Global Health (MEDANTA) investor relations material

Executive summary

• Q3 FY26 revenue grew 19% year-on-year to INR 11,428 million, driven by higher patient volumes, improved realization, and strong performance across all hospitals.

• EBITDA excluding Noida rose 10.9% year-on-year to INR 2,814 million (25.4% margin); including Noida, EBITDA was INR 2,494 million (21.8% margin), with initial operating losses at the new facility.

• PAT was INR 950 million, impacted by higher depreciation, finance costs, and a one-time INR 366 million statutory labor code impact; adjusted PAT was INR 1,224 million.

• 144 beds were added in Q3, with significant expansion in Noida and Patna; Noida hospital completed its first full quarter and contributed to network expansion.

• International patient revenue and OPD pharmacy business both grew over 30% year-on-year.

Financial highlights

• Q3 FY26 total income: INR 11,428 million, up 19.1% year-on-year; consolidated profit after tax: INR 950 million.

• EBITDA (excluding Noida): INR 2,814 million (25.4% margin); including Noida: INR 2,494 million (21.8% margin).

• Noida generated INR 3,343 million revenue with an EBITDA loss of INR 320 million due to early-stage operations.

• Adjusted PAT was INR 1,224 million (10.7% margin); reported PAT was INR 950 million (8.3% margin).

• Earnings per share (Q3): Standalone ₹2.97; Consolidated ₹3.54.

Outlook and guidance

• Confident in steady improvement in Noida’s utilization and financials as ramp-up continues.

• ARPOB growth projected at 5%-7% annually, with expectations of single-digit growth going forward.

• CapEx for FY27 expected below INR 500 crore, with major expansion costs already incurred.

• Ongoing expansion with ~2,300 beds planned, including new hospitals in Delhi, Mumbai, and Guwahati.

• Company continues to monitor regulatory changes, especially regarding new Labour Codes, and will adjust accounting as needed.