MEDANTA · Healthcare · filed 3 Nov 2026
Global Health Ltd. reported revenue of ₹1,469 cr for July to September 2026, +33.6% on the year and +12.7% on the quarter. That is faster than this quarter has grown in recent years (+14.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹5,053 cr, +26.2% on the four before.
Operating profit (EBITDA) was ₹370 cr, a margin of 25.2%, +418 bps on the year and +320 bps on the quarter. It is the widest margin of the last 8 quarters (range 19.4% to 25.2%). Operating costs grew +26.6% against revenue growth of +33.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹219 cr, +38.3% on the year and +39.4% on the quarter, with earnings per share of ₹8.21. Profit before other income, one-offs and tax grew faster, at +65.2%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹613 cr, +9.3% on the four before.
Of the 4 companies in Hospitals that have reported Q2 FY27 so far, Global Health Ltd. ranks 2nd on revenue growth; the sector median is +23.0%. Its margin moved +418 bps on the year against a sector median of +76 bps.
A hospital chain grows by filling beds and lifting revenue per bed. New hospitals dilute margins in their first years, so a margin dip during expansion is not on its own a sign of weakness.
On earnings per share of ₹23.02 over the last four quarters, the stock at ₹1,427.10 trades at 62.0 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹522 cr | ₹411 cr | ▲ 27.0% |
| Inventory | ₹88.3 cr | ₹79.0 cr | ▲ 11.8% |
| Cash | ₹296 cr | ₹127 cr | ▲ 132.7% |
| Bank balances | ₹1,105 cr | ₹1,003 cr | ▲ 10.1% |
| Long-term borrowings | ₹659 cr | ₹601 cr | ▲ 9.6% |
| Short-term borrowings | ₹36.1 cr | ₹30.0 cr | ▲ 20.4% |
| Trade payables | ₹310 cr | ₹242 cr | ▲ 28.0% |
| Net block | ₹3,039 cr | ₹2,962 cr | ▲ 2.6% |
| Capital work in progress | ₹207 cr | ₹132 cr | ▲ 56.3% |
| Equity | ₹4,323 cr | ₹3,962 cr | ▲ 9.1% |
| Total assets | ₹6,606 cr | ₹5,905 cr | ▲ 11.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹568 cr | ₹329 cr |
| Capital expenditure | −₹339 cr | −₹413 cr |
| Investing cash flow | −₹383 cr | ₹46.5 cr |
| Financing cash flow | −₹16.0 cr | ₹154 cr |
| Dividends paid | −₹9.9 cr | ₹0.0 cr |
Operating cash flow was 1.51× profit. Receivables at 34 days of sales (+0 days against the last year end). Inventory at 6 days of sales (−1 days).
No emphasis of matter.
Filing p. limited review report
Board of Directors approved Project Budget of Rs. 997 Crores (including cost of land) for construction of a 500 bedded hospital at Siddharth Vihar Yojna, Ghaziabad, Uttar Pradesh. (p. outcomeBM p.1)
Executed Business Transfer Agreement with Asian Institute of Oncology Private Limited for a 79 bedded Advanced Super Speciality Hospital in Indore in April 2026. (p. consolidated note 7a)
Tax: Consolidated tax expense of ₹75.68 crore (current tax ₹64.29 crore, deferred tax charge ₹11.39 crore) on Profit before tax of ₹294.83 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Operational beds | 3,811 | 3,737 | 3,435 |
| Occupancy | 66.5% | 62.6% | 63.7% |
| ARPOB (₹/day) | 2.06 | 2.02 | 2.01 |
| ALOS (days) | 2.89 | 2.87 | 3.06 |
| Cash and insurance share | 55% | 56% | 56% |
| Beds added | 74 | 72 | — |
Noida hospital achieved EBITDA breakeven in Q2 FY27 with revenue of ₹105.90 crore and EBITDA of ₹8.60 crore compared to EBITDA loss of ₹19.90 crore in Q2 FY26. Cluster 1 mature hospitals reported Operating EBITDA margin of 22.0%, while Cluster 2 ramp-up hospitals achieved Operating EBITDA margin of 31.7%.
Rapid operational ramp-up in new Noida facility achieving profitability within 12 months without margin dilution.
CGHS/ECHS/Railways government scheme payor category contributed 10% of IPD revenue in Q2 FY27 compared to 12% in Q2 FY26. Total trade receivables stood at ₹522.32 crore (34.38 days of annualised revenue).
Low and declining exposure to government scheme payors (10%) mitigates working capital lock-up risk from delayed scheme reimbursements.
Read using the Hospitals framework (named in the filing read). Primary valuation lens: EV/EBITDA, mature and new hospitals separately.
Read more closely in this sector: New-hospital losses against mature margin · Government scheme receivables.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Planned Bed Addition | 3450 | Next 4-5 years | unchanged or first given |
| Total Estimated Expansion Capex | 6239.00 | Next 4-5 years | unchanged or first given |
| Ghaziabad Hospital Project Capacity | 500 | Next 3-4 years | unchanged or first given |
| Ghaziabad Hospital Project Cost | 997.00 | Phased implementation | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Healthcare services | ₹1,469 cr | ▲ 33.6% | ₹295 cr | ▲ 47.6% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹836 cr | ₹809 cr | ₹861 cr | ₹957 cr | ₹943 cr | ₹931 cr | ₹1,031 cr | ₹1,099 cr | ₹1,121 cr | ₹1,159 cr | ₹1,304 cr | ₹1,469 cr |
| YoY | — | — | +10% | +13% | +13% | +15% | +20% | +15% | +19% | +24% | +26% | +34% |
| EBITDA margin | 25.8% | 22.1% | 21.6% | 23.8% | 25.2% | 24.2% | 24.0% | 21.0% | 19.4% | 21.1% | 22.0% | 25.2% |
| Other income, % of PBT | 10% | 19% | 15% | 10% | 8% | −20% | 10% | 10% | −13% | 20% | 10% | 8% |
| Exceptional items | — | — | — | — | — | — | — | ₹16.0 cr | — | — | — | — |
| Tax rate | 28% | 11% | 26% | 28% | 24% | 24% | 24% | 21% | 21% | 24% | 26% | 26% |
| Net profit | ₹124 cr | ₹127 cr | ₹106 cr | ₹131 cr | ₹143 cr | ₹101 cr | ₹159 cr | ₹158 cr | ₹95.0 cr | ₹142 cr | ₹157 cr | ₹219 cr |
| YoY | — | — | +4% | +5% | +15% | −20% | +50% | +21% | −34% | +41% | −1% | +38% |
| Core profit YoY | — | — | −3% | +9% | +12% | +38% | +54% | +1% | −22% | −6% | +2% | +65% |
| EPS | ₹4.61 | ₹4.74 | ₹3.96 | ₹4.87 | ₹5.32 | ₹3.78 | ₹5.92 | ₹5.89 | ₹3.54 | ₹5.36 | ₹5.91 | ₹8.21 |
| Flags | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Global Health Ltd. reported revenue of ₹1,469 cr (+33.6% on the year) and net profit of ₹219 cr (+38.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +65.2% on the year, against +38.3% for reported profit.
None of the 15 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.