Global Health Limited reported a 19% YoY growth in total income for Q3 FY26, reaching Rs. 11,428 million. The primary focus remains on clinical strengthening and network expansion, exemplified by the launch of a large-scale cancer awareness program. The recently commissioned Noida Hospital completed its first full quarter, showing encouraging progress despite expected early-stage operating losses (EBITDA loss of Rs. 320 million). Medanta, Lucknow also received prestigious JCI accreditation.
Q3 FY26 Financial Performance Overview
Global Health Limited delivered a robust 19% year-on-year growth in Total Income for the quarter, standing at Rs. 11,428 million, driven by sustained momentum across all operations.
EBITDA (excluding Noida) grew 11% YoY to Rs. 2,814 million, achieving healthy margins of 25.4%. Consolidated EBITDA, including the new Noida unit, was Rs. 2,494 million with margins of 21.8%, reflecting anticipated initial operating losses.
Profit After Tax (PAT) stood at Rs. 950 million. Excluding an exceptional statutory impact of Rs. 366 million related to new labor codes, the adjusted PAT was Rs. 1,224 million.
Operational Highlights and Network Expansion
The network demonstrated strong traction, adding 144 beds in total, including 102 beds at Noida. Inpatient volumes grew 14%, and outpatient volumes increased by 20% YoY. Average length of stay (ALOS) improved by 7% YoY to 3.02 days, leading to a 7% increase in occupied bed days (approx. 59% occupancy).
Average Revenue Per Occupied Bed (ARPOB) rose 10% to Rs. 67,361.
Key Facility Updates
- Medanta, Lucknow: Received the prestigious Joint Commission International (JCI) quality accreditation in January 2026, making it the first hospital in the region to achieve this certification. Margins for Lucknow improved by over 150 basis points year-on-year across nine months.
- Medanta, Noida: Completed its first full quarter of operations (commencing September 2025). Revenue reached Rs. 343 million, with an expected EBITDA loss of Rs. 320 million. Bed count reached 328 beds, supported by 9 new operation theatres.
- Gurugram Facility: Commissioned its 5th Radiation Oncology Machine to meet growing oncology demand.
Performance by Segment
Mature Hospitals (Gurugram, Indore, Ranchi): Delivered steady performance with 9% YoY revenue growth to Rs. 7,020 million and 7% EBITDA growth to Rs. 1,675 million (23.9% margin). Margins were impacted by higher employee and maintenance costs.
Developing Hospitals (Excluding Noida): Outperformed with 22% revenue growth to Rs. 3,651 million and 13% EBITDA growth to Rs. 1,156 million, maintaining strong margins of 31.7%.
International Business: Revenue grew 30% YoY to Rs. 703 million, while the OPD pharmacy business grew 30% to Rs. 465 million.
Outlook and Capex
Management expressed confidence that the peak losses for the Noida asset are likely behind them, driven by better run rates seen in December and January.
For the near to medium term, the company plans Brownfield expansions, potentially adding 496 beds across existing sites (193 in Lucknow, 81 in Patna, 222 in Noida) with minimal incremental capex.
Management projects that annual ARPOB growth will likely settle into the 5% to 7% range moving forward, stabilizing after previous high growth rates.
Expected CAPEX outlay for the next year (FY27) is estimated to be below Rs. 500 crores, as major spending on Noida is nearing completion, with overall new projects back-ended over the subsequent two to three years.
Source: BSE
