NSE: MANIPALHOS · BSE: 544847
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. AR · MarketPing reader · 2026-09-16
Revenue streams, as the annual report describes them. Hospital services (IP and OP), Digital revenue (23%). Asset-heavy, capital-intensive hospital network with significant operating leverage on occupancy, ARPOB and case mix, currently digesting the Sahyadri acquisition and adding capacity.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 3,091 |
| Profit before tax | 315 |
| Net profit | 243 |
| EPS (₹) | 1.96 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance certificate for Q2 FY27 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: 10 of 11 resolutions passed; Upside Sharing with TPG rejected | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 16th AGM: Revenue up 25% to Rs 10,336 cr, profit Rs 917 cr | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Manipal Health 16th AGM held; FY26 revenue up 25% to Rs 10,336 cr | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 and Half Year FY27 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Promoters encumber full 27.7% stake for Claypond NCD issue | ownership changes | high | — | — |
| 18 Sept 2026 · Manipal Hospitals redeems Rs 5,310 crore NCDs using IPO proceeds | credit debt | high | — | — |
| 16 Sept 2026 · Redeems Rs 5,310 cr NCDs of subsidiary using IPO proceeds | credit debt | high | — | — |
| 5 Sept 2026 · Newspaper publication of 16th AGM notice and e-voting details | compliance | minimal | — | — |
| 4 Sept 2026 · 16th AGM Notice and FY25-26 Annual Report weblink sent to shareholders | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.