Manipal Health Enterprises Ltd(MANIPALHOS)

NSE: MANIPALHOSBSE: 544847

₹ 606.9-2.97%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 79,830 crWebsite: www.manipalhospitals.comUpdated: 24 Oct 2026

About

Manipal Health Enterprises is a multi-specialty hospital network operating across India, with 50 hospitals as of July 2026. In Q1 FY27 the network generated revenue of INR 3,091 crores, up 38% year-on-year, driven by volume growth rather than price increases.^[1]

Key operating numbers

Network ARPOB (including Sahyadri) was ₹71,500/day in Q1 FY27, up 0.7% YoY; ex-Sahyadri ARPOB was ₹77,200/day, up 8.7% YoY.^[1]
Network occupancy was 65.0% in Q1 FY27, up 290 bps YoY. Network ALOS was 2.7 days in Q1 FY27.^[1]
International patient revenue share was approximately 3% of total network revenue in Q1 FY27.^[1]

Specialty and case mix

Centres of Excellence (Cardiac, Oncology, Neurology, Gastroenterology, Orthopaedics, Renal - called CONGO-R) contributed 65.4% of gross inpatient revenue in Q1 FY27, up from 64.7% in Q1 FY26.^[1]
IP revenues across CONGO-R specialties grew 45% YoY in Q1 FY27; Oncology grew 62% and Orthopaedics grew 49% YoY.^[1]

Sahyadri segment

Sahyadri reported revenue of INR 332 crores in Q1 FY27, up 12.8% YoY, with EBITDA of INR 58 crores, up 18.7% YoY, at a ~17.5% EBITDA margin.^[1]
Sahyadri ARPOB was ₹44,800/day in Q1 FY27, up 14.7% YoY. Sahyadri occupancy was 62.6% and ALOS was 2.8 days.^[1]

Digital services

Digital revenue was approximately INR 710 crores in Q1 FY27, representing about 23% of total network revenue.^[1]
E-pharmacy processed over 15,000 orders across 23 hospitals in Q1 FY27; telehealth completed over 17,000 virtual consultations.^[1]

Bed count and greenfield ramp-up

The 50th hospital (Electronic City, Bangalore) launched in July 2026 adding approximately 300 beds, taking Bangalore's licensed capacity to approximately 3,000 beds across 13 facilities.^[1]
Nashik added 103 brownfield beds along with a new linear accelerator and PET-CT in Q1 FY27, raising its licensed capacity to 307 beds.^[1]
Kanakapura (South Bangalore) greenfield reached EBITDA breakeven in its 5th month; Yelahanka (North Bangalore) greenfield broke even in its 2nd month. Both reported ~13% EBITDA margin in Q1 FY27.^[1]

Expansion and capex

FY27 capex is approximately INR 2,000 crores, with INR 900 crores already deployed in Q1 FY27.^[1]
Total capex of approximately INR 4,000 crores is planned over the next 3 - 4 years to add approximately 3,000 beds through greenfield and brownfield projects.^[1]
Raipur greenfield is expected to be commissioned in Q4 FY27; Juhu (Mumbai) greenfield is targeted around FY29.^[1]
Ahilya Nagar facility is planned to add approximately 80 beds in FY28.^[1]
IPO proceeds are to be used to repay the Sahyadri acquisition NCD in Q2 FY27, targeting a reduction in net debt/EBITDA from 2.82x to approximately 0.9x.^[1]

Recent developments

Company announced acquisition of Kinder Hospital in Whitefield, Bangalore - a 100-bed women and children facility - to be remodelled into a multispecialty hospital within approximately 6 - 9 months; transaction includes land and building.^[1]
Sahyadri brand rechristening to the Manipal name is expected to complete within 14 - 16 months of acquisition, targeting approximately Q1 - Q2 FY27.^[1]
Active inorganic expansion interest cited for Kerala, expanded NCR presence, and Hyderabad, with no specific target or timeline committed as of Q1 FY27.^[1]

Market Cap

₹79,830 Cr

High / Low

₹814 / 626

Promoter holding

72.1%

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