Hospital chain Manipal Health Enterprises Ltd reported mixed financial results for the first quarter of FY27, with consolidated net profit declining 7.48% year-on-year to ₹231.65 crore compared to ₹250.37 crore in the corresponding quarter last year. According to Business Standard, the net profit excludes ₹89 crore of post-tax interest on non-convertible debentures (NCDs) raised for the Sahyadri acquisition, while adjusted PAT grew 30.9% year-on-year. The company demonstrated strong revenue growth of 38.12% to ₹3,090.63 crore from ₹2,237.63 crore in Q1 FY26. EBITDA grew 26.4% to ₹749 crore, though excluding the one-off gain of ₹15 crore in Q1FY26, EBITDA growth was 29.7% year-on-year, reflecting continued operating improvement. The company also incurred a one-time cost of ₹15.5 crore during the quarter. Profit before exceptional items and tax declined 8.81% to ₹330.65 crore in Q1 FY27, with the company reporting exceptional expenses of ₹15.47 crore towards the amortised portion of incentive costs.
The company's operational metrics showed strong performance across key indicators during Q1FY27. Inpatient and outpatient volumes grew 38.8% and 26% respectively, while occupancy improved by 290 basis points year-on-year to 65% as the network continued to absorb recently added capacity. Average Revenue per Occupied Bed (ARPOB), excluding Sahyadri, stood at ₹71,500 per day, up marginally from ₹71,000 per day in the year-ago quarter, reflecting improved revenue intensity across the existing network. Gross inpatient revenue from CONGO-R specialties grew 45% year-on-year, with the specialty mix increasing to 65.4%, highlighting continued demand for complex care. Oncology and orthopaedics were key growth drivers, recording inpatient revenue growth of 62% and 49% respectively.
The integration of Sahyadri Hospitals continued to support the company's growth trajectory during the quarter. As reported by Business Standard, Sahyadri recorded 12.8% revenue growth and 18.7% EBITDA growth year-on-year, supported by higher ARPOB and improved operating efficiency. This acquisition has strengthened Manipal's position as India's largest multi-specialty hospital network by bed capacity, with a pan-India footprint of 50 hospitals with over 13,400 licensed beds across the country. The network is supported by a pool of over 11,000 doctors and an employee strength of over 25,000. The company stated that the integration of Sahyadri is expected to generate further benefits through greater clinical integration, shared capabilities and operating scale.
Manipal Health Enterprises shares entered the stock market on 5 August 2026, debuting at ₹655, a premium of 11.02% over its issue price of ₹590. The IPO was subscribed 4.92 times with bids received for 44.30 crore shares against 9 crore shares on offer. However, the scrip declined 1.01% to settle at ₹716.95 on Friday, 21 August 2026, reflecting mixed investor sentiment following the quarterly results. The company, backed by the Manipal Group, provides tertiary and quaternary healthcare services across specialties including cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences.
Dilip Jose, Managing Director and Chief Executive Officer, Manipal Hospitals, highlighted the company's strategic focus during the quarter. According to Business Standard, he stated that Q1 FY27 marks an important milestone for Manipal Hospitals as our first quarter as a listed company. He emphasized that the performance reflects the strength of the pan-India network, sustained patient demand and continued growth in high-acuity specialties. Jose noted that the company remained focused on absorbing added capacity while maintaining clinical quality, patient outcomes and operational discipline. He stated that the integration of Sahyadri Hospitals remains a key priority as we unlock the benefits of a larger network and greater operating scale. He added that the IPO provides greater flexibility to invest in capacity, technology and clinical excellence while maintaining disciplined capital allocation.
