Manipal Health Enterprises (MANIPALHOS) Q1 26/27 earnings summary

Executive summary

• Q1 revenue reached INR 3,091 crore, up 38.1% year-over-year, driven by strong volume growth in both inpatient (38.8%) and outpatient (26%) segments, with EBITDA at INR 749 crore, a 26.4% increase year-over-year and 29.7% growth excluding one-offs.

• Digital revenue contributed INR 710 crore (23% of total), with significant growth in telehealth and e-pharmacy services.

• Centers of Excellence accounted for 65% of revenue, with IP revenues in these specialties growing 45% year-over-year.

• PAT stood at INR 243 crore, or INR 332 crore excluding Sahyadri NCD interest, representing a 30.9% year-over-year increase.

• Expansion included the launch of the 50th hospital and acquisition of Kinder Hospital, enhancing capacity in key markets.

Financial highlights

• Revenue from operations grew to INR 3,090.6 crore from INR 2,237.6 crore in Q1FY26; EBITDA increased to INR 749 crore from INR 592.5 crore year-over-year.

• EBITDA margin was 24.2% (25.0% excluding Sahyadri), and PAT margin was 7.9%.

• Sahyadri Hospitals reported Q1 revenue of INR 332 crore (up 12.8% YoY) and EBITDA of INR 58 crore (up 18.7% YoY), with ARPOB up 14.7% to INR 44,800.

• Average occupancy across the network was 65%, up 290 bps YoY; ALOS maintained at 2.7 days.

• Standalone revenue from operations for Q1 FY27 was ₹1,048.30 crore, up from ₹818.02 crore in Q1 FY26.

Outlook and guidance

• Management expects continued volume and complexity-led growth, with greenfield and brownfield expansions driving future performance.

• Sahyadri integration expected to reach network margin levels over 16-18 months through operational efficiencies and clinical enhancements.

• CapEx guidance of INR 4,000 crore over the next 3-4 years for 3,000 new beds; INR 2,000 crore planned for the current year.

• IPO completed post quarter-end, raising ₹8,000 crore via fresh issue and ₹1,275 crore via offer for sale; shares listed on NSE and BSE on August 5, 2026.

• Ongoing monitoring of new labour codes and their financial impact; further compliance steps to be taken as clarifications are issued.