Asarfi Hospital Ltd (ASARFI.BO) Q2 2026 Earnings Report

Asarfi Hospital Ltd delivered a standout top-line performance in QQ2 2026, with revenue of INR 713.6 million representing a YoY rise of approximately 223.8% and a QoQ increase of 100.0%. Gross profit reached INR 542.1 million, yielding a robust gross margin around 75.97%, underscoring strong patient volume and favorable service mix. EBITDA stood at INR 168.1 million, and net income reached INR 62.4 million, with EPS of INR 3.18. Despite the revenue and gross-profit strength, operating income declined YoY by about 29.0% due to a step-up in operating expenses and other costs, resulting in an operating margin of 11.21% and a net margin of 8.75%. Management commentary appears to be constrained by limited transcript data; nonetheless, cash flow dynamics remain favorable with positive operating cash flow of INR 105.9 million and free cash flow of INR 85.6 million, supporting a conservative debt profile and ongoing capital investments. The balance sheet shows total assets of INR 1.6637 billion, total liabilities of INR 822.7 million, and stockholders’ equity of INR 841.0 million, with net debt of INR 451.4 million and a cash balance of INR 16.6 million. The company’s leverage and liquidity metrics suggest a solid foundation to scale capacity and optimize receivables, even as management may need to strengthen cost containment and working capital efficiency to sustain margin expansion.