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Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
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Mkt Cap
Market Capitalization
₹30,728Cr
Rev Gr TTM
Revenue Growth TTM
17.16%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

MEDANTA
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 35.7 | 26.3 | 24.3 | 20.5 | 14.4 | 10.4 | 13.3 | 12.8 | 15.2 | 19.7 | 14.9 | 18.8 |
| 540 | 595 | 631 | 621 | 629 | 675 | 728 | 706 | 707 | 784 | 868 | 904 |
Operating Profit Operating ProfitCr |
| 23.6 | 23.7 | 25.2 | 25.8 | 22.2 | 21.6 | 23.9 | 25.2 | 24.1 | 23.9 | 21.0 | 19.4 |
Other Income Other IncomeCr | 25 | 15 | 21 | 18 | 27 | 22 | 18 | 16 | -27 | 20 | 36 | -15 |
Interest Expense Interest ExpenseCr | 20 | 18 | 20 | 18 | 18 | 18 | 16 | 16 | 15 | 14 | 17 | 22 |
Depreciation DepreciationCr | 38 | 40 | 43 | 44 | 45 | 47 | 49 | 48 | 49 | 45 | 50 | 61 |
| 133 | 141 | 171 | 172 | 143 | 144 | 181 | 189 | 133 | 208 | 200 | 120 |
| 32 | 39 | 45 | 49 | 16 | 37 | 50 | 46 | 32 | 49 | 41 | 25 |
|
Growth YoY PAT Growth YoY% | 475.9 | 73.8 | 46.1 | 53.3 | 26.0 | 4.2 | 4.5 | 15.6 | -20.4 | 49.6 | 21.1 | -33.5 |
| 14.3 | 13.1 | 14.8 | 14.8 | 15.8 | 12.3 | 13.7 | 15.1 | 10.9 | 15.4 | 14.4 | 8.5 |
| 3.8 | 3.8 | 4.7 | 4.6 | 4.7 | 4.0 | 4.9 | 5.3 | 3.8 | 5.9 | 5.9 | 3.5 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 8.4 | 3.1 | -3.6 | 49.8 | 25.1 | 20.9 | 12.7 | 13.3 |
| 1,223 | 1,288 | 1,314 | 1,255 | 1,716 | 2,082 | 2,476 | 2,815 | 3,263 |
Operating Profit Operating ProfitCr |
| 9.0 | 11.5 | 12.4 | 13.2 | 20.8 | 23.2 | 24.4 | 23.8 | 22.0 |
Other Income Other IncomeCr | 49 | 50 | 44 | 31 | 39 | 49 | 75 | 29 | 14 |
Interest Expense Interest ExpenseCr | 24 | 33 | 52 | 67 | 79 | 78 | 74 | 65 | 67 |
Depreciation DepreciationCr | 86 | 102 | 115 | 123 | 130 | 150 | 173 | 194 | 205 |
| 60 | 83 | 64 | 32 | 281 | 449 | 627 | 647 | 661 |
| 27 | 32 | 28 | 4 | 84 | 123 | 149 | 166 | 147 |
|
| | 55.7 | -29.2 | -20.7 | 581.1 | 66.2 | 46.6 | 0.7 | 6.8 |
| 2.5 | 3.5 | 2.4 | 2.0 | 9.1 | 12.0 | 14.6 | 13.0 | 12.3 |
| 6.7 | 2.1 | 1.4 | 1.1 | 7.8 | 12.6 | 17.8 | 17.9 | 19.1 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 48 | 49 | 49 | 50 | 51 | 54 | 54 | 54 | 54 |
| 1,136 | 1,214 | 1,268 | 1,300 | 1,565 | 2,375 | 2,852 | 3,333 | 3,654 |
Current Liabilities Current LiabilitiesCr | 334 | 296 | 358 | 405 | 419 | 573 | 618 | 619 | 721 |
Non Current Liabilities Non Current LiabilitiesCr | 432 | 839 | 959 | 907 | 1,110 | 1,115 | 781 | 760 | 979 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 472 | 489 | 479 | 502 | 812 | 1,579 | 1,509 | 1,533 | 1,729 |
Non Current Assets Non Current AssetsCr | 1,512 | 1,941 | 2,188 | 2,192 | 2,334 | 2,536 | 2,795 | 3,233 | 3,681 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 63 | 166 | 175 | 242 | 311 | 645 | 612 | 624 |
Investing Cash Flow Investing Cash FlowCr | -69 | -249 | -87 | -239 | -421 | -342 | -441 | -721 |
Financing Cash Flow Financing Cash FlowCr | 9 | 97 | -1 | -81 | 160 | 346 | -514 | -97 |
|
Free Cash Flow Free Cash FlowCr | -81 | -133 | -13 | 100 | 38 | 409 | 335 | 110 |
| 190.5 | 322.7 | 481.9 | 839.3 | 158.6 | 197.7 | 128.0 | 129.6 |
CFO To EBITDA CFO To EBITDA% | 52.0 | 98.7 | 93.8 | 126.3 | 69.1 | 102.7 | 76.6 | 71.1 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 | 0 | 14,111 | 35,542 | 32,182 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 43.3 | 74.3 | 66.9 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.2 | 10.8 | 8.7 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.8 | 12.2 | 9.5 |
| 1.2 | 3.0 | 3.6 | 3.4 | 1.3 | 22.2 | 44.0 | 36.2 |
Profitability Ratios Profitability Ratios |
| 76.7 | 77.7 | 78.3 | 75.9 | 74.9 | 76.9 | 76.8 | 76.2 |
| 9.0 | 11.5 | 12.4 | 13.2 | 20.8 | 23.2 | 24.4 | 23.8 |
| 2.5 | 3.5 | 2.4 | 2.0 | 9.1 | 12.0 | 14.6 | 13.0 |
| 5.2 | 5.7 | 5.1 | 4.4 | 13.2 | 14.8 | 18.9 | 17.4 |
| 2.8 | 4.1 | 2.8 | 2.1 | 12.1 | 13.4 | 16.4 | 14.2 |
| 1.7 | 2.1 | 1.4 | 1.1 | 6.2 | 7.9 | 11.1 | 10.1 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Global Health Limited, operating under the **Medanta** brand, is one of India’s largest private multi-specialty tertiary and quaternary care providers. With a strategic footprint in **North and East India**, Medanta specializes in high-acuity, complex medical care across key specialties including **cardiology, neurosciences, oncology, digestive and hepatobiliary sciences, orthopedics, liver and kidney transplants, and urology**.
Founded by **Dr. Naresh Trehan**, a renowned cardiovascular surgeon and recipient of prestigious national awards such as the **Padma Bhushan, Padma Shri, and Dr. B.C. Roy Award**, the company was established to transform India’s healthcare delivery through an integrated, multidisciplinary, doctor-led model. Since its inception in 2009 with the launch of its 1,400-bed flagship “Medicity” in Gurugram, Medanta has evolved into a **pan-India healthcare network** serving over **400 million people**.
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### **Network & Infrastructure (as of June 30, 2025)**
- **5 Operational Hospitals** in:
- Gurgaon (Haryana)
- Lucknow (Uttar Pradesh)
- Patna (Bihar)
- Indore (Madhya Pradesh)
- Ranchi (Jharkhand)
- **Total Installed Bed Capacity:** **3,062 beds**
- **Total Operated Area:** **3.062 million sq. ft.**
- **6th Hospital (Under Construction):** 550-bed facility in **Noida**, scheduled to open in **Q2 FY26**.
The company is actively expanding, with **four greenfield and O&M hospitals under development** in **Mumbai (Oshiwara), New Delhi (Pitampura), South Delhi (GK), and Guwahati (Assam)**—collectively adding **~2,000 new beds** over the next 3–4 years.
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### **Strategic Growth & Expansion**
Medanta is executing a **clear, two-pronged growth strategy**:
1. **Capacity Expansion** in existing hospitals via brownfield additions (e.g., **~1,000 new beds** planned over two years in Noida, Lucknow, Patna, and Ranchi).
2. **Greenfield & O&M Projects** in underserved and high-demand markets:
- **Guwahati (400 beds):** Medanta’s **first entry into Northeast India**, strategically located on NH-27 to serve over **50 million people**. Includes robotic care and transplant services.
- **Mumbai (500+ beds):** Acquired 9,288 sq. m in Oshiwara through auction (**INR 131.16 crores**), with a **total project cost of ~INR 1,200 crores**.
- **Pitampura, Delhi (750 beds):** Joint O&M project with the **Dr. Narayan Dutt Shirmali Foundation** and DLF, expected in **~4 years**.
- **South Delhi (400 beds):** 50:50 JV with **DLF**; Medanta retains operational control.
The company aims to **double its bed capacity to ~6,000 beds** within the next four years, driven by both organic expansion and strategic capital-light O&M models.
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### **Clinical Excellence & Key Milestones**
Medanta is a **leader in advanced medical procedures** and innovation:
- **World-Class Accreditations**: JCI (4 consecutive cycles), NABH, NABL at Gurugram.
- **Key Procedures Performed**:
- India’s first **bloodless bone marrow transplant** on a Jehovah's Witness patient.
- First **3D-printed titanium vertebrae implant** (C1–C3 replacement).
- Robotic-assisted **deep brain stimulation for Parkinson’s** (awake surgery).
- **NexCAR19 CAR T-Cell therapy** for high-risk lymphoma (first indigenous success).
- **Organ Transplants**:
- Performed **730+ transplants** to date, including pediatric liver transplants and robotic donor hepatectomies.
- **Innovation in Technology**:
- Pioneering use of **CyberKnife VSI**, **Da Vinci Robotic System**, **intraoperative MRI (Brain Suite)**, and **Varian EDGE** for sub-millimeter radiation precision.
- Launched **India’s first Varian EDGE in North India** (Lucknow & Patna).
Medanta has treated **over 2.5 million patients** from India and **130+ countries**, establishing itself as a **global destination for medical value tourism**.
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### **Integrated Healthcare Ecosystem**
Beyond hospitals, Medanta has built a **comprehensive, vertically integrated care model**:
- **Medanta Clinics**: 8 multi-specialty outpatient clinics.
- **Medanta Labs**: 11 diagnostic labs + **300+ sample collection centers**; expanding into Bihar and UP.
- **Retail Pharmacies**: 8 operational; planned expansions to 18+.
- **Home Care Services**: Available in Gurugram, Lucknow, Patna, Indore; includes ICU-at-home, remote monitoring, and nursing.
- **Digital Health**:
- **24x7 e-ICU Command Centre** across 30+ specialties.
- **Teleconsultation, e-Clinic app, and EMR platform** with secure record access.
- **AI integration** with partners like **Qure.ai** for radiology diagnostics and **DocBox** for cardiac monitoring.
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### **Operational & Governance Model**
- **Doctor-Led Model**: >90% of doctors are **full-time and exclusive**, ensuring care continuity. Departmental heads have clinical autonomy under a **joint clinical leadership committee**.
- **Medanta Model of Care**: Collaborative, multi-specialty approach focusing on patient-centric treatment and complex case management.
- **Digital Backbone**: Unified EHR, AI-driven predictive analytics, and custom mobile apps for doctors, patients, and nurses.
- **Sustainability & Innovation**:
- Hospitals built with **modular, scalable designs** (~1,000 sq. ft. per bed).
- Noida hospital pre-certified for **Green Building Certification (IGBC)**.
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### **Leadership & Vision**
- **Dr. Naresh Trehan**: Founder and Chairman; pioneer of integrated care in India.
- **Pankaj Sahni**: CEO since 2013; oversaw IPO in **November 2022** and network expansion.
- Vision: Deliver **accessible, affordable, and high-quality healthcare** through innovation, technology, and scalable infrastructure.
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### **Market Position & Recognition**
- **Newsweek’s #1 Private Hospital in India** for **six consecutive years**.
- Largest private hospitals in **Uttar Pradesh (Lucknow)**, **Bihar (Patna)**, and **Delhi-NCR (Gurugram)**.
- Recognized for **robotic surgery leadership** and clinical breakthroughs in complex transplants and cancer care.
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### **Financial & Operational Highlights**
- **Revenue Streams**: Tertiary/quaternary care across 30+ specialties; ~82% from **cash and TPA**.
- **Government Empanelment**: Active participation in **Ayushman Bharat, CGHS, and PSU schemes** to expand affordability.
- **Cost Model (Lucknow)**: Fixed-cost physician model supports **scalable margins** with rising volumes.
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