Global Health (MEDANTA IN) – Q4FY26 Result Update – Noida unit ramp-up on track – BUY
Published on 18 May 2026
Global Health’s (MEDANTA) Q4FY26 EBITDA reported a 6% beat to our estimates with a growth of 13% YoY; largely aided by higher growth across Lucknow and Patna units. Further ramp up in Noida unit on track with losses reducing QoQ. 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 ~3,663 and intends to add ~3,190 beds over the next 3-4 years. With Lucknow unit issues largely resolved and ramp-up in Noida to be visible from Q2FY27E, EBITDA is expected to clock ~24% CAGR over FY26-28E. Our FY27 and FY28E EBITDA stands increased by 6%. Maintain ‘BUY’ rating on MEDANTA with revised TP of Rs1,450/share, valuing at 27x EV/EBITDA on FY28E.
