Financial Performance Summary

Revenue Performance:

  • Q2 FY27 Revenue from Operations: ₹3,399.4 crore, up 37.3% YoY from ₹2,475.4 crore in Q2 FY26
  • QoQ Revenue growth: 10.0% from ₹3,090.6 crore in Q1 FY27
  • H1 FY27 Revenue: ₹6,490.0 crore, up 37.7% YoY from ₹4,713.1 crore in H1 FY26

EBITDA Performance:

  • Q2 FY27 EBITDA: ₹882.2 crore, up 29.8% YoY from ₹679.8 crore in Q2 FY26
  • Q2 FY27 EBITDA Margin: 26.0% (down 150 bps from 27.5% in Q2 FY26)
  • Excluding Sahyadri, Q2 FY27 EBITDA Margin: 26.8%
  • QoQ EBITDA growth: 17.8% from ₹749.0 crore in Q1 FY27
  • H1 FY27 EBITDA: ₹1,631.2 crore, up 28.2% YoY from ₹1,272.4 crore in H1 FY26
  • Excluding one-off gain of ₹15 crore in H1 FY26, H1 FY27 EBITDA growth was 29.8%

PAT Performance:

  • Q2 FY27 PAT (excluding exceptional items): ₹380.2 crore, up 21.6% YoY from ₹312.7 crore in Q2 FY26
  • Q2 FY27 PAT Margin (exceptions): 11.2% (down 140 bps from 12.6% in Q2 FY26)
  • QoQ PAT (exceptions) growth: 46.7% from ₹258.9 crore in Q1 FY27
  • H1 FY27 PAT (excluding exceptional items): ₹639.1 crore, up 9.2% YoY from ₹585.1 crore in H1 FY26
  • Reported PAT including exceptional items: ₹285.0 crore in Q2 FY27, ₹243.4 crore in Q1 FY27, ₹528.4 crore in H1 FY27
  • Excluding post-tax Sahyadri acquisition NCD interest of ₹75 crore in Q2 FY27, PAT was approximately ₹455 crore, up 45.6% YoY
  • Excluding post-tax Sahyadri acquisition NCD interest of ₹165 crore in H1 FY27, PAT was approximately ₹804 crore, up 37.4% YoY

Operational Metrics

Volume Metrics:

  • Q2 FY27 Inpatient volumes: 169,000, up 35.0% YoY
  • Q2 FY27 Outpatient volumes: 1.74 million, up 27.2% YoY
  • H1 FY27 Inpatient volumes: 325,000, up 36.8% YoY

Capacity & Utilization:

  • Q2 FY27 Occupancy: 70.1%, up 160 bps YoY from 68.5%
  • H1 FY27 Occupancy: 67.6%, up 230 bps YoY from 65.3%
  • Average operational capacity: 7,331 beds
  • Average length of stay: 2.8 days
  • Licensed bed capacity: 13,440 as of September 30, 2026

Revenue Metrics:

  • Q2 FY27 Consolidated ARPOB: ₹70,600 per day (flat YoY)
  • Excluding Sahyadri, Q2 FY27 ARPOB: ₹76,600 per day, up 8.5% YoY
  • H1 FY27 Consolidated ARPOB: ₹71,100 per day, up 0.4% YoY
  • Excluding Sahyadri, H1 FY27 ARPOB: ₹76,900 per day, up 8.6% YoY

Segment Performance

CONGO-R Centers of Excellence Performance (H1 FY27):

  • Oncology revenue growth: 51% YoY
  • Neurosciences revenue growth: 47% YoY
  • Orthopedics revenue growth: 44% YoY
  • Cardiac Sciences revenue growth: 39% YoY
  • Gastroenterology revenue growth: 36% YoY
  • Renal Sciences revenue growth: 38% YoY
  • CONGO-R Mix: 63.1% in Q2 FY27, 64.2% in H1 FY27

Sahyadri Hospitals Integration:

  • Acquired on October 3, 2025
  • Q2 FY27 Contribution: Revenue ₹375 crore, EBITDA ₹73 crore
  • H1 FY27 Contribution: Revenue ₹707 crore (up 17.8% from H1 FY26 management reporting), EBITDA ₹131 crore (up 24.1% from H1 FY26 management reporting)
  • H1 FY27 Occupancy: 67.0%, up 270 bps
  • H1 FY27 ARPOB: ₹44,100 per day, up 12.5%
  • Digital revenue contribution: 11%
  • Integration progress: Centralized procurement rates rolled out, addition of 83 clinicians, interoperability of 58 clinicians
  • Brand transition timeline: Q4 FY27

Expansion and Investments

  • New 300-licensed-bed Electronic City hospital in Bengaluru opened during Q2 FY27
  • Investments included advanced oncology equipment at Nashik, AI-assisted neuro biplane cath lab at Mukundpur, orthopedic robots at Patiala, Vijayawada and Pune Baner, and AI-enabled cath lab at Old Airport Road

Financial Position

  • Net debt, excluding lease liabilities: ₹343 crore at quarter-end
  • Net debt to annualised EBITDA: 0.10 times

Management Commentary

Dilip Jose, Managing Director & CEO, commented: "We are pleased that our performance this quarter has been driven by volumes with more patients accessing our care and this we believe is the sustainable option for growth in care delivery. Improved capacity utilisation, particularly in high-acuity specialties continued to be a key driver while maintaining focus on strengthening our clinical capabilities, improving operational performance and building a more integrated healthcare platform."

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
  • Serving ~8 million patients annually