Key takeaway: Manipal Health Enterprises Limited reported Q1 FY27 revenue of INR3,091 crores, a 38% year-on-year growth, with network EBITDA of INR749 crores, up 26% YoY. Excluding a one-off gain, EBITDA growth was over 30%. Operating margins stood at 25% (excluding Sahyadri) and 24.2% including Sahyadri. Inpatient volumes rose 39%, OP volumes 26%, and average occupancy increased 290 bps to 65%. Digital revenue contributed INR710 crores (23% of total revenue). Sahyadri Hospitals reported revenue growth of 13% and EBITDA growth of 19%, with ARPOB at INR45,000/day and occupancy at 63%. The company added 103 beds in Nashik and launched its 50th hospital in Bangalore, adding 300 beds. A Kinder Hospital acquisition in Whitefield added 100 beds. Management emphasized volume-led growth, operational efficiency, and integration of Sahyadri into the Manipal network over 18 months. Greenfield hospitals in Bengaluru, Raipur, and Mumbai are expected to drive future growth, with capex of INR4,000 crores planned over 3-4 years. Net debt-to-EBITDA is projected to reduce to 0.9x post-IPO. The company aims to expand into Kerala, NCR, and Hyderabad through inorganic opportunities.