Manipal Health Enterprises IPO
Manipal Health Enterprises IPO is a mainboard IPO raising ₹9,275 Cr at ₹560 – ₹590 a share. It listed on 5 Aug 2026 at ₹652, +10.5% against its issue price of ₹590, and trades at ₹717 today (+21.5% since issue). It was subscribed 4.92× in total.
4.9 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Operates a pan-India network of multispecialty hospitals providing outpatient to complex tertiary and quaternary care, with a focus on high-acuity specialties (cardiac, oncology, neurosciences, gastro, orthopedics, renal sciences). As of March 31, 2026, it ran 49 hospitals with 13,037 licensed beds across 14 states and union territories, serving 7.63 million patients in Fiscal 2026 and employing 11,064 doctors.
How it earns
Revenue from hospital operations — inpatient care (including complex procedures and surgeries) and outpatient consultations — billed to patients via cash payments, third-party administrators/insurance, government schemes, and corporate/international payors.
Who buys
End consumers are patients across India and international medical tourists (from Middle East, Africa, South Asia in FY26). No named key customers; payor concentration: TPA/Insurance ~49.7% and Government ~13.8% of gross inpatient revenue in FY26. Total patients served in FY26: 7.63 million (including O&M hospitals), with 0.53 million inpatient admissions and 5.48 million outpatient footfalls.
Scale
49 hospitals, 13,037 licensed beds, 6,878 operational beds, ~24,240 employees, 11,064 doctors, 11,048 nurses, presence across 14 states/union territories; FY26 revenue from operations ₹1,03,357.51 million (≈₹10,335.75 crore; ₹1,09,356.18 million ≈₹10,935.62 crore on pro forma basis), patients served 7.63 million, occupancy 64.47%.
What it says sets it apart
- Largest pan-India multispecialty hospital chain by bed capacity (13,037 licensed beds) and second-largest by number of hospitals (49), with the widest geographic footprint across 14 states/UTs as of March 31, 2026.
- Only private hospital chain leading in three metro markets simultaneously — Bengaluru, Kolkata and Pune — with 5,376 licensed beds across these cities.
- Most balanced metro/non-metro mix with 53.22% of licensed beds in non-metros and #1 private-player position in Karnataka (6,404 beds), Maharashtra and Goa (2,188 beds), and eastern India covering West Bengal/Odisha/Jharkhand/Sikkim (2,887 beds).
- Lowest average length of stay (2.78 days in FY26) among major Indian hospital chains despite rising CONGO-R case mix, alongside the highest revenue growth (CAGR 29.41% FY24-FY26) and EBITDA margin of 27.05% (ex-exceptional) in FY26.
- Leading consolidator among private hospital chains, having added 5,548 beds through acquisitions from March 2021 to March 2026, with a repeatable integration playbook — e.g., Columbia Asia EBITDA margin improved from 30.51% (FY24) to 33.78% (FY26) post-acquisition.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs590 / stated EPS Rs7.67 (FY2026 diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹10,336 Cr+25% | ₹917 Cr-15% | 8.9% | ₹8,799 Cr | ₹10,553 Cr |
| FY2025 | ₹8,242 Cr+34% | ₹1,082 Cr+103% | 13.1% | ₹6,000 Cr | ₹4,767 Cr |
| FY2024 | ₹6,172 Cr | ₹533 Cr | 8.6% | ₹4,088 Cr | ₹3,944 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 8.25× their allocation. Retail: 0.93×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 12risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Axis Capital Limited — median +35.0% across the 112 of its issues we can price. All lead managers →
What happens when
What to watch
- Priced at 76.9× earnings — 10% above the median of the peers the issuer itself names.
- The register's top risk: Karnataka revenue concentration 46-60% (prospectus page 39).
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.