• Noida turnaround timeline: Margin contraction in Q4 was primarily driven by initial operating losses at the new Noida hospital, which peaked in Q3 and are projected to turn cash positive within 3–4 months and achieve profitability in H2 of the coming financial year.
• Liver transplant launch: Following the rollout of kidney transplants, the Noida facility plans to obtain required approvals and launch its liver transplant program within the next 1–2 months.
• Bed capacity additions: Having added approximately 600 beds in the past year, Medanta plans to add 500 brownfield beds in the coming financial year with minimal capex, alongside a broader plan to add 3,500 to 4,000 beds over the next 3 to 4 years.
• Margin sustainability: Management targets sustainable consolidated EBITDA margins in the 24% to 26% range, supported by operating leverage and strong performance from mature facilities like Gurugram, Indore, and Ranchi, which achieved 26.7% margins in Q4.