MANIPAL HEALTH ENTERPRI L

Operates a multi-specialty hospital network across India, earning primarily from inpatient (IP) and outpatient (OP) services. Q1 FY27 revenue was INR 3,091 cr, with Centres of Excellence contributing about 65% of revenue and oncology alone at 12.2%. The network spans 49 hospitals with around 13,037 beds in 14 states; a 50th hospital (Electronic City, Bangalore, ~300 beds) was launched in July and Kinder Women's Hospital (~100 beds, Whitefield) was agreed to be acquired for INR 130 cr. Q1 FY27 IP volumes rose 39% and OP volumes 26%, with network occupancy at 65% (+290 bps) and average length of stay of 2.7 days; ARPOB excluding Sahyadri stood at INR 77,200 (+9%). The recently acquired Sahyadri chain added INR 332 cr of Q1 revenue at an ARPOB of INR 45,000. Digital services (e-pharmacy, telehealth, chatbot) generated INR 710 cr, roughly 23% of revenue, on 15,000 e-pharmacy orders, 17,000 telehealth consults and 9,600 chatbot interactions during the quarter. Network EBITDA was INR 749 cr at a 24.2% margin, with margins pressured by Sahyadri integration; reported net profit fell 4% on Rs 89 cr of post-tax interest on the Sahyadri acquisition debt, while adjusted PAT (excluding that interest) grew about 31% to INR 332 cr. FY27 capex is guided at ~INR 2,000 cr, with ~INR 900 cr already spent in Q1, and a 3-4 year envelope of ~INR 4,000 cr is planned to add ~3,000 beds; net debt/EBITDA is set to drop from 2.8x to 0.9x after IPO-proceed debt repayment.