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Revenue
₹1,099 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹267 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Global Health reported a steady Q2 FY26 with consolidated revenue of ₹1,119 crore (+15% YoY) and PAT of ₹158 crore (+21% YoY). EBITDA margins contracted slightly to 23.3% due to initial costs from the new Noida hospital, which contributed ₹3.9 crore revenue and a ₹19.7 crore EBITDA loss in its first month. Mature hospitals grew revenue 5% (7.9% adjusting for pharmacy transfer), while developing hospitals (ex-Noida) surged 28% with 31.5% EBITDA margins. Inpatient volumes rose 13% and ARPOB improved 6% to ₹65,570. International patient revenue jumped 49%. Management highlighted strong clinical hiring at Noida (150+ doctors) and expansion plans in Guwahati and Mumbai (750 beds). Key risk: CGHS payment delays (7-8 months) and potential working capital strain from rate revisions.
Colored figures show movement against the previous available record.
Guidance to track
- The Noida facility started with 226 beds in September; plans to add beds continuously, targeting full 550-bed capacity over coming quarters.
- Board approved increased bed capacity from 500 to 750 at Oshiwara, with total project cost of ₹15,300 million including land and equipment.
- Land acquisition completed for 400+ bed super-specialty hospital; construction to start post-October 2025 ceremony.
Risks flagged
- Government business (CGHS/ECHS) takes 7-8 months for realization; new portal transition may cause further delays and require working capital investment.
- Mature hospitals' EBITDA grew only 2.2% YoY (adjusted) due to manpower cost increases and higher base from vector-borne diseases last year.
- Attracting and retaining high-quality ethical clinical talent remains a challenge across the industry, especially in full-time model.
Key quotes
- We have not taken price increases because the unit is doing so well. We've always been an organization that wanted to be conservative on how much we charge to patients.
- We've kind of established ourselves as a trendsetter on this front. We've always said that Medanta will go where the people need us, not necessarily just where the perceived high per capita income is.
- Access to clinical talent will remain one of the key elements and key things to focus on for all the players in the industry.
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