Manipal Health Q2 Results: Net profit falls 10% on higher finance costs and exceptional charge

Detailed summary

Manipal Health Enterprises reported a 13.2% year-on-year decline in Q2 FY27 net profit to ₹270 crore, even as revenue from operations rose 37.3% to ₹3,399 crore. EBITDA increased 29.8% to ₹872 crore, but the margin contracted to 26% from 27% a year ago.

Healthcare major Manipal Health Enterprises Ltd on Friday (November 13) reported a 13.2% year-on-year decline in net profit to ₹270 crore for the second quarter of FY27, compared with ₹311 crore in the corresponding quarter last year.

Revenue from operations rose 37.3% year-on-year to ₹3,399 crore in the September quarter, compared with ₹2,475 crore a year ago.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 29.8% to ₹872 crore from ₹672 crore in the year-ago period. However, the EBITDA margin contracted to 26% in the second quarter, compared with 27% in the corresponding quarter of the previous financial year.

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For the first half of FY27, revenue increased 37.7% year-on-year to ₹6,490 crore, while EBITDA grew 28.2% to ₹1,631 crore. Excluding a one-off gain of ₹15 crore in H1 FY26, EBITDA growth stood at 29.8%. The current-period consolidated results include Sahyadri Hospitals, acquired on October 3, 2025, while the corresponding year-ago periods do not.

The company reported profit after tax (PAT) of ₹285 crore in Q2 FY27. PAT excluding exceptional items stood at ₹380 crore, marking a 21.6% year-on-year increase. Additionally, excluding ₹75 crore of post-tax interest on non-convertible debentures (NCDs) raised for the Sahyadri acquisition, PAT stood at ₹455 crore, up 45.6%.

Operating performance during the quarter was supported by growth in patient volumes and occupancy. Inpatient volumes increased 35% to approximately 1.69 lakh, while outpatient volumes rose 27.2% to approximately 17.4 lakh. Occupancy improved 160 basis points year-on-year to 70.1%, with average operational capacity of 7,331 beds and an average length of stay of 2.8 days.

The company opened its 300-licensed-bed Electronic City hospital in Bengaluru during the quarter, taking its total licensed bed capacity to 13,440 as of September 30, 2026.

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