Medanta plans Rs 6,239 crore capex to reach 7,605 beds

Global Health Ltd (Medanta) plans Rs 6,239 crore of capital expenditure over the next four to five years to lift installed capacity to 7,605 beds from an estimated 4,155 beds in FY27. The plan implies about 3,450 additional beds, or 83.0%, and includes projects in Delhi, Mumbai, Guwahati, Varanasi and Ghaziabad.

How much will Medanta spend on its expansion plan?

Medanta plans total capital expenditure, or capex, of about Rs 6,239 crore over the next four to five years. This total comprises Rs 5,745.1 crore of project-wise allocations, Rs 300 crore for a medical school and Rs 193.9 crore for a guest house.

Maintenance capex for five years is the largest allocation at Rs 1,100 crore, followed by Rs 1,217.5 crore for Mumbai. The programme also assigns Rs 982 crore to Ghaziabad, Rs 898.6 crore to Guwahati and Rs 589.8 crore to Varanasi, combining spending on the operating network with investments in new locations.

How many beds will Medanta add under the plan?

Medanta targets 7,605 installed beds, implying about 3,450 beds of addition, or 83.0%, over its estimated FY27 capacity of 4,155 beds. The presentation identifies the 7,605 figure as planned installed capacity, rather than a date-specific measure of operational beds.

The target follows 623 beds added in FY26, which lifted installed beds by 20.5% from 3,042 on 31 March 2025 to 3,665 on 31 March 2026. Medanta estimates a further 490 beds in FY27, or 13.4% of the March 2026 base, bringing the capacity estimate to 4,155 beds before the larger pipeline projects are completed.

The FY27 additions consist of 146 beds added in Lucknow and Noida in H1 FY27, an 80-bed Indore Cancer Unit, and 147 beds in Lucknow, 68 in Noida and 49 in Patna. The presentation's project list therefore separates additions already made in the first half from further expected additions during FY27.

Which projects account for Medanta's future bed additions?

Medanta's largest disclosed future projects are roughly 750-bed hospitals in Pitampura, Delhi and Mumbai, followed by a 650-bed hospital in Guwahati. Ghaziabad is planned as an approximately 500-bed super-specialty hospital, while South Delhi and Varanasi are each planned as 400-bed developments.

South Delhi is a 400-bed project announced with DLF, where construction is in progress at site 1. For Pitampura, Medanta has an agreement to jointly build, operate and manage a roughly 750-bed hospital; revised building plans are to be submitted in line with the revised National Building Code 2026 standard.

Mumbai has received environmental clearance and Consent to Establish, and piling work for the substructure has commenced. In Guwahati, Medanta has completed land acquisition, secured fire, environmental and building-plan approvals, and appointed mechanical, electrical and plumbing consultants, a facility planner and an architect.

Varanasi was announced in March 2026 as a 400-bed built-to-suit and lease project, with building plans submitted for approval. Ghaziabad has a 2.61-acre land parcel allotted through an e-auction for the planned 500-bed hospital, but the presentation gives no opening date for either project.

What is the status of Medanta's nearer-term projects?

Medanta's Noida hospital had 482 operational beds at the end of September 2026 after 100 beds were added in H1 FY27, against stated total capacity of 550 beds. Lucknow added 46 beds in H1 FY27 to reach 803 beds, explaining the 146 combined additions disclosed for the two hospitals.

The 80-bed Indore Cancer Unit is due to be operationalised in Q3 FY27 under a business transfer agreement. The unit has a Rs 32.5 crore capex allocation, while the existing Indore hospital in Medanta's network was shown with 175 beds in the company's hospital history.

The presentation places projects at different execution stages, from construction at South Delhi and piling in Mumbai to approvals at Varanasi and revised-plan submission at Pitampura. It does not disclose commissioning dates for South Delhi, Pitampura, Mumbai, Guwahati, Varanasi or Ghaziabad, so the 7,605-bed figure remains a programme target rather than a dated operational-capacity forecast.

How is Medanta phasing its Rs 6,239 crore capex programme?

Medanta estimates Rs 338.5 crore of capex incurred in H1 FY27, followed by Rs 600 crore in H2 FY27E, Rs 2,200 crore across FY28-FY29E, Rs 2,500 crore in FY30E and Rs 1,000 crore in FY31E. FY30E is the largest disclosed annual capex period in the schedule.

At 30 September 2026, Medanta reported cash and cash equivalents of Rs 1,476.5 crore, gross debt of Rs 694.9 crore and net cash of Rs 781.5 crore. Net cash increased from Rs 590.6 crore at FY26, while gross debt increased by Rs 63.8 crore during H1 FY27.

Medanta reported net cash flow from operations of Rs 567.8 crore in H1 FY27 and operating earnings before interest, tax, depreciation and amortisation of Rs 656.8 crore. The company reported cash-flow conversion of 86.4% for H1 FY27 and did not specify a funding mix for the full Rs 6,239 crore programme.

Conclusion

Medanta's expansion plan combines Rs 6,239 crore of estimated capex with a move from 4,155 estimated installed beds in FY27 to 7,605 beds. Maintenance, Mumbai and Ghaziabad account for the three largest allocations, while the capacity pipeline broadens Medanta's footprint through projects in Delhi, Mumbai, Guwahati, Varanasi and Ghaziabad.

The next disclosed milestone is the Q3 FY27 operationalisation of the 80-bed Indore Cancer Unit. Other matters to watch are Pitampura's revised building-plan submission, progress on Mumbai piling and Guwahati approvals, and delivery against the schedule that rises from Rs 938.5 crore across FY27 to Rs 2,500 crore in FY30E.