📉 The Financial Deep Dive
Global Health Limited, operating as Medanta, reported a significant top-line expansion in Q3 FY26, with total income rising 19.1% year-on-year (YoY) to INR 11,428 million. For the nine months ended December 31, 2025 (9M FY26), total income grew 17.6% YoY to INR 33,131 million.
However, profitability faced headwinds. Reported EBITDA for the quarter declined 1.7% YoY to INR 2,494 million, translating to a margin of 21.8%. This was impacted by the newly operational Noida facility, which incurred an EBITDA loss of INR 320 million on INR 343 million revenue. Excluding the Noida contribution, EBITDA (ex-Noida) saw a healthy 10.9% YoY growth to INR 2,814 million, with margins at a robust 25.4%. For 9M FY26, EBITDA (ex-Noida) grew 8.0% YoY.
The reported Profit After Tax (PAT) plunged 33.5% YoY to INR 950 million in Q3 FY26. This decline was exacerbated by the Noida hospital's depreciation and finance costs, coupled with an exceptional item of INR 366 million related to the statutory impact of new Labour Codes. The adjusted PAT, excluding these impacts, stood at INR 1,224 million.
Operational metrics paint a picture of strong underlying demand: In-patient volumes increased by 14.3% YoY and Out-patient volumes by 19.5% YoY. Average Revenue Per Occupied Bed (ARPOB) grew 9.9% YoY to INR 67,361. The company added 144 beds in Q3, boosting its network capacity.
🚩 Risks & Outlook
Medanta is embarking on an aggressive expansion strategy, with new projects in Delhi (Pitampura, South Delhi), Mumbai (Oshiwara), and Guwahati, alongside plans for a Medical College in Gurugram. This ambitious growth is backed by a planned Capital Expenditure (Capex) of over INR 39,013 million for the next five years. While this signals strong long-term potential, the immediate risk lies in the execution of multiple simultaneous projects, the financial strain from initial operating losses of new facilities like Noida, and potential impacts on overall margins. Investors will closely watch the ramp-up of these new ventures and the company's ability to manage its debt or equity structure to fund this expansion while normalizing profitability.