Medanta approves Rs 1,000 crore Ghaziabad hospital project

Global Health Limited, which operates Medanta, approved a Rs 1,000 crore, 500-bed multi-specialty hospital in Ghaziabad in Q2 FY27, adding a defined project to its planned 3,450-bed expansion pipeline. Management said the pipeline could lift Medanta’s network capacity from 3,811 beds to more than 7,600 beds over the next few years.

What did Medanta approve for Ghaziabad?

Medanta approved a 500-bed multi-specialty hospital in Ghaziabad with total capital expenditure of about Rs 1,000 crore. Management said on its November 4, 2026 earnings call that the board had approved the project the previous day after the company secured land at Siddharth Vihar Yojna through an online auction.

The company bought an approximately 2.6-acre parcel on a freehold basis for Rs 166 crore. Medanta described the proposed facility as a tertiary and quaternary care hospital, intended to serve Ghaziabad and the surrounding catchment with specialised and complex clinical services.

Management identified Eastern Delhi, Meerut, Saharanpur, Hapur, Bulandshahr and the wider Western Uttar Pradesh region as potential patient catchments. It cited Ghaziabad’s population growth, urbanisation, residential and commercial development, and Delhi National Capital Region connectivity as reasons for selecting the location.

How does the Ghaziabad project fit Medanta’s bed expansion plan?

The Ghaziabad hospital is part of Medanta’s six-new-hospital greenfield pipeline, which management expects to add approximately 3,450 beds over the next few years. The planned addition would take the network above 7,600 beds, compared with total bed capacity of 3,811 in Q2 FY27.

Management has outlined capital expenditure of more than Rs 6,000 crore over the next four to five years. That plan covers upcoming hospitals, capacity additions at operating facilities and supporting infrastructure, rather than only the separately approved Rs 1,000 crore Ghaziabad project.

The 74 beds added in Q2 FY27 included 49 at Noida and 25 at Lucknow. Medanta’s census bed capacity, used in its occupied-bed-day reporting, rose 17% year on year to 3,115 from 2,658, while total bed capacity increased from 3,435 to 3,811.

What operating results does Medanta cite for expansion?

Medanta cites the ramp-up of its Noida hospital as evidence for expanding into new geographies. The 550-bed facility, inaugurated in November 2025, achieved operating earnings before interest, tax, depreciation and amortisation, or operating EBITDA, breakeven in Q2 FY27, reporting Rs 105.9 crore of revenue from operations and Rs 8.6 crore of operating EBITDA.

Noida had reported an operating EBITDA loss of Rs 19.9 crore in Q2 FY26, making the Q2 FY27 result a shift to positive operating EBITDA. The hospital added 49 beds during the quarter, taking operational capacity to 482 beds, while management attributed its progress to rising patient volumes and operating leverage.

Cluster 2, comprising Lucknow, Patna and Noida, reported revenue from operations of Rs 579 crore in Q2 FY27, up 63% year on year. Operating EBITDA rose 110% to Rs 183.7 crore, while inpatient volumes increased 52%, occupied bed days rose 43%, and occupancy improved to 67% from 62%.

Cluster 1, which includes Gurugram, Indore and Ranchi, grew more slowly but also increased utilisation. Its revenue from operations rose 18% to Rs 822.9 crore and operating EBITDA rose 29% to Rs 181 crore, while occupancy reached 66% from 61% and average length of stay declined to 2.80 days from 2.98 days.

What financial position did Medanta report in Q2 FY27?

Medanta reported consolidated revenue from operations of Rs 1,469 crore in Q2 FY27, up 34% year on year, and operating EBITDA of Rs 370.1 crore, up 60%. Operating EBITDA margin increased to 25.2% from 21.0% after the company adopted reporting that excludes other income, mainly interest income, and accounts for employee stock-option plan expenses.

Profit after tax rose 38% year on year to Rs 219.1 crore from Rs 158.4 crore. As of September 30, 2026, Medanta had a net cash surplus of Rs 781.5 crore, compared with Rs 590.6 crore on March 31, 2026, and generated operating cash flow of Rs 567.8 crore in H1 FY27.

Network demand indicators also increased during the quarter. Inpatient volumes rose 30%, outpatient volumes grew 38%, and occupied bed days increased 22%, while occupancy reached 67% from 64% in Q2 FY26 despite the 17% increase in census bed capacity.

Average revenue per patient rose 3% year on year to Rs 2.06 lakh, supported by case mix and higher-acuity specialties, according to management. Average length of stay declined to 2.89 days from 3.06 days, while international patient revenue increased 30% to Rs 99.3 crore and outpatient pharmacy revenue grew 53% to Rs 69.9 crore.

What additions will Medanta make before new hospitals open?

Medanta plans to add six operating theatres and two catheterisation laboratories, or cath labs, at Gurugram; four operating theatres and one cath lab at Patna; and five operating theatres at Lucknow over the next couple of quarters. During Q2 FY27, Gurugram had already added two operating theatres and one biplane cath lab.

At Lucknow, management said a ward was being operationalised after September 30, 2026. It expected five operating rooms to be available in Q3 FY27, if possible, or early Q4 FY27, and planned a new outpatient floor that would add about 20% to 30% of the hospital’s outpatient-care capacity.

Medanta onboarded more than 100 doctors during Q2 FY27, including more than 65 clinicians across specialties. It also installed a Siemens ARTIS icono biplane system at Gurugram, and a Siemens ARTIS ceiling-mounted cath lab and VELYS hip navigation system at Patna, linking its capacity plans to clinical equipment and procedural infrastructure.

Conclusion

The Ghaziabad approval places a Rs 1,000 crore, 500-bed project within Medanta’s broader plan to add approximately 3,450 beds and take network capacity above 7,600 beds. The plan follows Q2 FY27 growth in revenue, patient volumes and occupancy, alongside Noida’s move from a Rs 19.9 crore operating EBITDA loss in Q2 FY26 to Rs 8.6 crore of operating EBITDA.

The next disclosed milestones are operating-theatre and cath-lab additions over the next couple of quarters, the planned Lucknow outpatient expansion, and further capacity additions at existing hospitals. Management’s four-to-five-year capital-expenditure plan of more than Rs 6,000 crore and execution across six greenfield hospitals remain the stated framework for the expansion programme.