Medanta Noida reaches break-even in first year of operations

Global Health Limited (Medanta) said its 550-bed Noida hospital reached earnings before interest, tax, depreciation and amortisation (EBITDA) break-even in the second quarter of financial year 2026-27, less than a year after its November 2025 inauguration, reporting Rs 8.6 crore of operating EBITDA on Rs 105.9 crore of revenue from operations.

What did Medanta Noida report in Q2 FY27?

Medanta Noida reported Rs 105.9 crore in revenue from operations and Rs 8.6 crore in operating EBITDA in Q2 FY27. Operating EBITDA means EBITDA excluding other income and after accounting for employee stock-option plan expenses, under the reporting format Medanta introduced for the quarter. Management described the result as EBITDA break-even for the hospital.

The result followed the addition of 49 beds at Noida during Q2 FY27, taking its operational bed capacity to 482. The hospital was inaugurated in November 2025 as a 550-bed facility, while the 482-bed figure measures operational capacity at the end of the reported quarter. Management said its focus remains on establishing Noida as a flagship institution with comprehensive clinical capabilities.

How quickly did Medanta Noida move from a loss to break-even?

Medanta Noida moved from an EBITDA loss of Rs 19.9 crore in Q2 FY26 to Rs 8.6 crore of operating EBITDA in Q2 FY27, an improvement of Rs 28.5 crore year on year. Management identified Noida’s break-even as a driver of the 110% increase in operating EBITDA for Cluster 2, which includes Lucknow, Patna and Noida.

The hospital was inaugurated in November 2025, and Medanta said it reached break-even during Q2 FY27, within a year of opening. This is an operating milestone rather than a statement about net profit, because the disclosed measure is operating EBITDA. Medanta said other income, primarily interest income, is excluded from operating EBITDA.

Cluster 2 revenue from operations rose 63% year on year to Rs 579 crore in Q2 FY27 from Rs 354.7 crore in Q2 FY26. Operating EBITDA reached Rs 183.7 crore, while inpatient volumes increased 52% and occupied bed days rose 43%. Medanta said the result reflected Noida’s ramp-up alongside continuing growth at Lucknow and Patna.

What drove Medanta Noida’s ramp-up?

Medanta attributed Noida’s Rs 8.6 crore operating EBITDA to continued operational scale-up and increasing patient volumes. Across Cluster 2, management said volume growth was not driven by a significant payer-mix change. It cited clinical-talent additions, capacity expansion and Noida’s scale-up, alongside growth at Lucknow and Patna.

The network reported 30% year-on-year growth in inpatient volumes, 38% growth in outpatient volumes and 22% growth in occupied bed days in Q2 FY27. Network occupancy improved to 67% from 64% in Q2 FY26 despite expanded capacity. Census bed capacity rose 17% to 3,115 beds from 2,658 beds over the same period.

Management said investments can take 12 to 18 months or more to affect quarterly results. It cited doctor hiring, equipment, infrastructure, bed additions, clinics and operating rooms as measures that support patient volumes over time, rather than actions implemented only during Q2 FY27.

Medanta added more than 100 doctors during the quarter, including more than 65 clinicians across specialties. At the network level, average revenue per patient increased 3% year on year to Rs 2.06 lakh, supported by case mix and greater contribution from high-acuity specialties. Average length of stay declined to 2.89 days from 3.06 days.

How does Medanta Noida compare with the other hospital clusters?

Cluster 2 grew faster than Cluster 1 in Q2 FY27, with revenue from operations increasing 63% against 18%, and Medanta cited Noida’s ramp-up and break-even as one reason for the difference. Cluster 1, comprising Gurugram, Indore and Ranchi, generated Rs 822.9 crore of revenue from operations and Rs 181 crore of operating EBITDA, with a 22% operating EBITDA margin.

Cluster 2 generated Rs 579 crore of revenue from operations and Rs 183.7 crore of operating EBITDA in Q2 FY27. Its occupancy reached 67%, compared with 62% in Q2 FY26, and average revenue per patient rose 8%, which management attributed to favourable case and specialty mix. Excluding Noida, Cluster 2 inpatient volume growth was approximately 26%, according to management.

At the consolidated level, Medanta reported revenue from operations of Rs 1,469 crore, up 34% year on year, and operating EBITDA of Rs 370.1 crore, up 60%. The operating EBITDA margin increased to 25.2% from 21.0%, while profit after tax rose 38% to Rs 219.1 crore. These group figures include hospital and other operating contributions and do not represent Noida-only profitability.

What does Medanta Noida’s result mean for expansion plans?

Medanta said Noida’s progress gives management confidence in replicating its hospital model in new geographies, while its expansion pipeline contains six new greenfield hospitals. The company plans to add about 3,450 beds over the next few years, taking network capacity to more than 7,600 beds from 3,811 total beds in Q2 FY27.

The next announced project is a 500-bed multi-specialty hospital in Ghaziabad, where Medanta acquired a 2.61-acre freehold land parcel through an e-auction for Rs 166 crore. The board approved total project capital expenditure of about Rs 1,000 crore, within Medanta’s stated plan to spend more than Rs 6,000 crore over four to five years on new hospitals, existing-facility expansion and supporting infrastructure.

Medanta reported a net cash surplus of Rs 781.5 crore at September 30, 2026, compared with Rs 590.6 crore at March 31, 2026. Operating cash flow for the first half of FY27 was Rs 567.8 crore, providing the disclosed financial context for management’s plan to nearly double the group’s bed base over time.

Conclusion

Medanta Noida’s Q2 FY27 result shows that the new hospital has moved beyond its initial operating-loss phase, generating Rs 105.9 crore of revenue from operations and Rs 8.6 crore of operating EBITDA after Medanta cited a Rs 19.9 crore EBITDA loss in Q2 FY26. Cluster 2’s 63% revenue growth and 52% inpatient-volume growth indicate that Noida’s ramp-up occurred alongside expansion at Lucknow and Patna.

The next items to watch are Medanta’s delivery against its planned addition of about 3,450 beds, including the board-approved 500-bed Ghaziabad hospital, and execution of more than Rs 6,000 crore of capital expenditure over four to five years. Management also plans additional operating theatres and catheterisation laboratories at Gurugram, Patna and Lucknow over the next couple of quarters, which could affect future capacity and procedural volumes.