1. Opening Hook
Just when you thought hospitals were done flexing new machines, Medanta casually drops a Da Vinci robot in Noida like it’s a new coffee machine in the pantry. Meanwhile, competitors are still figuring out where to place their reception desks.
The quarter saw Medanta open a 550-bed Noida fortress, grab more FSI in Mumbai, buy land in Guwahati and still claim “disciplined execution” with a straight face.
More beds, more doctors, more robots—and somehow, still more confidence.
Strap in—because the fun numbers come later, and trust me, they bite harder than hospital billing counters.
2. At a Glance
- Revenue up 15% – Management insists this came from “growth,” not surprise billing.
- EBITDA up 6% (incl. Noida) – Noida burned cash, but hey, robots don’t come cheap.
- Mature hospitals EBITDA up 0.4% – Basically flat; HR costs stole the show.
- Margins at 23.3% – Noida said “Hi,” and margins said “Bye.”
- PAT up 21% – Somehow profits grew faster than everything else; accounting gods smiled.
- Net Cash: ₹7082 crore – Hospitals with balance sheets better than tech startups—love to see it.
- International business up 49% – Medical tourism > beach holidays apparently.
3. Management’s Key Commentary
Quote: “Medanta Noida is fully operational with 226 beds and cutting-edge technology.”
(Translation: We spent a bomb; please admire the machines 😏)
Quote: “In the first month, Noida delivered ₹39 million revenue and ₹197 million EBITDA loss.”
(Translation: New hospital burn rate hotter than OT lights.)
Quote: “Our balance sheet remains extremely strong with ₹7,082 million net cash.”
(Translation: We can afford more robots if needed.)
Quote: “Occupancy stood at 70% in developing hospitals.”
(Translation: New hospitals are filling up faster than old ones.)
Quote: “CGHS revision is nuanced; we haven’t calculated the exact benefit.”
(Translation: Don’t ask us—we haven’t done the math.)
Quote: “Doctors are excited to join Noida; we saw no attrition in Gurugram for 6 quarters.”
(Translation: Doctors like our vibes and our paychecks.)
Quote: “Price hikes? Patna hasn’t taken one in 4 years.”
(Translation: We’re nice… for now.)
4. Numbers Decoded
Metric Q2 FY26 Q2 FY25
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Total Income ₹11189 mn ₹9748 mn
EBITDA (ex-Noida) ₹2804 mn ₹2460 mn
EBITDA Margin (ex-Noida) 25.2% 25.3%
EBITDA (incl. Noida) ₹2607 mn ₹2450 mn
PAT ₹1584 mn ₹1310 mn
Inpatient Volume Growth 13% —
Occupancy 64% —
International Revenue ₹762 mn +49%
Mature Hospital Revenue ₹7200 mn ₹6833 mn
Developing Hospital Revenue ₹3570
