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DRChoksey Report
Here are the 10 things to know before investing
1. Important Dates
Manipal Health Enterprise Ltd. will launch its initial public offering today, July 29 and the offer closes for subscription on July 31. The allotment for IPO is expected to be finalised on August 3. The shares will be listed on both the National Stock Exchange and the BSE on August 5.
2. IPO Size
Manipal Health IPO is worth Rs 9,275 crore. It comprises a fresh issue of Rs 8,000 crore and an Offer for Sale (OFS) of Rs 1,275 crore by existing shareholders.
3. Price band
Manipal Health Enterprises IPO has fixed the price band at Rs 560 to Rs 590 per share.
4. Bid Amount
Retail investors can bid for a minimum of one lot comprising 25 shares, amounting to Rs 14,750 (based on upper price). The issue will open for subscription on July 29 and close on July 31.
5. Use of IPO Proceeds
Out of the fresh issue proceeds, Rs 5,553 crore will be used for repayment/prepayment of borrowings, while Rs 574 crore is earmarked for general corporate purposes.
6. BRLM
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
7. Strong Expansion Pipeline
Manipal Health operates 49 hospitals with 13,037 licensed beds across 14 states and union territories, making it India's largest multispecialty hospital network by licensed bed capacity.
The company plans to add around 2,426 beds by FY30, representing nearly 19% capacity growth over current levels through greenfield and brownfield projects.
8. Financial Performance
Revenue from operations rose to Rs 10,336 crore in FY26 from Rs 8,242 crore in FY25, while profit stood at Rs 917 crore in FY26.
9. About the Company
Manipal Health Enterprises operates a pan-India network of multispecialty hospitals, offering a comprehensive continuum of healthcare services ranging from outpatient consultations to complex tertiary and quaternary care. As of March 31, 2026, the company operated 49 hospitals with a total of 13,037 licensed beds across 14 states and union territories, making it the private hospital chain with the widest geographic footprint in India by hospital presence. As of March 31, 2026, the company was the largest pan-India multispecialty hospital network by licensed bed capacity and the second-largest private hospital chain by number of hospitals.
During Fiscal 2026, Manipal Health reported the second-highest revenue from operations among private hospital chains in India, at Rs 103,357.51 million (Rs 109,356.18 million on a pro forma basis).
The company's operations are anchored in three key regional clusters Karnataka, Maharashtra and Goa, and Eastern India (West Bengal, Odisha, Jharkhand, and Sikkim)—which accounted for 6,404, 2,188, and 2,887 licensed beds, respectively, as of March 31, 2026.
Within these regions, Manipal Health holds a leading market position, ranking as the largest private hospital operator by licensed bed capacity in Karnataka, Maharashtra & Goa, and its selected Eastern Indian markets.
10. Key Risk
- Geographic concentration risk: Karnataka contributes 46.4% of FY26 revenue, leaving earnings exposed to regional regulatory changes, competitive intensity and localized operational disruptions.
- Occupancy risk: Heavy reliance on inpatient revenue makes admission growth and occupancy utilization the key swing factors for revenue growth and operating leverage.
Valuation
Based on the brokerages primary assumptions and forecasts, it believe Manipal Health is well positioned for its next phase of growth. and expects revenue and Ebitda to grow at a CAGR of ~18% and ~17%, respectively, between FY26-FY28 driven by capacity expansion, improving occupancy, and higher ARPOB.
With one of India's largest hospital networks, a strong expansion pipeline, and favourable industry tailwinds such as rising healthcare demand and medical tourism, the company is well placed to deliver sustained earnings growth.
DRChoksey recommend to SUBSCRIBE for long-term capital appreciation.
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