• Q1 performance drivers: Revenue and EBITDA margins both grew over 25% year-on-year, primarily driven by a 38% growth in inpatient volumes with negligible tariff increases across mature and newer facilities.
• Hospital network expansion: Medanta added 70 beds, acquired an Indore facility to expand oncology capacity starting next quarter, scaled the planned Guwahati hospital from 400 to 650 beds, and has five hospitals under construction.
• Noida facility ramp-up: The Noida unit significantly narrowed losses in its second full quarter of operations and is tracking to achieve break-even earlier than the originally guided second half of the financial year.
• CAPEX and funding: The ₹4,500–5,000 crore CAPEX pipeline for 2,700 beds and maintenance over the next few years will be funded via internal cash generation alongside a net cash balance of ₹500–600 crore and conservative project debt capped at a 1:1 debt-to-equity ratio.