Manipal Health Enterprises Ltd. posted a 38% year-on-year revenue increase to INR 3,091 crore in the first quarter of fiscal 2027, driven by higher patient volumes and the integration of Sahyadri Hospitals. The company, listed under the ticker MNIA, reported digital revenue of INR 710 crore, accounting for 23% of total revenue, while Sahyadri contributed INR 332 crore, up 13% year-on-year.
Network-wide EBITDA rose 26% to INR 749 crore, with Sahyadri’s EBITDA increasing 19% to INR 58 crore and its margin improving to 17.5%. Operating margins stood at 24.2% across the network, including Sahyadri, and 25% excluding the acquired chain. The company maintained a core network occupancy rate of 65%, a 290-basis-point improvement from the prior year, with Sahyadri’s occupancy at 63%.
Patient volumes surged, with inpatient admissions up 39% and outpatient visits rising 26% year-on-year. Average length of stay decreased to 2.7 days, down from 2.9 days a year earlier, while average revenue per occupied bed increased 9% to INR 77,200 excluding Sahyadri and 15% to INR 45,000 for Sahyadri. The network now operates more than 13,000 licensed beds across 50 hospitals, with the latest facility in Electronic City, Bangalore, adding approximately 300 beds.
Capital expenditure for the quarter reached INR 900 crore, part of a planned INR 2,000 crore outlay for FY27 and a broader INR 4,000 crore investment over the next three to four years to expand capacity by over 3,000 beds. Net debt-to-EBITDA is expected to decline to 0.9 times following a debt repayment in the second quarter, down from 2.8 times prior to the transaction.
Management highlighted operational efficiencies, including a reduction in average length of stay, as a driver of margin expansion. Digital health initiatives contributed to growth, with e-pharmacy processing over 15,000 orders, telehealth facilitating more than 17,000 consultations, and the Manipal AI-enabled chatbot handling over 9,600 interactions across 23 hospitals in four metropolitan cities.
