Global Health LimitedQ1 FY27 Results & Financial Update
Global Health Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,304.05 Cr, PAT ₹157.25 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Global Health Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Global Health Limited posted its highest-ever quarterly total income of INR 1,326.215 crore (INR 13,262 million) for the quarter ended June 30, 2026, representing a growth of 26.2% compared to INR 1,051.3 million in Q1 FY26. Operating revenue from healthcare operations rose 26.5% year-on-year to INR 1,304.051 crore.
Profit after tax (PAT) stood at INR 157.252 crore (INR 1,573 million) for Q1 FY27 compared to INR 1,590 million in the corresponding quarter of the previous year, reflecting a minor decline of 1.1%. Management highlighted that the prior-year comparative period (Q1 FY26) benefited from a non-recurring exceptional income of INR 19.6 crore due to the reversal of potential interest liability on EPCG licenses following their transfer from MHPL to GHL.
Reported EBITDA for the quarter expanded by 23.5% year-on-year to INR 315.3 crore (INR 3,153 million), yielding an EBITDA margin of 23.8%. Excluding the ramping Noida facility, EBITDA grew 23.9% year-on-year to INR 320.1 crore with a stronger margin of 25.8%.
Clinical volumes demonstrated broad-based strength, led by a 27.7% increase in in-patient (IPD) counts to 60,214 patients and a 34.5% surge in out-patient (OPD) encounters to 1,100,928. Occupied bed days expanded by 21.1% year-on-year to 173,064 days.
Average revenue per occupied bed (ARPOB) increased by 5.5% year-on-year to INR 70,224, supported by an improved average length of stay (ALOS) of 2.87 days compared to 3.03 days in Q1 FY26, alongside an advantageous clinical case mix.
The developing hospital cluster (Lucknow, Patna, and Noida) continued its strong trajectory. The Noida hospital scaled its operations further, increasing total bed capacity to 433 beds with the addition of 51 beds during the quarter, generating INR 85.5 crore in total income and narrowing its EBITDA loss to INR 4.9 crore from INR 23.6 crore in Q4 FY26.
Network-wide capacity expansion continued with the addition of 72 new beds during Q1 FY27, comprising 21 beds at Lucknow and 51 beds at Noida, bringing total network installed capacity to 3,737 beds.
01 · Business model
What does Global Health do?
Global Health Limited, operating under the 'Medanta' brand, is a prominent private multi-specialty tertiary care provider founded by renowned cardiovascular and cardiothoracic surgeon Dr. Naresh Trehan. The company operates a network of six multi-specialty hospitals located in Gurugram, Indore, Ranchi, Lucknow, Patna, and Noida.
The hospital network spans an aggregate floor area of 5.6 million square feet with 3,737 installed beds as of June 30, 2026. Medanta offers medical services across more than 30 specialties, anchored by high-end clinical infrastructure, advanced operating theatres, and over 2,480 resident and consulting doctors.
The operating model integrates specialized clinical talent, advanced medical technology, and academic research. Key revenue streams are generated through inpatient admissions, surgical procedures, outpatient consultations, diagnostic laboratories, retail and hospital pharmacies, and international patient services.
Geographically focused primarily across North and East India, Medanta serves a population base exceeding 400 million people across target states, supported by an extensive network of collection centers, outpatient clinics, and specialized care touchpoints.
02 · Historical context
What shaped the business before this quarter
The company established its flagship campus, Medanta The Medicity in Gurugram, growing from a single facility into a multi-city healthcare network.
Carlyle Group and Temasek acquired minority stakes in the company in December 2013 and January 2015 respectively, with Carlyle subsequently exiting completely during the company's IPO.
The network expanded geographically by commissioning hospitals in Indore (2014), Ranchi (2015), Lucknow (2019), and Patna (2021).
Global Health Limited completed its initial public offering and listed its equity shares on BSE and NSE on November 16, 2022.
The company expanded its footprint into the National Capital Region with the launch of Medanta Hospital Noida, scaling up operations progressively through FY26.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,304.05 Cr |
| Total income | ₹1,326.22 Cr |
| Profit before tax | ₹213.26 Cr |
| Profit after tax | ₹157.25 Cr |
| EPS | ₹5.90 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
In-patient volumes grew by 27.7% year-on-year to 60,214 patients, driving a 21.1% increase in occupied bed days to 173,064 days across the network.
Out-patient encounters increased by 34.5% year-on-year to 1,100,928. OPD pharmacy (hospital and retail) revenue witnessed robust growth of 50.9% year-on-year to INR 60.9 crore.
Average Revenue Per Occupied Bed (ARPOB) rose 5.5% year-on-year to INR 70,224, supported by optimized length of stay and complex clinical case mixes.
International patient revenue expanded by 23.0% year-on-year to INR 78.2 crore during the quarter.
What drove margins
Cost of materials consumed stood at INR 294.4 crore, reflecting an increase of 23.1% year-on-year in line with higher procedural volumes.
Employee benefit expenses rose 33.3% year-on-year to INR 513.6 crore, driven by talent additions including over 70 doctors and 50 senior clinicians during the quarter.
Mature hospitals in Cluster 1 delivered an EBITDA margin of 24.1%, while Cluster 2 hospitals (including Noida) recorded an aggregate EBITDA margin of 25.5%, reflecting improving operating leverage as Noida's EBITDA losses narrowed significantly.
05 · Demand, customers & order book
Where demand is coming from
Medanta's continuity-of-care network surpassed 825 active touchpoints and 325 collection centers across over 100 cities, achieving 1.56 lakh patient bookings during the quarter, a 21% year-on-year growth.
IPD revenue mix by payor category remained stable, with cash payors accounting for 55%, TPA at 26%, CGHS/ECHS/Indian Railways at 11%, PSU & Corporate at 5%, and others at 3%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Cardiac sciences contributed 20.7% of healthcare services revenue, followed by oncology at 13.5%, neurosciences at 11.2%, digestive and hepatobiliary sciences at 11.0%, kidney and urology at 8.2%, orthopedics at 6.7%, internal medicine at 5.5%, and liver transplant at 2.7%.
Cluster 1 (Gurugram, Indore, and Ranchi) generated total income of INR 771.5 crore, up 10.1% year-on-year, with EBITDA growing 13.3% to INR 185.8 crore and a stable occupancy of 63%.
Cluster 2 (Lucknow, Patna, and Noida) recorded total income of INR 498.3 crore (INR 412.8 crore ex-Noida, representing 28.2% growth ex-Noida), with in-patient volumes up 49.5% year-on-year to 26,876.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total network bed capacity reached 3,737 beds as of June 30, 2026, following the addition of 72 new beds during the quarter (21 beds in Lucknow and 51 beds in Noida).
Medanta Noida expanded total bed capacity to 433 beds (including 110 daycare beds and 98 ICU beds) out of a planned capacity of 550+ beds, and performed over 5,000 procedures during Q1 FY27.
Projects, capex and execution
Total capital expenditure incurred during Q1 FY27 amounted to INR 161.0 crore (INR 1,610 million).
Planned projects include an 80-bed cancer unit in Indore under a business transfer agreement to be operationalized in Q2/Q3 FY27, a 400-bed hospital in South Delhi with DLF, a ~750-bed hospital in Pitampura (New Delhi), a ~750-bed hospital in Mumbai (Oshiwara), a 650-bed hospital in Guwahati, and a 400-bed project in Varanasi.
The company has planned a total capital expenditure of approximately INR 4,858.2 crore (INR 48,582 million) over the next 5 years, encompassing maintenance capex of INR 600.0 crore, to be funded via a combination of debt funding and internal accruals.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company deployed advanced medical equipment during the quarter, including the MISSO Ortho Robotic System in Gurugram, Stealth Station S8 Surgical Navigation System in Lucknow, and J&J VELYS Orthopaedic Surgical Robots in Lucknow and Patna.
On-boarded over 70 doctors across the network during Q1 FY27, including more than 50 senior clinicians across key specialties such as cardiac sciences, oncology, neurosciences, urology, and orthopedics.
09 · Reported developments
What changed operationally
Noida hospital EBITDA losses narrowed sharply to INR 4.9 crore in Q1 FY27 compared to INR 23.6 crore in Q4 FY26 and INR 3.0 crore in Q1 FY26, driven by higher patient volumes and total income of INR 85.5 crore.
In-patient volume grew 27.7% and out-patient volume grew 34.5% year-on-year, driving a 26.2% increase in total quarterly income.
10 · Items worth noticing
The line items that can distort a quick read
Q1 FY26 included a non-recurring exceptional income of INR 19.6 crore primarily due to the reversal of potential interest liability on EPCG following the transfer of the EPCG license from MHPL to GHL, which affected year-on-year PAT comparison.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Clinical Milestones
Medanta Lucknow crossed the milestone of 1,000 joint replacement surgeries using robotic technology within one year of its orthopaedic robotic program launch, and performed the first Whole Lung Lavage for Pulmonary Alveolar Proteinosis in Uttar Pradesh.
12 · Previous-quarter changes
What changed since the previous quarter
Total installed beds increased from 3,665 as of March 31, 2026, to 3,737 as of June 30, 2026.
13 · Key Q&A
The quarter, answered directly
What does Global Health do?
Global Health Limited, operating under the 'Medanta' brand, is a prominent private multi-specialty tertiary care provider founded by renowned cardiovascular and cardiothoracic surgeon Dr. Naresh Trehan. The company operates a network of six multi-specialty hospitals located in Gurugram, Indore, Ranchi, Lucknow, Patna, and Noida.
What is the clearest takeaway from Q1 FY27?
Global Health Limited posted its highest-ever quarterly total income of INR 1,326.215 crore (INR 13,262 million) for the quarter ended June 30, 2026, representing a growth of 26.2% compared to INR 1,051.3 million in Q1 FY26. Operating revenue from healthcare operations rose 26.5% year-on-year to INR 1,304.051 crore.
What drove revenue or demand?
In-patient volumes grew by 27.7% year-on-year to 60,214 patients, driving a 21.1% increase in occupied bed days to 173,064 days across the network.
What mattered most for margins or profitability?
Cost of materials consumed stood at INR 294.4 crore, reflecting an increase of 23.1% year-on-year in line with higher procedural volumes.
What changed operationally beyond the headline numbers?
Total network bed capacity reached 3,737 beds as of June 30, 2026, following the addition of 72 new beds during the quarter (21 beds in Lucknow and 51 beds in Noida).
What should the next disclosure help confirm?
Monitor the pace of occupancy ramp-up and EBITDA breakeven at the Medanta Noida facility.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Noida Operational Breakeven: Monitor the pace of occupancy ramp-up and EBITDA breakeven at the Medanta Noida facility.
- 02
Indore Cancer Unit Commissioning: Track the operationalization of the 80-bed cancer unit in Indore scheduled for Q2/Q3 FY27.
- 03
Execution of Greenfield Projects: Track construction progress and regulatory approvals for ongoing major projects in Mumbai, Guwahati, Pitampura, South Delhi, and Varanasi.
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