Manipal Health Enterprises Ltd (Manipal Hospitals), India's largest multi-specialty hospital network by bed count, reported a 4.2% decline in net profit to 243 crore rupees in the first quarter of fiscal year 27. This figure is down from 254 crore rupees recorded in the first quarter of fiscal year 26.
However, operating revenue increased by 38.1% to reach 3,091 crore rupees, and EBITDA grew by 26.4% to 749 crore rupees, driven by increased volumes of inpatient and outpatient treatment.
The net profit does not include 89 crore rupees in after-tax interest on unsecured bonds (NCDs) raised for the acquisition of Sahyadri. Meanwhile, adjusted profit attributable to shareholders (PAT) showed a year-on-year growth of 30.9%. The average revenue per occupied bed (ARPOB), excluding Sahyadri, was 77,200 rupees per day, which is 8.7% higher year-on-year and reflects an increase in revenue intensity across the existing network. This marks the company's first quarter as a public entity.
Dilip Jose, Managing Director and CEO of Manipal Hospitals, stated: 'Our performance this quarter reflects the strength of our pan-India network, sustained patient demand, and continued growth in highly specialized areas. We focused on leveraging additional capacity while maintaining clinical quality, patient outcomes, and operational discipline.'
Operating revenue in the first quarter of fiscal year 27 stood at 3,091 crore rupees, showing a year-on-year growth of 38.1%, while EBITDA reached 749 crore rupees, corresponding to a 26.4% year-on-year increase. If the one-time income of 15 crore rupees in the first quarter of fiscal year 26 is excluded, EBITDA growth was 29.7% year-on-year, indicating continuous improvement in operational metrics.
During the quarter, inpatient and outpatient treatment volumes rose by 38.8% and 26% respectively. Furthermore, occupancy improved by 290 basis points year-on-year, reaching 65%, as the network continues to integrate newly added capacity.
Jose added that 'The integration of Sahyadri Hospitals remains a key priority for unlocking the benefits of a larger network and greater operational scale. Our IPO provides greater flexibility for investing in capacity, technology, and clinical excellence while maintaining disciplined capital allocation.'
Sahyadri demonstrated a 12.8% growth in revenue and 18.7% growth in EBITDA year-on-year, supported by higher ARPOB and improved operational efficiency. Notably, gross revenue from inpatient care in specialized areas of CONGO-R grew by 45% year-on-year, and the share of these specialties increased to 65.4%, highlighting sustained demand for complex treatments. Oncology and orthopedics were the main growth drivers, with their inpatient revenue growing by 62% and 49% respectively, thanks to broad momentum across the CONGO-R portfolio.
Manipal has a pan-India presence in 50 hospitals with over 13,400 licensed beds across the country. This network is the largest multi-specialty hospital network in India by bed count and is supported by a staff of over 11,000 doctors and more than 25,000 employees.
In conclusion, Jose stated: 'As we enter this next phase, we continue to focus on expanding access, strengthening clinical outcomes, improving efficiency, and building a more integrated and sustainable healthcare platform.'
