Aatmaj Healthcare LimitedHalf year ended 30.09.2026 Results & Financial Update
Aatmaj Healthcare Limited: Half year ended 30.09.2026 standalone results and company financials – revenue ₹16.96 Cr, PAT ₹0.37 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Aatmaj Healthcare Half year ended 30.09.2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the half year ended September 30, 2026, Aatmaj Healthcare reported revenue from operations of INR 16.9598 crore, marking a 56.88% increase over the INR 10.8104 crore recorded in the corresponding period of the previous financial year.
Total income reached INR 17.3852 crore compared to INR 11.2501 crore in the year-ago half, supported by steady operational expansion and network additions across hospital units.
Despite significant top-line expansion, profitability contracted during the period. Profit Before Tax (PBT) declined to INR 0.5028 crore from INR 0.6901 crore, while Profit After Tax (PAT) decreased to INR 0.3695 crore from INR 0.5107 crore a year earlier.
Management noted that the divergence between revenue growth and bottom-line performance was driven by expansion-related overheads, higher finance costs of INR 0.9874 crore compared to INR 0.5721 crore previously, and depreciation charges rising to INR 0.5477 crore from INR 0.5113 crore.
Operating margins were also affected during the half year by the initial ramp-up phase of newly established Cardiothoracic & Vascular Surgery (CTVS) and IVF specialty departments, which incurred higher initial manpower and infrastructure costs relative to immediate revenue generation.
Basic and diluted earnings per share (EPS) for the half-year stood at INR 0.16, compared to INR 0.23 in the corresponding period of the previous fiscal year.
01 · Business model
What does Aatmaj Healthcare do?
Aatmaj Healthcare Limited operates a multi-location hospital chain under the 'JTP Group of Hospitals' brand, providing specialized, secondary, and tertiary healthcare services primarily across underserved Tier-II and Tier-III cities in Gujarat and Madhya Pradesh.
The company's core clinical delivery model spans multi-specialty inpatient units, intensive care units, 24x7 emergency and trauma care, specialized women and child care, and advanced assisted reproductive technology (IVF) centers.
To capture integrated clinical value, the enterprise combines inpatient bed services with diagnostic pathology laboratories and in-house retail pharmacies, creating a full-stack operational ecosystem across its regional medical facilities.
02 · Historical context
What shaped the business before this quarter
Established initially as a specialized healthcare provider in Gujarat, the company progressively expanded its operating footprint into a multi-location chain across Gujarat (Vadodara, Padra, Jambusar) and Madhya Pradesh (Indore, Badnawar).
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Half year ended 30.09.2026 | Year-ago |
|---|---|---|
| Revenue from operations | ₹16.96 Cr | ₹10.81 Cr |
| Total income | ₹17.39 Cr | ₹11.25 Cr |
| Profit before tax | ₹0.50 Cr | ₹0.69 Cr |
| Profit after tax | ₹0.37 Cr | ₹0.51 Cr |
| EPS | ₹0.16 | ₹0.23 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 2.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 3.0% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.43 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
IPD revenue grew steadily, underpinned by higher surgical volumes, improved bed occupancy rates across flagship units, and an increasing share of complex specialty care.
Outpatient visits and diagnostic lab volumes expanded following the integration of Anand Shri Laboratory into the network.
In-house retail pharmacies captured post-consultation prescription flows, while Average Revenue Per Occupied Bed (ARPOB) exceeded INR 24,500 per day due to a higher proportion of CTVS, orthopedic, and tertiary surgeries.
What drove margins
Ongoing network expansion during H1 FY27 resulted in higher finance costs (INR 0.9874 crore) and increased depreciation charges (INR 0.5477 crore), exerting pressure on net margins.
Newly launched CTVS and IVF departments incurred elevated manpower and operating expenses relative to initial revenues during their operational startup phase, affecting profitability.
05 · Demand, customers & order book
Where demand is coming from
The multi-location network maintained an operational bed strength of over 250 beds with sustained bed occupancy rates ranging between 65% and 70%.
Average Length of Stay (ALOS) was optimized at 3.8 days through standardized clinical pathways and day-care surgical procedures.
06 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
The network encompasses primary and secondary critical care hubs including Jupiter Hospital in Vadodara, Jambusar General Hospital, JTP SP Hospital in Badnawar, and JTP Hospitals in Indore.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Commissioned a new Cardiothoracic & Vascular Surgery (CTVS) department at Jupiter Hospital, Vadodara, alongside capacity increases in the Adult Critical Care Unit and Neonatal Intensive Care Unit (NICU).
Projects, capex and execution
Integrated Anand Hospital along with Anand Shri Laboratory and Pharmacy network in Nizampura, Vadodara, adding immediate operational bed strength and outpatient clinical reach with expected annual revenue of INR 9.00-10.00 crore.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Launched the JTP IVF & Fertility Centre at Tirth Hospital in Kareli Baug, Vadodara, expanding specialized assisted reproductive technology offerings.
09 · Reported developments
What changed operationally
Successfully empaneled JTP SP Hospital in Badnawar under the Pradhan Mantri Jan Arogya Yojana (PM-JAY) scheme across 5 regional clusters in Dhar district, boosting inpatient bed occupancy and institutional patient trust.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Management executed a dedicated recovery plan for outstanding historical trade receivables, successfully recovering approximately 5% of old outstanding debt in early FY27 and shortening Days Sales Outstanding (DSO) for TPA, corporate, and government scheme payments.
Capital allocation & funding
The company reported a Debt-Equity ratio of 0.45, a Debt Service Coverage Ratio of 1.14, and an Interest Service Coverage Ratio of 2.62 for the half-year period.
11 · Management guidance & targets
What management is targeting from here
Management expects H2 FY27 revenue growth to be approximately 40%.
Management projects annual PAT for FY27 to increase by approximately 80% in comparison to the previous financial year.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Clinical Quality Standards
Network units maintained adherence to National Accreditation Board for Hospitals & Healthcare Providers (NABH) guidelines, supported by real-time digital patient satisfaction tracking achieving consistent >92% positive ratings.
13 · Key Q&A
The quarter, answered directly
What does Aatmaj Healthcare do?
Aatmaj Healthcare Limited operates a multi-location hospital chain under the 'JTP Group of Hospitals' brand, providing specialized, secondary, and tertiary healthcare services primarily across underserved Tier-II and Tier-III cities in Gujarat and Madhya Pradesh.
What is the clearest takeaway from Half year ended 30.09.2026?
For the half year ended September 30, 2026, Aatmaj Healthcare reported revenue from operations of INR 16.9598 crore, marking a 56.88% increase over the INR 10.8104 crore recorded in the corresponding period of the previous financial year.
What drove revenue or demand?
IPD revenue grew steadily, underpinned by higher surgical volumes, improved bed occupancy rates across flagship units, and an increasing share of complex specialty care.
What mattered most for margins or profitability?
Ongoing network expansion during H1 FY27 resulted in higher finance costs (INR 0.9874 crore) and increased depreciation charges (INR 0.5477 crore), exerting pressure on net margins.
What changed operationally beyond the headline numbers?
Commissioned a new Cardiothoracic & Vascular Surgery (CTVS) department at Jupiter Hospital, Vadodara, alongside capacity increases in the Adult Critical Care Unit and Neonatal Intensive Care Unit (NICU).
What is management guiding or targeting from here?
Management expects H2 FY27 revenue growth to be approximately 40%.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Specialty Ramp-Up Progress: Monitor the operational maturity and capacity utilization ramp-up of newly established CTVS and IVF departments at Vadodara facilities.
- 02
Receivables Realization: Track further recovery milestones regarding historical trade receivables and government healthcare scheme payments.
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Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.