Buy Global Health; target of Rs 1450: Anand Rathi

Anand Rathi is bullish on Global Health has recommended buy rating on the stock with a target price of Rs 1450 in its research report dated February 10, 2026.

Broker Research

February 11, 2026 / 12:27 IST

Buy

Anand Rathi's research report on Global Health

Global Health’ revenue (up 19% y/y) beat ARe/Ce by 6/3% in Q3FY26, while EBITDA (down 10% y/y) missed ARe/Ce by 4/8%. While PAT fell 8% y/y, APAT plunged 33.5%, owing to adjustment for labour code in the exceptional items. Notably, ARPOB rose 10% y/y to Rs67,361. While overall occupancy stood at 59% vs. 64% in both Q3FY25 and Q2FY26, occupancy at new Lucknow and Patna units fell to 62% vs. 70% in Q2FY26. Notably, the margin of new units declined 213bps y/y to 31.7%. It announced a 400-bed hospital in South Delhi in partnership with DLF, for which construction is underway at site 1. Medanta added 144 beds in Q3 (42/102 in Patna/Noida) taking the total bed count to 3,579.

Outlook

We expect steady momentum to continue led by: (a) greater capacity utilisation at new hospitals; (b) rising share of international patients in overall revenue; and (c) better ARPOB on superior payor-mix. Expecting its revenue/EBITDA/PAT to clock 16/16/18% CAGR over FY25- 28e, we trim our FY26/27/28e EBITDA estimate by 9/3/7%. We maintain BUY rating on the stock with a revised TP of Rs1,450 (from Rs1,541 earlier), valuing it at 26x FY28e EV/EBITDA.

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