Global Health Q2 FY27 Results Analysis: PAT Surges 50%, EBITDA Margin Expands 350 bps (MEDANTA)
Global Health Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,469.04 Cr (+33.64% YoY) and PAT growth of +38.35% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,469.04 Cr (+33.64% YoY) |
| PAT (Q2) | Rs. 219.14 Cr (+38.35% YoY) |
| EBITDA margin | 26.80% (+350 bps YoY) |
| EPS (Q2) | Rs. 8.21 (+39.39% YoY) |
Quarter Snapshot
Medanta delivered 33.64% YoY revenue growth with EBITDA margin (company basis) up 350 bps YoY to 26.80% and normalized PAT up 50.38%, on positive operating leverage across all opex lines. Cash quality was high (H1 CFO/PAT 1.51x, FCF Rs.228.67 Cr) and the balance sheet remains net cash Rs.705.93 Cr while the Board approved a Rs.997 Cr, 500-bed Ghaziabad hospital. No metric exceeded a stated prior guidance number in the filing, so the signal is growth and margin execution rather than a formal guidance beat.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand | "likely in-line to ahead"; capacity-led volume growth | Revenue +33.64% YoY, +12.65% QoQ | Played out |
| Reported margin | "likely compressing at the reported level" | EBITDA margin (company basis) 26.80%, +350 bps YoY | Contradicted |
| Ex-Noida margin flat-to-expanding | — | Noida split not disclosed in filing | Not observable |
| ARPOB path intact | 5–7% guide | not disclosed in filing | Not observable |
| Cluster 1 band holds | 24–25% | not disclosed in filing | Not observable |
| Capex run-rate established | on track vs Rs.800–900 Cr | H1 capex Rs.339.14 Cr | Played out |
| Watch: Noida loss print & occupancy | vs Rs.49 Mn loss | not addressed in the filing — remains open for the call | Not observable |
| Watch: Indore operationalization | Q2/Q3 FY27 | filing repeats BTA only — open for the call | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Group capex Rs.800–900 Cr in FY27 | Q4 FY26 / Q1 FY27 earnings calls | H1 FY27 capex Rs.339.14 Cr; H2 must deliver Rs.460.86–560.86 Cr | On Track |
| Final dividend Rs.0.50/share | FY26 AGM (Sept 2026) | Rs.9.92 Cr paid in H1 (cash-flow statement) | Met |
| Indore cancer unit operational by Q2/Q3 FY27 | earnings call | filing repeats the BTA only; operationalization not confirmed | Too Early |
| Margin expansion from operating leverage as Noida matures ("already at around 24%… ~26% excluding Noida") | Q1 FY27 earnings call | Reported margin (company basis) 26.80% vs 23.30% a year ago, +350 bps | Confirmed |
| Volume-led growth without tariff increases | prior earnings calls | volumes not disclosed in this filing — revenue +33.64% YoY is consistent but not decomposable | Too Early |
| Gurgaon competition: "demand is enough", no volume dip | prior earnings calls | one competitor opened post-quarter-close (Oct 2026, per pre-call note, web-sourced); filing silent | Too Early |
Key Investment Insights
Key Positives
- Revenue grew 33.64% YoY and 12.65% QoQ to Rs.1,469.04 Cr
- EBITDA margin (company basis) expanded 350 bps YoY to 26.80%; P&L-derived margin up 418 bps to 25.19%
- Normalized PAT grew 50.38% YoY vs reported +38.35% after adjusting the prior-year one-time stamp-duty gain
- Every operating cost line grew slower than revenue YoY; EBITDA before ESOP grew 53.45% YoY to Rs.400.00 Cr
- H1 CFO/PAT of 1.51x; H1 FCF of Rs.228.67 Cr vs negative Rs.84.18 Cr in H1 FY26
- Net cash position of Rs.705.93 Cr maintained while funding expansion; nil exceptional items this quarter
- Installed beds rose from 3,737 to 3,811 during the quarter; Board approved Rs.997 Cr, 500-bed Ghaziabad project
- Trade receivables grew 27.03% in H1, slower than H1 revenue growth of 30.18%
Risk Factors
- Effective tax rate rose ~494 bps YoY to 25.67% from 20.73%, a real drag on PAT growth
- Finance costs grew 64.13% YoY and D&A 42.34% YoY, faster than revenue, reflecting the debt and asset ramp
- NCI swung to a Rs.(1.53) Cr loss share this quarter from Rs.(0.41) Cr a year ago
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.