Manipal Health Enterprises has uploaded the full transcript of its earnings call with analysts and investors. The conference took place on Friday, August 21, 2026. The company submitted this intimation to the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 and Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Sathish K R, Company Secretary and Compliance Officer, signed the disclosure on August 27, 2026. Investors can access the recording and transcript on the company's website under the financial reports section.

Key Financial Highlights

During the call, management highlighted robust volume-led growth for the quarter. Key metrics disclosed include:

Excluding a one-off gain from the first quarter of last year, EBITDA growth stood at over 30%. Operating margin excluding Sahyadri Hospitals was 25%, while the network-level margin including Sahyadri was 24.2%.

Sahyadri Integration Update

Management provided a detailed update on the integration of Sahyadri Hospitals. The unit reported revenue of ₹332 crore in Q1FY27, a growth of over 13% year-on-year. EBITDA for the quarter was ₹58 crore, up approximately 19% from the previous year.

Operational improvements included a 15% growth in Average Revenue Per Occupied Bed (ARPOB) to about ₹45,000 per day. Occupancy reached 63%, and the average length of stay decreased by 8% to 2.8 days. Management outlined an 18-month integration playbook focusing on clinical interoperability, digital adoption, and infrastructure upgrades.

Expansion and Acquisitions

The company commissioned its 50th hospital in Electronic City, Bangalore, adding approximately 300 beds to its licensed capacity. This brings the total licensed bed capacity in Bangalore to nearly 3,000 beds across 13 facilities.

Additionally, Manipal Health Enterprises announced the acquisition of Kinder Hospital in Whitefield, Bangalore. The facility will be reconfigured from a women and children's hospital into a multispecialty unit, adding approximately 100 beds to the network. Management noted that this acquisition enhances reach in a high-growth micro-market.

Digital and Specialty Growth

Digital revenue contributed ₹710 crore during the quarter, representing 23% of overall revenue. Out-of-hospital initiatives saw significant activity, with e-pharmacy processing over 15,000 orders and telehealth solutions completing over 17,000 virtual consultations.

Centres of Excellence, including Cardiology, Oncology, Neurology, Gastroenterology, Orthopaedics, and Renal Sciences, accounted for 65% of revenue. IP revenues across these specialties grew by 45% year-on-year.

Manipal Health Enterprises reported a 38.1% year-on-year revenue increase to ₹3,091 crore for the quarter ended June 30, 2026. The Board of Directors approved the unaudited standalone and consolidated financial results at its meeting held on August 20, 2026. The results were published in Business Standard and Vishwavani on August 21, 2026.

The pan-India hospital chain delivered strong operational metrics as it absorbed capacity from its recent Sahyadri acquisition. The financial statements were based on the recommendation of the Audit Committee. BSR & Co. LLP served as the statutory auditors, issuing a limited review report on the figures.

The company posted an EBITDA of ₹749 crore, reflecting a 26.4% year-on-year growth. However, the EBITDA margin contracted to 23.8% in Q1FY27 from 26.2% in the prior year period. Excluding a one-off gain of ₹15 crore recorded in the prior year period, adjusted EBITDA growth stood at 29.7%. Profit after tax (PAT) was reported at ₹243 crore. However, excluding ₹89 crore in post-tax interest on non-convertible debentures raised for the Sahyadri acquisition, adjusted PAT grew 30.9% year-on-year.

Operational Metrics

Patient volumes drove the top-line expansion. Inpatient volumes rose 38.8% year-on-year, while outpatient volumes increased by 26.0%. Occupancy rates improved by 290 basis points to 65.0%, indicating effective utilization of the expanded network. Average Revenue Per Occupied Bed (ARPOB), excluding the Sahyadri portfolio, grew 8.7% year-on-year to ₹77,200 per day, signaling improved revenue intensity across the existing legacy network.

What the Numbers Show

Reported PAT declined 4.2% year-on-year to ₹243 crore, contrasting sharply with the 38.1% revenue growth. This divergence is attributable to the ₹89 crore post-tax interest expense on debt raised for the Sahyadri acquisition. When this financing cost is excluded, underlying profitability grew 30.9%, demonstrating that the core operational performance outpaced the drag from acquisition-related leverage. Additionally, while revenue grew significantly, the EBITDA margin contracted by 240 basis points to 23.8%, reflecting the integration costs and lower-margin mix associated with the new capacity.

Sahyadri Integration

Sahyadri Hospitals contributed significantly to the quarter's performance, recording 12.8% revenue growth and 18.7% EBITDA growth year-on-year based on erstwhile management reporting. The integration has progressed across clinical and operational functions, with centralized procurement pricing and co-branding initiatives already implemented. Sahyadri's ARPOB improved by 14.7% year-on-year to ₹44,800 per day.

Specialty Mix

High-acuity specialties continued to drive momentum within the network. Gross inpatient revenue from CONGO-R specialties (Cardiac, Oncology, Neuro, Gastro, Ortho, Renal) grew 45% year-on-year. Oncology and Orthopedics were key contributors, with inpatient revenue growth of 62% and 49% respectively. The specialty mix for these high-value procedures increased to 65.4% of total gross inpatient revenue.