Executive Summary: Manipal Health Enterprises Ltd Q1 FY27 Results

Manipal Health Enterprises reported robust top-line growth and strong patient volumes for Q1 FY27, though bottom-line profitability witnessed a slight contraction. Following the earnings announcement, the stock closed 2.73% lower at ₹724.25 on the BSE. 1. Financial Performance Revenue: Surged by 38.1% YoY to ₹3,091 crore (up from ₹2,238 crore in Q1 FY26), driven by strong patient-led growth and momentum in specialty care. EBITDA: Increased by 25.6% YoY to ₹736.5 crore. However, the EBITDA margin compressed to 23.8% (down from 26.2% in the year-ago quarter). Net Profit: Declined by 7.7% YoY to ₹231 crore (compared to ₹250 crore a year ago), despite higher patient volumes and operational scaling. 2. Operational Highlights & Metrics Volume & Occupancy: Inpatient and outpatient volumes registered substantial YoY growth of 38.8% and 26%, respectively. Bed occupancy improved by 290 basis points to 65%, reflecting the successful absorption of recently added capacity. Realizations (ARPOB): Average Revenue Per Occupied Bed (excluding Sahyadri) rose 8.7% YoY to ₹77,200 per day, highlighting enhanced revenue intensity across the existing network. Specialty Mix: Gross inpatient revenue from CONGO-R specialties jumped 45% YoY, elevating the specialty mix to 65.4%. Growth was predominantly anchored by high-end treatments in Oncology (+62% YoY) and Orthopedics (+49% YoY). 3. Strategic & Corporate Updates Sahyadri Integration: Sahyadri Hospitals demonstrated solid performance, with revenue and EBITDA growing at 12.8% and 18.7% YoY, respectively. The ongoing clinical and operational integration is anticipated to unlock further scale and efficiency benefits. Board Governance: Management has proposed the re-appointment of Dr. Hebri Sudarshan Ballal and Puneet Bhatia as Directors at the upcoming 16th Annual General Meeting, subject to shareholder approval.