, Cardiology remained the largest revenue contributor, followed by General Medicine and Neurosciences, driven by volume expansion and improvement in case-mix. The top three specialties contributed 54% of revenue and delivered 37% YoY revenue growth collectively. Orthopaedics recorded the highest YoY growth across specialties at 142%, driven by higher surgical volumes, greater adoption of advanced joint replacement and trauma procedures, and improved clinical outcomes. In the Cancer Hospital Unit, the top three specialties — Medical Oncology, Surgical Oncology, and Radiation Oncology — contributed 79% of revenues. However, YoY revenue growth for the top three specialties was -43%, with Medical and Surgical Oncology revenues declining due to lower patient volumes and the temporary pause in Ayushman Bharat cases. The Cancer Hospital Unit reported 12% YoY growth in patient volumes and 54% YoY growth in IPD revenues in Q4 FY26. Surgery count across both units reached a total of 6,320 in Q4 FY26, compared to 5,026 in the prior period.

Key Developments During FY26

Asarfi Hospital undertook several significant operational and strategic initiatives during FY26:

• Cath Lab Upgrade: The existing Cath Lab was upgraded with the Philips Azurion 5 M12 Image-Guided Therapy System, operationalized in March 2026, enhancing interventional cardiology capabilities with the addition of IVUS capability.
• Nuclear Medicine Expansion: Asarfi Cancer Institute installed the GE Healthcare Dual-Detector SPECT Gamma Camera, positioning the institute among the first hospitals with this technology in Jharkhand.
• Cardiac Bed Expansion: Cardiac care capacity in the Super-Specialty Unit was expanded from 25 to 45 beds, with the cardiology unit restructured to improve operational efficiency.
• Multi-Organ Transplant Partnership: The company partnered with Gleneagles Hospital, Chennai, to establish Jharkhand's first-ever Multi-Organ Transplant Unit, covering heart, lungs, kidney, liver, and bone marrow. Consultation and diagnostic services are planned to begin by Q1 FY27, with full-scale transplant procedures to follow upon final State Government approval.
• CSR Initiative: Approximately ₹21.3 lakh was deployed toward an HPV screening program for 650 underprivileged women in Dhanbad, implemented through Asarfi Charitable Trust, enabling early cervical cancer detection via RT-PCR DNA testing.

Balance Sheet Overview

The standalone balance sheet reflects total assets of ₹19,389 lakhs as of FY26, up from ₹16,431 lakhs in FY25. Key balance sheet items are summarised below:

On a consolidated basis, total assets stood at ₹19,316 lakhs in FY26 compared to ₹16,389 lakhs in FY25.

Shareholder and Market Metrics

Key market and valuation metrics as of the presentation date are outlined below:

Market Cap data is as of 6th May, 2026.

Strategic Vision for FY28 and Beyond

Asarfi Hospital has outlined a growth roadmap targeting ₹400 Cr in revenue and 23-25% EBITDA margins, with a bed capacity target of 500+ beds and an ARPOB target of ₹32K-35K by FY28. The company is also exploring O&M contracts in the region and plans to establish a Bone Marrow Transplant Unit as part of its cancer hospital expansion strategy. With a 28% Revenue CAGR over the last four years and a clear capacity expansion plan, Asarfi Hospital continues to consolidate its position as a scalable regional healthcare leader in Jharkhand.

Asarfi Hospital Limited's Board of Directors, at its meeting held on May 11, 2026, considered and approved the Audited Standalone and Consolidated Financial Results for the quarter and financial year ended March 31, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board meeting commenced at 03:00 P.M. and concluded at 5:30 P.M. The statutory auditors, M/s R. K. Thakkar & Co., Chartered Accountants (FRN: 002690C), issued audit reports with unmodified opinion on both the standalone and consolidated financial statements, as declared by the company under Regulation 33(3)(d) of SEBI (LODR) Regulations, 2015.

Standalone Financial Performance

On a standalone basis, Asarfi Hospital delivered a strong performance for the financial year ended March 31, 2026. Revenue from Operations grew significantly to ₹17,319.69 lakhs from ₹12,177.76 lakhs in the previous year. Total Income, including other income of ₹278.46 lakhs, stood at ₹17,598.15 lakhs. The company's net profit after tax rose to ₹1,707.66 lakhs from ₹1,097.96 lakhs in the prior year. The following table summarises the key standalone financial metrics:

Consolidated Financial Performance

On a consolidated basis, which includes subsidiary Asarfi Educational Foundation, the group reported Revenue from Operations of ₹17,350.29 lakhs and Total Income of ₹17,620.46 lakhs for the financial year ended March 31, 2026. Consolidated net profit after tax stood at ₹1,666.09 lakhs compared to ₹1,057.61 lakhs in the previous year. The key consolidated financial metrics are presented below:

Balance Sheet Highlights

The standalone balance sheet as at March 31, 2026 reflects total assets of ₹19,389.27 lakhs, up from ₹16,430.57 lakhs as at March 31, 2025. Shareholders' funds stood at ₹9,851.39 lakhs, comprising share capital of ₹1,967.73 lakhs and reserves and surplus of ₹7,883.66 lakhs. On the consolidated basis, total assets were ₹19,316.02 lakhs as at March 31, 2026, compared to ₹16,388.67 lakhs in the previous year. Key balance sheet parameters are summarised below:

Cash Flow and Auditor Details

The standalone cash flow statement reflects net cash generated from operating activities of ₹1,909.38 lakhs for the year ended March 31, 2026, compared to a net cash outflow of ₹383.67 lakhs in the previous year. The closing balance of cash and cash equivalents on a standalone basis stood at ₹610.05 lakhs. On a consolidated basis, net cash from operating activities was ₹1,830.43 lakhs, with a closing cash and cash equivalents balance of ₹622.01 lakhs. The audit was conducted by M/s R. K. Thakkar & Co., Chartered Accountants, Dhanbad, with partner H K Dokania (Membership No. 415931) signing the reports dated May 11, 2026. The company has only one reportable segment — Hospital — as per Accounting Standard 17 on Segment Reporting. The results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 11, 2026.

Trading Window and Compliance

In accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's Code of Conduct, Asarfi Hospital Limited has maintained a trading window closure for its designated persons from April 1, 2026 to May 31, 2026 (both days inclusive). The filing was submitted by CS Sudipa Singh, Company Secretary and Compliance Officer (Membership No. ACS 56989), on behalf of the company. Asarfi Hospital Limited is headquartered in Dhanbad, Jharkhand, and operates under CIN: L85110JH2005PLC011673.