Global Health (MEDANTA) Q2 25/26 earnings summary

Executive summary

• Operations commenced at Noida Hospital with 226 beds and advanced technology, expanding the network.

• Achieved 15% year-over-year revenue growth in Q2 FY2026, driven by higher patient volumes and improved realization.

• Developing hospitals showed 28%+ revenue growth year-over-year, with strong onboarding of clinical talent at Noida.

• Board approved Mumbai hospital expansion to 750 beds, raising project cost to INR 15,300 million.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY26 showed continued growth in revenue and profitability.

Financial highlights

• Consolidated total income for Q2 FY2026 was INR 11,189 million, up 15% year-on-year.

• EBITDA excluding Noida grew 14% YoY to INR 2,804 million (margin 25.2%); including Noida, EBITDA was INR 2,607 million (margin 23.3%).

• Profit after tax reached INR 1,584 million, a 21% YoY increase, with PAT margin improving to 14.2%.

• Operating cash flows for H1 FY2026 were INR 3,295 million; CapEx was INR 4,252 million, mainly for Noida and equipment upgrades.

• Cash and cash equivalents as of September 2025 were INR 7,591.84 million (consolidated).

Outlook and guidance

• Confident in sustaining growth momentum with disciplined capital allocation and a strong balance sheet.

• Expansion projects in Guwahati, Mumbai, South Delhi, and Pitampura progressing, with typical hospital build-out expected in 3-4 years.

• Capex of over INR 41,200 million planned for the next five years.