Global Health Ltd(MEDANTA)

NSE: MEDANTABSE: 543654

₹ 1,165-2.77%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 31,324 crNext results: 3 Nov 2026Website: www.meganta.orgUpdated: 24 Oct 2026

About

Global Health Limited, operating as Medanta, is a multi-specialty hospital network in India running six hospitals across Gurugram, Lucknow, Patna, Ranchi, Indore and Noida, with 3,665 installed beds as of FY26. The group recorded consolidated total income of INR 13,262 million in Q1 FY27, up 26.2% year-on-year, driven by broad-based volume and realisation growth. Medanta operates mature hospitals (Gurugram, Indore, Ranchi) alongside developing hospitals (Lucknow, Patna) and the newly opened Noida facility, and is building a ~3,350-bed greenfield pipeline across five projects.^[1][2][3]

Hospital clusters

Mature hospitals (Gurugram, Indore, Ranchi) delivered FY26 revenue of INR 28,482 million (+9% YoY) with EBITDA of INR 6,946 million and a full-year EBITDA margin of 24.4%, recovering to 26.7% in Q4 FY26.^[1]
Developing hospitals excluding Noida (Lucknow, Patna) delivered FY26 revenue of INR 14,130 million (+29% YoY) and EBITDA of INR 4,447 million (+35% YoY), with margins expanding to 31.5% from 30.1% in FY25.^[1]
Cluster 2 (Lucknow, Patna) excluding Noida: revenue growth 28%, EBITDA growth 40%, EBITDA margin 32% in Q1 FY27, with IPD volume growth of ~27% and ARPOB of INR 61,742.^[2]
Cluster 1 (mature hospitals) EBITDA margin improved to 24.1% in Q1 FY27 from 23.4% in Q1 FY26, on revenue growth of 10.1% YoY.^[2]

Key operating metrics

Consolidated ARPOB was INR 70,244 in Q1 FY27 (+5.5% YoY), vs INR 66,550 for full-year FY26 (+6.1% YoY).^[2][1]
Consolidated occupancy was 62.6% in Q1 FY27 (down 53 bps YoY); ~62% for full-year FY26.^[2][1]
ALOS (average length of stay) was 2.87 days in Q1 FY27 (-5.2% YoY), vs 3.04 days for full-year FY26 (-4.1% YoY), reflecting a shift toward higher-acuity shorter-stay procedures.^[2][1]
Inpatient volumes reached 60,214 in Q1 FY27 (+27.7% YoY); outpatient volumes reached 1,100,928 (+34.5% YoY).^[2]
Full-year FY26 inpatient volumes were 202,112 (+16.0% YoY) and outpatient volumes were 3,485,997 (+18.7% YoY).^[1]

Noida hospital ramp-up

Medanta Noida (sixth hospital) opened in September 2025 with 226 beds; bed count reached 382 (vs 550 planned) by end of FY26, with 14 OTs operational and CGHS empanelment received in May 2026.^[1][4]
Noida total income was INR 855 million in Q1 FY27 vs INR 525 million in Q4 FY26; EBITDA loss narrowed sharply from INR 236 million in Q4 FY26 to INR 49 million in Q1 FY27.^[2]
Full-year FY26 Noida EBITDA loss was INR 783 million on revenue of INR 906 million; management now expects EBITDA breakeven earlier than previously guided H2 FY27.^[1][2]

Payor mix and specialty mix

International patient revenue was INR 782 million in Q1 FY27 (+23% YoY); full-year FY26 international revenue was INR 2,780 million (+33% YoY), representing 7% of consolidated revenue, up from 6% in FY25.^[2][1]
International revenue growth is driven by Africa, Southeast Asia and CIS geographies, partially offsetting softness in the Middle East and Bangladesh.^[1]
Cancer revenue mix rose to 14.5% in Q2 FY26 from 13.7% in Q2 FY25; mature hospital ARPOB of INR 73,447 in Q2 FY26 was attributed primarily to a favourable shift in specialty mix.^[4]

Bed count and capacity

Total installed beds reached 3,665 as of FY26 end (+20.5% YoY), following addition of 623 net beds in FY26 (382 Noida + 131 Patna + 110 Ranchi new unit).^[1]
Near-term brownfield headroom of 496 beds (193 Lucknow, 81 Patna, 222 Noida) identified for activation with minimal incremental capex.^[5]
Gurgaon to add 2 more OTs (bringing total to ~44-45) and 2-3 additional cath labs in Q2 FY27; Lucknow and Patna each adding 4-5 OTs in FY27.^[2][1]

Greenfield expansion pipeline

Mumbai (Oshiwara) hospital expanded from 500 to 750 beds following additional FSI approval; Board-approved project cost of INR 15,300 million includes land, construction, equipment and INR 850 million staff apartments.^[4]
Guwahati project expanded from 400 to 650 beds under revised National Building Code 2026 norms; total project cost revised to INR 9,700 million with operating rooms roughly doubled to ~28-30 OTs.^[2]
Varanasi 400-bed super-specialty hospital approved by Board in March 2026 under a build-to-suit lease arrangement; building plans under preparation with operations targeted by FY30.^[1]
South Delhi DLF JV 400-bed hospital: civil tender was to be awarded by end of June 2026; digging commenced as of Q2 FY26 call.^[4][1]

Adjacency businesses

OPD pharmacy (hospital and retail) revenue grew 50.9% YoY to INR 609 million in Q1 FY27; full-year FY26 revenue was INR 1,826 million (+30.4% YoY). Network comprises 22 pharmacies: 7 hospital, 2 mediclinics and 13 retail.^[2][1]

Recent developments

September 26, 2026: Global Health allotted a 10,560.36 sq. metre freehold land parcel at Siddharth Vihar Yojna, Ghaziabad for INR 165.82 crore; company to develop a project plan for a 350+ bed hospital, subject to Board approval.^[6][7]
May 2026: Medanta acquired an 80-bed oncology-focused hospital in Indore (500 metres from existing facility) under a BTA; operationalisation targeted for Q2 or Q3 FY27.^[1][2]
May 2026: Noida hospital received CGHS empanelment, enabling access to Central Government Health Scheme patients.^[1]
October 31, 2025: Bhoomi Pujan completed at Guwahati site (3.5-acre land acquired for ~INR 600 million on NH-27); construction commenced.^[4]

Market Cap

₹31,324 Cr

High / Low

₹1,542 / 955

Stock P/E

56.3

Price / Book

7.9

Book Value

₹147

EPS

₹20.7

No. of Shares

26.88 Cr

ROCE

17.1%

ROE

15.2%

OPM

17.6%

Debt / Equity

0.30

Sales

₹4,410 Cr

Net Profit

₹554 Cr

Promoter holding

33.0%

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