Global Health Limited (NSE: Medanta, BSE: 543654) reported strong revenue-led growth in Q3 FY26, reflecting rising demand for tertiary healthcare in India, even as new regulatory costs and capacity additions influenced near-term profitability.
Consolidated total income rose 19.1% year-on-year to ₹11,428 million for the quarter ended December 31, 2025. EBITDA excluding the newly operational Noida hospital increased 10.9% to ₹2,814 million, with margins of 25.4%, underscoring operating efficiency at mature facilities. However, consolidated EBITDA including Noida declined 1.7% to ₹2,494 million, as the hospital—commissioned in September 2025—reported revenue of ₹343 million and an EBITDA loss of ₹320 million during its scale-up phase. Profit after tax stood at ₹950 million, impacted by depreciation and finance costs related to new capacity, as well as a one-time exceptional expense of ₹366 million arising from the statutory implementation of new Labour Codes, highlighting the cost implications of regulatory reforms on corporate balance sheets.
Policy-relevant operating indicators remained strong. Inpatient and outpatient volumes grew 14.3% and 19.5%, respectively, while ARPOB rose 9.9% to ₹67,361. Bed capacity expanded with 144 additions during the quarter and 537 beds over nine months. For 9M FY26, total income increased 17.6% to ₹33,131 million and PAT rose 8.5% to ₹4,124 million, signalling the sector’s long-term growth potential amid healthcare infrastructure expansion and evolving labour regulations.
