Global Health (MEDANTA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was INR 14,690.43 million, up 33.6% YoY; Operating EBITDA rose 60.2% to INR 3,701 million and PAT increased 38.3% to INR 2,191.44 million.

• H1 FY27 revenue reached INR 27,730.94 million and Operating EBITDA INR 6,568 million; Noida achieved operating EBITDA breakeven within a year of inauguration.

Financial highlights

• Q2 Operating EBITDA margin expanded to 25.2% from 21.0%; PBT was INR 2,948.27 million, up 47.6% YoY.

• H1 FY27 PBT rose 24.5% to INR 5,081 million and PAT increased 18.6% to INR 3,763.96 million; H1 Operating EBITDA margin was 23.7%.

• H1 consolidated operating cash flow was INR 5,678.12 million, versus INR 3,285.29 million in the prior-year period.

• Q2 materials costs rose 25.7% and employee benefits expense increased 29.1% YoY.

Outlook and guidance

• Planned capex totals INR 62,390 million over 4–5 years; estimates include INR 3,385 million in H1 FY27, INR 6,000 million in H2 FY27 and INR 25,000 million in FY28–29.

• Six greenfield projects are expected to add ~3,450 beds and bring network capacity to over 7,600 beds; projects include South Delhi (400), Pitampura (~750), Guwahati (650), Varanasi (400), Mumbai (~750) and Ghaziabad (~500).

• Ghaziabad’s 500-bed hospital is planned for phased addition over 3–4 years at an estimated INR 997 crore, including land.

• Indore’s 80-bed cancer unit is expected to be operationalized in Q3 FY27; Noida is planned for 550 beds and had 482 operational at September 2026.

• No cluster-two margin guidance; management expects quarterly variation, noted Q3 is normally softer due to festivals, and prioritizes sustainable long-term growth.