Medanta Q2 Revenue Up 34% YoY with 60% EBITDA Growth

Global Health Limited – Investor Presentation Summary

Key Operational Highlights

Total installed beds increased to 3,811 as of September 30, 2026, representing 10.9% growth year-over-year
Census bed capacity stood at 3,115 in Q2 FY27 compared to 2,658 beds in Q2 FY26
Occupied bed days increased by 22.4% year-over-year, representing occupancy of ~67% on increased bed capacity compared to 64% in Q2 FY26
In-patient count grew by 29.5% while Out-patient count grew by 37.9% year-over-year
Average length of stay (ALOS) for the quarter was 2.89 days compared to 3.06 days in previous corresponding quarter
100+ doctors onboarded in Q2 FY27 across Medanta network hospitals, including 65+ senior clinicians
850+ active collection centres across 120+ cities supported by 13 labs and 7 HLMs/RLMs
Added 6 pharmacies during the quarter, expanding the network to 28 operational pharmacies (7 Hospital, 4 Medi-clinics and 17 Retail Pharmacies)

Segment-wise Performance

Cluster 1 hospitals (Gurgaon, Indore and Ranchi):

Reported revenue from operations of ₹8,229 million in Q2 FY27, growth of 17.8% year-over-year
Operating EBITDA was ₹1,810 million, growth of 29.1% year-over-year
Operating EBITDA margin expanded to 22.0% from 20.1% in Q2 FY26

Cluster 2 hospitals (Lucknow, Patna and Noida):

Reported revenue from operations of ₹5,790 million, growth of 63.2% year-over-year
Operating EBITDA increased by 110.0% year-over-year to ₹1,837 million
Margins improved to 31.7% compared to 24.7% in Q2 FY26
Noida hospital witnessed revenue from operations of ₹1,059 million and EBITDA of ₹86 million in Q2 FY27

International Patients:

Revenue increased by 30.3% year-over-year to ₹993 million

OPD Pharmacy Business:

Revenue increased by 52.9% year-over-year to ₹699 million in Q2 FY27

Lab Business:

Revenue details provided but specific figures not disclosed in presentation

Financial Highlights

Q2 FY2027 Performance:

Revenue from operations: ₹14,690 million (33.6% YoY growth)
Operating EBITDA: ₹3,701 million (60.2% YoY growth)
Operating EBITDA margin: 25.2% (418 bps improvement from 21.0% in Q2 FY26)
Profit After Tax: ₹2,191 million (38.3% YoY growth)
PAT margins: 14.9% compared to 14.4% in Q2 FY26

H1 FY2027 Performance:

Revenue from operations: ₹27,731 million (30.2% YoY growth)
Operating EBITDA: ₹6,568 million (43.4% YoY growth)
Operating EBITDA margin: 23.7% (219 bps improvement from 21.5% in H1 FY26)
Profit After Tax: ₹3,764 million (18.6% YoY growth)

Drivers of financial performance: Higher revenue growth driven by increase in patient volumes and improved operational efficiencies

Geographical Revenue Split

Domestic vs International Revenue Mix:

International Patients Revenue: ₹993 million (30.3% YoY growth)
Domestic revenue mix details not specifically broken out in presentation

IPD Revenue mix by payor category: Based on payment type but specific percentages not provided

Balance Sheet Snapshot

As of H1 FY2027:

Gross Debt: ₹6,949 million (increased by ₹638 million)
Cash and Cash Equivalents: ₹14,765 million
Net Cash surplus: ₹7,815 million
Shareholder Equity: ₹43,234 million
Net Cash flow from Operations: ₹5,678 million
Operating EBITDA: ₹6,568 million
Cash Flow Conversion: 86.4%
Capex incurred: ₹3,385 million during H1 FY27

Financial Health Insights: Well capitalized balance sheet with strong operating cash flows and robust EBITDA-to-cash flow conversion of 86% in H1 FY27

Capex & Cash Flow Health

Capital Expenditure: ₹3,385 million incurred during H1 FY27

Free Cash Flow: Not specifically disclosed

Operating Cash Flow: ₹5,678 million in H1 FY27

Net Debt Movement: Net cash position improved to ₹7,815 million surplus

Investment Rationale: Focus on capacity expansion and future growth plans

Strategic & R&D Initiatives

Capacity Expansion Projects:

Noida: Added 49 beds; total operational capacity at 482 beds (550 planned)
Lucknow: 25 beds added, taking total bed capacity to 803 beds
Ranchi: Launched Medical Oncology services
Gurugram: 2 New OTs and 1 new Cath Lab added during the quarter
Ghaziabad: Allotted 2.61 acre land parcel in an e-auction for ₹1,658.2 million

Upcoming Expansion Projects:

South Delhi: 400 bed in partnership with DLF - construction in progress
Pitampura, New Delhi: ~750 bed hospital - revised building plans to be submitted
Mumbai: Environmental clearance and Consent to Establish received - piling works commenced
Guwahati, Assam: Land acquisition completed - key statutory approvals secured
Varanasi: 400-bed project under built to suit and lease arrangement
Indore Cancer Unit: 80-bed cancer hospital to be operationalized in Q3 FY27
Ghaziabad: Plan to build ~500 bedded super specialty hospital

Estimated capex plan: Total capex of ~₹62,390 million planned for next 4-5 years

Industry Trends & Business Environment

Macro/Industry Trends: General market conditions, macro-economic movements, currency exchange and interest rates, competitive pressures, technological developments, governmental and regulatory trends, legislative developments

Impact on Company: Factors beyond the control of the Company that could cause actual results to differ materially from forward-looking statements

Management Commentary & Growth Outlook

Strategic Outlook: "At Medanta we have built an institution to match the highest benchmarks of excellence globally. We have created an ecosystem of excellence that encompasses world-leading clinicians, state-of-the-art equipment, best-in-class infrastructure, and a strong emphasis on research and innovation." - Dr. Naresh Trehan

FY Guidance: Not specifically provided

Market Share Targets: Not disclosed

Risks and Opportunities: General market conditions, macro-economic factors, currency exchange and interest rates, ability to attract and retain high quality human resource, competitive pressures, technological developments, governmental and regulatory trends, legislative developments

ESG Updates

Not specifically addressed in the presentation

Digital Transformation

Not specifically addressed in the presentation