Manipal Health Enterprises Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: ₹8,000 million (Fresh) + OFS of 4,32,27,668 equity shares
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Manipal Health Enterprises Limited

Manipal Health Enterprises Limited is India’s largest multispecialty hospital group by bed capacity, operating a pan-India network of hospitals, clinics, and diagnostic centres. Founded by T. M. A. Pai and part of the Manipal Group, the company offers tertiary and quaternary care across oncology, cardiology, neurology, orthopaedics, organ transplants, and preventive healthcare. As of September 30, 2025, the company operated 38 hospitals (48 on a pro forma basis) with 10,761 licensed beds (12,367 on a pro forma basis) across 14 states and union territories.

Manipal Health Enterprises Limited IPO Overview

Manipal Health Enterprises Limited filed its DRHP with SEBI on March 23, 2026, for a book-built IPO comprising a fresh issue of ₹8,000 crore and an offer for sale (OFS) of up to 4,32,27,668 equity shares by existing shareholders including Imperius Healthcare Investments Pte. Ltd., Manipal Education and Medical Group India Private Limited, TPG SG Magazine Pte. Ltd., Novo Holdings Invest Asia A/S, and others. The company may consider a pre-IPO placement of up to ₹1,600 crore. Net proceeds will be utilized for repayment of outstanding borrowings (₹5,378 crore), acquisition of minority stake in Sahyadri Hospitals (₹574 crore), and general corporate purposes. Promoters hold 81.42% pre-issue. Lead managers include Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, J.P. Morgan, UBS Securities, and DBS Bank India. Registrar: KFin Technologies Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Manipal Health Enterprises Limited Upcoming IPO Details

Manipal Health Enterprises Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh ₹8,000 crore + OFS of 4,32,27,668 shares
Fresh Issue	[.] shares (agg. up to ₹8,000 Cr)
Offer for Sale (OFS)	4,32,27,668 shares of ₹2 (agg. up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	TBA
Shareholding post-issue	TBA

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Manipal Health Enterprises Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Offer
Retail Shares Offered	Not less than 35% of the Net Offer
NII (HNI) Shares Offered	Not less than 15% of the Net Offer

Manipal Health Enterprises Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹4.87
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	17.3%
Net Asset Value (NAV)	₹55.4
Return on Equity (RoE)	17.3%
Return on Capital Employed (RoCE)	7.8%
EBITDA Margin	22.5%
PAT Margin	12.1%
Debt to Equity Ratio	1.75x

Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in crore)
Repayment/prepayment of outstanding borrowings of Manipal Hospitals Private Limited	5,378.00
Acquisition of minority stake in Sahyadri Hospitals Private Limited	574.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Manipal Health Enterprises Limited Financials (₹ in crore) (Restated Consolidated Statement)

Particulars	30 Sept 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	204,440.75	140,720.80	108,188.28	79,367.83
Revenue	47,130.53	82,422.50	61,716.32	48,396.10
Profit After Tax	5,718.31	10,816.72	5,332.03	4,142.04
Reserves & Surplus (Other Equity)	61,882.51	57,702.81	39,399.05	32,046.23
Total Borrowings	101,111.00	47,668.26	39,439.82	21,496.85
Total Liabilities	138,616.96	80,719.04	67,313.18	44,229.39

Financial Status of Manipal Health Enterprises Limited

SWOT Analysis of Manipal Health Enterprises Limited

Strengths and Opportunities	Weaknesses and Threats
Largest multispecialty hospital group in India with 12,367 beds	High geographic concentration in Karnataka (~50% revenue)
Strong presence across Bengaluru, Kolkata, and Pune metros	Significant debt burden impacting financial flexibility
Well-established “Manipal Hospitals” brand with strong legacy	Lower RoNW compared to top listed peers
Advanced infrastructure including robots, MRI scanners, cath labs	PAT margins compressed due to high depreciation and interest
Strong historical growth with high revenue and PAT CAGR	Integration risks from multiple recent acquisitions
Proven acquisition strategy across major hospital networks	Limited presence in high-growth markets like Delhi NCR
Efficient working capital cycle supporting cash flow strength	Intense competition from Apollo, Fortis, Max Healthcare
Strong ROCE and EBITDA margins among industry leaders	Rising medical inflation increasing operating costs
Backed by reputed institutional investors like Temasek and TPG	Regulatory risks from pricing and insurance reimbursement controls
Expansion opportunity in non-metro cities and underserved regions	Talent retention challenges for skilled medical professionals

Manipal Health Enterprises Limited IPO Strengths

India’s Largest Multispecialty Hospital Group by Bed Capacity

Manipal Health Enterprises is India’s largest multispecialty hospital group by bed capacity with a pan-India presence and leadership in three key regions: Karnataka, Maharashtra & Goa, and eastern India (West Bengal, Odisha, Jharkhand, Sikkim). As of September 30, 2025, the company operated 38 hospitals (48 on a pro forma basis) with 10,761 licensed beds (12,367 on a pro forma basis) across 14 states and union territories. In November 2025, it commenced operations at its 49th hospital in Bengaluru, increasing licensed bed capacity to 12,631.

Leadership in Three Key Metros with Balanced Diversified Presence

Manipal Health is the only private hospital chain in India with leadership in three metros: Bengaluru (Karnataka), Kolkata (West Bengal), and Pune (Maharashtra), with a balanced presence across metros and non-metros. As of September 30, 2025, the company had 6,040 licensed beds in Karnataka, 2,188 in Maharashtra & Goa, and 2,887 in eastern India (West Bengal, Odisha, Jharkhand and Sikkim). Non-metros accounted for 54.89% of licensed beds, providing access to underserved markets.

Widely Recognized Brand and Network of Choice

The “Manipal Hospitals” brand is widely recognized by patients and healthcare professionals. The flagship hospital, Manipal Hospital Old Airport Road, has been rated the number one hospital in Bengaluru for 20 years (2005-2025) by The Week–Hansa Survey. Fifteen of its hospitals were featured in The Week–Hansa Survey 2025 list of “Best Multispecialty Hospitals” in India. The company was named “Healthcare Company of the Year 2023” by VCCircle Awards and “Best Hospital Chain – National 2022” by The Economic Times.

Advanced Infrastructure and Medical Equipment with Strong Clinical Excellence

Manipal Health’s hospitals are equipped with advanced medical technology, including 17 soft tissue robots, 17 linear accelerators, 40 MRI scanners, 22 orthopedic and spine surgical robots, 55 catheterization labs, two tomotherapy units, and six gamma cameras. The company performs advanced interventions including structural heart surgery, comprehensive organ transplants, complex neuro and spine surgery, and robotic surgeries. In Fiscal 2025, it performed over 61,800 angiography procedures, 7,200 neuro surgeries, and 3,400 robotic surgeries.

Track Record of Delivering Industry-Leading Growth with Strong Profitability

Manipal Health has delivered industry-leading growth, with revenue from operations growing at a CAGR of 30.50% from Fiscal 2023 to Fiscal 2025, and profit for the period growing at a CAGR of 61.60%. EBITDA (excluding exceptional items) increased at a CAGR of 29.94%. Among major hospital players, Manipal achieved the highest growth in revenue from operations and was among the highest in reported EBITDA margin and ROCE. The company maintained an EBITDA margin of 26.65% in Fiscal 2025 and ROCE of 26.98%.

Repeatable Playbook for Integrating Transformative Acquisitions

Manipal Health has a proven track record of acquiring and integrating hospitals, making it the leading consolidator amongst private hospital chains in India from Fiscal 2021 to September 2025. Key acquisitions include Columbia Asia (12 hospitals, Fiscal 2022), Vikram Hospitals (Fiscal 2022), AMRI (4 hospitals, Fiscal 2024), Medica Synergie (4 hospitals, Fiscal 2025), and Sahyadri (10 hospitals, Fiscal 2026). Following acquisition of Columbia Asia, its EBITDA margin improved from 27.41% to 31.95% from Fiscal 2023 to Fiscal 2025.

Experienced Leadership Team with Marquee Institutional Shareholder Support

Manipal Health is led by an experienced management team with no attrition among Key Managerial Personnel during the six months ended September 30, 2025 and the last three Fiscals. The company is backed by marquee institutional investors including Temasek Holdings, TPG, and Novo Holdings. The leadership team has been instrumental in driving growth, integrating acquisitions, and creating long-term value for stakeholders.

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More About Manipal Health Enterprises Limited

Manipal Health Enterprises Limited, part of the Manipal Group founded by T. M. A. Pai, has emerged as India’s largest multispecialty hospital group by bed capacity.

Hospital Network and Geographic Presence

• Network Size: 38 hospitals (48 on a pro forma basis) with 10,761 licensed beds (12,367 on a pro forma basis) as of September 30, 2025.
• Expansion: 49th hospital commenced operations in Bengaluru in November 2025, taking licensed bed capacity to 12,631.
• Key Regions: Karnataka (6,040 beds), Maharashtra & Goa (2,188 beds), eastern India including West Bengal, Odisha, Jharkhand and Sikkim (2,887 beds).
• Non-Metro Presence: 54.89% of licensed beds located outside metro cities, expanding access to underserved markets.

Clinical Excellence and Infrastructure

• Advanced Equipment: 17 soft tissue robots, 17 LINACs, 40 MRI scanners, 22 orthopedic and spine surgical robots, 55 cath labs.
• Specialties: CONGO-R (Cardiac, Oncology, Neuro, Gastro, Orthopedic, Renal) accounted for 63.68% of gross inpatient revenue in H1 FY2026.
• Procedures (FY2025): 61,800+ angiography/angioplasty, 7,200 neuro surgeries, 5,000 cardiovascular surgeries, 3,400 robotic surgeries.

Acquisition Track Record

• Columbia Asia (FY2022): 12 hospitals, 1,427 beds; EBITDA margin improved from 27.41% to 31.95%.
• AMRI (FY2024): 4 hospitals, 1,321 beds; EBITDA margin improved from 19.48% to 21.79%.
• Medica Synergie (FY2025): 4 hospitals, 974 beds.
• Sahyadri (FY2026): 10 hospitals, 1,606 beds.

Patient Reach

• 3.94 million patients served in six months ended September 30, 2025 (pro forma basis).
• 7.19 million patients served in Fiscal 2025 (pro forma basis).
• 11,058 doctors, 11,139 nurses, and 6,142 paramedics as of September 30, 2025.

Industry Outlook

India’s hospital sector is poised for sustained expansion, driven by rising healthcare demand, increasing insurance penetration, and government initiatives. The Indian hospital market has grown to USD 193.4 billion in FY2025 at a 14.4% CAGR from USD 75.3 billion in FY2018 and is projected to reach USD 364.6 billion by 2034 at a 7.2% CAGR.

Key Growth Drivers:

• Healthcare Infrastructure Gap: India has approximately 1.3 hospital beds per 1,000 population (or ~13 beds per 10,000), significantly lower than the global median of 29 beds, highlighting substantial opportunities for healthcare infrastructure expansion.
• Private Hospital Sector Growth: India’s private hospital sector is projected to reach $202.5 billion by 2030 from an estimated $122.3 billion in 2025.
• Rising Non-Communicable Diseases: The World Health Organization forecasts that the incidence of non-communicable diseases in India will continue to rise through 2030, driving demand for tertiary and quaternary care.
• Medical Tourism: India’s medical tourism market attracted 7.3 million foreign patients, with over 95% coming from Africa, the Middle East, and South Asia.
• Government Initiatives: Ayushman Bharat, PM-JAY, and other schemes are expanding health insurance coverage and driving hospital utilisation.
• Technology Adoption: AI, telemedicine, and digital health platforms are transforming healthcare delivery and expanding patient reach.

Market Projections:

• India’s healthcare sector is expected to surpass USD 1.5 trillion by 2030.
• The healthcare provider sector will grow from ~$54 billion in 2025 to ~$95 billion by 2030 at ~11% CAGR.
• Medical tourism and specialised treatments are expected to drive growth in the private hospital segment.

How Will Manipal Health Enterprises Limited Benefit

• Manipal Health is strategically positioned to benefit from India’s hospital market growth from USD 193.4 billion in FY2025 to USD 364.6 billion by 2034, with the company’s 12,367-bed network providing significant scale to capture market share.
• The company’s leadership in three key metros (Bengaluru, Kolkata, Pune) and balanced presence across metros and non-metros positions it to benefit from rising healthcare demand in both urban and underserved markets.
• With non-metros accounting for 88% of India’s population and having only 14 beds per 10,000 population versus the national average of 16, Manipal’s 54.89% non-metro bed presence provides a competitive advantage in capturing growth in these underserved regions.
• The company’s CONGO-R specialties (Cardiac, Oncology, Neuro, Gastro, Orthopedic, Renal) accounted for 63.68% of gross inpatient revenue in H1 FY2026, aligning with the rising burden of non-communicable diseases projected through 2030.
• Manipal’s proven acquisition playbook, having added 5,548 beds through acquisitions, positions it to continue consolidating India’s fragmented hospital market where large private hospitals account for only approximately 20% of the overall market.
• With EBITDA margin of 26.65% and ROCE of 26.98%, among the highest in the industry, the company has the financial efficiency to fund organic and inorganic growth while maintaining profitability.
• The company’s advanced infrastructure, with 55 cath labs, 40 MRI scanners, and 17 robotic systems, enables it to offer complex tertiary and quaternary care, capturing higher-margin procedures and attracting medical tourists.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue from (₹ in crore)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	NAV (₹)	RoNW (%)
Manipal Health Enterprises Limited	2	8,242.25	9.25	9.25	[●]	50.91	18.16
Peer Group
Apollo Hospitals Enterprise Ltd	5	2,17,940.00	100.56	100.56	73.23	571.15	17.61
Fortis Healthcare Ltd	10	77,827.52	10.26	10.26	80.12	118.11	8.68
Max Healthcare Institute Ltd	10	86,670.00	11.07	11.01	87.63	96.50	11.47

 

Key Strategies for Manipal Health Enterprises Limited

Continue Capitalizing Growth Opportunities in Existing Facilities and Organic Network Expansion

Manipal Health aims to drive growth through brownfield and greenfield projects, adding approximately 751 licensed beds through brownfield expansion and 1,943 beds through greenfield projects by 2030. The company has headroom to improve occupancy from 65.31% to higher levels without incremental capex. Brownfield projects benefit from operating leverage at established facilities and achieve faster break-even. Greenfield expansion is anchored in existing markets like Karnataka and Maharashtra to enable faster ramp-up.

Strategic Acquisitions to Enter and Consolidate Market Positions

Manipal Health will continue pursuing select acquisitions to enter new markets and consolidate positions in existing ones. India’s hospital market remains highly fragmented, with large private hospitals accounting for only approximately 20% of the overall market. The company will focus on acquiring assets with strong local brands and established patient volumes, taking into account healthcare penetration, competition, clinical programs, and financial profile. Target markets include Karnataka, West Bengal, Maharashtra & Goa, Delhi-NCR, Telangana, Kerala, and Andhra Pradesh.

Leverage Digital, AI and Technology to Extend Patient Reach and Access

Manipal Health intends to scale a technology-enabled “physical-plus-digital” model anchored in a unified hospital information system. Digital revenue accounted for 22.49% of total revenue in H1 FY2026. The company is expanding telehealth solutions, e-pharmacy (5,000+ orders per month), and AI-enabled digital health companion “MAI.” Step-down ICUs at 15 hospitals have treated 2,725 patients since 2022. AI-enabled nursing handovers at 24 hospitals complete ~255,000 handovers per month.

Continue to Attract, Develop, and Retain Medical Talent

Manipal Health aims to strengthen its position as an attractive network for clinicians and nurses. The company offers a DNB/DrNB/FNB ecosystem spanning 343 seats across 25 hospitals, 42 specialties, and 659 students enrolled. The consultant model fosters long-term relationships with doctors by aligning economic incentives with professional growth. For nurses, the company offers structured preceptorship programs and career progression opportunities. Retention is supported by clear progression ladders, mentorship, and a culture of excellence.

Invest in Advanced Medical Infrastructure and Clinical Innovations

Manipal Health adopts the latest medical technology and will continue investing in high-end medical equipment. Over the past few years, the company has added 39 robotic systems, Radixact tomotherapy, spine robotics, SSI Mantra robotic systems, and expanded mammography infrastructure. The strategy includes adopting AI-assisted diagnostic platforms, integrated remote patient monitoring, and advanced neurosurgeries. The company has supported more than 200 research and clinical trials and produced over 1,110 publications in indexed journals over the last five years.

FAQs

How can I apply for Manipal Health Enterprises Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Manipal Health Enterprises IPO?

The IPO comprises a fresh issue of ₹8,000 crore and an OFS of up to 4,32,27,668 equity shares.

When is the Manipal Health Enterprises IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Manipal Health Enterprises shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Manipal Health Enterprises use the IPO proceeds?

Proceeds will be used for debt repayment (₹5,378 crore), acquisition of minority stake in Sahyadri Hospitals (₹574 crore), and general corporate purposes.

Infographic Content

Manipal Health Enterprises Limited IPO Highlights

Manipal Health Enterprises is India’s largest multispecialty hospital group by bed capacity, operating 48 hospitals with 12,367 beds across 14 states, serving 7.19 million patients annually with over 11,000 doctors.

• Offer Size:Fresh Issue of ₹8,000 crore; OFS of 4,32,27,668 equity shares
• Purpose:Net proceeds from fresh issue will be used for debt repayment (₹5,378 crore), acquisition of minority stake in Sahyadri Hospitals (₹574 crore), and general corporate purposes.
• Financials (FY March 2025):Revenue ₹8,242.25 crore; Profit After Tax ₹1,081.67 crore; EPS ₹9.25
• Listing:Mainboard IPO on BSE & NSE