Global Health (MEDANTA) Q3 25/26 earnings summary

Executive summary

• Q3 FY2026 saw 19% year-on-year total income growth to INR 11,428 million, driven by higher patient volumes, improved realization, and strong performance across all hospitals.

• EBITDA excluding Noida grew 10.9% year-on-year to INR 2,814 million (margin 25.4%); including Noida, EBITDA was INR 2,494 million (margin 21.8%), reflecting early-stage operational costs.

• 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.

• Noida Hospital completed its first full quarter, contributing to network expansion and operational ramp-up, with 328 beds and advanced technology.

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

Financial highlights

• Q3 FY2026 total income: INR 11,428 million, up 19.1% year-on-year; consolidated profit after tax: INR 950 million.

• EBITDA (ex-Noida): INR 2,814 million (25.4% margin); EBITDA (incl. Noida): INR 2,494 million (21.8% margin).

• Adjusted PAT: INR 1,224 million (10.7% margin); reported PAT: INR 950 million (8.3% margin), impacted by a non-recurring statutory expense.

• 9M FY2026 total income: INR 33,131 million, up 17.6% year-on-year; EBITDA (ex-Noida): INR 8,201 million, up 15.7%.

• 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 over the next 2-3 years, with single-digit realization growth expected.

• CapEx for FY 2027 expected below INR 500 crore, with major expansion costs already incurred in Noida.

• 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.