MEDANTA
Large CapGlobal Health Limited
Pharma
Global Health Limited (Medanta) is a large private multi-specialty tertiary care provider in North and East India, with 3,665 operational beds across 6 hospitals as of March 31, 2026. Key specialties include cardiac science, neurosciences, oncology, and liver transplant. It operates under the 'Medanta' brand.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 67/100Rev +24% YoY · PAT +41% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,159 Cr | +24.5% | +3.4% |
| EBITDA | ₹244 Cr | +8.4% | +12.4% |
| Operating margin | 21.0% | -300 bps | +200 bps |
| PAT | ₹142 Cr | +40.6% | +49.5% |
| PAT margin | 12.3% | +140 bps | +378 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 19.6% YoY to INR 45,089mn, with EBITDA ex-Noida up 18.6% YoY. Q4 FY26 saw 25.3% YoY revenue growth. Noida hospital, inaugurated Nov 2025, reported INR 906mn revenue and INR 783mn EBITDA loss in FY26, but Q4 losses declined sequentially.
The company delivered strong top-line growth and robust performance from developing hospitals (ex-Noida). While Noida's initial losses impacted consolidated margins, the sequential decline in Q4 losses is positive. Significant capacity expansion and a large capex plan indicate a strong growth trajectory, supporting the long-term thesis.
Capacity Expansion
Total 623 beds added during FY26, representing 20.5% bed growth. Planned bed capacity addition to drive sustainable growth.
Attracting Best Talent
550+ doctors on-boarded in FY26 across Medanta network, including 249 at Noida facility, strengthening clinical capability.
Continuity of Care Network
Expansion of Medanta Lab Retail (10 labs, 300+ collection centres), Medanta Pharmacy Retail (12 retail pharmacies), and Medanta Clinics (6 mediclinic, 90+ RWA clinics).
New Project Pipeline
Board approved 400-bed hospital in Guwahati and 400-bed hospital in Varanasi. Takeover of 80-bed Indore Cancer Unit announced.
Noida Hospital
Inaugurated in September 2025, 382 beds operational (out of 550 planned) with 14 OTs by end of FY26. 54 beds added in Q4 FY26.
Patna Hospital
Total 131 beds added in FY26, including 32 beds in Q4 FY26.
Ranchi New Unit
110-bedded newly constructed hospital operationalized in July 2025.
Guwahati, Assam
Board approved 400-bed hospital project. Land purchase completed in September 2025. All regulatory approvals received.
Robust Patient Volume Growth
In-patient count increased by 16.0% and Out-patient count increased by 18.7% y-o-y in FY26, indicating strong demand.
Strong Growth in Developing Hospitals
Developing hospitals ex-Noida reported revenue growth of 29.2% y-o-y and EBITDA growth of 35.2% y-o-y in FY26, with margins improving to 31.5%.
Increasing International Patient Revenue
International Patients Revenue increased by 33.2% y-o-y in FY26, contributing to overall revenue growth.
Initial Losses from New Facilities
Noida facility resulted in an EBITDA loss of INR 783 million during FY26, impacting consolidated profitability.
Significant Capex Plan
Total capex of over ~INR 45,000 million planned for the next 5 years, requiring substantial funding and execution capabilities.
Execution Risk for New Projects
Multiple large-scale projects (Mumbai, Delhi, Guwahati, Varanasi) are in various stages of planning/construction, posing risks related to timelines, costs, and regulatory approvals.
Ramp-up and Profitability of New Hospitals
New facilities like Noida require time to achieve optimal occupancy and profitability, potentially diluting consolidated margins in the short to medium term.
Rising Employee Benefit Expenses
Employee benefits expense increased by 29.8% y-o-y in FY26, outpacing revenue growth and impacting profitability.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and quarterly performance against prior periods. QoQ comparison is vital for tracking sequential momentum, especially for new facilities like Noida, where operational ramp-up and declining losses are key.
Total Beds
Total beds grew by 20.5% y-o-y to 3,665 in FY26.
Occupancy Rate
Average occupied bed days increased by 11.3% y-o-y, representing an occupancy of ~62% on increased bed capacity in FY26. Q4 FY26 occupancy was ~61% consolidated, ~64% excluding Noida.
ARPOB (Average Revenue Per Occupied Bed)
ARPOB grew by 6.1% y-o-y to INR 66,550 in FY26. Q4 FY26 ARPOB was INR 66,687, up 4.8% y-o-y.
In-patient Volumes
In-patient count increased by 16.0% y-o-y to 202,112 in FY26. Q4 FY26 in-patient count increased by 23.0% y-o-y to 52,762.
Strengthening Core and Building Foundation
Management states the company is 'strengthening the core and building strong foundation for long term sustainable growth'.
Well Capitalized for Expansion
Management believes the 'well capitalized balance sheet' will drive future expansion plans and growth.
Delivering Sustainable Growth
Management asserts Medanta is 'well placed to deliver sustainable growth while maintaining its core values of patient centric care and clinical leadership and quality'.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Noida Hospital EBITDA Loss | INR 236 million (Q4 FY26 loss), down from INR 320 million (Q3 FY26 loss). | Continued sequential decline in losses and clear path to profitability as occupancy and ARPOB improve. |
| Consolidated Occupancy Rate | ~61% (Q4 FY26 consolidated), ~64% (Q4 FY26 ex-Noida). | Improvement in consolidated occupancy as new beds ramp up and mature hospitals maintain high utilization. |
| Capex Execution and Funding | INR 9,400 million incurred in FY26. ~INR 45,000 million planned over next 5 years. | Timely completion of new projects, adherence to budget, and effective funding mix of debt and internal accruals. |
| Developing Hospitals EBITDA Margins | 31.5% (FY26 ex-Noida). | Sustained improvement in margins for developing hospitals, indicating efficient operational scaling. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +6.6% / mo
Technical chart
MEDANTAweekly · 6M+7.8%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 58.
- RSI(14) at 58 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -42.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 71st percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 71st pctile, median 70 · Large: 58th pctile, median 74
76 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 59.80
- P/B
- 8.45
- EV/EBITDA
- 30.23
- Market Cap
- 33331.00Cr
Profitability
- ROE
- 15.20%
- ROCE
- 17.10%
- ROA
- 9.38%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 81.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 11.63×
- Altman Z
- 8.43
- Book Value
- 147.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 714.00 Cr
- EPS TTM
- 20.70
Shareholding
- Promoter Hold
- 33.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.