Bengaluru, Karnataka, August 20, 2026: Manipal Health Enterprises Limited (Manipal Hospitals), India’s largest pan-India multi-specialty hospital networks by bed capacity, today announced its financial results for the quarter ended June 30, 2026 (Q1FY27), marking its first results announcement following its listing on August 5, 2026.
The company delivered a strong operating performance during the quarter, supported by sustained patient demand, growth in high-acuity specialties and capacity absorption. Improving occupancy and operating efficiencies further strengthened the performance ofthe expanded network.
Operating Performance
Revenue from operations stood at ₹ 3,091 crore in Q1 FY27, registering 38.1% year-on-year growth, while EBITDA stood at ₹ 749 crore reflecting year-on-year growth of 26.4%. Excluding one-off gain of ₹ 15 crore in Q1 FY26, EBITDA growth was 29.7% year-on-year,reflecting continued operating improvement.
Inpatient and outpatient volumes grew 38.8% and 26.0%, respectively, during the quarter, while occupancy improved by 290 basis points year-on-year to 65.0% as the network continued to absorb recently added capacity.
PAT stood at ₹ 243 crore during Q1FY27. Excluding ₹ 89 crore of post-tax interest on the NCD raised for the Sahyadri acquisition, adjusted PAT grew 30.9% year-on-year. ARPOB, excluding Sahyadri, stood at ₹ 77,200 per day, up 8.7% year-on-year, reflecting improvedrevenue intensity across the existing network.
Sahyadri Integration Supports Growth
Sahyadri Hospitals continued to contribute to the network’s performance during the quarter, with its integration progressing across clinical and operational functions.
Sahyadri recorded 12.8%* revenue growth and 18.7%* EBITDA growth year-on-year, supported by higher ARPOB and improved operating efficiency. The integration is expected to unlock further benefits through greater clinical integration, shared capabilities andoperating scale.
High-Acuity Specialties Continue to Drive Momentum
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 Orthopedics were key growth drivers, recording inpatient revenue growth of 62% and 49%, respectively, supported by broad-based momentum across the CONGO-R portfolio.
* Q1FY26 as per erstwhile management reporting since Sahyadri was acquired on October 3, 2025
Performance Highlights:
| 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(1) | 26.4% | 702 | 6.6% |
| EBITDA Margin % | 24.2% | 26.5% | (230) bps | 24.4% | (20) bps |
| PAT | 243(2) | 254 | (4.2)% | 187 | 30.5% |
| PAT Margin % | 7.9% | 11.4% | (350) bps | 6.5% | 140 bps |
| ARPOB (₹/day) | 71,500(3) | 71,000 | 0.7% | 68,500 | 4.4% |
| Occupancy % | 65.0% | 62.1% | 290 bps | 64.9% | 10 bps |
Excluding a one-off gain of ₹15 crore in Q1 FY26, adjusted EBITDA was ₹578 crore, with Q1 FY27 adjusted EBITDA growth of 29.7% YoY.
Excluding ₹89 crore of post-tax interest on the Sahyadri acquisition NCD, Q1 FY27 adjusted PAT was ₹332 crore, up 30.9% YoY.
Excluding Sahyadri, Q1 FY27 ARPOB was ₹77,200 per day, representing growth of 8.7% YoY.
* Sahyadri was acquired on October 3,2025 and hence Q1FY26 numbers do not include Sahyadri.
Commenting on the Q1 FY27 performance, Dilip Jose, Managing Director & CEO, Manipal Hospitals, said:
“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. Weremained 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 disciplinedcapital allocation.
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.”
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