Medanta Noida reaches EBITDA break-even in Q2 FY27 results

Medanta Noida reached operating EBITDA break-even in Q2 FY27, reporting Rs 8.6 crore of operating EBITDA after a Rs 32.1 crore loss in Q3 FY26, as revenue from operations rose to Rs 105.9 crore. Noida operated 482 beds after adding 49 beds during the quarter.

How did Noida reach EBITDA break-even?

Noida reached operating EBITDA break-even in Q2 FY27 with Rs 8.6 crore of operating EBITDA, compared with a Rs 4.9 crore loss in Q1 FY27. It was the first positive result in the five reported quarters, following losses of Rs 19.9 crore in Q2 FY26, Rs 32.1 crore in Q3 FY26 and Rs 23.6 crore in Q4 FY26.

The presentation defines operating EBITDA, or earnings before interest, tax, depreciation and amortisation, as EBITDA excluding other income and after accounting for ESOP expenses. On that like-for-like basis, Noida moved by Rs 40.7 crore from the Q3 FY26 operating loss to the Q2 FY27 operating profit, showing that its reported operating deficit declined as quarterly revenue increased.

How quickly did Noida revenue ramp up?

Noida increased revenue from operations by Rs 20.4 crore sequentially to Rs 105.9 crore in Q2 FY27 from Rs 85.5 crore in Q1 FY27. Revenue rose in every quarter disclosed, from Rs 3.7 crore in Q2 FY26 to Rs 34.1 crore in Q3 FY26, Rs 52.5 crore in Q4 FY26 and Rs 85.5 crore in Q1 FY27.

The largest sequential increase in the disclosed series was Rs 33 crore between Q3 FY26 and Q4 FY26, when revenue rose from Rs 34.1 crore to Rs 52.5 crore. The Rs 20.4 crore increase in Q2 FY27 was lower than that step-up, but it took Noida above Rs 100 crore of quarterly revenue while operating EBITDA changed from a Rs 4.9 crore loss to a Rs 8.6 crore profit.

Revenue in Q2 FY27 was Rs 102.2 crore above the Rs 3.7 crore recorded in Q2 FY26. The presentation does not provide a hospital-specific revenue target, patient-volume target or expected date for further profitability progress, so the reported quarterly sequence is the available measure of Noida's ramp-up.

What capacity did Noida have at break-even?

Noida had 482 operational beds in Q2 FY27 after adding 49 beds during the quarter. The addition formed part of 74 new beds added across the Medanta network in Q2 FY27, while Lucknow received the remaining 25 beds.

The presentation links the Q2 FY27 positive operating EBITDA result with a larger 482-bed operating base, but it does not disclose Noida-specific occupancy, inpatient volume, outpatient volume, average revenue per patient or EBITDA margin. Those omissions mean the presentation does not separately show the utilisation or revenue intensity of the 49 beds added in Q2 FY27.

At the network level, Medanta's average census bed capacity was 3,115 in Q2 FY27, compared with 2,658 in Q2 FY26. Occupancy rose to 67% from 64% over that period, while occupied beds per day increased to 2,072 from 1,693, providing the wider capacity and demand context for Noida's expansion.

How did Noida fit into Medanta's Q2 FY27 hospital clusters?

Noida was part of Cluster 2, which reported Rs 579 crore of revenue from operations and Rs 183.7 crore of operating EBITDA in Q2 FY27. Cluster 2 comprises Lucknow, Patna and Noida, so the presentation does not identify the share of the cluster's earnings or growth attributable to Noida alone.

Cluster 2 revenue increased 63.2% year on year and operating EBITDA increased 110.0%, while its operating EBITDA margin improved to 31.7% in Q2 FY27 from 24.7% in Q2 FY26. Noida's Rs 105.9 crore of quarterly revenue was therefore reported within a cluster that included two other hospitals and had a higher reported growth rate than the network overall.

By comparison, Cluster 1, comprising Gurugram, Indore and Ranchi, generated Rs 822.9 crore of revenue from operations and Rs 181 crore of operating EBITDA in Q2 FY27. Its operating EBITDA margin rose to 22.0% from 20.1% in Q2 FY26, while Cluster 2's Rs 183.7 crore of operating EBITDA was marginally higher despite its lower Rs 579 crore revenue base.

Which network trends accompanied Noida's break-even?

Medanta's network revenue from operations grew 33.6% year on year to Rs 1,469 crore in Q2 FY27, while operating EBITDA increased 60.2% to Rs 370.1 crore. Operating EBITDA margin rose to 25.2% from 21.0% in Q2 FY26, a 4.2-percentage-point increase on the presentation's comparable measure.

Patient activity increased across the network in Q2 FY27, with inpatient volumes rising 29.5% to 66,000 and outpatient department, or OPD, encounters increasing 37.9% to 12.29 lakh. Occupied bed days rose 22.4% to 1.91 lakh, while average revenue per patient increased to Rs 2.06 lakh from Rs 2.01 lakh.

Average length of stay was 2.89 days in Q2 FY27, down from 3.06 days in Q2 FY26. Medanta also reported 100 or more doctors and 65 or more senior clinicians onboarded across its network during Q2 FY27, but it did not disclose how many of those additions were assigned to Noida.

Conclusion

Noida's Q2 FY27 result marks a reported change from operating losses in each of the previous four disclosed quarters to Rs 8.6 crore of operating EBITDA. Revenue rose from Rs 3.7 crore in Q2 FY26 to Rs 105.9 crore in Q2 FY27, while the hospital's operational capacity reached 482 beds following the addition of 49 beds during the latest quarter.

The next reported results will show whether Noida sustains positive operating EBITDA while operating its 482-bed base. The presentation does not disclose hospital-level occupancy, patient volumes, average revenue per patient or operating EBITDA margin, leaving these measures unresolved for assessing utilisation of the expanded capacity.