Manipal Health Enterprises Ltd (MANIPALHOS) Q2 FY27 Results Analysis: Revenue Jumps 37%, PAT Slips on One-Off Fee
Manipal Health Enterprises Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 3,399.35 Cr (+37.32% YoY) and PAT growth of -10.32% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 13, 2026 |
|---|---|
| Revenue (Q2) | Rs. 3,399.35 Cr (+37.32% YoY) |
| PAT (Q2) | Rs. 284.98 Cr (-10.32% YoY) |
| EBITDA margin | 25.95% (-148 bps YoY) |
| EPS (Q2) | Rs. 2.14 (-20.45% YoY) |
Quarter Snapshot
Revenue grew 37.32% YoY to Rs.3,399.35 Cr with company-basis EBITDA margin up 172 bps QoQ to 25.95%, while reported PAT fell 13.28% YoY due to the one-time Rs.79.70 Cr NCD break fee. The Rs.8,000 Cr IPO-funded redemption of Rs.5,310 Cr NCDs cut net debt/EBITDA to ~0.97x from 2.8x, with the full finance-cost benefit a Q3 catalyst. Watch items are the receivables build (+33.99% since March) and Sahyadri margin convergence.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| Revenue "ahead" on Electronic City beds, Sahyadri runway, base effect | Revenue +37.32% YoY | Played out |
| Margin normalization (Sahyadri toward ~25%) | EBITDA margin 25.65%, +182 bps QoQ but −148 bps YoY | Partially |
| "Q2 finance cost should step down from Q1's Rs.293.27 Cr" | Rs.300.11 Cr, up +2.33% QoQ (redemption landed Sep 16) — marginal; timing-driven | Contradicted |
| Reported-vs-adjusted PAT divergence again | Reported −10.32% vs normalized +14.05% YoY | Played out |
| Net debt/EBITDA 0.9x by Q2 | 0.89x | Played out |
| Regulatory overhangs live but nil-to-immaterial Q2 impact | GST demands disclosed, under appeal; consumable-markup review not addressed in filing — open | Partially |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Net debt/EBITDA 0.9x by Q2 FY27 (from 2.8x) | Group CFO, Q1 FY27 earnings call | 0.89x (net debt Rs.3,150.57 Cr / annualized company-basis EBITDA Rs.3,528.84 Cr); 0.15x if MF investments netted | Met |
| FY27 capex ~Rs.2,000 Cr (Rs.900 Cr in Q1) | Q1 FY27 earnings call | H1 consolidated capex Rs.1,295.08 Cr | On Track |
| Finance-cost step-down post redemption | Q1 FY27 call guidance | Q2 finance costs Rs.300.11 Cr, still up +2.33% QoQ (redemption Sep 16) — full run-rate is Q3 | Too Early |
| "INR 2,600 Cr" EBITDA for "FY26" | management transcript | FY26 filed EBITDA Rs.2,644.2 Cr; period label inconsistent in the transcript — filing number prevails — as an FY26 metric | Met |
Key Investment Insights
Key Positives
- Revenue grew 37.32% YoY to Rs.3,399.35 Cr and 9.99% QoQ; H1 revenue Rs.6,489.98 Cr, +37.70% YoY
- Company-basis EBITDA of ~Rs.882.21 Cr at 25.95% margin, +172 bps QoQ from 24.23%
- EBITDA (incl-ESOP basis) grew ~30% YoY from Rs.671.63 Cr to Rs.871.99 Cr
- Borrowings reduced Rs.4,805.28 Cr to Rs.5,748.14 Cr after Rs.5,310 Cr NCD redemption; net debt/EBITDA ~0.97x vs 2.8x pre-repayment
- Normalized PAT Rs.357.98 Cr, +14.05% YoY after adding back the Rs.79.70 Cr NCD break fee
- CFO of Rs.1,191.50 Cr at 2.25x PAT; H1 capex Rs.1,295.08 Cr on pace vs ~Rs.2,000 Cr FY27 plan
- Standalone PAT grew 26.63% YoY to Rs.164.51 Cr
Risk Factors
- Reported PAT to owners fell 13.28% YoY to Rs.269.79 Cr on the Rs.79.70 Cr NCD break fee and Rs.15.48 Cr incentive amortisation
- EBITDA margin compressed 148 bps YoY (25.65% vs 27.13%) on Sahyadri mix and greenfield ramp
- Finance costs rose 92.29% YoY to Rs.300.11 Cr; full redemption benefit only from Q3
- Trade receivables up 33.99% since March with H1 loss allowance of Rs.93.67 Cr vs Rs.32.28 Cr — scheme-patient collection drag persists
- Promoter encumbrance of 100% of 27.70% holding remains a governance overhang
- NCI share of PAT rose to 5.33% from 2.11% a year ago
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Related
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.