Global Health Ltd. share price target

We maintain a BUY rating on Medanta, supported by the expected recovery from temporary business disruptions, improvement in ARPOB, and incremental bed capacity addition, including the Noida hospital, which is likely to be operational by the end of H1FY26E.

Global Health (Medanta) delivered better-than-expected 1QFY26. Improved performance in mature as well as developing hospitals led to a 7%/6%/11% beat on our sales/EBITDA/PAT estimates for the quarter.

Global Health (Medanta)’s Q4FY25 print was in line with street/our estimates. The Developing portfolio continued its healthy trajectory, as OBD grew 36% YoY (favorable base) while ARPOBs fell 7% on higher contribution of schemebased patients in both—Lucknow and Patna units.

We recommend a BUY on the stock with a target price of Rs 1,390/share, implying an upside of 10% from the CMP

We maintain a BUY rating on Medanta

We recommend a BUY rating on the stock with a target price of Rs 1200/share, implying an upside of 11% from the CMP.

The target price is set at Rs 1,200/share, representing an upside potential of 12% from the CMP. This valuation is based on a multiple of 25x EV/EBITDA for FY26E.

With a strong presence in the north/central region of India, MEDANTA has ~3,440 bed capacity as of 1QFY25. It is ramping up its capacity/capabilities in these regions, especially in Lucknow/Patna/Noida, with plans to add ~500 beds.

We have BUY on the stock

We initiate coverage on Global Health Ltd with a BUY recommendation and DCF-based Target Price (TP) of Rs 1,475/share

We have BUY recommendation with TP Rs 325/share

Issue Snapshot: Issue Open: Nov 03 Nov 07, 2022 Price Band: Rs. 319 336 *Issue Size: Rs 2205.57 cr (Fresh issue of Rs. 500 cr + offer for sale of Rs 50,761,000 eq sh) Reservation for: QIB upto 50% eq sh Non Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 2 Book value: Rs 66.17 (June 30, 2022) Bid size: - 44 equity shares and in multiples thereof 100% Book built Issue ipo-note-global-health-limited

Incorporated in 2004, Global Health Limited (GHL) is one of the largest private multi-speciality tertiary care providers operating in the North and East regions of India. The company has key specialties in cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopedics, liver transplant, and kidney and urology. GHL has a network of 5