India's Manipal Health Enterprises Limited reported a 10.3% annual decline in net profit for the quarter ended Sept. 30, 2026, as exceptional costs offset higher revenue and patient volumes.
The unaudited consolidated results, approved by the board on Nov. 13, 2026, put net profit at ₹284.98 crore, compared with ₹317.78 crore in Q2 FY26. Revenue from operations reached ₹3,399.35 crore, up from ₹2,475.42 crore. For investors outside India, the figures offer a company-level view of patient growth alongside higher financing costs.
The company recorded ₹95.18 crore in exceptional expenses. That included a ₹79.70 crore fee for repaying subsidiary-issued nonconvertible debentures (NCDs) ahead of schedule and ₹15.48 crore in amortized employee incentive costs. The filing links the required repayment to an IPO event and says the subsidiary redeemed the NCDs on Sept. 16, 2026. The payment, including interest, totaled ₹5,874.45 crore and came from IPO proceeds. Finance costs rose to ₹300.11 crore from ₹156.07 crore a year earlier.
EBITDA climbed 29.8% to ₹882.2 crore. Manipal's investor presentation says its EBITDA calculation excludes other income and employee stock-option (ESOP) expenses. The EBITDA margin narrowed by 150 basis points to 26.0% from 27.5%. Separately, the company reported after-tax profit of ₹380.2 crore when exceptional items were excluded, up 21.6% from ₹312.7 crore.
Sahyadri Hospitals contributed ₹375 crore in revenue and ₹73 crore in EBITDA during Q2 FY27. Manipal acquired Sahyadri on Oct. 3, 2025, so it was included in the latest quarter's consolidated totals but not in Q2 FY26. Inpatient volume rose 35% to about 169,000, outpatient volume increased 27.2% to about 1.74 million, and occupancy reached 70.1%, up from 68.5%.
Manipal Hospitals Managing Director and CEO Dilip Jose said the quarter's performance reflected “more patients accessing our care.” The company said its phased transition of the Sahyadri brand is underway, with a Q4 FY27 timeline.
