Global Health Limited Q2 revenue climbs 34% to Rs 1,469 crore

Global Health Limited reported consolidated revenue from operations of Rs 1,469.043 crore for the quarter ended 30 September 2026, up 33.6% from Rs 1,099.280 crore a year earlier, while profit after tax rose to Rs 219.144 crore from Rs 158.400 crore. Revenue also increased from Rs 1,304.051 crore in the preceding quarter.

How did Medanta's September-quarter revenue and profit change?

Medanta increased revenue from operations by Rs 369.763 crore year on year in the quarter ended 30 September 2026, while total expenses rose by Rs 262.012 crore. This meant revenue grew 33.6%, ahead of the 28.0% rise in expenses to Rs 1,197.131 crore, and profit before exceptional items and tax rose 47.7% to Rs 271.527 crore.

Profit after tax, or PAT, was Rs 219.144 crore, an increase of Rs 60.744 crore from Rs 158.400 crore in the quarter ended 30 September 2025. Profit before tax was Rs 271.527 crore, compared with Rs 199.814 crore a year earlier, while current tax rose to Rs 64.290 crore from Rs 35.862 crore and deferred tax charge increased to Rs 11.393 crore from Rs 5.552 crore.

Why does Medanta's year-on-year profit comparison include an exceptional item?

Medanta's September 2025 quarter included an exceptional gain of Rs 15.985 crore from reversal of stamp duty payable in connection with the merger of Medanta Holdings Private Limited into Global Health Limited. The reversal followed adjudication of the stamp-duty application, and it increased reported prior-year profit before tax to Rs 199.814 crore.

Medanta reported no exceptional item in the quarter ended 30 September 2026, so its Rs 271.527 crore profit before tax was generated without a comparable exceptional gain. On a pre-exceptional-item basis, profit before tax increased by Rs 87.698 crore from Rs 183.829 crore in the prior-year quarter.

The six-month comparison is also affected by prior-year exceptional items. For the six months ended 30 September 2025, Medanta recorded net exceptional gains of Rs 35.577 crore, comprising a Rs 19.592 crore reversal of an Export Promotion Capital Goods obligation and the Rs 15.985 crore stamp-duty reversal.

Which Medanta costs increased in the September quarter?

Medanta's largest reported expense was employee benefits, which rose to Rs 334.606 crore in the September 2026 quarter from Rs 274.334 crore a year earlier. Cost of materials consumed increased to Rs 278.678 crore from Rs 226.692 crore, while retainers and consultants' fees rose to Rs 213.011 crore from Rs 154.945 crore.

Other expenses increased by Rs 46.629 crore to Rs 230.075 crore, depreciation and amortisation rose by Rs 21.071 crore to Rs 70.797 crore, and finance costs increased by Rs 10.973 crore to Rs 28.085 crore. Purchases of stock-in-trade rose to Rs 45.815 crore from Rs 28.784 crore, while inventory changes remained a credit of Rs 3.236 crore.

Employee share-based payment expense, included within employee benefits, moved in the opposite direction, falling to Rs 6.288 crore from Rs 10.004 crore. The quarter's total expenses of Rs 1,197.131 crore were also above Rs 1,112.952 crore in the preceding quarter ended 30 June 2026, alongside the sequential revenue increase of Rs 164.992 crore.

What did Medanta report for the first half and operating cash flow?

Medanta reported first-half revenue from operations of Rs 2,773.094 crore for the six months ended 30 September 2026, up 30.2% from Rs 2,130.124 crore in the corresponding prior-year period. PAT was Rs 376.396 crore, compared with Rs 317.382 crore, while profit before tax rose to Rs 508.090 crore from Rs 407.955 crore.

Net cash generated from operating activities increased to Rs 567.812 crore in the six months from Rs 328.529 crore a year earlier. Operating profit before working-capital changes was Rs 661.971 crore, up from Rs 451.653 crore, but the increase in trade receivables used Rs 115.317 crore of cash during the period.

Trade payables supplied Rs 67.836 crore of operating cash and other liabilities supplied Rs 41.310 crore, while income-tax paid was Rs 81.361 crore. Medanta spent Rs 339.138 crore on property, plant and equipment, capital work-in-progress and intangible assets, below Rs 412.711 crore in the prior-year six months.

How did Medanta's balance sheet change by September 2026?

Medanta's total assets rose to Rs 6,606.167 crore at 30 September 2026 from Rs 5,905.004 crore at 31 March 2026. Property, plant and equipment increased to Rs 3,039.147 crore from Rs 2,962.344 crore, capital work-in-progress rose to Rs 206.589 crore from Rs 132.205 crore, and right-of-use assets increased to Rs 898.337 crore from Rs 816.370 crore.

Current assets increased to Rs 2,088.595 crore from Rs 1,674.920 crore, led by trade receivables of Rs 522.324 crore compared with Rs 411.185 crore. Cash and cash equivalents rose to Rs 296.241 crore from Rs 127.333 crore, while bank balances other than cash and cash equivalents increased to Rs 1,104.606 crore from Rs 1,002.895 crore.

Total equity increased to Rs 4,343.093 crore from Rs 3,984.275 crore over the six months. Current and non-current borrowings together were Rs 694.915 crore at 30 September 2026, compared with Rs 631.075 crore at 31 March 2026, while lease liabilities rose to Rs 657.819 crore from Rs 558.971 crore.

What expansion has Medanta disclosed in Ghaziabad?

Medanta disclosed a proposed 500-bed multi-specialty hospital at Siddharth Vihar, Ghaziabad, after it was allotted a 10,560.36-square-metre freehold land parcel by the UP Housing and Development Board during the September 2026 quarter. The board approved the proposed hospital development after the quarter ended.

The company said the land purchase cost is Rs 165.82 crore and estimated total project cost, including land, at Rs 997 crore. It expects to add the capacity in phases over the next three to four years, funding the land purchase through internal accruals and the wider project through a mix of internal accruals and debt.

Medanta had existing capacity of 3,811 beds as of 30 September 2026, with hospitals operating in Gurugram, Indore, Ranchi, Lucknow, Patna and Noida. The Ghaziabad proposal is therefore a disclosed capacity addition beyond this reported bed base rather than capacity already in operation.

Conclusion

Medanta's September-quarter results show that revenue growth of 33.6% exceeded the 28.0% increase in expenses, producing a 38.3% rise in PAT to Rs 219.144 crore. In the first half, revenue reached Rs 2,773.094 crore and operating cash generation rose to Rs 567.812 crore, while receivables increased by Rs 111.139 crore from March-end.

The next disclosed development to watch is the proposed Ghaziabad hospital, for which Medanta has set a Rs 997 crore estimated cost and a phased three-to-four-year delivery period. Its stated financing plan combines internal accruals and debt, while the filing does not disclose a construction start date or further project milestones.