Manipal Health Enterprises Limited (Manipal Hospitals) reported a strong operating performance for the first quarter of FY27 with revenue from operations rising 38.1% year-on-year to ₹3,091 crore. EBITDA increased 26.4% to ₹749 crore reflecting continued growth in patient volumes, higher demand for complex care and improving operational efficiency. The Q1FY27 results mark Manipal Hospitals’ first quarterly results announcement following its listing on the stock exchanges earlier this month. The company said the quarter was supported by sustained patient demand, growth in high-acuity specialties, improving occupancy and the absorption of recently added capacity.
Revenue from operations stood at ₹3,091 crore compared with ₹2,238 crore in the corresponding quarter of the previous year. On a sequential basis, revenue increased 7.2% from ₹2,882 crore in Q4FY26.EBITDA rose to ₹749 crore up from ₹593 crore in Q1FY26 representing a 26.4% year-on-year increase. EBITDA margin, however, moderated to 24.2% from 26.5% a year earlier. The company reported PAT of ₹243 crore down 4.2% year-on-year from ₹254 crore while sequentially PAT increased 30.5% from ₹187 crore in Q4FY26.
Oncology and orthopaedics emerged as major contributors to growth. Inpatient revenue from oncology increased 62% while orthopaedics recorded 49% growth during the quarter. The performance highlights the growing contribution of complex and specialised procedures to Manipal Hospitals’ overall business mix as demand for advanced tertiary and quaternary healthcare continues to expand.The hospital network also reported improvement in utilisation. Overall occupancy increased to 65.0% in Q1FY27 compared with 62.1% in Q1FY26, an improvement of 290 basis points.
Average Revenue Per Occupied Bed (ARPOB) increased marginally to around ₹71,500 per day compared with ₹71,000 in the year-ago quarter. ARPOB also improved sequentially from ₹68,500 in Q4FY26. The improvement in occupancy combined with higher revenue from specialised treatments helped support the company’s strong top-line performance.
Expansion remains a key focus
Manipal Hospitals has been pursuing an aggressive capacity expansion strategy. The company currently operates 49 hospitals with more than 13,000 licensed beds according to its IPO disclosures.
Ahead of its public listing, the company had announced plans to invest approximately ₹4,000 crore overthe next three to four years to add around 2,400 beds taking its capacity more than 18% higher than the existing level. The expansion is aimed at strengthening its presence across existing markets and supporting long-term growth.
Strong start as a listed healthcare company
The Q1FY27 performance gives Manipal Hospitals a strong start as a listed healthcare company with substantial year-on-year revenue growth and continued expansion in EBITDA. At the same time, the decline in reported PAT and moderation in EBITDA margin indicate that maintaining profitability alongside rapid network expansion will remain an important focus.
With rising occupancy, increasing demand for high-acuity specialties and planned capacity additions, Manipal Hospitals is positioning itself for further growth in India’s expanding organised hospital sector.
The company said its focus will remain on clinical excellence, capacity utilisation, specialty-led growth and operational efficiency as it continues to scale its pan-India healthcare network.
