Manipal Health Enterprises shareholders passed 10 of 11 resolutions at the 16th Annual General Meeting held on September 29, 2026, with the Upside Sharing Arrangement the sole item that did not receive the required approval.

The virtual meeting, conducted via Video Conferencing, saw the adoption of standalone and consolidated financials for the year ended March 31, 2026. Dr. Sudarshan Ballal, Non-Executive Chairman, highlighted the post-IPO milestone, noting the listing of equity shares on both NSE and BSE. The statutory auditors' report contained no qualifications or adverse remarks. A total of 175,035 shareholders were on record as of the cut-off date of September 22, 2026, with 44 members attending through video conferencing.

Financial and operational highlights

The Chairman detailed significant growth across key metrics. Revenue expansion was driven by volume-led growth in both inpatient and outpatient segments. Operating efficiency improved, reflected in a lower Average Length of Stay (ALOS).

Network capacity expanded significantly during the period. The company acquired Sahyadri Hospitals Private Limited in Maharashtra, adding 10 hospitals and 1,606 licensed beds. Additionally, two greenfield facilities became operational in Bengaluru. As of March 31, 2026, Manipal Health operated 49 hospitals with over 13,000 licensed beds across 14 states and union territories, serving over 76.30 lakh patients.

What the numbers show

A divergence between volume growth and margin stability suggests successful capacity utilization despite rapid expansion. While inpatient volumes grew 20.0% and outpatient volumes rose 16.2%, the EBITDA margin remained steady at 25.6%. This indicates that the additional costs associated with the acquisition of Sahyadri Hospitals and new greenfield launches were effectively absorbed without diluting profitability. High-acuity CONGO-R specialties now contribute 64.3% of gross inpatient revenue, signaling a strategic shift toward higher-value care segments.

Voting results summary

Scrutinizer Pramod S M of BMP & Co. LLP, Company Secretaries, submitted the consolidated report on October 1, 2026. Remote e-voting ran from September 26, 2026 to September 28, 2026, with e-voting also available during the AGM. The following table summarises the outcome of all 11 resolutions.

The failed resolution

Resolution 9, seeking approval of an Upside Sharing Arrangement pursuant to an agreement dated March 16, 2026 between Manipal Research & Management Services International and TPG SG Magazine Pte. Ltd., did not pass. As the promoter and promoter group were interested parties in this resolution, their 948,176,081 votes were treated as invalid for the purpose of determining the outcome. Among the remaining eligible votes, 66,885,785 votes (61.9875%) were cast against the resolution, while 41,016,249 votes (38.0125%) were in favour, resulting in its failure.

Resolutions passed

All other ordinary and special business items received shareholder approval. Key outcomes included:

• Appointment of M/s. Price Waterhouse Chartered Accountants LLP as Statutory Auditors for five years.
• Ratification of remuneration for Cost Auditors for FY27.
• Appointment of M/s. BMP & Co. LLP, Practising Company Secretaries, as Secretarial Auditors for five consecutive years from the conclusion of the 16th AGM until the conclusion of the 21st AGM.
• Approval of the Manipal Health Enterprises Employee Stock Option Plan 2024 (ESOP 2024 Plan) and extension of its benefits to eligible employees of subsidiaries and group companies.
• Re-appointment of Dr. Sudarshan Ballal and Mr. Puneet Bhatia as Directors.
• Approval of amendments to Articles of Association granting special nomination rights to the Temasek Group and MGHS Group.
• Fixation of term of Dr. Ranjan Ramdas Pai as Non-Executive Director for five years effective March 4, 2026 to March 3, 2031.

Voting results were disclosed to the stock exchanges pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and made available on the company's website.

Manipal Health Enterprises fully redeemed ₹5,310 crore in non-convertible debentures (NCDs) using proceeds from its initial public offering. The repayment, completed on September 17, 2026, includes principal, accrued interest, and prepayment costs.

NCD redemption details

The company redeemed outstanding listed NCDs issued by its wholly owned subsidiary, Manipal Hospitals Private Limited. This action aligns with the objects of the IPO disclosed in the prospectus dated July 31, 2026.

Balance sheet impact

Chief Financial Officer Sameer Agarwal stated that the redemption strengthens the balance sheet, reduces the interest burden, and creates financial headroom for growth. The move supports the company’s focus on profitable growth and operational efficiency.

Q1 FY27 performance context

The announcement follows strong first-quarter results for FY27:

• Revenue grew 38.1% year-on-year to ₹3,091 crore
• EBITDA rose 26.4% to ₹749 crore
• PAT stood at ₹243 crore
• Adjusted PAT grew 30.9% to ₹332 crore

What the Numbers Show

The simultaneous debt reduction and revenue expansion indicate a shift toward self-funded growth. With ₹5,310 crore in debt removed from the books, future earnings will face lower interest expenses, potentially amplifying the impact of the 38.1% revenue growth seen in Q1 FY27 on net profitability.