Manipal Health Enterprises IPO
Manipal Health Enterprises IPO is a mainboard IPO raising ₹9,275 Cr at ₹560 – ₹590 a share. The smallest application you can make is 25 shares, costing ₹14,750 at the top of the band. Bidding opens on 29 Jul 2026.
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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 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 |
What happens when
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