Global Health Ltd. share price target

Global Health (MEDANTA IN) Company Update Strong growth outlook BUY

Global Health (Medanta) delivered a better-than-expected 1QFY27 financial performance, with 12%/13% beat on revenue/EBITDA. 1Q earnings came in slightly below our expectations due to higher depreciation, lower other income and a higher tax rate.

Beating our estimate by 9/12/33%, Global Health (Medanta) reported 25/9/42% y/y surge in Revenue/EBITDA/PAT in Q4FY26 with 5% y/y increase in ARPOB to Rs66,687.

Global Health's (MEDANTA) Q4FY26 EBITDA reported a 6% beat to our estimates with a growth of 13% YoY; largely aided by higher growth across Lucknow and Patna units. Further ramp up in Noida unit on track with losses reducing QoQ. MEDANTA's reported EBITDA growth of 7% CAGR over FY24-26, due to issues at Lucknow unit and start-up losses related to Noida unit in FY26. It has a total bed capacity of ~3,663 and intends to add ~3,190 beds over the next 3-4 years. With Lucknow unit issues largely resolved and ramp-up in Noida to be visible from Q2FY27E, EBITDA is expected to clock ~24% CAGR over FY26-28E. Our FY27 and FY28E EBITDA stands increased by 6%. Maintain...

Global Health’ revenue (up 19% y/y) beat ARe/Ce by 6/3% in Q3FY26, while EBITDA (down 10% y/y) missed ARe/Ce by 4/8%. While PAT fell 8% y/y, APAT plunged 33.5%, owing to adjustment for labour code in the exceptional items.

We maintain our BUY rating on the stock.

MEDANTA's Q3FY26 EBITDA was largely in line with growth of 9% YoY. MEDANTA's EBITDA growth over FY24-26E is likely to be moderate at 8% CAGR, due to issues at Lucknow unit and start-up losses related to Noida unit in FY26. It has a total bed capacity of ~3,579 and intends to add ~2,800 beds over the next 4 years. With Lucknow unit issues largely resolved and ramp-up in Noida to be visible from Q2FY27E, EBITDA is expected to clock ~19% CAGR over FY26-28E. Maintain BUY' rating on MEDANTA with TP of Rs1,375/share,...

Global Health (Medanta) exhibited higher-than-expected revenue for the quarter. However, EBITDA/PAT was lower than estimated (9%/18% miss), largely due to higher opex related to the Noida scale-up.

We analyzed the supply-demand dynamics of hospitals in the Noida/Greater Noida regions, given the recently commissioned hospital of Medanta.

We maintain a BUY rating on the stock.

Global Health (Medanta) delivered better-than-expected revenue (9% beat) in 2QFY26. However, it delivered marginally lower-than-expected EBITDA/PAT (3%/2% miss) for the quarter.

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