Global Health

“Guwahati, we have all approvals and contracts have been awarded and construction work is starting.”

“Mumbai, we have most of the approvals. So the piling and digging activities will start and that will now proceed on full speed.”

“Varanasi, we have submitted our drawings for approval.”

“project which is a little bit delayed vis-a-vis our last quarter is Pitampura and that is because we are still looking at some revised drawings and revised approvals for that project.”

“So we will now be applying for all the approvals for that.”

“We will also be operationalizing in the coming months a complete new floor of OP. So approximately another 20% to 30% of the capacity of the hospital as far as outpatient care is concerned will get added”

“While our total bed capacity stood at 3,811 in Q2 FY27 compared to 3,435 in Q2 FY26.”

“just to give you a sense of scale, we are talking about 42 operating rooms, 7 to 8 cath labs and indeed, as I mentioned, adding more.”

“As we speak, we will be adding 6 new operating theatres and 2 new cath labs at Medanta Gurugram, 4 new operating theatres and 1 new cath lab at Patna and 5 new operating theatres at our Lucknow facility over the next couple of quarters.”

“Medanta Ranchi added Medanta medical oncology services, while Medanta Gurugram added 2 new operating theatres and 1 new biplane cath lab during the quarter.”

“International patient revenue grew by 30% year-on-year to INR 993 million, reflecting strong demand from key international markets.”

“Our OPD pharmacy business continues to witness strong growth trajectory, with revenue increasing 53% year-on-year to INR 699 million, supported by both hospital pharmacies and our expanding retail pharmacy network.”

“Medanta Noida achieved EBITDA breakeven in Q2 FY27, posting revenue from operations of INR 1,059 million and operating EBITDA of INR 86 million for the quarter.”

“Revenue from operations for Cluster 1 stood at INR 8,229 million, registering a year-on-year growth of 18%.”

“Turning to Cluster 2, comprising Lucknow, Patna and Noida. This cluster continues to witness robust growth. Revenue from operations increased by 63% year-on-year to INR 5,790 million from INR 3,547 million in Q2 FY26, driven by ramp-up of Noida facility and continuing growth momentum in Lucknow and Patna facilities.”

“Inpatient volumes increased by 30% year-on-year, while outpatient volumes grew by 38%, reflecting sustained demand across our specialties and the continued scale-up of our newer facilities.”

“The performance was supported by a 15% increase in inpatient volumes, reflecting sustained demand. ARPP of Cluster 1 increased by 2%, driven by a favorable specialty on payer mix.”

“Overall, the Cluster 2 hospitals witnessed a 52% increase in inpatient volumes, while occupied bed days increased by 43%, reflecting continued capacity utilization across the hospitals.”

“For Cluster 2, inpatient volume growth ex-Noida is approximately 26%.”

“Operating EBITDA grew 60% year-on-year to INR 3,701 million, with improved margins of 25.2% in Q2 FY27 compared to 21% in Q2 FY26.”

“Revenue from operations for Cluster 1 stood at INR 8,229 million, registering a year-on-year growth of 18%. The operating EBITDA stood at INR 1,810 million, reflecting a strong growth of 29% year-on-year, with improved margins of 22%.”

“Operating EBITDA increased by 110% to INR 1,837 million, driven by EBITDA breakeven of Noida facility.”

“In our company, all the corporate costs and corporate overheads are actually loaded on our Gurugram unit. So you would see them in Cluster 1.”

“And also we will not mind adding cost of hiring more doctors, etcetera, over the period, to drive growth in the future quarters, because mainly growth will be driven by the talent.”

“As of September 30, 2026, Medanta had a net cash surplus of INR 7,815 million compared to a net cash surplus of INR 5,906 million as of March 31, 2026.”

“We continued to generate strong operating cash flows, with operating cash flows for H1 FY27 amounting to INR 5,678 million.”

“First of all, there is no one-off or exceptional items in any of the Cluster 2 impact.”

“And also I think what you should keep in mind is that quarter 3 normally is a softer quarter due to festival season, right?”

“We may see some slowdown or stoppage of construction activity with the pollution-linked norms for construction activity that may impact over the next 1 or 2 months.”

“What would be the impact specifically this quarter, next quarter, one, maybe less important and, two, I think it's still up in the air, so too early to evaluate.”

“So I think in the long run, access to care and wider reach helps everybody. I don't see anything that's a big issue on that.”

“But certain cities, if you go to some Tier 2 town, if talent is not available, maybe it will be a little slower hiring or slower ramp-up as compared to Noida.”

“Consolidated revenue from operations for the quarter was INR 14,690 million, representing a healthy growth of 34% year-on-year.”

“Profit after tax for the quarter stood at INR 2,191 million compared to INR1,584 million in Q2 FY26, representing a year-on-year growth of 38%.”

“Average revenue per patient, ARPP, increased by 3% year-on-year to INR 2.06 lakhs, supported by favorable case mix and increasing contribution from high-acuity specialties.”

“Average length of stay, or ALOS, for the quarter was 2.89 days compared to 3.06 days in the same quarter last year.”

“During the quarter, we onboarded more than 100 doctors, including over 65 clinicians across specialties.”