Global Health Ltd (Medanta) runs a network of six multi-speciality hospitals under the Medanta brand and is in the middle of its largest expansion phase, with Noida ramping up and a pipeline of ~3,350 new beds. The Q2 FY27 print will speak to whether Noida's EBITDA breakeven arrives ahead of the H2 FY27 target and whether reported margins hold near the 24%-25% comfort band as talent and capital costs build.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 13,262 Mn total income (+26.2% YoY); revenue from operations Rs. 1,304.05 Cr |
| Previous quarter PAT | Rs. 1,573 Mn |
| Previous quarter EBITDA margin | 23.8% (EBITDA before ESOP, Rs. 3,153 Mn) |
| Market cap | Rs. 34,917.44 Cr |
| CMP | Rs. 1,299.7 |
The Board of Directors will meet on November 3, 2026, to approve the Q2/H1 FY27 unaudited financial results. The trading window has been closed since October 1, 2026, and reopens 48 hours after the results.
Medanta will host its Q2/H1 FY27 earnings call on November 4, 2026, at 2:00 PM IST, hosted by Investec Capital Services. The company has stated no unpublished price-sensitive information will be shared on the call.
The quarter's biggest swing item is Noida, whose EBITDA loss narrowed to Rs. 49 Mn in Q1 FY27 from a peak of Rs. 320 Mn in Q3 FY26, with management saying breakeven is expected "earlier than our previous expectations" versus the earlier H2 FY27 target. Growth remains volume-led without tariff increases: inpatient volumes rose 27.7% and outpatient volumes 34.5% YoY in Q1 FY27 on occupancy of 62.6% (~66% ex-Noida), while ARPOB of Rs. 70,244 grew 5.5%, within the 5%-7% annual guidance. The margin watch is on cost lines running ahead of revenue — employee costs +33.3% YoY, finance costs +93.5% and depreciation +52.9% in Q1 FY27 — against Cluster 1 margins of 24.1% holding within the guided 24%-25% band. The Indore cancer unit (~80 beds), guided operational in Q2/Q3 FY27, is the other near-term catalyst, and the call is likely to cover Noida occupancy disclosure, the margin path and the funding mix for the Rs. 800-900 Cr FY27 capex plan.
Noida EBITDA breakeven and occupancy: Noida's loss contraction is the single biggest driver of reported margins.
Indore cancer unit operationalization: The first BTA-acquired unit has a near-term go-live window.
Capex, funding mix and new commitments: Expansion commitments announced in the window total roughly Rs. 1,136 Cr.
Margin path, ARPOB and cost lines: Reported margin sits just below the company's comfort band.
Gurgaon competition and CGHS receivables: Management has addressed both themes on prior calls.
Management upgraded its guidance in Q1 FY27, saying Noida is expected to achieve EBITDA breakeven "earlier than our previous expectations"; the earlier target was the second half of FY27. Noida's EBITDA loss narrowed to Rs. 49 Mn in Q1 FY27 from a peak of Rs. 320 Mn in Q3 FY26.
Management has said "we don't give margin guidance as such", but has guided that matured hospitals (Cluster 1) margins will hold within a 24%-25% range. Cluster 1 margin was 24.1% in Q1 FY27.
Medanta has guided FY27 capex of Rs. 800-900 crores and FY28 capex of Rs. 600-700 crores, within a ~Rs. 4,850 crore plan over the next 5 years for the ~2,950-bed greenfield pipeline. New commitments include Guwahati at Rs. 970 Cr and Ghaziabad land at ~Rs. 165.82 Cr.
ARPOB stood at Rs. 70,244 in Q1 FY27, up 5.5% YoY, within the guided 5%-7% annual growth range. Management has noted ARPOB is "a little bit dependent on length of stay and case mix".