Global Health Entering growth acceleration phase; upgrade to OW

Research evidence excerpt

Global Health Entering growth acceleration phase; upgrade to OW

J P M O R G A N Asia Pacific Equity Research

18 May 2026

Global Health ▲Overweight

Previous: Neutral

Entering growth acceleration phase; upgrade to OW GLOH.NS, MEDANTA IN

Price (15 May 26):Rs1,242.50

▲Price Target (Mar-27):Rs1,500.00

Prior (Mar-27):Rs1,250.00

We upgrade Global Health (Medanta) to OW as the company enters a sweet spot Pharmaceuticals & Healthcare

where earnings delivery should be driven by sweating existing assets and Services

brownfield expansion. To underpin this view, we break down our forecasts across Bansi Desai, CFA AC

key hospitals (Lucknow, Patna and Noida) and clusters to cross-validate our (91 22) 6157 3581

broader assumptions. With major greenfield projects largely deferred to FY30, the bansi.desai@jpmorgan.com

next three years should be anchored around scaling the recently commissioned Amlan Jyoti Das

Noida unit, driving incremental capacity additions in Lucknow/Patna/Noida, and (91 22) 6157 3574

tight execution across existing hospitals, together translating into meaningful amlan.das@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

margin expansion in our view. Noida is tracking well and is guided to achieve Tower, Santacruz(E), Mumbai - 400098, SEBI

breakeven in 2HFY27 (~12 months); importantly, we estimate the ramp up Registration: INH000001873, (91-22) 6157-3000.

thereafter to be faster and the asset to touch 20%+ EBITDA margins by FY28 (refer

to Table 4), a pace well within reach given Medanta's track record of scaling Key Changes (FYE Mar)

Lucknow and Patna (refer to Table 3), presenting upside to the Noida trajectory. We Prev Cur Δ

raise our FY27/28 EBITDA estimates by 7% each and forecast revenue/EBITDA Adj. EBITDA - 27E (Rs mn) 11,549 12,406 7.4%