Manipal Health Q2 Profit Falls About 10% to Rs 284.98 Crore
Manipal Health Enterprises grew revenue about 37.3% to Rs 3,399.35 crore, but one-time costs of Rs 95.18 crore pulled its September quarter profit down.
Key Takeaways
- Consolidated net profit fell about 10.3% to Rs 284.98 crore; profit attributable to owners fell about 13.3% to Rs 269.79 crore.
- Revenue from operations rose about 37.3% to Rs 3,399.35 crore.
- Exceptional items of Rs 95.18 crore included a one-time fee of about Rs 80 crore for repaying NCDs early.
- EBITDA rose about 29.8% to about Rs 882 crore.
- Occupancy improved to 70.1% and licensed beds reached 13,440.
Table of Contents 5 sections
Manipal Health Enterprises, which runs Manipal Hospitals, reported a consolidated net profit of Rs 284.98 crore for the quarter ended September 30, 2026 (Q2 FY27), down about 10.3% from Rs 317.78 crore a year earlier. Profit attributable to the company's owners fell about 13.3% to Rs 269.79 crore from Rs 311.09 crore. The board approved the unaudited results on November 13, 2026.
Revenue from operations rose about 37.3% to Rs 3,399.35 crore from Rs 2,475.42 crore. The fall in profit came after exceptional items of Rs 95.18 crore, which included a one-time fee of about Rs 80 crore for repaying non-convertible debentures (NCDs) early. The company said its profit after tax excluding exceptional items was Rs 380 crore, up 21.6% from a year earlier.
Manipal Health Q2 FY27 at a glance
| Detail | Value |
|---|---|
| Company | Manipal Health Enterprises (Manipal Hospitals) |
| Period | Quarter ended September 30, 2026 (Q2 FY27) |
| Basis | Consolidated, unaudited |
| Revenue from operations | Rs 3,399.35 crore, up about 37.3% from Rs 2,475.42 crore |
| EBITDA | About Rs 882 crore, up about 29.8% |
| EBITDA margin | 26.0% |
| Exceptional items | Rs 95.18 crore loss |
| Net profit (total) | Rs 284.98 crore, down about 10.3% from Rs 317.78 crore |
| Net profit attributable to owners | Rs 269.79 crore, down about 13.3% from Rs 311.09 crore |
| Profit excluding exceptional items | Rs 380 crore, up 21.6% (company figure) |
| Results approved | November 13, 2026 |
Why Manipal Health's profit fell while revenue grew
Manipal Health's total expenses rose about 43.7% to Rs 3,032.34 crore from Rs 2,110.71 crore. Finance costs almost doubled to Rs 300.11 crore from Rs 156.07 crore, and other income rose to Rs 99.73 crore from Rs 47.96 crore. The current results include Sahyadri Hospitals, which Manipal acquired on October 3, 2025, while the year-ago numbers do not. Sahyadri brought in Rs 375 crore of revenue in the quarter.
The NCDs had been raised to fund the Sahyadri deal. Manipal Health listed on the BSE and NSE on August 5, 2026, after an IPO priced at Rs 590 per share, made up of a fresh issue of Rs 8,000 crore and an offer for sale of Rs 1,275 crore. The NCDs were repaid early from the IPO money, which led to the one-time fee.
| When | What happened |
|---|---|
| Q2 FY26 (July to September 2025) | Revenue from operations of Rs 2,475.42 crore and net profit of Rs 317.78 crore |
| October 3, 2025 | Manipal acquired Sahyadri Hospitals |
| Q1 FY27 (April to June 2026) | Revenue from operations of Rs 3,090.63 crore and net profit of Rs 243.43 crore |
| August 5, 2026 | Shares listed on the BSE and NSE |
| Q2 FY27 (July to September 2026) | Revenue from operations of Rs 3,399.35 crore and net profit of Rs 284.98 crore |
More patients and fuller beds at Manipal Hospitals
Inpatient volumes grew 35% to about 169,000 in the quarter, and outpatient volumes rose 27.2% to about 1.74 million. Occupancy improved to 70.1%, with an average of 7,331 operational beds and an average stay of 2.8 days. Average revenue per occupied bed was Rs 70,600 a day.
A 300-licensed-bed hospital in Electronic City, Bengaluru, opened during the quarter, taking Manipal's licensed bed capacity to 13,440 as of September 30, 2026. For the first half of FY27, revenue rose 37.7% to about Rs 6,490 crore.
Where Manipal Health stands after Q2 FY27
Manipal Health ended the September quarter with Rs 3,399.35 crore in revenue, up about 37.3%, and a net profit of Rs 284.98 crore, down about 10.3% after one-time costs. Its network had 13,440 licensed beds at the end of September, and the company said profit excluding exceptional items was Rs 380 crore.
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