Event Type and Details:

  • This document is a regulatory filing containing the transcript of the Q2 FY27 Earnings Conference Call for Global Health Limited (Medanta), held on Wednesday, November 04, 2026.
  • The call was hosted by Investec Capital Services (India) Private Limited.
  • The purpose was to discuss the company's financial and operational performance for the Second Quarter and Half-Year ended September 30, 2026.

Management Participants:

  • Dr. Naresh Trehan – Chairman and Managing Director
  • Mr. Pankaj Sahni – Group Chief Executive Officer and Director
  • Mr. Yogesh Kumar Gupta – Chief Financial Officer
  • Mr. Gaurav Chugh – Head Investor Relations

Moderator:

  • Mr. Anshuman Gupta – Investec Capital Services (India) Private Limited

Availability of Materials:

  • The transcript of the call is available on the company's website at: https://www.medanta.org/investor-relation

Financial and Operational Highlights (as discussed in the call):

Financial Performance for Q2 FY27:

  • Revenue from Operations: INR 14,690 million (34% YoY growth)
  • Operating EBITDA: INR 3,701 million (60% YoY growth)
  • Operating EBITDA Margin: 25.2% (vs. 21% in Q2 FY26)
  • Profit After Tax (PAT): INR 2,191 million (38% YoY growth)

Balance Sheet and Cash Position (as of September 30, 2026):

  • Net Cash Surplus: INR 7,815 million (vs. INR 5,906 million as of March 31, 2026)
  • Operating Cash Flow (H1 FY27): INR 5,678 million

Operational Metrics for Q2 FY27:

  • Inpatient Volumes: Increased 30% YoY
  • Outpatient Volumes: Increased 38% YoY
  • Occupied Bed Days: Increased 22% YoY
  • Network Occupancy: 67% (vs. 64% in Q2 FY26)
  • Census Bed Capacity: 3,115 beds (17% YoY growth)
  • Total Bed Capacity: 3,811 beds
  • Average Revenue Per Patient (ARPP): INR 2.06 lakhs (3% YoY growth)
  • Average Length of Stay (ALOS): 2.89 days (vs. 3.06 days in Q2 FY26)
  • International Patient Revenue: INR 993 million (30% YoY growth)
  • OPD Pharmacy Revenue: INR 699 million (53% YoY growth)

Key Developments and Strategic Updates:

1. Medanta Noida Performance:

  • The 550-bed Noida hospital, inaugurated in November 2025, achieved EBITDA breakeven in Q2 FY27.
  • Q2 FY27 Revenue from Operations: INR 1,059 million
  • Q2 FY27 Operating EBITDA: INR 86 million (vs. EBITDA loss of INR 199 million in Q2 FY26)
  • Operational bed capacity increased by 49 beds during the quarter, taking total to 482 beds.

2. Cluster-wise Performance (Hospital Business Only):

Cluster 1 (Gurugram, Indore, Ranchi):

  • Revenue from Operations: INR 8,229 million (18% YoY growth)
  • Operating EBITDA: INR 1,810 million (29% YoY growth)
  • Operating EBITDA Margin: 22%
  • Inpatient Volumes: 15% YoY growth
  • Occupancy: 66% (vs. 61% in Q2 FY26)

Cluster 2 (Lucknow, Patna, Noida):

  • Revenue from Operations: INR 5,790 million (63% YoY growth)
  • Operating EBITDA: INR 1,837 million (110% YoY growth)
  • Inpatient Volumes: 52% YoY growth
  • Occupied Bed Days: 43% YoY growth
  • Occupancy: 67% (vs. 62% in Q2 FY26)
  • Inpatient volume growth ex-Noida was approximately 26%.

3. Capacity Expansion and Infrastructure:

  • Added 74 beds during the quarter (49 at Noida, 25 at Lucknow).
  • Strengthened clinical capabilities:
  • Gurugram: Added Siemens ARTIS icono biplane system, 2 new operating theatres, 1 new biplane cath lab.
  • Patna: Added Siemens ARTIS ceiling-mounted cath lab and VELYS hip navigation system.
  • Ranchi: Added Medical Oncology services.
  • Planned near-term additions:
  • Gurugram: 6 new operating theatres, 2 new cath labs.
  • Patna: 4 new operating theatres, 1 new cath lab.
  • Lucknow: 5 new operating theatres.

4. New Ghaziabad Hospital Project:

  • Acquired 2.61-acre land parcel in Ghaziabad through e-auction for INR 166 crores (freehold basis).
  • Board approved a 500-bed multi-specialty hospital project with total capex of approximately INR 1,000 crores.
  • Expected to serve Ghaziabad's growing population and catchment areas of Eastern Delhi, Meerut, Saharanpur, Hapur, Bulandshahr, and Western UP.

5. Overall Expansion Pipeline:

  • Pipeline comprises 6 new greenfield hospitals.
  • Aim to double bed capacity from current ~3,800 beds to over 7,600 beds.
  • Planned capital expenditure of over INR 6,000 crores over next 4-5 years.

6. Other Business Updates:

  • Onboarded more than 100 doctors during the quarter, including over 65 clinicians.
  • OPD pharmacy business showing strong growth trajectory with expanding retail pharmacy network.

Additional Notes Section:

  • The document is a regulatory filing submitted to BSE and NSE under Regulation 30 of SEBI (LODR) Regulations, 2015.
  • Reference Number: GHL/2026-27/EXCH/75
  • The filing includes the full transcript of the earnings conference call as an enclosure.

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