Global Health (MEDANTA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew 19% year-on-year to INR 11,428 million, driven by higher patient volumes, improved realization, and strong momentum 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) due to initial operating losses.

• PAT was INR 950 million, impacted by higher depreciation, finance costs, and a one-time INR 366 million statutory labor code expense; 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, ramping up operations and adding 102 beds.

• 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 (8.3% margin), adjusted PAT: INR 1,224 million (10.7% margin).

• EBITDA (ex-Noida): INR 2,814 million (25.4% margin); EBITDA (incl. Noida): INR 2,494 million (21.8% margin); Noida generated INR 343 million revenue with an EBITDA loss of INR 320 million.

• 9M FY26 total income: INR 33,131 million, up 17.6% year-on-year; consolidated nine-month profit after tax: INR 4,124.15 million.

• Mature hospitals revenue up 9.4% and EBITDA up 6.7% year-on-year; developing hospitals (ex-Noida) revenue up 21.5%, EBITDA up 13.3%.

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

Outlook and guidance

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

• ARPOB growth projected at 5%-7% annually over the next 2-3 years, with single-digit growth expected as the new normal.

• CapEx for FY27 expected below INR 500 crore, with major project outlays back-ended over the next 2-3 years; over INR 39,013 million capex planned over five years, funded by internal accruals and debt.

• Focus on technology advancement, talent acquisition, and continuity of care to drive sustainable growth.

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