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Competitive intensity in Gurugram
View Risks →Global Health Limited — Q4 FY26
Global Health (Medanta) reported a strong Q4 FY26 with revenue of ₹1,196 crore (+25% YoY) and PAT of ₹147 crore (+14% YoY), driven by robust volume growth (IPD +23%, OPD +27%) and improving realizations (ARPOB +5% to ₹66,687).
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Global Health (Medanta) reported a strong Q4 FY26 with revenue of ₹1,196 crore (+25% YoY) and PAT of ₹147 crore (+14% YoY), driven by robust volume growth (IPD +23%, OPD +27%) and improving realizations (ARPOB +5% to ₹66,687). The Noida hospital ramp-up is on track, with Q4 EBITDA loss narrowing to ₹236 crore from ₹320 crore in Q3, and management expects breakeven in H2 FY27. Mature hospitals delivered steady margins of 26.7%, while developing hospitals (ex-Noida) posted 33% revenue growth and 32.4% margins. The company guided for ₹800-900 crore capex in FY27 and plans to add ~500 beds with minimal capex. Key risks include competitive intensity in Gurugram from new hospital openings and potential delays in greenfield projects.
ग्लोबल हेल्थ (मेदांता) ने चौथी तिमाही में अच्छा प्रदर्शन किया। कमाई ₹1,196 करोड़ रही, जो पिछले साल से 25% ज़्यादा है। मुनाफा ₹147 करोड़ रहा, जो 14% बढ़ा। मरीज़ों की संख्या में भी बढ़ोतरी हुई - भर्ती मरीज़ 23% और बाहरी मरीज़ 27% ज़्यादा आए। नोएडा अस्पताल का काम सही चल रहा है और उम्मीद है कि अगले साल के दूसरे हाफ में यह घाटे से बाहर आ जाएगा। पुराने अस्पतालों का मार्जिन 26.7% रहा। कंपनी अगले साल 800-900 करोड़ रुपये निवेश करेगी और 500 नए बिस्तर जोड़ेगी। मुख्य जोखिम गुरुग्राम में नए अस्पतालों से प्रतिस्पर्धा और नए प्रोजेक्ट्स में देरी है।
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IPD Volume Growth
23%
+23% YoY
Inpatient volumes grew 23% year-on-year in Q4 FY26, driven by strong ramp-up across network.
Occupancy (ex-Noida)
64%
Flat YoY
Occupancy excluding Noida was 64% in Q4, stable despite expanded bed capacity.
International Revenue Growth
33%
+33% YoY
International patient revenue grew 33% in FY26 to ₹2,780 million, with mix expanding to 7%.
Noida EBITDA Loss (Q4)
₹236M
-26% QoQ
Noida's quarterly EBITDA loss reduced to ₹236 crore from ₹320 crore in Q3, indicating ramp-up progress.
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Guidance and risk preview
Management expects Noida hospital to break even in the second half of FY27, with occupancy reaching 40-45%.
New hospitals opening in Gurugram could increase competition for patients and clinical talent, potentially impacting occupancy and margins.
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