Doctor-led multi-specialty hospital network (Medanta) with tertiary/quaternary care across 6 Indian cities.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,079 | +22.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.0 | −1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 137 | −9.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 15.54 | −1.3 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -2.79 | −5.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 21.26 | +6.7 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 3 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Noida Facility Launch | Operational within the next 3 to 6 months (Summer 2025) | Q3 FY25 | Continues to ramp up, adding 51 beds this quarter. EBITDA loss narrowed significantly to Rs 49m from Rs 236m QoQ. | Achieved |
| Total Capex | Rs. 3,000 crores over next 3 to 4 years | Q3 FY25 | Future capex requirement stated as Rs. 4,850 crores to complete projects, an increase from the previous total plan of Rs. 4,500 crores, partly due to expanded scope of Guwahati project. | Revised Up |
| Planned Bed Additions | 1,000 bed additions planned over the next two years | Q3 FY25 | Added 72 beds in Q1 FY27, bringing total additions to 695 towards the 1,000 bed target by Q2 FY27. | On Track |
12 of Global Health Limited's 15 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,346.7 on 24 Oct 2025 → ₹1,212. High ₹1,508.9 (27 Aug 2026), low ₹961.1 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Global Health Limited operates hospitals under the Medanta brand, a doctor-led, multi-specialty model delivering tertiary and quaternary care across cardiac sciences, oncology, neurosciences, transplants and other complex specialties. Anchored by its flagship 1,440-bed Medanta – The Medicity in Gurugram (established 2009), the group has expanded into Lucknow, Patna, Indore, Ranchi and Noida, with new hospitals planned for Mumbai, Delhi, Guwahati and Varanasi. Revenue is earned from in-patient and out-patient hospital services, supplemented by an integrated continuum-of-care network spanning pharmacies, diagnostic labs, mediclinics and home-care services. The patient mix includes domestic cash, insurance/TPA, government scheme (CGHS/ECHS/Railways) and international patients.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 3 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Noida Facility Launch | Operational within the next 3 to 6 months (Summer 2025) | Q3 FY25 | Continues to ramp up, adding 51 beds this quarter. EBITDA loss narrowed significantly to Rs 49m from Rs 236m QoQ. | Achieved |
| Total Capex | Rs. 3,000 crores over next 3 to 4 years | Q3 FY25 | Future capex requirement stated as Rs. 4,850 crores to complete projects, an increase from the previous total plan of Rs. 4,500 crores, partly due to expanded scope of Guwahati project. | Revised Up |
| Planned Bed Additions | 1,000 bed additions planned over the next two years | Q3 FY25 | Added 72 beds in Q1 FY27, bringing total additions to 695 towards the 1,000 bed target by Q2 FY27. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Global Health Limited Q1 FY27
Global Health Limited delivered a strong Q1 FY27, marked by robust revenue and EBITDA growth across its network. The Noida facility showed significant improvement, with its EBITDA loss narrowing considerably, and the company continued its capacity expansion plans, including a larger Guwahati project. Management expressed confidence in its long-term growth strategy and operational efficiency.
Read the full callGlobal Health Q4 FY26
Global Health reported a strong Q4 FY26, with total income growing 25% year-on-year to INR 11,958 million and PAT increasing 40% to INR 1,417 million. The Noida facility continued its ramp-up, reducing its EBITDA loss, while mature hospitals maintained healthy performance despite a slight margin compression for the full year. The company also outlined significant expansion plans, including new greenfield projects and bed additions, supported by a strong net cash position.
Read the full callGlobal Health Q3 FY26
Global Health (Medanta) delivered a strong operational performance in Q3 FY26, characterized by double-digit revenue growth and significant traction in international business. While consolidated margins were temporarily compressed by the initial ramp-up losses at the new Noida facility and a one-time labor code impact, the core mature and developing clusters continue to show high operating leverage. Management remains focused on brownfield expansions and specialized clinical programs to drive long-term value.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −10% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 665 | 812 | 803 | 882 | 926 | 940 | 961 | 1,079 |
| Expenses | 514 | 611 | 608 | 688 | 734 | 766 | 767 | 849 |
| Operating profit | 150 | 202 | 195 | 195 | 193 | 174 | 193 | 230 |
| Operating margin | 23.0% | 25.0% | 24.0% | 22.0% | 21.0% | 19.0% | 20.0% | 21.0% |
| Other income | 24 | 19 | -24 | 43 | 39 | -11 | 36 | 24 |
| Interest | 5 | 8 | 7 | 6 | 9 | 13 | 13 | 16 |
| Depreciation | 25 | 37 | 38 | 33 | 37 | 48 | 52 | 55 |
| Profit before tax | 144 | 175 | 126 | 198 | 185 | 103 | 163 | 183 |
| Tax rate | 27.0% | 25.0% | 26.0% | 23.0% | 24.0% | 22.0% | 24.0% | 25.0% |
| Net profit | 104 | 131 | 93 | 152 | 140 | 80 | 124 | 137 |
| EPS (₹ per share) | 3.89 | 4.89 | 3.48 | 5.65 | 5.22 | 2.97 | 4.62 | 5.11 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,697 | 2,420 | 2,891 | 3,709 |
| Expenses | 2,081 | 1,886 | 2,212 | 2,955 |
| Operating profit | 617 | 533 | 679 | 755 |
| Other income | 62 | 106 | 46 | 107 |
| Interest | 78 | 28 | 26 | 41 |
| Depreciation | 150 | 99 | 123 | 170 |
| Profit before tax | 449 | 513 | 575 | 649 |
| Net profit | 327 | 377 | 424 | 496 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 51 | 54 | 54 | 54 | 54 | 54 |
| Reserves | 1,689 | 2,435 | 2,983 | 3,444 | 3,654 | 3,959 |
| Borrowings | 308 | 288 | 424 | 337 | 945 | 683 |
| Other liabilities | 314 | 402 | 523 | 606 | 757 | 656 |
| Total liabilities | 2,361 | 3,179 | 3,984 | 4,441 | 5,410 | 5,351 |
| Fixed assets | 827 | 810 | 1,645 | 1,861 | 3,199 | 2,903 |
| Capital work in progress | 6 | 75 | 280 | 458 | 318 | 120 |
| Investments | 734 | 765 | 362 | 366 | 3 | 389 |
| Other assets | 794 | 1,529 | 1,698 | 1,757 | 1,890 | 1,939 |
| Total assets | 2,361 | 3,179 | 3,984 | 4,441 | 5,410 | 5,351 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 201 | 235 | 431 | 559 | 528 | 573 |
| Cash from investing | -250 | -313 | -257 | -519 | -638 | -931 |
| Cash from financing | -37 | 98 | 404 | -379 | -94 | 264 |
| Net cash flow | -86 | 20 | 577 | -339 | -205 | -94 |
| Free cash flow | 178 | 171 | 315 | 335 | 102 | -102 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 39 | 36 | 32 | 26 | 33 | 38 |
| Inventory days | 39 | 33 | 34 | 29 | 24 | 23 |
| Days payable | 134 | 84 | 113 | 84 | 81 | 93 |
| Cash conversion cycle | -56 | -16 | -48 | -29 | -24 | -32 |
| Working capital days | -20 | -6 | -27 | -24 | -14 | -4 |
| Return on capital employed | 7.0% | 17.0% | 16.0% | 23.0% | 20.0% | 16.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.0% |
To justify its price of ₹1212, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹359 — downside of 70%.
Ownership
Public hold 39.96% as of Sept 2026; institutions added 0.58 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 4 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Global Health Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 33.00% | unchanged | |
| FPI fund | 14.84% | unchanged |
| 10.04% | unchanged | |
| 6.58% | unchanged | |
| Mutual fund | 5.17% | newly disclosed |
| Mutual fund | 3.43% | −0.10 pp |
| Sovereign | 3.09% | −0.08 pp |
| Mutual fund | 2.00% | newly disclosed |
| 1.86% | unchanged | |
| Mutual fund | 1.72% | newly disclosed |
| Mutual fund | 1.11% | newly disclosed |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
1 new, 8 added, 1 trimmed, 0 sold out — net +1.69 L shares (+3.9%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹154 Cr | held | Jun '26 |
| HDFC Value Fund HDFC Mutual Fund | ₹117 Cr | held | May '26 |
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹102 Cr | held | May '26 |
| HDFC Pharma and Healthcare Fund HDFC Mutual Fund | ₹95 Cr | +0.60 L | Nov '25 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹32 Cr | held | Feb '25 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹31 Cr | held | May '26 |
| Nippon India Balanced Advantage Fund Nippon India Mutual Fund | ₹28 Cr | +0.73 L | Jul '26 |
| Nippon India Active Momentum Fund Nippon India Mutual Fund | ₹14 Cr | +0.14 L | Aug '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
8 added, 1 trimmed — net +1.69 L shares (+3.9%)
Shares held by these funds +1%
Oct '23 45.01 L shares Sep '26
Your own record
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