Financial Performance Summary

Manipal Health Enterprises Limited announced its unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27), marking its first results announcement following its listing on August 5, 2026.

Revenue Performance:

  • Revenue from operations: ₹3,091 crore in Q1 FY27, up 38.1% YoY from ₹2,238 crore in Q1 FY26
  • Quarter-over-quarter revenue growth: 7.2% from ₹2,882 crore in Q4 FY26

Profitability Metrics:

  • EBITDA: ₹749 crore in Q1 FY27, representing 26.4% YoY growth from ₹593 crore in Q1 FY26
  • EBITDA margin: 24.2% in Q1 FY27 vs 26.5% in Q1 FY26 (230 bps decline)
  • Excluding one-off gain of ₹15 crore in Q1 FY26, adjusted EBITDA growth was 29.7% YoY
  • PAT: ₹243 crore in Q1 FY27 vs ₹254 crore in Q1 FY26 (4.2% decline)
  • PAT margin: 7.9% in Q1 FY27 vs 11.4% in Q1 FY26 (350 bps decline)
  • Excluding ₹89 crore of post-tax interest on the NCD raised for Sahyadri acquisition, adjusted PAT was ₹332 crore, up 30.9% YoY

Operational Metrics:

  • ARPOB: ₹71,500 per day in Q1 FY27, up 0.7% YoY from ₹71,000
  • Excluding Sahyadri, Q1 FY27 ARPOB was ₹77,200 per day, representing 8.7% YoY growth
  • Occupancy: 65.0% in Q1 FY27, up 290 bps from 62.1% in Q1 FY26
  • Inpatient volumes: 38.8% YoY growth
  • Outpatient volumes: 26.0% YoY growth

Sahyadri Hospitals Integration

Sahyadri Hospitals, acquired on October 3, 2025, contributed significantly to Q1 FY27 performance:

  • Sahyadri revenue: ₹332 crore, representing 12.8% growth vs Q1 FY26 (as per erstwhile management reporting)
  • Sahyadri EBITDA: ₹58 crore, representing 18.7% growth vs Q1 FY26
  • Integration progress includes centralized pricing rates, co-branding introduction, clinical talent addition (82 doctors), and infrastructure upgrades
  • Brownfield bed addition: 103 beds
  • Construction commenced for Wakad greenfield project

Specialty Performance

CONGO-R specialties (Cardiac, Oncology, Neuro, Gastro, Ortho, Renal) showed strong performance:

  • Gross inpatient revenue from CONGO-R specialties grew 45% YoY
  • Specialty mix increased to 65.4% of total business
  • Oncology: 62% YoY inpatient revenue growth
  • Orthopedics: 49% YoY inpatient revenue growth
  • Cardiac: 40% YoY growth
  • Neuro: 39% YoY growth
  • Gastro: 35% YoY growth
  • Renal: 41% YoY growth

Regional Performance

East India Region:

  • Revenue: ₹620 crore in Q1 FY27 vs ₹530 crore in Q1 FY26
  • Operational beds: 1,858 vs 1,855
  • Occupancy: 66.9% vs 63.8%
  • IP Volume: 36,000 vs 35,000

Maharashtra + Goa Region:

  • Revenue: ₹503 crore in Q1 FY27 vs ₹127 crore in Q1 FY26
  • Operational beds: 1,680 vs 352
  • Occupancy: 62.5% vs 54.8%
  • IP Volume: 35,000 vs 7,000

Rest of India Region:

  • Revenue: ₹535 crore in Q1 FY27 vs ₹407 crore in Q1 FY26
  • Operational beds: 1,332 vs 1,196
  • Occupancy: 72.3% vs 63.8%
  • IP Volume: 33,000 vs 27,000

Management Commentary

Dilip Jose, Managing Director & CEO, commented: "Q1 FY27 marks an important milestone for Manipal Hospitals as our first quarter as a listed company. Our performance this quarter reflects the strength of our Pan-India network, sustained patient demand and continued growth in high-acuity specialties. We remained focused on absorbing added capacity while maintaining clinical quality, patient outcomes and operational discipline. The integration of Sahyadri Hospitals remains a key priority as we unlock the benefits of a larger network and greater operating scale. Our IPO provides greater flexibility to invest in capacity, technology and clinical excellence while maintaining disciplined capital allocation."

Company Overview

Manipal Hospitals is India's largest pan-India multi-specialty hospital network by bed capacity with:

  • 50 hospitals across 14 States & Union Territories
  • Over 13,400 licensed beds
  • 11,000+ doctors
  • Over 25,000 employees
  • Serves ~8 million patients annually

Clinical Milestones

Several clinical achievements were noted in Q1 FY27:

  • World's first Robotic Pancreatic Surgery on a one-month-old infant at MH Whitefield
  • Andhra Pradesh's first emergency living donor liver transplant at MH Vijayawada
  • Renal transplant program commencement at MH Kanakapura and MH Yelahanka
  • 40 robotic cardiac cases in 90 days at MH Gurugram
  • Orbital Atherectomy-assisted PCI with LAD stenting at MH Mukundpur
  • Region's first Pulmonary Embolism Response Team (PERT) at MH Goa
  • Laparoscopic assisted Whipple procedure at MH Broadway

Financial Table Summary

| Particulars (₹ Cr) | Q1 FY2027 | Q1 FY2026 | YoY | Q4 FY2026 | QoQ |

| Revenue from Operations | 3,091 | 2,238 | 38.1% | 2,882 | 7.2% |

| EBITDA | 749 | 593 | 26.4% | 702 | 6.6% |

| EBITDA Margin % | 24.2% | 26.5% | (230) bps | 24.4% | (20) bps |

| PAT | 243 | 254 | (4.2)% | 187 | 30.5% |

| PAT Margin % | 7.9% | 11.4% | (350) bps | 6.5% | 140 bps |

| ARPOB (₹/day) | 71,500 | 71,000 | 0.7% | 68,500 | 4.4% |

| Occupancy % | 65.0% | 62.1% | 290 bps | 64.9% | 10 bps |