Asarfi HospitalShare price, financial results, shareholding and management
- Market cap
- ₹368 cr
- Stock P/E
- 22.1peers 21.5
- Book value
- ₹49.8
- Price to book
- 3.76
- EV / operating profit
- -
- Market cap to sales
- 2.12
- ROCE · FY26
- 18.5%
- ROE · FY26
- 18.6%
- ROE, 3-year average
- 13.3%
- Operating margin · FY26
- 20.3%peers 23.0%
- Sales growth, 3 years
- 36.0%
- Profit growth, 3 years
- 27.7%
- Debt to equity
- 0.59peers 0.23
- Borrowings
- ₹58 cr
- Interest cover
- 6.2×
- Cash from business / op. profit
- 51%
- Debtor days
- 124
- Pledged
- 0.00%
- Promoter holding
- 61.17%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,399
- 52-week high / low
- ₹257 / ₹135
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Asarfi Hospital share price chart
Close on 6 Nov 2026 · +0.54% on the day · Vol 18,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -3.9%
- 3 months
- -15.7%
- 6 months
- -26.0%
- 1 year
- +28.1%
- Traded a day, 20 days
- ₹0.65 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +44% | +57% |
| 3 years, a year | +36% | +28% |
| Latest half, H2 FY26 | +38% | +49% |
About Asarfi Hospital: business, products and customers
Asarfi Hospital runs a large multi specialty hospital and a separate cancer hospital in Dhanbad, Jharkhand, treating patients from the town and the districts around it. Its shares trade on BSE SME.
Asarfi Hospital began in Dhanbad in 2005 and now runs two hospitals there: a super specialty hospital with more than twenty departments led by cardiology, general medicine and neurosciences, and Asarfi Cancer Institute, opened in 2024 with money from its public issue, which offers medical, surgical and radiation oncology and nuclear medicine. The company says the cancer institute is one of only three cancer hospitals in Jharkhand. Revenue comes from inpatient stays, surgeries, outpatient visits and the medicines and consumables used in treatment.
A hospital's doctors, nurses, equipment and building cost much the same whether beds are full or empty, so profit depends on how many beds are filled and on the case mix: complex cardiac, neuro and cancer work earns far more per bed day than general medicine. New beds first pull occupancy and average revenue per bed down, as the company says happened when it added twenty critical care beds. About half of revenue comes from insurers' administrators, government departments, corporate tie ups and state schemes rather than cash patients, and these payers set package rates and pay months later, so money owed to the hospital is large against its sales.
Read more about the business
The offer document compares Asarfi with three listed hospital groups: Shalby, Global Health and KMC Speciality Hospitals, all multi specialty hospital operators, the last of them a regional one. What is new: an upgraded cath lab, a nuclear imaging camera at the cancer institute, a planned bone marrow transplant unit, a multi organ transplant tie up with Gleneagles Hospital, Chennai, and an education arm building a healthcare management institute in Ranchi.
From the offer document (prospectus dated 21 July 2023), the annual report for FY26, the May and August 2026 investor presentations, the May 2026 earnings call and the CARE rating note of September 2025.
Read the deeper study ↓In its favour
- Sales have grown fast: 36% a year over three years.
- It brings in more cash than it shows as profit: ₹18 cr against ₹16.7 cr in FY26.
- The promoters own a large part of the company: 61.17%.
To watch
- The cancer hospital going from 65 to 150 beds by the end of FY27 (Investor presentation, May 2026, p.24).
- State approval for the bone marrow transplant unit, which the CFO expected within four to five months of May 2026 (Earnings call, 27 May 2026, p.11).
- The merger of a promoter owned hospital into the company, delayed by share transfers from deceased shareholders and hoped for in FY27 (Earnings call, 27 May 2026, p.7).
- The move from BSE SME to the main board, which the company says it has started (Investor presentation, August 2026, p.22; earnings call, 27 May 2026, p.6).
- Customers take longer to pay than before: 124 days in FY26, against 20 in FY20.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Asarfi Hospital revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Asarfi Hospital half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 40.32 | 44.08 | 53.78 | 66.78 | 80.57 | 92.14 |
| Expenses | 32.22 | 36.09 | 42.26 | 54.75 | 64.71 | · |
| Operating profit | 8.10 | 8 | 11.52 | 12.03 | 15.86 | · |
| OPM | 20.1% | 18.1% | 21.4% | 18.0% | 19.7% | · |
| Interest | 1.33 | 1.36 | 1.56 | 2.52 | 2.28 | · |
| Depreciation | 4.40 | 4.39 | 6.38 | 6.30 | 5.90 | · |
| Profit before tax | 3.25 | 3.04 | 5.39 | 8.92 | 9.85 | 12.35 |
| Net profit | 2.07 | 2.14 | 4.30 | 6.27 | 7.32 | 9.34 |
Asarfi Hospital profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 43 | 54 | 65 | 69 | 84.40 | 120.57 | 173.50 |
| Expenses | 37 | 46 | 54 | 55 | 68.35 | 97.02 | 138.22 |
| Operating profit | 6 | 8 | 11 | 14 | 16.05 | 23.55 | 35.28 |
| OPM | 15.0% | 15.0% | 17.0% | 20.0% | 19.0% | 19.5% | 20.3% |
| Other income | 0 | 0 | 1 | 2 | 1.67 | 7.52 | 2.70 |
| Interest | 1 | 1 | 1 | 1 | 2.69 | 4.08 | 4.24 |
| Depreciation | 2 | 3 | 3 | 4 | 8.79 | 12.68 | 11.54 |
| Exceptional and other items | 1 | 1 | · | · | · | · | · |
| Profit before tax | 4 | 5 | 8 | 11 | 6.24 | 14.31 | 22.19 |
| Tax rate | 25.0% | 20.0% | 25.0% | 27.3% | 33.3% | 26.1% | 24.9% |
| Net profit | 3 | 4 | 6 | 8 | 4.16 | 10.58 | 16.66 |
| EPS ₹ | 21.48 | 28.83 | 46.79 | 5.53 | 2.31 | 5.37 | 8.47 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Asarfi Hospital profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 15.0% | 15.0% | 17.0% | 20.0% | 19.0% | 19.5% | 20.3% |
| Tax rate | 25.0% | 20.0% | 25.0% | 27.3% | 33.3% | 26.1% | 24.9% |
| ROCE | · | 28.6% | 31.0% | 26.1% | 11.1% | 15.8% | 18.5% |
| ROE | · | 26.7% | 30.8% | 25.4% | 7.4% | 13.9% | 18.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Asarfi Hospital debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Asarfi Hospital balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 14 | 20 | 20 | 20 |
| Reserves | 12 | 16 | 21 | 27 | 51 | 61 | 78 |
| Net worth | 13 | 17 | 22 | 41 | 71 | 81 | 98 |
| Borrowings | 5 | 7 | 12 | 17 | 32 | 49 | 58 |
| Other liabilities | 10 | 13 | 29 | 35 | 51 | 34 | 37 |
| Total liabilities | 28 | 37 | 63 | 93 | 154 | 164 | 193 |
| Fixed assets | 18 | 22 | 31 | 39 | 94 | 102 | 108 |
| Capital work in progress | 0 | 2 | 9 | 18 | 0 | 2 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 10 | 13 | 23 | 36 | 60 | 60 | 83 |
Asarfi Hospital cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 2 | 10 | 9 | 7 | 26 | -4 | 18 |
| Cash from investing | -5 | -16 | -23 | -21 | -63 | -7 | -18 |
| Cash from financing | 2 | 6 | 14 | 15 | 36 | 13 | 5 |
| Net cash flow | -1 | 0 | 0 | 1 | -1 | 2 | 5 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 20 | 14 | 30 | 90 | 109 | 123 | 124 |
| Inventory days | 23 | 13 | 16 | 26 | 32 | 30 | 30 |
| Days payable | 156 | 23 | 34 | 91 | 447 | 167 | 156 |
| Cash conversion cycle | -113 | 5 | 11 | 25 | -305 | -13 | -1 |
| Working capital days | -10 | -38 | -36 | 18 | 3 | 4 | 21 |
Asarfi Hospital peers and competitors
Listed SME companies in the same industryBy sales, Asarfi Hospital is number 2 of the 23 listed SME companies in healthcare services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Chandan Healthcare | 611 | 22.6 | 276 | 27.1 | 19.0% | 0.32 |
| Asarfi Hospital | 368 | 22.1 | 174 | 16.7 | 20.3% | 0.59 |
| Unihealth Hospitals | 943 | 36.5 | 132 | 25.8 | 40.8% | 0.15 |
| Sangani Hospitals | 88 | 29.4 | 107 | 3 | 7.6% | 0.04 |
| Hannah Joseph Hospital | 236 | 21.5 | 92 | 11 | 27.0% | 0.28 |
| Star Imaging And Path Lab | 133 | 7.0 | 89 | 19 | 37.0% | 0.18 |
| Nephro Care India | 141 | 41.9 | 88.7 | 3.4 | 9.4% | 0.00 |
| Modern Diagnostic & Research Centre | 95 | 18.1 | 83.1 | 5.3 | 15.4% | 0.63 |
| Pramodini Medicare | 254 | 15.0 | 62 | 17 | 50.0% | 0.34 |
| Adeshwar Meditex | - | - | 56.1 | 1.3 | 4.9% | 0.16 |
| ABH Healthcare | 52 | 9.3 | 51.6 | 5.6 | 28.8% | 3.17 |
| Median of the 10 others | 141 | 21.5 | 88.9 | 8.3 | 23.0% | 0.23 |
Asarfi Hospital shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Asarfi Hospital shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 61.17% | 61.17% | 61.17% | 61.17% | 61.17% | 61.17% | 61.17% | 61.17% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 0.00% | 0.10% | 0.05% | 0.00% | 0.00% | - |
| Indian institutions (DIIs) | 2.33% | 1.95% | 2.92% | 3.19% | 2.18% | 1.98% | 2.40% | - |
| Number of shareholders | 1,261 | 1,284 | 1,262 | 1,176 | 1,167 | 1,225 | 1,316 | 1,399 |
Asarfi Hospital study: the business from its own documents
Read from 12 of the company's own documentsAsarfi Hospital key facts from the filings
Each figure with the document it comes from
- Beds
- 350
- 285 in the super specialty hospital and 65 in the cancer hospital; 297 were counted as effective beds in the June 2026 quarter.Investor presentation, August 2026, p.5 and p.13
- Occupancy
- 59% and 56%
- Super specialty and cancer hospital in the June 2026 quarter, against 64% and 42% a year earlier, after beds were added.Investor presentation, August 2026, p.5
- Revenue per occupied bed
- ₹23,498 a day
- Super specialty hospital in the June 2026 quarter, up from ₹19,398 a year earlier; ₹31,892 at the cancer hospital.Investor presentation, August 2026, p.5
- Cancer hospital revenue
- ₹33 cr
- In FY26, up from ₹20 cr in its first full year, FY25.Earnings call, 27 May 2026, p.10
- Surgeries
- Over 6,300
- Done in FY26, 26% more than the year before.Earnings call, 27 May 2026, p.4
Show 5 more facts
- Paying through schemes and insurers
- About 50%
- Share of revenue from insurance administrators, government departments and corporates; the rest is paid in cash.CARE rating note, 26 September 2025, p.1
- Ayushman Bharat
- About 15%
- Share of cancer hospital revenue from the central scheme, which runs only at the cancer hospital.Earnings call, 27 May 2026, p.6
- Age of money owed
- Six to seven months
- The CFO's description of the receivables ageing; CARE noted ₹38.6 cr of ₹39.8 cr owed at March 2025 was over six months old.Earnings call, 27 May 2026, p.13; CARE rating note, 26 September 2025, p.1
- Cancer beds plan
- 65 → 150
- By the end of FY27, for about ₹2 to 3 cr, because theatres, ICU and radiation equipment are already in place.Investor presentation, May 2026, p.24; earnings call, 27 May 2026, p.6
- Credit rating
- CARE BB+; Stable; Issuer Not Cooperating
- CARE moved the rating to this category on 26 September 2025, saying the company had not provided information or paid surveillance fees.CARE rating note, 26 September 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it aims for about ₹260 cr of revenue in FY27 and about ₹400 cr in FY28, with more than five hundred beds and an EBITDA margin of 23% to 25% under its Vision 2028; the CFO said the FY27 aim includes both new beds and an acquisition. It plans to take the cancer hospital from 65 to 150 beds by the end of FY27, add beds at the super specialty hospital if demand allows, start a bone marrow transplant unit once the state approves it, launch courses at its Ranchi institute by FY28 and move from BSE SME to the main board.
| What management said | When | What happened |
|---|---|---|
| Revenue of about ₹160 cr in FY26 | Vision roadmap, FY25 investor material | ₹173.5 cr |
| Bone marrow transplant unit live in the last quarter of FY26 | Earlier earnings call | Not started by May 2026; awaiting state approval |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Asarfi Hospital earns money by filling beds in a region with few large hospitals, and its cancer hospital faces very little nearby competition.
Its weak spots are slow payment from government schemes and insurers, and a single town that carries all its revenue.
AverageCan it set its own prices?Cash patients and complex cases give it room on price, but about half its revenue comes at rates set by schemes and insurers.
StrongHow strong is it against rivals?It is the only super specialty hospital of its kind in the Dhanbad region and one of very few cancer hospitals in the state.
AverageWho are its customers?Patients are many and small, but about half the money comes through a handful of payers such as state schemes, railways, Coal India and insurers.
WatchDoes it need a lot of money?Hospitals need buildings and equipment, and slow paying schemes tie up cash on top.
StrongCan it keep finding new work?Patient numbers keep rising and the company is reaching into neighbouring districts, with spare beds already built.
AverageDo good and bad years swing a lot?Demand for treatment is steady, but scheme approvals and payments can move a quarter quickly.
Who runs Asarfi Hospital?
Promoters, directors and officers; tap a name for the background
UPUdai Pratap SinghPromoter and Managing Director · holds 11.96%
Holds a BE in electrical and electronics from Visvesvaraya Technological University (2016) and an ME from the University of Cincinnati (2017); joined in 2019 and was re designated Managing Director for five years from August 2022, in charge of the overall management of the company and hospital. The offer document states that Udai Pratap Singh is the son of Madhuri Singh.
Offer document, p.144, p.145, p.151 and p.152; annual report FY26, p.53HSHarendra SinghPromoter and Chief Financial Officer · holds 18.78%
Holds a postgraduate diploma in management from Lal Bahadur Shastri Institute of Management, Delhi (1991), with more than 18 years in healthcare at the time of the offer document; associated with the company since incorporation and re designated Chief Financial Officer in March 2022.
Offer document, p.151; annual report FY26, p.91 and p.173MSMadhuri SinghPromoter and Executive Director · holds 4.02%
Completed the secondary school certificate from the Bihar Board in 1988 and looks after the overall administration and corporate social responsibility of the company; appointed Executive Director in February 2023.
Offer document, p.144 and p.145; annual report FY26, p.91 and p.173NPNayan Prakash SinghPromoter · holds 17.74%
Holds a degree in Ayurvedic medicine and surgery from Bihar University (1988) with about 28 years of work experience; with the company since 2012, working on the development and execution of operating strategies.
Offer document, p.154, p.155 and p.156; annual report FY26, p.173NSNitu SinghPromoter · holds 2.89%
Holds a BA (Hons) from Vinoba Bhave University (1994) with about 15 years of work experience; with the company since 2012.
Offer document, p.155 and p.156; annual report FY26, p.173GSGopal SinghExecutive Director
A graduate with a background in civil construction and procurement management; appointed on 10 August 2023.
Annual report FY26, p.81 and p.91SKSukanti Kumar DasNon Executive Director
Holds an MBBS (1975), a diploma in obstetrics and gynaecology (1977) and a DM from PGIMER Chandigarh (1986), with more than 37 years in medicine; associated with the company as its gynaecologist for more than a decade.
Offer document, p.144; annual report FY26, p.91AKAmit Kumar BarnwalIndependent Director
A member of the Institute of Company Secretaries of India since 2019, with experience in corporate governance and secretarial matters.
Offer document, p.144; annual report FY26, p.91Asarfi Hospital latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹92.1 cr (+38%), net profit ₹9.3 cr (+49%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 61.17%.
Asarfi Hospital announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateWe wish to inform you that CRISIL RATINGS LIMITED has upgraded the credit Rating of the Bank Facilities of Asarfi Hospital LimitedPDF ↗
- Insider Trading / SASTWe hereby inform you that the Trading Window for dealing in the securities of the company shall remain closed for all designated persons and their Immediate RelPDF ↗
- AGM/EGMwe hereby submitted consolidated voting results on the business transacted at the 21st AGM of the company held on Friday, September 18, 2026 in the prescribed fPDF ↗
- AGM/EGMSummary Proceedings of 21ST Annual General Meeting of the Company held on Friday, 18th September''2026 Pursuant to Regulation 30 of the SEBI(Listing ObligationsPDF ↗
Asarfi Hospital annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Asarfi Hospital share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Asarfi Hospital's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,96,77,300 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY22 (₹46.79) and FY23 (₹5.53) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Asarfi Hospital
What does Asarfi Hospital do?
Asarfi Hospital runs a large multi specialty hospital and a separate cancer hospital in Dhanbad, Jharkhand, treating patients from the town and the districts around it. Its shares trade on BSE SME.
What is the share price of Asarfi Hospital?
₹187 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Asarfi Hospital?
₹368 cr at the close on 6 Nov 2026, on 1,96,77,300 shares.
What is the P/E of Asarfi Hospital?
22.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Asarfi Hospital's revenue and profit?
Revenue ₹174 cr and profit after tax ₹17 cr in FY26.
Who are the promoters of Asarfi Hospital?
Udai Pratap Singh, Harendra Singh, Madhuri Singh, Nayan Prakash Singh, Nitu Singh; promoters held 61.17% at 30 June 2026.
What is Asarfi Hospital's website?
www.asarfi.in
More SME companies like Asarfi Hospital
Other listed SME companies in healthcare services, the closest in size first, each read from its own documents.
- Hannah Joseph HospitalHANNAH · BSE SME · Healthcare ServicesMarket cap ₹245 cr
- Pramodini MedicarePRAMODINI · NSE Emerge · Healthcare Services · listed 2026Market cap ₹237 cr
- Chandan HealthcareCHANDAN · NSE Emerge · Healthcare Services · listed 2025Market cap ₹603 cr
- Aashka HospitalsAASHKA · BSE SME · Healthcare ServicesMarket cap ₹224 cr
- Unihealth HospitalsUNIHEALTH · NSE Emerge · Healthcare Services · listed 2023Market cap ₹942 cr
- Star Imaging And Path LabSTARIMAGIN · BSE SME · Healthcare ServicesMarket cap ₹129 cr
Built from 3 earnings call transcripts, 3 investor presentations, 3 annual reports, 2 credit rating notes, 1 offer document, 4 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.