Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Global Health Ltd.
NSE: MEDANTAHealthcareMedical Care Facilities
- Last close
- ₹1,185.00
- Day change
- −₹13.20 (−1.10%)vs
- Market cap
- ₹34,396 crIndian rupees
- Research updated
- 1 report
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About Global Health
Global Health Ltd. operates as a prominent healthcare service provider, primarily focusing on delivering comprehensive medical and surgical services through its advanced hospital network. Best known for its flagship hospital, located in Gurugram, India, Global Health Ltd. offers an integrated healthcare delivery platform. This includes a wide range of specialties such as cardiology, neurology, oncology, orthopedics, and gastroenterology, providing cutting-edge treatments across various fields of medicine. Acknowledged for its state-of-the-art medical infrastructure and commitment to excellence, the company significantly impacts the healthcare sector by setting high standards in patient care and medical practices. Global Health Ltd. plays a crucial role in addressing the healthcare needs of a vast population while also contributing to the market's development through continuous innovations and adherence to global health standards. As an integral part of the healthcare industry, Global Health Ltd. not only meets local demands but also attracts international clientele, thus fostering growth and enhancing its market relevance.
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Listing
- NSE: MEDANTA
- Next results
- Chief executive
- Mr. Pankaj Prakash Sahni
- Employees
- 12,600
- Headquarters
- Gurugram, India
- ISIN
- INE474Q01031
- Website
- medanta.org
Public research · Report of
Business model & financial foundation
Medanta (NSE: MEDANTA), Hospitals and healthcare delivery (multi-specialty tertiary and quaternary care): revenue of ₹4,410 crore in FY26 (+19.4% on FY25), an EBITDA margin of 21.7%, net profit of ₹554.1 crore and net cash of ₹590.6 crore.
- Revenue, FY26 (₹ crore)
- 4,410
- consolidated
- Revenue growth, FY26
- +19.4%
- on FY25
- EBITDA margin, FY26
- 21.7%
- EBITDA (Operating EBITDA excluding other income, before ESOP) / revenue
- Net profit, FY26 (₹ crore)
- 554.1
- to owners
- Return on equity, FY26
- 15.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -590.6
- Net debt / (net cash), company-stated
- Market capitalisation (₹ crore)
- 37,744
- at the close of 14 Oct 2026
Company profile
Global Health Ltd operates the Medanta chain of multi-specialty tertiary and quaternary care hospitals founded by cardiac surgeon Dr Naresh Trehan, with flagship Medanta The Medicity in Gurugram and hospitals in Lucknow, Patna, Indore, Ranchi and Noida (opened Sep 2025). FY26 bed capacity was 3,665 installed beds with ARPOB of about INR 66,550 per day. It is building a pipeline of roughly 3,350 further beds (Mumbai, Pitampura Delhi, South Delhi, Guwahati, Varanasi) against FY27 capex guidance of INR 800-900 crore, funded largely from net cash.
| Item | Value |
|---|---|
| Legal name | Global Health Limited |
| Exchange and ticker | NSE: MEDANTA; BSE: 543654 |
| ISIN | INE474Q01031 |
| Sector | Healthcare |
| Industry | Hospitals and healthcare delivery (multi-specialty tertiary and quaternary care) |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹37,744 crore (14 Oct 2026) |
| Shares outstanding | 26.88 crore shares (FY26) |
| Price | ₹1,280 (close, 14 Oct 2026) |
| 52-week range | ₹956.0 - ₹1,544 (to 14 Oct 2026) |
| Website | https://www.medanta.org |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Global Health Patliputra Pvt Ltd | 100% | Medanta Patna hospital |
| GHL Pharma & Diagnostic Pvt Ltd | 100% | Pharmacy and diagnostics |
| GHL Hospital Ltd | 50% | Hospital project company (classified as subsidiary; South Delhi/DLF 50:50 JV project) |
| Global Health Institute of Medical Sciences Foundation | 100% | Section 8 entity for the planned medical school |
Medanta Holdings Pvt Ltd (Lucknow and Noida hospital owner) merged into the parent effective 1 Mar 2025; standalone FY24 comparatives restated (S20:p311).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 33.01% | 33.01% | 33.00% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.54% | 10.15% | 9.46% | |
| Domestic institutions | 13.99% | 14.76% | 16.89% | |
| of which mutual funds | 13.12% | 13.91% | 16.03% | |
| Retail | 3.94% | 3.71% | ||
| Other | 0.06% | 0.08% | 0.09% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Global Health (NSE: MEDANTA) runs six multi-specialty tertiary/quaternary hospitals under the Medanta brand — Gurugram (1,440 installed beds), Lucknow (778), Patna (601), Noida (433, opened Sep 2025), Ranchi (310) and Indore (175) — 3,737 installed beds at 30 Jun 2026. Revenue is inpatient-led (82% of revenue in Q1 FY27); payor mix is 55% cash, 26% insurance/TPA, 11% government schemes; international patients ~7% of revenue in FY26. It controls clinical talent, brand and case mix; it does not control drug and consumable pricing (DPCO, NPPA, now the Supreme Court case) or scheme tariffs (CGHS, PMJAY). Management reports clusters: mature (Gurugram, Indore, Ranchi) FY26 total income 2,848cr / EBITDA 695cr and developing (Lucknow, Patna, Noida) 1,504cr / 366cr. Noida FY26 EBITDA loss 78.3cr; Q1 FY27 loss 4.9cr on 85.5cr income.
| Segment | revenue from operations, FY26 (₹ crore) | Share | total income, FY26 (₹ crore) | Share | ebitda before esop, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Healthcare services: single Ind AS108 per brief; note50 not retrieved | 4,410 | 100.0% | 4,509 | 100.0% | 1,056 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Max Healthcare Institute (MAXHEALTH) | Largest NCR-focused premium tertiary chain; closest competitor for Gurugram/Noida/Delhi patients |
| Fortis Healthcare (FORTIS) | NCR tertiary hospitals (FMRI Gurugram, Noida, Delhi) competing directly for the same catchments |
| Apollo Hospitals Enterprise (APOLLOHOSP) | |
| Narayana Hrudayalaya (NH) | Listed multi-specialty tertiary chain with cardiac franchise and similar bed-led expansion |
| Krishna Institute of Medical Sciences (KIMS) | Listed tertiary chain mid-way through a large greenfield bed expansion, similar ramp-loss dynamic |
| Jupiter Life Line Hospitals (JLHL) | Listed tertiary chain expanding through new hospitals; similar ARPOB tier |
| Aster DM Healthcare (ASTERDM) | Listed multi-specialty chain (India) under expansion |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,167 | 2,683 | 3,275 | 3,692 | 4,410 |
| Cost of revenue (vendor classification) * | 542.9 | 625.3 | 759.4 | 879.7 | 996.8 |
| Other operating costs (vendor classification) * | 601.9 | 734.4 | 876.6 | 986.4 | 1,278 |
| EBITDA (vendor classification) * | 493.1 | 685.0 | 900.9 | 999.4 | 1,033 |
| EBIT * | 360.0 | 526.8 | 699.6 | 711.3 | 793.1 |
| Finance costs | 79.5 | 77.5 | 73.9 | 65.3 | 79.1 |
| Profit before tax | 280.6 | 449.3 | 627.1 | 647.3 | 715.0 |
| Total tax expense | 84.4 | 123.2 | 149.0 | 165.9 | 160.9 |
| Consolidated profit after tax | 196.2 | 326.1 | 478.1 | 481.3 | 554.1 |
| Diluted EPS (₹) | 7.73 | 12.57 | n.d. | n.d. | n.d. |
| Cost of materials consumed | 759.4 | 879.7 | 996.8 | ||
| Employee benefits before separately presented ESOP | 1,162 | 1,322 | 1,716 | ||
| Other expenses | 554.8 | 613.7 | 740.3 | ||
| ESOP / share-based payment expense | n.d. | 0.00 | 38.3 | ||
| Other income | 74.7 | 79.1 | 98.6 | ||
| Operating EBITDA excluding other income, before ESOP | 799.0 | 877.0 | 957.4 | ||
| Depreciation and amortisation | 172.7 | 193.7 | 222.5 | ||
| Exceptional items (income positive, expense negative) | 0.00 | -49.9 | -1.00 | ||
| PAT attributable to non-controlling interests | n.d. | n.d. | n.d. | ||
| PAT attributable to owners | n.d. | n.d. | n.d. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 1,616 | 2,428 | 2,906 | 3,388 | 3,984 |
| Borrowings * | 1,109 | 1,122 | 801.9 | 717.7 | 1,190 |
| Cash and cash equivalents * | 119.4 | 767.2 | 424.6 | 230.2 | 127.3 |
| Trade receivables * | 180.2 | 194.2 | 215.3 | 291.9 | 411.2 |
| Inventories * | 53.4 | 60.4 | 66.9 | 67.1 | 79.0 |
| Trade payables * | 134.3 | 194.7 | 186.8 | 194.8 | 242.4 |
| Net property, plant and equipment * | 988.4 | 1,134 | 1,313 | 1,513 | 2,152 |
| Capital work in progress * | 439.3 | 327.0 | 386.3 | 528.5 | 132.2 |
| Total assets * | 3,146 | 4,116 | 4,304 | 4,766 | 5,905 |
| Net debt / (net cash), company-stated | -772.0 | -812.3 | -590.6 | ||
| Lease liabilities current plus non-current | n.d. | n.d. | n.d. | ||
| Cash plus bank balances and current investments | n.d. | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 283.9 | 519.6 | 612.1 | 623.8 | 714.4 |
| Free cash flow (vendor definition) * | 36.8 | 408.5 | 333.5 | -24.2 | -264.2 |
| Dividends paid | 0.00 | -13.4 | |||
| Purchase of PP&E, CWIP and intangibles | -273.1 | -235.2 | n.d. | -516.6 | -838.2 |
| Lease payments (interest + principal) | -39.0 | -46.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 25.32 | 25.92 | 26.86 | 26.86 | 26.88 |
| Company EBITDA including other income before ESOP | 873.7 | 956.2 | 1,056 | ||
| Management gross debt (lease treatment not specified) | 419.3 | 327.9 | 631.1 | ||
| Management cash aggregate (component split unavailable) | 1,191 | 1,140 | 1,222 | ||
| Management shareholder equity (total/NCI basis unclear) | 2,906 | 3,386 | 3,962 | ||
| Noida EBITDA loss (negative) | -78.3 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 956.6 | 943.4 | 931.2 | 1,031 | 1,099 | 1,121 | 1,159 | 1,304 |
| Cost of revenue (vendor classification) * | 228.0 | 229.2 | 213.6 | 239.1 | 255.6 | 255.7 | 246.5 | 294.4 |
| Other operating costs (vendor classification) * | 279.9 | 268.0 | 178.2 | 308.4 | 338.4 | 367.4 | 384.1 | 403.7 |
| EBITDA (vendor classification) * | 252.6 | 257.2 | 276.5 | 247.4 | 250.7 | 239.1 | 280.5 | 308.9 |
| EBIT * | 197.1 | 205.3 | 147.2 | 221.9 | 216.9 | 141.3 | 214.0 | 239.9 |
| Finance costs | 16.0 | 16.3 | 15.0 | 13.8 | 17.1 | 21.5 | 26.7 | 26.7 |
| Profit before tax | 181.1 | 189.1 | 133.4 | 208.1 | 199.8 | 119.8 | 187.3 | 213.3 |
| Total tax expense | 50.3 | 46.2 | 32.1 | 49.2 | 41.4 | 24.8 | 45.6 | 56.0 |
| Consolidated profit after tax | 130.8 | 142.9 | 101.4 | 159.0 | 158.4 | 95.0 | 141.7 | 157.3 |
| Diluted EPS (₹) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Cost of materials consumed | 228.0 | 229.2 | 213.6 | 239.1 | 255.6 | 255.7 | 246.5 | 294.4 |
| Employee benefits expense before separately presented ESOP | 336.6 | 330.0 | 335.6 | 385.2 | 419.3 | 449.8 | 461.5 | 513.6 |
| Other expenses | 163.7 | 146.5 | 157.3 | 171.7 | 183.4 | 188.0 | 197.1 | 202.9 |
| ESOP / share-based payment expense | 0.00 | 0.00 | 0.00 | 7.90 | 10.0 | 10.3 | 10.1 | 6.40 |
| Other income | 18.2 | 16.0 | 22.9 | 20.5 | 19.7 | 21.8 | 36.7 | 22.2 |
| Operating EBITDA excluding other income, before ESOP | 228.3 | 237.7 | 224.7 | 234.8 | 240.9 | 227.5 | 253.9 | 293.2 |
| Depreciation and amortisation | 49.4 | 48.4 | 49.3 | 45.1 | 49.7 | 61.2 | 66.5 | 69.0 |
| Exceptional items (income positive, expense negative) | 0.00 | 0.00 | -49.9 | 19.6 | 16.0 | -36.6 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| PAT attributable to owners | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 51.6% | 23.8% | 22.1% | 12.7% | 19.4% |
| EBITDA margin | 24.4% | 23.8% | 21.7% | ||
| Net margin | 9.1% | 12.2% | 14.6% | 13.0% | 12.6% |
| Return on equity | 13.1% | 16.1% | 17.9% | 15.3% | 15.0% |
| Return on capital employed | 14.3% | 16.8% | 19.3% | 18.2% | 17.1% |
| Return on assets | 6.7% | 9.0% | 11.4% | 10.6% | 10.4% |
| Net debt (₹ crore) | -772.0 | -812.3 | -590.6 | ||
| Net debt / EBITDA | -0.97x | -0.93x | -0.62x | ||
| Interest cover | 4.53x | 6.80x | 9.47x | 10.9x | 10.0x |
| Asset turnover | 0.74x | 0.74x | 0.78x | 0.81x | 0.83x |
| Receivable days | 30 | 26 | 24 | 29 | 34 |
| Inventory days (on revenue) | 9 | 8 | 7 | 7 | 7 |
| Payable days (on revenue) | 23 | 26 | 21 | 19 | 20 |
| Cash conversion | 1.45x | 1.59x | 1.28x | 1.30x | 1.29x |
| Capex intensity | 12.6% | 8.8% | 14.0% | 19.0% | |
| Free cash flow (₹ crore) | 10.8 | 284.4 | 107.2 | -123.8 | |
| Dividend payout | 0.0% | 2.4% | |||
| EPS, diluted (₹) | 7.73 | 12.57 | |||
| Book value per share (₹) | 63.81 | 93.68 | 108.2 | 126.1 | 148.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income, before ESOP) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt / (net cash), company-stated.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income, before ESOP).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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