Global Health (MEDANTA IN) – Q2FY27 Result Update – Strong beat; Ramp-up across units – BUY
Published on 05 Nov 2026
Global Health’s (MEDANTA) reported strong EBITDA growth of 60% YoY; ~23% ahead of our estimates, primarily driven by strong operating performance across units and seasonality. MEDANTA 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 ~3,811 and intends to double its capacity over the next 3-4 years. With Lucknow unit issues largely resolved and Noida turned EBITDA positive within 9 months of its commissioning, we expect consol EBITDA to clock ~26% CAGR over FY26-29E. Our FY28 and FY29E EBITDA stands increased by 3-4%. Maintain ‘BUY’ rating on MEDANTA with revised TP of Rs1,700/share, valuing at 26x EV/EBITDA on Sept FY28E.
