Asarfi Hospital Ltd

BSE: 543943

₹ 170-5.29%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 335 crWebsite: www.asarfi.inUpdated: 24 Oct 2026

About

Asarfi Hospital Ltd runs hospitals in Dhanbad, Jharkhand: a super specialty hospital and a 65-bed cancer hospital at Ranguni. Total bed capacity was 350 beds in FY26. Revenue from operations was ₹173.5 Cr in FY26, up 42% from ₹121 Cr in FY25. Its patients come from 10 neighbouring districts.^[1][2][3]

Business mix

Hospital and medical care services brought in ₹113.57 Cr in FY25. The rest of revenue came from trading medicines.^[4]
FY26 IPD revenue grew 46% YoY and OPD revenue grew 34% YoY.^[1]
Cancer hospital revenue was ₹33 Cr in FY26, up from ₹20 Cr in FY25.^[1]
Cardiology, neurosciences and medicine were the top three revenue contributors at the super specialty hospital in H1 FY26.^[5]
Surgical oncology's share of cancer hospital revenue rose to 21% in Q1 FY26 from 17% in Q1 FY25.^[6]

Hospitals and beds

Total bed capacity was 350 beds in FY26, up from 330 beds (277 effective) in Q2 FY26 and 250 beds in FY24.^[1][5][2]
The cancer hospital sits on a 9.55-acre site at Ranguni, Dhanbad, and opened in Q1 FY25. It runs 65 beds, up from 50 at launch, and houses Jharkhand's first linear accelerator (a Varian TrueBeam).^[2]
Cardiac capacity grew from 25 to 45 beds, and a Philips Azurion cath lab started working in March 2026.^[1]
A GE SPECT gamma camera was installed at the cancer hospital in FY26.^[1]
The eye unit's equipment was sold to SharpSight Eye Hospitals. Asarfi now earns rent on the facility (FY25).^[2]

Key operating numbers

Super specialty ARPOB was ₹23,000 in FY26, up from ₹17,505 in FY25.^[1][2]
Cancer hospital occupancy was 42% in FY26, up from 30% in FY25.^[1][2]
Cancer hospital ARPOB was ₹41,401 in H1 FY26, up from ₹16,602 in H1 FY25.^[5]
Super specialty occupancy was 64% in H1 FY26, up from 59% in H1 FY25.^[5]
ALOS in Q2 FY26 was 3.8 days at the super specialty hospital and 7 days at the cancer hospital.^[5]
FY26 volumes: more than 16,000 in-patients, about 1.38 lakh out-patients, and more than 6,300 surgeries (surgeries up 26% YoY).^[1]

Payor mix

Payor mix at the super specialty hospital in H1 FY26: cash 50%, government schemes 30%+, insurance 8%.^[5]
Payor mix at the cancer hospital in H1 FY26: government schemes 90%, cash 7%-8%, insurance 2%.^[5]
Ayushman Bharat made up about 15% of the cancer hospital's business in FY26.^[1]
Receivables were about six to seven months old at Q4 FY26, as government schemes pay slowly. Delays in scheme approvals reduced cancer patient numbers in Q4 FY26.^[1]

Expansion and capex

Vision 2028 targets more than 500 beds, revenue of about ₹400 Cr, and an EBITDA margin of 23-25%.^[1]
The cancer hospital is to grow from 65 to 150 beds for ₹2-3 Cr of capex, paid from internal accruals.^[1]
FY27 capex is planned at under ₹15 Cr. This includes ₹8-10 Cr for a Healthcare Management Research Institute.^[1]
The bone marrow transplant unit is ready to operate but is waiting for state approval, expected in about 4-5 months. Meaningful revenue is expected from FY28.^[1]
The merger of a 70-bed hospital owned by a promoter entity, with no cash paid, has been held up by share inheritance issues. Closure is expected in FY27.^[1][5]
The company aims to reach 1,000 beds before FY30 by expanding in Eastern UP, Bihar and Jharkhand.^[1]

Recent developments

The company plans to move its shares from the BSE SME platform to the BSE Main Board and to list on NSE. It becomes eligible from July 2026.^[7][1]
In May 2025 it signed an MoU with Gleneagles Hospital, Chennai, to set up Jharkhand's first multi-organ transplant unit.^[5]
The National Board of Examination affiliated the hospital to run DNB courses (FY25). A hostel for more than 600 students has been built for about ₹4 Cr.^[2][5]
An HDFC Bank term loan of ₹28.50 crore under the LGSCAS scheme paid for equipment at the Ranguni cancer unit (FY25).^[4]

Market Cap

₹335 Cr

High / Low

₹257 / 135

Stock P/E

20.1

Price / Book

3.4

Book Value

₹50

EPS

₹8.5

No. of Shares

1.97 Cr

ROCE

18.6%

ROE

18.6%

OPM

15.0%

Debt / Equity

0.59

Sales

₹174 Cr

Net Profit

₹17 Cr

Promoter holding

61.2%

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