External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Global Health (Medanta) / Equity Bottom-Up

<ul><li>Steady Q2FY26 Performance: Medanta delivered a broadly in-line performance in Q2FY26, with revenue of Rs 1,099 Cr, up 15% YoY and 6.6% QoQ.</li><li>Growth was largely driven by an 8% YoY increase in occupied beds and ARPOB growth of 5.5%.</li><li>Reported occupancy stabilised at 64% despite new capacity additions in Ranchi and the commencement of operations at Noida. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Steady Q2FY26 Performance: Medanta delivered a broadly in-line performance in Q2FY26, with revenue of Rs 1,099 Cr, up 15% YoY and 6.6% QoQ.Growth was largely driven by an 8% YoY increase in occupied beds and ARPOB growth of 5.5%.Reported occupancy stabilised at 64% despite new capacity additions in Ranchi and the commencement of operations at Noida. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Health Ltd - Strengthening Network with Noida Launch

<ul><li>Record Medanta Q1FY26 Performance: Medanta reported revenue of Rs 1,031 Cr, exceeding estimates by 7%, supported by a 4% YoY increase in ARPOB to Rs 66,584 and a 13% YoY growth in occupied bed days, with occupancy at ~63%. </li><li>EBITDA Margins Growth: EBITDA margins stood at 22.0%, down 265 bps QoQ and 190 bps YoY, impacted by annual salary increments and start-up costs related to the Noida unit. </li><li>Encouraging PAT Growth: Reported PAT stood at Rs 159 Cr, up 44.9% YoY and 20% above estimates. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Record Medanta Q1FY26 Performance: Medanta reported revenue of Rs 1,031 Cr, exceeding estimates by 7%, supported by a 4% YoY increase in ARPOB to Rs 66,584 and a 13% YoY growth in occupied bed days, with occupancy at ~63%. EBITDA Margins Growth: EBITDA margins stood at 22.0%, down 265 bps QoQ and 190 bps YoY, impacted by annual salary increments and start-up costs related to the Noida unit. Encouraging PAT Growth: Reported PAT stood at Rs 159 Cr, up 44.9% YoY and 20% above estimates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Health Ltd - Reports Record Growth; Expansion Momentum

<ul><li>Medanta Q4FY25 Performance: Medanta reported revenue of Rs 921 Cr, in line with our expectations, driven by a flat ARPOB and a moderate increase in occupancies.</li><li>The ARPOB increased to Rs 63,629, up 0.9% YoY, while occupancies improved by 186 bps YoY.</li><li>EBITDA Margins and PAT: EBITDA margins were 24.7%, down 54 bps QoQ, but showed an annual improvement of 102 bps.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medanta Q4FY25 Performance: Medanta reported revenue of Rs 921 Cr, in line with our expectations, driven by a flat ARPOB and a moderate increase in occupancies.The ARPOB increased to Rs 63,629, up 0.9% YoY, while occupancies improved by 186 bps YoY.EBITDA Margins and PAT: EBITDA margins were 24.7%, down 54 bps QoQ, but showed an annual improvement of 102 bps.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Health Ltd - On the Expansion Path; Maintain BUY

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Global Health (Medanta)’s Q3FY25 results beat street/our estimate by 9%/7%, respectively, on the back of strong ramp-up in the developing portfolio (OBDs grew 17% YoY).</li><li>While historical trends suggest Q4 to be soft for the Lucknow unit, the management is confident about its initiatives over the last 9-12 months helping buck this trend.</li><li>Bed expansion plans, however, are likely to remain lumpy, with ~1,950 beds to be added in FY29 which could pose execution challenges, in our view.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Health (Medanta)’s Q3FY25 results beat street/our estimate by 9%/7%, respectively, on the back of strong ramp-up in the developing portfolio (OBDs grew 17% YoY).While historical trends suggest Q4 to be soft for the Lucknow unit, the management is confident about its initiatives over the last 9-12 months helping buck this trend.Bed expansion plans, however, are likely to remain lumpy, with ~1,950 beds to be added in FY29 which could pose execution challenges, in our view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Health - Ramp up in Developing Portfolio Saves the Day

Global Healthcare Analyst

Tina Banerjee

Narayana Hrudayalaya Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.</li>
<li>Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.</li>
<li>Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.
Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.
Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.


Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

India

Global Health Limited of India, doing business as Medanta, provides health care services. The Hospital offers diagnostics, emergency and trauma care, patient support, air ambulance, medical, laboratory testing, and other health care services. Medanta serves patients worldwide.

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Global Health (Medanta) (MEDANTA IN)

Global Health Ltd - Strengthening Network with Noida Launch

Steady Q2FY26 Performance: Medanta delivered a broadly in-line performance in Q2FY26, with revenue of Rs 1,099 Cr, up 15% YoY and 6.6% QoQ.

Axis Direct

Global Health Ltd - Reports Record Growth; Expansion Momentum

Medanta reported revenue of Rs 1,031 Cr, exceeding estimates by 7%, supported by a 4% YoY increase in ARPOB to Rs 66,584 and a 13% YoY growth in...

Axis Direct

Global Health Ltd - On the Expansion Path; Maintain BUY

Medanta Q4FY25 Performance: Medanta reported revenue of Rs 921 Cr, in line with our expectations, driven by a flat ARPOB and a moderate increase in...

Axis Direct

Global Health - Ramp up in Developing Portfolio Saves the Day

Global Health (Medanta)’s Q3FY25 results beat street/our estimate by 9%/7%, respectively, on the back of strong ramp-up in the developing portfolio...

Emkay

Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

NHL starts FY26 on muted note, with Q1FY26 revenue from India operation increasing just 8% YoY, EBITDA margin narrowing to 23.9% (Q1FY25: 24.9%),...

Tina Banerjee

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