| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 6171.63 | 8242.25 | 10335.75 |
| Expenses | 5340.51 | 7134.43 | 9268.42 |
| Other Income | 93.54 | 120.54 | 184.77 |
| Total Revenue | 6265.17 | 8362.79 | 10520.52 |
| Profit Before Tax | 745.04 | 1242.31 | 1178.03 |
| Net Profit | 533.20 | 1081.67 | 916.52 |
Manipal Health Enterprises
Manipal Health Enterprises IPO
₹14,000
0.45 xOver-subscribedBidding Dates 29 Jul, 26 -31 Jul, 26
Min Investment ₹14,000
Lot Size25
Price Range ₹560 – ₹590
Issue Size ₹9,275.22 Cr.
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IPO Subscription Details
Retail Subscription Details
0.45 x
Non-Institutional Buyers (sHNI)
0.15 x
Non-Institutional Buyers (bHNI)
0.14 x
Qualified Institutional Buyers (QIB)
0.6 x
Employees
1.45 x
Total0.45 x
0.45 x IPO Timeline
IPO Offer Start
29 Jul,26
IPO Offer Ends
31 Jul,26
Allotment Finalisation
03 Aug,26
Refund Initiation
04 Aug,26
Listing of Shares
05 Aug,26
IPO Analysis
Strengths
The company is positioned as India’s largest pan-India multispecialty hospital network by bed capacity, with 13,037 beds across 14 states and union territories. It is also the second-largest hospital chain by number of hospitals and reported Fiscal 2026 revenue from operations of ₹103,357.51 million.
The company is the only private hospital chain network leading in Bengaluru, Kolkata and Pune by bed capacity, with 5,376 beds as of March 31, 2026. A balanced network is maintained, with 53.22% of licensed beds located outside metro cities.
The company’s brand is supported by 6.30 million patients served in Fiscal 2026 on a pro forma basis and multiple awards and recognitions. As of March 31, 2026, 11,064 doctors, 11,048 nurses and 6,362 paramedics were practicing across its hospitals.
Risks
The company derived 46.40%, 51.55%, and 59.98% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively from hospitals in Karnataka. Any loss of business, disruption in operations, or geopolitical/policy changes in Karnataka could materially affect business performance and financial condition.
The company primarily generates revenue through inpatient care services. Any inability to maintain or improve admissions and hospital occupancy rates could adversely affect business operations. Current occupancy rates are 64.45% (Fiscal 2026) and 64.47% (Fiscal 2025).
The company derived 64.30%, 62.56% and 61.55% of gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences in Fiscals 2026, 2025 and 2024 respectively. Negative changes in demand for these specialties could adversely impact business performance.
Objectives
The company proposes to utilize the Net Proceeds towards redemption of outstanding MHPL NCDs, payment of prepayment/early redemption penalties and accrued interest obligations. This will help reduce outstanding indebtedness and interest outflow, resulting in savings of interest costs.
The company proposes to utilize the Net Proceeds towards payment of the Base Purchase Consideration for acquisition of Tranche III of SHPL. This will enable the company to hold in aggregate 99.86% of SHPL, thereby consolidating and increasing ownership.
The general corporate purposes include strengthening marketing capabilities and brand building exercises, funding working capital requirements, meeting ongoing general corporate purposes or contingencies, and any other purpose as may be approved by the Board.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 10818.83 | 14072.08 | 24864.50 |
| Current Assets | 2051.45 | 2848.12 | 4102.50 |
| Fixed Assets | 8760.88 | 11217.46 | 20755.51 |
| Total Equity & Liabilities | 10818.83 | 14072.08 | 24864.50 |
| Total Liabilities | 6731.32 | 8071.90 | 16065.74 |
| Current Liabilities | 1656.74 | 1794.80 | 3362.37 |
| Non Current Liabilities | 5074.58 | 6277.10 | 12703.37 |
| Total Equity | 4087.51 | 6000.18 | 8798.76 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 267.94 | -184.43 | -3.90 |
| Investing Activities | -870.50 | -2658.34 | -7036.74 |
| Operating Activities | 1388.65 | 1569.83 | 2078.40 |
| Financing Activities | -250.21 | 904.08 | 4954.44 |
About Manipal Health Enterprises
The company operates a pan-India network of multispecialty hospitals delivering comprehensive care services from outpatient services to complex tertiary and quaternary interventions. As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, making it the largest pan-India multispecialty hospital network...more
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Managing DirectorDilip Jose Puthiyidathu
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