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CGHS payment delays and working capital strain
View Risks →Global Health Limited — Q2 FY26
Global Health reported a steady Q2 FY26 with consolidated revenue of ₹1,119 crore (+15% YoY) and PAT of ₹158 crore (+21% YoY).
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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.
ग्लोबल हेल्थ ने वित्त वर्ष 2026 की दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई ₹1,119 करोड़ रही, जो पिछले साल से 15% ज्यादा है। मुनाफा ₹158 करोड़ हुआ, जो 21% बढ़ा। नोएडा के नए अस्पताल की शुरुआती लागत के कारण मुनाफे का मार्जिन थोड़ा घटकर 23.3% रह गया। इस नए अस्पताल ने पहले महीने ₹3.9 करोड़ कमाई की, लेकिन ₹19.7 करोड़ का नुकसान हुआ। पुराने अस्पतालों की कमाई 5% बढ़ी, जबकि नोएडा को छोड़कर बाकी नए अस्पतालों की कमाई 28% बढ़ी। मरीजों की संख्या 13% बढ़ी और प्रति बिस्तर कमाई ₹65,570 हो गई। विदेशी मरीजों से कमाई 49% बढ़ी। कंपनी नोएडा में 150 से ज्यादा डॉक्टर ला रही है और गुवाहाटी-मुंबई में 750 नए बिस्तर जोड़ेगी। मुख्य जोखिम: सरकारी भुगतान में 7-8 महीने की देरी और बढ़ती लागत।
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Inpatient Volume Growth
13%
+13% YoY
Consolidated inpatient admissions increased 13% year-on-year, driven by strong growth in developing hospitals.
ARPOB (Consolidated)
₹65,570
+6% YoY
Average revenue per occupied bed rose to ₹65,570 from ₹62,141, aided by favorable specialty mix.
International Patient Revenue
₹76.2 crore
+49% YoY
International patient revenue grew sharply to ₹762 million, reflecting increased medical tourism.
Occupancy (Consolidated)
64%
Flat YoY
Occupancy remained at 64% despite increased bed capacity from Noida and Ranchi expansions.
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Guidance and risk preview
The Noida facility started with 226 beds in September; plans to add beds continuously, targeting full 550-bed capacity over coming quarters.
Government business (CGHS/ECHS) takes 7-8 months for realization; new portal transition may cause further delays and require working capital invest...
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