MEDANTA · Healthcare
Global Health Ltd. reported revenue of ₹1,121 cr for October to December 2025, +18.9% on the year and +2.0% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹4,182 cr, +17.2% on the four before.
Operating profit (EBITDA) was ₹217 cr, a margin of 19.4%, −588 bps on the year and −166 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 19.4% to 25.2%). Operating costs grew +28.2%, faster than revenue at +18.9%, so operating profit grew less than sales.
Net profit was ₹95.0 cr, −33.6% on the year and −40.0% on the quarter, with earnings per share of ₹3.54. Profit before other income, one-offs and tax grew faster, at −22.0%; other income, one-offs or tax held the headline back. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹513 cr, +1.3% on the four before.
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. The quarterly statements do not carry occupancy, revenue per occupied bed and new beds added; those come with the filing read.
On earnings per share of ₹19.13 over the last four quarters, the stock at ₹1,427.10 trades at 74.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q2 FY26 |
|---|---|
| Operational beds | 3,435 |
| Occupancy | 63.7% |
| ARPOB (₹/day) | 2.01 |
| ALOS (days) | 3.06 |
| Cash and insurance share | 56% |
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.
| 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 ₹1,121 cr (+18.9% on the year) and net profit of ₹95.0 cr (−33.6% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −22.0% on the year, against −33.6% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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