Global Health (MEDANTA IN) – Q1FY27 Result Update – Strong all-round beat – BUY
Published on 01 Aug 2026
Global Health’s (MEDANTA) reported strong EBITDA growth of 25% YoY; ~7% ahead of our estimates, primarily driven by lower initial losses at the Noida hospital and strong operating performance at the Lucknow and Patna units. MEDANTA’s reported EBITDA growth of 7% CAGR over FY24-26, due to issues at Lucknow unit and start-up losses related to Noida unit in FY26. It has a total bed capacity of ~3,737 and intends to add ~3,368 beds over the next 3-4 years. With Lucknow unit issues largely resolved and ramp-up in Noida is visible, EBITDA is expected to clock ~28% CAGR over FY26-28E. Our FY27 and FY28E EBITDA stands increased by 4-8%. Maintain ‘BUY’ rating on MEDANTA with revised TP of Rs1,600/share, valuing at 28x EV/EBITDA on FY28E.
