Business Profile of Manipal Health Enterprises Limited
Manipal Health Enterprises Limited is a part of the Manipal Group, founded by T. M. A. Pai. It is healthcare service providers, operating a large network of multi-specialty hospitals, clinics, and diagnostic centres across the country. The company offers a wide range of healthcare services including tertiary and quaternary care, organ transplants, oncology, cardiology, neurology, orthopaedics, and preventive healthcare. There hospitals are equipped with advanced medical technology and it focuses expanding access to healthcare through strategic acquisitions, partnerships, and continuous investment in medical infrastructure. As of September 30, 2025, the company operated 38 hospitals (48 hospitals on a pro forma basis) with 10,761 licensed beds (12,367 licensed beds on a pro forma basis).
Objective of Manipal Health Enterprises Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨2.00 each aggregating up to ₹ 80,000.00 million and OFS consists 43,227,668 shares at face value of ₨ 2.00 each aggregating up to Rs XXXX million. There are fresh shares issues and OFS by company and main objective of company is repayment of certain outstanding borrowing, acquisition of minority stake in subsidiary and general corporate purposes.
Details of Manipal Health Enterprises Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹2.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity shares |
| Aggregating up to ₨ XXXX million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ ₹80,000.00million. | |
| Offer For Sale | Up to 43,227,668 Equity Shares |
| Aggregating up to ₨ XXXX million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Manipal Health Enterprises Limited IPO: Issue Price & Size
The issue price of MANIPAL HEALTH ENTERPRISES LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of Manipal Health Enterprises Limited IPO
The IPO opening date of MANIPAL HEALTH ENTERPRISES LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Manipal Health Enterprises Limited
| Particulars (Rs in Millions) | Ended Mar 31 , 2025 | Ended Mar 31 , 2024 | Ended Mar 31 , 2023 |
| Income | |||
| Revenue from operations | 82,422.50 | 61,716.32 | 48.396.10 |
| Other income | 1,205.36 | 935.39 | 879.58 |
| Total income | 83,627.86 | 62,651.71 | 49,275.68 |
| Expenses | |||
| Purchase of medical consumables and pharmacy items | 16,877.45 | 12,742.96 | 9,864.59 |
| Changes in inventories of medical consumables and pharmacy items | ( 77.09 ) | ( 230.88 ) | 144.16 |
| Employee benefits expense | 12,194.12 | 8,570.391 | 6,689.55 |
| Finance costs | 5,118.73 | 4,549.25 | 3,299.68 |
| Depreciation and amortisation expense | 5,068.36 | 3,970.15 | 3,275.34 |
| Other expenses | 32,162.68 | 23,803.21 | 18,978.66 |
| Total expenses | 71,344.25 | 53,405.08 | 42,251.98 |
| Profit before share of loss of equity , exceptional items and tax | 12,283.61 | 9,246.63 | 7,023.70 |
| Share of loss of equity accounted investee | – | – | ( 291.09 ) |
| Profit before exceptional items and tax | 12,283.61 | 9,246.63 | 6,732.61 |
| Exceptional items | 139.53 | ( 1,796.27 ) | ( 1.025.28 ) |
| Profit before tax | 12,423.14 | 7,450.36 | 5,707.33 |
| Tax expense | |||
| Current tax | 2,907.15 | 2,339.37 | 1,710.94 |
| Deferred tax | ( 1,300.73 ) | ( 221.04 ) | ( 145.65 ) |
| Total tax expense | 1,606.42 | 2,118.33 | 1,565.29 |
| Profit for the period / year | 10,816.72 | 5,332.03 | 4,142.04 |
Key financial ratios of Manipal Health Enterprises Limited
| ΚΡΙ | Unit | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Revenue from Operations | in million | 82,422.50 | 61,716.32 | 48,396.10 |
| Revenue growth | % | 33.55 % | 27.52 % | NA |
| Profit for the period / year | in million | 10,816.72 | 5,332.03 | 4,142.04 |
| PAT Margin | % | 13.12 % | 8.64 % | 8.56 % |
| EBITDA | in million | 22,470.70 | 17,766.03 | 13,307.63 |
| Adjusted EBITDA | in million | 21,653.62 | 16,965.90 | 12,800.68 |
| EBITDA Margin | % | 27.26 % | 28.79 % | 27.50 % |
| Adjusted EBITDA Margin | % | 26.27 % | 27.49 % | 26.45 % |
| Return on Capital Employed ( ROCE ) | % | 26.98 % | 27.74 % | NA |
| Net Debt ( including lease liabilities ) Adjusted EBITDA | in times | 2.00 | 2.15 | 1.67 |
| Material Cost to Revenue | % | 20.38 % | 20.27 % | 20.68 % |
Promoters & Shareholding Manipal Health Enterprises Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 81.43% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 960,653,401 | 81.43 |
| Public | 219,103,920 | 18.57 |
| Total (A+B) | 1,179,757,321 | 100 |
Should You Subscribe To Manipal Health Enterprises Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Manipal Health Enterprises Limited IPO
Pan-India Hospital Network Leader
The company is largest pan-India multispecialty hospital network by bed capacity having 12,367 beds and 10,761 beds (on pro forma & actual basis) as of September 30, 2025. They are also the second largest hospital chain by number of hospitals as of September 30, 2025. For Fiscal 2025, company reported the second-highest revenue from operations of ₹92,635.56 million (on a pro forma basis) among private hospital chains in India, and reported the third-highest revenue from operations of ₹82,422.50 million, among private hospital chains in India.
Trusted Healthcare Brand
Their brand breadth of specialties and academic programs, and integrated network make them an attractive workplace for healthcare professionals. They a patient-centric ecosystem rooted in transparency, and clinical and service excellence. The company offer protocol driven care enabled by safety frameworks to ensure high-quality care for patients. Their doctors can treat diverse and complex cases through multi-disciplinary collaborations, with opportunities to work in different hospitals within their network to enhance exposure and geographic mobility.
Strong Financial Metrics
The company delivered strong financial and operational performance as demonstrated by its growth and efficiency metrics. From Fiscal 2023 to Fiscal 2025, company revenue from operations grew at a CAGR of 30.50%, from ₹48,396.10 million to ₹82,422.50 million, profit for the period/year grew at a CAGR of 61.60%, from ₹4,142.04 million to ₹10,816.72 million, while EBITDA (excluding exceptional items) increased at a CAGR of 29.94% from ₹13,307.63 million to ₹22,470.70 million. The growth in its revenue from operations was underpinned by an increase in inpatient volume from 0.28 million patients in Fiscal 2023 to 0.44 million patients in Fiscal 2025 on a pro forma basis.
Transformative Acquisition Playbook
The company aim balance brownfield and greenfield expansions with strategic acquisitions with the aim of delivering returns and supporting our leadership positions in key markets. From Fiscal 2021 to the six months ended September 30, 2025, company was leading consolidator of hospitals amongst private hospital chains in India. Acquired hospitals leverage the “Manipal Hospitals” brand, this digital channel, and outreach to increase inbound patient flow and strengthen referral pathways. This integration model enables scale, reinforces competitive positioning, supports efficient capital deployment, and facilitates savings from centralized procurement across network.
Risk Factors of Manipal Health Enterprises Limited IPO
Business concentration risk
A substantial number of hospitals are located in Karnataka. They derived 49.55%, 51.55%, 59.98%, and 66.61% of their revenue from operations in the six months ended September 30, 2025 and in Fiscals 2025, 2024 and 2023, respectively, from hospitals in Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a adverse effect on company business, financial condition, results of operations, cash flows and prospect.
Core specialty demand risk
They derived 64.08%, 62.56%, 61.55% and 60.25% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (“CONGO-R”) specialties in the six months ended September 30, 2025 and in Fiscals 2025, 2024 and 2023, respectively, and any negative changes in the demand for these specialties could adversely impact company business, results of operations and financial condition.
Regulatory compliance risk
The company required to obtain, renew and maintain statutory and regulatory permits, licenses and accreditations and comply with prescribed quality standards. Any regulatory changes or violations of such rules and regulations, or failure to obtain or renew approvals, licenses, registrations and permits to operate their business or comply with prescribed quality standards in a timely manner, may adversely affect company business.
Indebtedness risk
As of January 31, 2026, company aggregate outstanding borrowings on a consolidated basis amounted to ₹106,127.84 million. Their ability to pay interest and repay the principal for indebtedness is dependent upon ability to manage its business operations and generate sufficient cash flows to service debt. The outstanding indebtedness and any additional indebtedness or financing that company incurs may have significant consequences if company is not able to pay its debt in timely manner.
Manipal Health Enterprises Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the MANIPAL HEALTH ENTERPRISES LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
