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Manipal Health Enterprises, which operates Manipal Hospitals, reported a 4.2% year-on-year decline in net profit to INR 243 crore for the first quarter of FY27, even as revenue from operations increased 38.1% to INR 3,091 crore. EBITDA rose 26.4% to INR 749 crore during the quarter, supported by higher inpatient and outpatient volumes. The reported profit excludes INR 89 crore in post-tax interest on non-convertible debentures raised to fund the acquisition of Sahyadri Hospitals, while adjusted profit after tax increased 30.9% year-on-year. The June quarter also marked the company’s first reporting period as a listed entity following its IPO. Average Revenue per Occupied Bed, excluding Sahyadri, increased 8.7% to INR 77,200 per day, indicating higher revenue intensity across the existing hospital network.
Manipal Health Enterprises, the operator of Manipal Hospitals, reported a 4.2% year-on-year decline in consolidated net profit to INR 243 crore in the first quarter of FY27, despite a 38.1% increase in revenue from operations to INR 3,091 crore. The results, announced on Thursday, reflected higher inpatient and outpatient volumes, while the quarter also marked the company’s first reporting period as a listed entity.
The company’s net profit for the quarter stood at INR 243 crore, compared with INR 254 crore in Q1FY26. The reported figure excludes INR 89 crore of post-tax interest on non-convertible debentures raised to finance the acquisition of Sahyadri Hospitals. On an adjusted basis, profit after tax increased 30.9% year-on-year to INR 332 crore.
Revenue growth was accompanied by an increase in operating earnings. EBITDA rose 26.4% year-on-year to INR 749 crore in Q1FY27. Excluding a one-off gain of INR 15 crore recorded in the corresponding quarter of the previous financial year, EBITDA growth was 29.7%, indicating an improvement in underlying operating performance.
The company’s performance was supported by increased activity across its hospital network, with both inpatient and outpatient volumes contributing to the rise in revenue. Average Revenue per Occupied Bed (ARPOB), excluding the Sahyadri business, stood at INR 77,200 per day, an 8.7% increase from the year-ago period. The metric reflects the revenue generated from occupied beds and indicates higher revenue intensity across the existing network.
The quarter also followed Manipal Health Enterprises’ public-market debut. The company’s IPO was subscribed 4.92 times, with qualified institutional buyers bidding for 8.25 times the shares available in their category. Ahead of the issue, the company had raised INR 4,167.09 crore from anchor investors through the allotment of shares to 133 investors.
The Sahyadri acquisition remains relevant to the company’s financial performance, with the interest cost on the acquisition-related non-convertible debentures excluded from the reported profit figure when calculating adjusted performance. The acquisition has also expanded the company’s hospital network and contributed to the scale of operations being reflected in its consolidated financial results.
Manipal Health Enterprises had reported consolidated sales of INR 10,935.62 crore and net profit of INR 654.93 crore for the financial year ended March 2026. The company’s Q1FY27 results therefore provide its first quarterly performance update following its transition to the listed market.
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