Global Health Ltd

- Medanta's expansion plans are supported by a combination of internal accruals and project-specific debt, indicating some debt raising as needed for projects. - No explicit mention of plans for raising equity in the transcript. - The company emphasizes capital discipline and balance sheet strength, with a net cash position of INR 5,906 million as of FY26. - Capex for FY27 is expected around INR 800-900 crore and INR 600-700 crore in FY28, likely funded via internal cash flow and selective debt. - Management appears cautious and conservative regarding funding, focusing on disciplined growth rather than aggressive fundraising. - No specific announcements on upcoming fundraising through debt or equity at this time.

- FY27 capex guidance: INR 800-900 crore - FY28 capex estimate: INR 600-700 crore - Plans to add approximately 500 beds across existing hospitals in the short term with minimal capex - Approximately 2,700 beds to be added through 5 greenfield projects over next 3-4 years, total 5-year project capex ~INR 45,000 million - Capital plan supported by internal accruals and project-specific debt - Focus on operational expansions: adding ~10 operation theaters across existing hospitals in FY27 - Noida hospital expansion ongoing, alongside specialty additions - Actively exploring inorganic growth opportunities including M&A and partnerships (O&M models) - Recent small acquisition in Indore, several other transactions under consideration but not disclosed yet

- Continued strong volume growth with 25%+ growth expected in next 5-6 quarters (FY27). - Developing hospitals like Lucknow (6.5 years old) and Patna (4.5 years old) showing robust 30%+ year-on-year growth in volume and revenue. - Significant bed additions planned: ~500 beds with minimal capex in existing hospitals and ~2,700 beds via 5 greenfield projects over next 3-4 years. - Robust ARPOB growth expected, driven by complexity scaling, specialty additions (e.g., robotics, transplants), and tariff increases at appropriate times. - Procedural additions planned: ~10 new operation theaters, cath labs, and minimally invasive surgeries. - Noida unit ramping up with empanelments driving occupancy and revenues upwards. - Growth lever also from expansion into new markets and services (e.g., oncology in Indore, new specialties in Noida). - International patient revenue growing (30%+ growth) with new markets in Africa, Southeast Asia, CIS. - Overall outlook confident given consistent patient volume increase, operational efficiency improvements, and expansion pipeline.

- Medanta is delivering strong growth with recent quarterly revenue up 25% YoY and EBITDA growing 17-27% YoY across various hospital clusters. - Developing hospitals including Patna and Lucknow are showing 30%+ volume and revenue growth, defying typical plateau expectations even after 4-6 years of operations. - ARPOB for developing units expected to grow ~4%+ annually driven by increased complexity, specialties (e.g., robotics, transplant services), and improved ALOS. - Mature hospitals (Gurgaon, Ranchi, Indore) continue steady growth with 11-15% revenue and EBITDA growth; Gurgaon will add 5-10 operation theaters and cath labs to drive further scale. - Noida unit is ramping up with improving EBITDA losses and expanding empanelments, expected to accelerate revenue throughput. - Capex of INR 800-900 crore in FY27 and 600-700 crore in FY28 supports adding ~500 beds short-term plus 2700 beds in greenfield projects over 3-4 years. - Management conservative on tariff hikes; expects balanced growth through volume, mix improvements, and targeted price increases.

The transcript does not explicitly mention the current or expected order book or pending orders for Global Health Limited – Medanta. However, related information on expansions and growth plans includes: - Approximate addition of 500 beds across existing hospitals in the short term with minimal capex. - Planned addition of approximately 2,700 beds through 5 greenfield projects over the next 3 to 4 years. - Total project capex over 5 years of around INR 45,000 million, supported by internal accruals and project-specific debt. - Ongoing capital projects: South Delhi project progressing; Mumbai and Pitampura projects at various regulatory approval stages. - Discussions around potential inorganic expansions, including recent Indore acquisition and other M&A and O&M transactions under evaluation (details not disclosed). No specific figures for order book or pending orders were provided in the transcript.