According to reports from Moneycontrol, Anand Rathi has issued a buy rating on Global Health with a target price of Rs 1,450 in its research report dated February 10, 2026. The brokerage has revised its target price from the earlier Rs 1,541, valuing the stock at 26x FY28e EV/EBITDA. This recommendation comes as part of Anand Rathi's broader research coverage of healthcare sector stocks.
As reported by Moneycontrol, Global Health's revenue increased 19% year-on-year in Q3FY26, beating analyst estimates by 6-3%. However, EBITDA declined 10% year-on-year, missing analyst expectations by 4-8%. The company's PAT fell 8% year-on-year, while APAT plunged 33.5%, primarily due to adjustments for labour code in exceptional items. ARPOB (Average Revenue Per Occupied Bed) rose 10% year-on-year to Rs 67,361, indicating improved operational efficiency.
According to the report, overall occupancy stood at 59% in Q3FY26, compared to 64% in both Q3FY25 and Q2FY26. Notably, occupancy at new Lucknow and Patna units fell to 62% versus 70% in Q2FY26. The margin of new units declined 213 basis points year-on-year to 31.7%, indicating challenges in achieving optimal returns on recent investments.
As reported by Moneycontrol, Global Health announced a 400-bed hospital in South Delhi in partnership with DLF, with construction currently underway at site 1. The company added 144 beds in Q3 (42/102 in Patna/Noida), taking the total bed count to 3,579. This expansion demonstrates the company's continued focus on capacity growth despite current occupancy challenges.
According to the brokerage's analysis, Anand Rathi expects Global Health to achieve revenue/EBITDA/PAT CAGR of 16/16/18% over FY25-28e. The growth is anticipated to be driven by greater capacity utilization at new hospitals, rising share of international patients, and better ARPOB on superior payor-mix. The brokerage has trimmed its FY26/27/28e EBITDA estimates by 9/3/7% respectively, reflecting a more conservative outlook on near-term performance.
