Global Health Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Global Health Ltd filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Global Health Limited (Medanta) reported Q4 FY26 total income of INR 11,958 million, up 25% year-on-year, with EBITDA excluding Noida growing 27% to INR 3,142 million and margins of 27.5%. For the full year, total income grew 20% to INR 45,089 million and profit after tax rose 15.1% to INR 5,541 million, while the newly launched Noida hospital narrowed its quarterly EBITDA loss to INR 236 million from INR 320 million in Q3. Management outlined an expansion pipeline of roughly 2,700 additional beds through five greenfield projects over the next 3 to 4 years alongside continued capacity additions in existing hospitals.
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Numbers mentioned
Total income: INR 45,089 million (FY2026)
p. 4
“Total income grew by 20% year-on-year to INR 45,089 million.”
Pankaj Sahni, page 4 of the filed PDF · View the filing
EBITDA excluding Noida: INR 11,343 million (FY2026)
p. 4
“The EBITDA excluding Noida, grew by 19% year-on-year to INR 11,343 million.”
Pankaj Sahni, page 4 of the filed PDF · View the filing
EBITDA margin excluding Noida: 25.7% (FY2026)
p. 5
“EBITDA margins improved to 25.7% compared to 25.4% in the same period last year.”
Pankaj Sahni, page 5 of the filed PDF · View the filing
Consolidated profit after tax: INR 5,541 million (FY2026)
p. 5
“Consolidated profit after tax increased by 15.1% year-on-year to INR 5,541 million.”
Pankaj Sahni, page 5 of the filed PDF · View the filing
International business revenue: INR 2,780 million (FY2026)
p. 5
“On the international business side, revenue grew by 33% year-on-year to INR 2,780 million.”
Pankaj Sahni, page 5 of the filed PDF · View the filing
Final dividend: INR 0.50 per share (FY2026)
p. 5
“the Board has recommended a final dividend of INR 0.50 per share, representing 25% of the face value of INR 2 per share.”
Pankaj Sahni, page 5 of the filed PDF · View the filing
ARPOB: INR 66,550 (FY2026)
p. 5
“ARPOB grew by 6.1% year-on-year to INR 66,550, driven by improvements in ALOS and change in case mix.”
Pankaj Sahni, page 5 of the filed PDF · View the filing
Total income: INR 11,958 million (Q4 FY26)
p. 7
“Total income for the quarter stood at INR 11,958 million, reflecting a growth of 25% year-on-year, driven by a strong patient volume, healthy occupancy and improving realization across the network.”
Yogesh Kumar Gupta, page 7 of the filed PDF · View the filing
Profit after tax: INR 1,417 million (Q4 FY26)
p. 7
“Profit after tax for the quarter stood at INR 1,417 million, registering a strong growth of 40% year-on-year with a PAT margin improving to 11.8% from 10.6% in Q4 FY25.”
Yogesh Kumar Gupta, page 7 of the filed PDF · View the filing
Noida EBITDA loss: INR 236 million (Q4 FY26)
p. 8
“Noida Hospital reported a revenue of INR 525 million during Q4 FY26, while EBITDA loss reduced to INR 236 million compared to INR 320 million in Q3 FY26, reflecting a steady improvement in operating performance as the hospital continues to ramp up.”
Yogesh Kumar Gupta, page 8 of the filed PDF · View the filing
Net cash position: INR 5,906 million (as of March 31, 2026)
p. 8
“The company continues to maintain a strong balance sheet with a net cash position of INR 5,906 million as of March 31, 2026, providing flexibility to support our long-term growth initiatives and expansion pipeline.”
Yogesh Kumar Gupta, page 8 of the filed PDF · View the filing
Operating cash flow: INR 7,144 million (FY2026)
p. 7
“We exited FY2026 with a net cash position of INR 5,906 million and generated operating cash flow of INR 7,144 million during the year growing at a 4-year CAGR of 21%.”
Pankaj Sahni, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Noida breakeven — break-even · second half of this financial year
stated firmly by Pankaj Sahni
p. 9
“So we do expect this unit to break-even during the course of this year.”
Pankaj Sahni, page 9 of the filed PDF · View the filing
Total project capex over next 5 years — approximately INR 45,000 million · next 5 years
stated firmly by Pankaj Sahni
p. 7
“Across the entire expansion pipeline, total project capex over the next 5 years is approximately INR 45,000 million.”
Pankaj Sahni, page 7 of the filed PDF · View the filing
Bed capacity addition — approximately 500 beds · short-term
stated firmly by Pankaj Sahni
p. 7
“In the short-term, the company expects to add approximately 500 beds across its existing hospitals with a minimum capex investment.”
Pankaj Sahni, page 7 of the filed PDF · View the filing
Bed capacity addition via greenfield projects — approximately 2,700 beds · next 3 to 4 years
stated firmly by Pankaj Sahni
p. 7
“In addition, Medanta will add approximately 2,700 beds through 5 greenfield projects over the next 3 to 4 years.”
Pankaj Sahni, page 7 of the filed PDF · View the filing
FY27 capex — INR 800 crores to INR 900 crores · FY27
stated firmly by Yogesh Kumar Gupta
p. 17
“Capex spend for the year FY27 will be somewhere around INR 800 crores to INR 900 crores.”
Yogesh Kumar Gupta, page 17 of the filed PDF · View the filing
FY28 capex — INR 600 crores to INR 700 crores · next year
stated firmly by Yogesh Kumar Gupta
p. 17
“Next year, it will be in the range of INR 600 crores to INR 700 crores.”
Yogesh Kumar Gupta, page 17 of the filed PDF · View the filing
Mature hospital margin — 24% - 25% range
stated as an aspiration by Pankaj Sahni
p. 12
“But we are feeling fairly confident about the margin profile remaining in this kind of 24% - 25% range.”
Pankaj Sahni, page 12 of the filed PDF · View the filing
Ranchi growth — upwards of 20% to 30%
stated as an aspiration by Pankaj Sahni
p. 18
“So we do expect to see this growth hit upwards of 20% as this unit scales 20% to 30% like we've seen in some of the other units.”
Pankaj Sahni, page 18 of the filed PDF · View the filing
Indore oncology hospital operationalization — Q2 FY2027
stated firmly by Pankaj Sahni
p. 6
“Additionally, Subsequent to year-end, Medanta announced the addition of an approximately 80-bed hospital Indore under a business transfer agreement expected to be operationalized in Q2 FY2027.”
Pankaj Sahni, page 6 of the filed PDF · View the filing
Greenfield hospitals in Delhi and Mumbai completion — around FY30
stated conditionally by Pankaj Sahni
p. 10
“Maybe if you are sitting in May of 2026, you could say May of 2029 hospitals could be up and running. But that may not be FY29 numbers, that may be more FY30 numbers.”
Pankaj Sahni, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said breakeven is expected in the second half of the financial year rather than Q2, with current occupancy around 30%.
Answered by Pankaj Sahni
Asked by Amey Chalke: Will the Noida unit break even by Q2 of next year?
p. 9
“So we do expect this unit to break-even during the course of this year. But I would say that probably we would look at the second half of next year rather than to look at giving you a number on Q2.”
Pankaj Sahni, page 9 of the filed PDF · View the filing
Management said the outcome depends on how quickly occupancy reaches the 40-45% range and declined to give a definitive commitment.
Answered by Pankaj Sahni
Asked by Amey Chalke: Should losses at Noida be expected next year given breakeven timing?
p. 9
“But I don't want to give you a definitive commitment because it really depends on how much accumulated losses we are carrying as we move towards the profitable quarters.”
Pankaj Sahni, page 9 of the filed PDF · View the filing
Management said margins should remain broadly stable in the 24-25% range with some incremental benefit from tariff and CGHS impacts.
Answered by Pankaj Sahni
Asked by Bansi Desai: Will matured hospital margins improve given cost investments this year?
p. 12
“But we are feeling fairly confident about the margin profile remaining in this kind of 24% - 25% range. We don't see any real reason for any kind of dips.”
Pankaj Sahni, page 12 of the filed PDF · View the filing
Management pointed to adding services and specialties, bed additions, procedural capacity expansion, and international growth as key levers.
Answered by Pankaj Sahni
Asked by Viraj Shah: What are the growth levers for the next 2-3 years given occupancy levels?
p. 13
“So growth will come first and foremost from adding in services, adding in procedures, adding in specialties.”
Pankaj Sahni, page 13 of the filed PDF · View the filing
Management gave capex ranges for both years without project-wise breakup.
Answered by Yogesh Kumar Gupta
Asked by Tushar Manudhane: What is the capex plan for FY27 and FY28?
p. 17
“Project-wise, we'll not be able to share with you right now. But the overall capex for the year will be somewhere around INR 800 crores to INR 900 crores.”
Yogesh Kumar Gupta, page 17 of the filed PDF · View the filing
Management said no senior clinician has been lost to competing hospitals and expressed confidence in demand and clinical talent retention.
Answered by Pankaj Sahni
Asked by Tushar Manudhane: How is Gurgaon positioned against upcoming competitor hospitals in terms of doctor attrition and demand?
p. 16
“I'm proud to tell you that as on date, at least from what I'm aware of, no senior clinician has been lost to any of these hospitals, which are in the process of coming on Board.”
Pankaj Sahni, page 16 of the filed PDF · View the filing
Management cited the developing cluster ARPOB and said further growth is expected as complexity scales up.
Answered by Pankaj Sahni
Asked by Sanidhya Agarwal: What is the ARPOB for the developing cluster including Patna and Lucknow?
p. 20
“So as mentioned in the investor presentation, the ARPOB for the developing cluster is about INR 56,500 for this year, which is an increase of about 4% over last year.”
Pankaj Sahni, page 20 of the filed PDF · View the filing
Risks flagged
Middle East situation causing short-term challenges to international revenue
p. 5
“Despite some short-term challenges given the situation in the Middle East, we see continued runway as Noida's international funnel activates and new countries in Africa, Southeast Asia and the CIS region scale up.”
Pankaj Sahni, page 5 of the filed PDF · View the filing
Shortage of high-quality clinical talent leading to competition for doctors
p. 16
“there is always a shortage of high-quality talent, and therefore, we will see some amount of a war for talent in the clinical side at least.”
Pankaj Sahni, page 16 of the filed PDF · View the filing
Uncertainty in accumulated losses affecting Noida's path to profitability
p. 9
“So on a cumulative basis, Amey, I guess it really depends how quickly we are able to get the occupancy to somewhere, I guess, in the 40% to 45% range, we normally find that the hospitals do break-even.”
Pankaj Sahni, page 9 of the filed PDF · View the filing
Bangladesh international market disruption
p. 14
“We do believe Bangladesh also as an international market will eventually come back.”
Pankaj Sahni, page 14 of the filed PDF · View the filing
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