Global Health (MEDANTA IN) – Company Update – Strong growth outlook – BUY
Published on 25 Aug 2026
Global Health (MEDANTA) is a leading tertiary care service provider with a strong brand name in North and East India. The company focuses on large format, super specialty hospital networks, which provides an edge. It operates 6 hospitals (in Gurugram, Indore, Ranchi, Lucknow, Patna and Noida) with a total bed capacity of ~3,737 and intends to add ~3,368 beds over the next 3-4 years. MEDANTA reported moderate EBITDA growth of 7% CAGR over FY24-26, due to issues at Lucknow unit and start-up losses related to Noida unit in FY26. With Lucknow unit issues largely resolved and ramp-up in Noida visible, EBITDA is expected to clock ~24% CAGR over FY26-29E. Our FY27E/FY28E EBITDA estimates remain broadly unchanged. At CMP, the stock trades at 24x on FY28E and 21x on FY29E EV/EBITDA. We maintain ‘BUY’ rating on MEDANTA with TP of INR 1,750/share, valuing at 28x EV/EBITDA on Sep’FY28E.
