Yatharth Hospital and Trauma Care Services Ltd

“Yatharth operates in a structurally attractive, under-bedded NCR healthcare corridor with a proven execution track record and 40%+ revenue CAGR, but trades at 45x trailing earnings and 25x forward P/E with no margin of safety, negative free cash flow, ROCE compressed to 10-13% during a heavy capex cycle, and promoters who have quietly reduced their stake by ~10 percentage points over two years — the business is worth owning at the right price (approximately INR 500-550), but not at INR 817 where expected 10-year returns are sub-market even in an optimistic scenario.”