NSE: MEDANTA · BSE: 543654
GLOBAL HEALTH LIMITED
Operates multi-specialty hospitals under the Medanta brand, providing inpatient and outpatient clinical care across facilities in India. As of March 31, 2026, the network runs 6 hospitals with 3,665 installed beds, with 5 additional hospitals in the pipeline. Revenue is generated from patient services — hospitalisation, surgeries, consultations and diagnostics — and is split between mature hospitals (such as the Gurugram flagship) and developing units (Lucknow, Patna, Noida). In Q1 FY26, mature hospitals delivered total income of ₹7,006 mn at 23.4% EBITDA margin, while developing hospitals (Lucknow, Patna) delivered ₹3,219 mn at 29.3% margin with 64% occupancy. International patient revenue from CIS, Africa and Southeast Asia rebounded 34% YoY in Q1 FY26. The group has a 2,000-bed expansion pipeline over 3-4 years, including a 550-bed Noida hospital (opened November 2025), a 110-bed Ranchi unit (July 2025) and a Guwahati hospital scaled up to 650 beds, with FY27 capex guided at ₹800-900 crore. Employee expenses (24.9% of revenue) and materials consumed (20.0% of revenue) are the largest cost lines. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mature hospitals, Developing hospitals, International patient revenue. Asset-heavy multi-specialty hospital network in expansion mode
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 2,694 | 3,275 | 3,692 | 4,410 |
| EBITDA (ex other income) | 612 | 799 | 827 | 918 |
| margin % | 22.7 | 24.4 | 22.4 | 20.8 |
| Owners' profit | 326 | 478 | 481 | 556 |
| EPS, as reported (₹) | 12.58 | 17.80 | 17.92 | 20.71 |
| ROE % · ROCE % | 13.4 · 14.9 | 16.5 · 19.0 | 14.2 · 17.2 | 13.9 · 15.0 |
| Debt / equity (x) | 0.35 | 0.14 | 0.10 | 0.30 |
| Cash from operations | 645 | 612 | 624 | 714 |
| Capex | (236) | (279) | (517) | (838) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 957 | 943 | 931 | 1,031 | 1,099 | 1,121 | 1,159 | 1,304 |
| Profit before tax | 181 | 189 | 133 | 208 | 200 | 120 | 187 | 213 |
| Net profit | 131 | 143 | 101 | 159 | 158 | 95 | 142 | 157 |
| EPS (₹) | 4.87 | 5.32 | 3.77 | 5.92 | 5.89 | 3.54 | 5.36 | 5.91 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,12,042 | 53.6 | 11.23 | 29.6 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,239 | 56.4 | 7.65 | 36.1 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 55,603 | 53.1 | 5.47 | 27.5 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 35,048 | 42.7 | 7.72 | 23.5 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,204 | 106.8 | 7.08 | 34.9 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED ◆ | 33,865 | 60.9 | 8.50 | 34.4 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,211 | 136.4 | 11.42 | 39.7 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,073 | 101.4 | 7.11 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 60.9 | 42.2 | 25 of 30 | 17% |
| P/B | 8.5 | 5.4 | 21 of 24 | 13% |
| ROCE | 13.6 | 10.9 | 10 of 30 | 69% |
| ROE | 13.9 | 11.8 | 8 of 24 | 70% |
| Debt / Equity | 0.3 | 0.2 | 16 of 24 | 35% |
| EBITDA margin | 23.7 | 22.0 | 11 of 24 | 57% |
| Revenue growth | 26.5 | 20.2 | 7 of 23 | 73% |
| Profit growth | (1.1) | 8.1 | 17 of 21 | 20% |
| Market cap | 33865 | 2481 | 6 of 30 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Medanta schedules Q2 FY2027 earnings call for November 4 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Global Health allots 2,750 shares under employee incentive plan | capital market events | low | — | — |
| 22 Oct 2026 · Board meeting on Nov 3, 2026 to approve Q2 and H1 FY26-27 results | results | low | — | — |
| 12 Oct 2026 · Medanta files routine demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Global Health gets Crisil ESG rating of 64 for FY2026 | business updates | medium | — | — |
| 29 Sept 2026 · Medanta acquires Ghaziabad land for 350+ bed hospital | compliance | low | — | — |
| 28 Sept 2026 · Land allotted for new 350 plus bed hospital in Ghaziabad at Rs 165.82 cr | capex operations | high | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 until Q2 results announcement | compliance | minimal | — | — |
| 22 Sept 2026 · Medanta to meet Arohi Asset Management on Sept 25, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Medanta allots 3,000 shares to ESOP Trust under employee stock option plan | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.