Global Health: First Take: 1QFY27 – Beat on results; Noida unit inching towards breakeven

Research evidence excerpt

Global Health: First Take: 1QFY27 – Beat on results; Noida unit inching towards breakeven

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

31 July 2026

Global Health Overweight

GLOH.NS, MEDANTA IN

First Take: 1QFY27 – Beat on results; Noida unit Price (30 Jul 26):Rs1,416.40

inching towards breakeven Price Target (Mar-27):Rs1,500.00

Our First Take: Revenue of Rs13bn (+27% YoY, +13% QoQ) was 7% ahead of

consensus/JPMe and EBITDA margin at 22.5% (-30bps YoY, +60bps QoQ) was

ahead of consensus/JPMe by 100/30bps. EBITDA at Rs2.9bn (+25% YoY, +15%

QoQ) was 12%/9% ahead of consensus/ JPMe, supported by operating leverage.

The Noida unit, commissioned in 2QFY26, registered revenues of Rs855mn and

reduced the quarterly EBITDA loss sharply to Rs49mn in the quarter (vs a

Rs236mn loss in 4Q). On an ex-Noida basis, the EBITDA margin was at 24.5% (up Pharmaceuticals & Healthcare

170bps YoY). 1Q occupancy at 63% (flat YoY on an increased beds) was 160bps Services

above JPMe. ARPOBs grew 5.5% YoY (~1% higher than JPMe) at Rs70,244 with Bansi Desai, CFA AC

both mature units and developing units growing at 7% and 9%, respectively. (91 22) 6157 3581

ARPOB growth was supported by lower ALOS YoY. bansi.desai@jpmorgan.com

Amlan Jyoti Das

(91 22) 6157 3574

Key Positives amlan.das@jpmchase.comJ.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

1) Noida unit quarterly losses on a sharply declining trajectory, inching towards Registration: INH000001873, (91-22) 6157-3000.

breakeven. 2) Developing units (ex-Noida) reported EBITDA margins of 32%

(+270bps YoY) whereas mature units also witnessed margin improvement of

~70bps YoY. 3) Healthy growth in IP/OP volumes at 27.7%/34.5% YoY. 4)

ARPOB growth of 5.5% YoY, supported by improvement in ALOS and a change