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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,121 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹249.4 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 Q3 FY26 total income of ₹1,142.8 crore, up 19% YoY, driven by sustained momentum across hospitals. Consolidated EBITDA (including NOIA) stood at ₹249.4 crore with margins of 21.8%, impacted by early-stage losses at the new NOIA hospital (₹320 million EBITDA loss on ₹343 million revenue). PAT was ₹950 million, including a one-time ₹366 million exceptional charge from new labor codes. Mature hospitals grew 9% YoY with 23.9% margins, while developing hospitals (ex-NOIA) grew 22% with 31.7% margins. Management guided for ARP growth of 5-7% annually and expects NOIA losses to moderate as ramp-up continues. Key risk: potential margin pressure from ongoing talent competition and cost inflation.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects ARP to grow 5-7% per year, with a more conservative internal projection of 3-5%.
- Next year's capex is expected to be below ₹500 crore, significantly lower than the ~₹1,000 crore in FY26, as major NOIA construction is complete.
- Management indicated that Q3 losses at NOIA are likely near peak and should reduce as the hospital ramps up.
Risks flagged
- Management acknowledged a 'war for talent' that could increase employee costs and pressure margins.
- Analyst raised concerns about insurer-hospital tiffs; management downplayed but noted ongoing commercial negotiations that could impact pricing.
- Management declined to provide a timeline for NOIA EBITDA breakeven, citing dependence on occupancy and case mix.
Key quotes
- I hope so that we've seen the peak of the losses.
- I think that you know 100, 190, 80 basis point swing here and there especially in one period over the other is fairly insignificant.
- Our goal is to drive this volumes and this business through and through. Once we do that whatever occupancy falls out of that it falls out of that.
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