Manipal Health Enterprises Ltd (Manipal Hospitals), India’s largest pan-India multi-specialty hospital network by bed capacity, has posted a 4.2 per cent decline in net profit to ₹243 crore during the first quarter of FY27, versus ₹254 crore during Q1FY26.
The net profit excludes ₹89 crore of post-tax interest on the non-convertible debentures (NCDs) raised for the Sahyadri acquisition, while adjusted PAT grew 30.9 per cent year-on-year. Average Revenue per Occupied Bed (ARPOB), excluding Sahyadri, stood at ₹77,200 per day, up 8.7 per cent year-on-year, reflecting improved revenue intensity across the existing network. This is the company’s first quarter as a listed entity.
“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,” said Dilip Jose, Managing Director and Chief Executive Officer, Manipal Hospitals.
Revenue from operations stood at ₹3,091 crore in Q1FY27, registering 38.1 per cent year-on-year growth, while EBITDA stood at ₹749 crore, reflecting year-on-year growth of 26.4 per cent. Excluding the one-off gain of ₹15 crore in Q1FY26, EBITDA growth was 29.7 per cent year-on-year, reflecting continued operating improvement.
Inpatient and outpatient volumes grew 38.8 per cent and 26 per cent, respectively, during the quarter, while occupancy improved by 290 basis points year-on-year to 65 per cent as the network continued to absorb recently added capacity.
“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,” Jose added.
Sahyadri recorded 12.8 per cent revenue growth and 18.7 per cent EBITDA growth year-on-year, supported by higher ARPOB and improved operating efficiency.
Gross inpatient revenue from CONGO-R specialties grew 45 per cent year-on-year, with the specialty mix increasing to 65.4 per cent, highlighting continued demand for complex care. Oncology and orthopaedics were key growth drivers, recording inpatient revenue growth of 62 per cent and 49 per cent, respectively, supported by broad-based momentum across the CONGO-R portfolio.
Manipal has a pan-India footprint of 50 hospitals with over 13,400 licensed beds across the country. The network is India’s largest multi-specialty hospital network by bed capacity, supported by a pool of over 11,000 doctors and an employee strength of over 25,000.
“As we enter this next phase, we remain focused on expanding access, strengthening clinical outcomes, improving efficiency and building a more integrated and sustainable healthcare platform,” he added.