Medanta lifts operating EBITDA 60.2% to 370.1 crore rupees in second quarter
Key Facts
Indian hospital group Medanta reported 33.6% growth in revenue from operations to 1,469 crore rupees in the quarter ended September 2026, while operating EBITDA rose 60.2% to 370.1 crore rupees, according to results data cited by Moneycontrol. Operating profit grew faster than revenue as occupancy increased and capacity utilisation improved at newer facilities. The EBITDA margin widened to 25.2%, up 418 basis points year on year. The figures reflect the second quarter of fiscal 2027; the company had scheduled a board meeting for November 3, 2026, to consider the results. The share price move in the November 4 session could not be verified or linked to the results.
The report attributed the margin expansion to operating leverage from higher bed occupancy and better utilisation at newer hospitals. Occupancy was 67% in the second quarter, compared with 64% in the year-earlier period, despite an increase in capacity. The group added 74 beds during the quarter and 146 beds in the first half of fiscal 2027, taking operational capacity to 3,115 beds at the end of September. The increase provides room to admit more patients, while higher occupancy alongside expanded capacity points to improved utilisation of the added beds. Group Chief Executive Pankaj Sahni said growth in the quarter and first half was "driven by patient volumes."
Inpatient volumes rose 29.5% and outpatient volumes increased 37.9% year on year in the second quarter. Average revenue per patient climbed to 2.06 lakh rupees, from 2.01 lakh rupees in the year-earlier period of fiscal 2026. International patient revenue also rose 30.3% to 99.3 crore rupees. The indicators combine growth in patient numbers with an increase in average revenue per patient, alongside higher revenue from international patients. Sahni said beds added over the past eighteen months supported inpatient growth, higher occupancy and the ramp-up of new capacity.
The improvement was most pronounced at Noida hospital, which reported revenue of 105.9 crore rupees and EBITDA of 8.6 crore in the second quarter of fiscal 2027. In the corresponding period of fiscal 2026, its revenue was 3.7 crore rupees and EBITDA was a loss of 19.9 crore. The hospital therefore moved from an operating loss to positive EBITDA, alongside year-on-year revenue growth. Across the group’s newer hospitals in Lucknow, Patna and Noida, revenue increased 63.2% to 579 crore rupees, while EBITDA rose 110%. The comparison shows the newer group growing faster than the mature hospitals during the quarter.
Mature hospitals in Gurugram, Indore and Ranchi recorded revenue growth of 17.8% to 822.9 crore rupees in the second quarter. That compared with revenue growth of 63.2% at the Lucknow, Patna and Noida group, whose revenue reached 579 crore rupees. The newer group also posted a 110% increase in EBITDA, while Noida hospital swung to positive EBITDA after a loss in the year-earlier period. The results highlight the newer facilities’ contribution to revenue and operating profit growth, alongside continued capacity expansion. Sahni said beds brought into service over the past eighteen months helped increase inpatient numbers and occupancy and accelerate the ramp-up of new capacity.
As part of its expansion, the board approved on November 3, 2026, a 500-bed multispecialty hospital in Ghaziabad, with an estimated investment of about 997 crore rupees. The project is part of a broader plan to add more than 3,450 beds across six new hospitals in the coming years. The decision follows the addition of 146 beds in the first half of fiscal 2027 and operational capacity reaching 3,115 beds at the end of September. The plan places the Ghaziabad expansion within a pipeline of new facilities to be added to the network, as operating performance at newer hospitals continues to improve. Occupancy and margin results in the current quarter are operating indicators the company is monitoring as it carries out its announced expansion.