Global Health (MEDANTA IN) – Q3FY26 Result Update – Faster ramp up in Noida unit will be key – BUY
Published on 05 Feb 2026
MEDANTA’s Q3FY26 EBITDA was largely in line with growth of 9% YoY. MEDANTA’s EBITDA growth over FY24-26E is likely to be moderate at 8% CAGR, due to issues at Lucknow unit and start-up losses related to Noida unit in FY26. It has a total bed capacity of ~3,579 and intends to add ~2,800 beds over the next 4 years. With Lucknow unit issues largely resolved and ramp-up in Noida to be visible from Q2FY27E, EBITDA is expected to clock ~19% CAGR over FY26-28E. Maintain ‘BUY’ rating on MEDANTA with TP of Rs1,375/share, valuing at 27x EV/EBITDA on FY28E.
