Manipal Health Enterprises is filing a ₹9,275 Cr IPO with a price band of ₹560 to ₹590, opening July 29, 2026. Manipal Health Enterprises is the only private hospital chain network in India to lead in three metro markets of Bengaluru, Kolkata and Pune by bed capacity and is the second largest hospital chain.
IPO Summary
Introduction
India has fewer than 1.5 beds per 1,000 people, well below the WHO benchmark of 3.5 beds. Manipal Health Enterprises Limited has stepped in to fill this gap. It is India’s largest pan-India multispecialty hospital network by bed capacity.
As of FY26, Manipal Health operated 49 hospitals across 14 states and UTs, offering 13,037 licensed beds and serving 7.63 million patients.
Business Model
Manipal Health earns revenue primarily through inpatient and outpatient treatment, diagnostic services such as imaging and pathology, and pharmacy sales through in-hospital pharmacies.
Additionally, the company also generates some operating revenue from:
- Management fees for third-party hospitals.
- Services like occupational health and ambulance operations
- Rental income from facilities such as ATMs and cafeterias.
For each of the last three fiscal years, core goods and services have accounted for over 98% of the company’s total revenue. Their network consists of both owned and leased hospitals, and they also manage more than 6 hospitals under agreements with third-party trusts and foundations.
The business’ growth comes from 2 sources: building new hospitals, and buying existing hospitals.
In the last three years, Manipal acquired AMRI Hospitals, Medica Synergie, and the Sahyadri Group.
The company’s core focus is in specialties such as:
- Cardiac sciences
- Oncology
- Neurosciences
- Gastro sciences
- Orthopedics
- Renal sciences
which together are known as CONGO-R.
Unit Economics
Operating Metrics
- Licensed bed capacity has grown nearly 37% from 9,520 in FY24 to 13,037 in FY26.
- Manipal Health reported 20% growth in inpatient volume, rising from 439,724 patients in FY25 to 527,227 in FY26.
- Revenue from CONGO-R (Cardiac sciences, Oncology, Neurosciences, Gastro sciences, Orthopedics, Renal sciences) specialties is a major part of revenue from operations, reaching 64% in FY26, staying roughly constant from FY24.
The Financial Stuff
- Revenue from Operations saw a jump of 67% to ₹103,358 Cr in FY26 from ₹ 61,716 Cr in FY24
- Adj. EBITDA Margin narrowed to 26% in FY26 from 27% in FY24, as newly acquired hospitals ran at lower efficiency than the existing base.
- Profit After Tax, after rising to 13% in FY25, fell back to 9% in FY26, as finance cost and depreciation from debt funded acquisitions outpaced EBITDA growth.
Manipal Health’s Peers
- Manipal’s PAT fell in FY26 even as revenue and EBITDA grew, because finance costs and depreciation rose sharply on the back of debt taken on for the Sahyadri acquisition.
- But Manipal still has the highest EBITDA Margin, tied with Max Healthcare, meaning on an operational cost level its margins are relatively healthy.
Key Risks
- Geographic Concentration: Manipal derived 46% of its revenue in FY26, from hospitals in Karnataka. 19 of its 49 hospitals are located in this state. Any disruption to demand, regulation, or operations in Karnataka affects the business negatively.
- Rising leverage from debt-funded acquisitions: Manipal’s consolidated borrowings stood at ₹1,11,850 Cr as of May 31, 2026. Net debt to Adjusted EBITDA rose from 2.00 times in FY25 to 3.74 times in FY26, largely as a result of the debt taken on to fund the Sahyadri Group acquisition.
- Dependence on doctors: Most of Manipal’s doctors work as consultants under agreements that typically run two years, not as employees. Losing key doctors, or facing higher fees to retain them could raise employee costs or hurt patient volumes.
Summary
Manipal Health Enterprises is the largest hospital network in India by bed capacity and showcases steady organic growth. But a heavy reliance on Karnataka, along with a workforce of doctors who are mostly independent consultants rather than employees, are some risks to watch.
