Manipal Health IPO

Manipal Health Enterprises runs the Manipal Hospitals network — India's largest pan-India private multi-specialty hospital chain by bed capacity. As of 31 March 2026 it operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, alongside 21 clinics and a set of diagnostic centres, staffed by 11,064 doctors and 24,240 employees in total. The footprint is the widest of any private chain in the country, and it was built substantially by acquisition rather than greenfield construction: the company bought a majority stake in Sahyadri Hospitals from Ontario Teachers' Pension Plan for ₹5,841 Cr, adding 11 hospitals. The company itself was incorporated in 2010, although the Manipal hospital brand is far older. Ownership before the IPO was concentrated in the Manipal Education and Medical Group alongside Temasek, which is the largest single shareholder.

A hospital chain earns on the occupied bed, not the admitted patient, and Manipal's numbers show exactly that. Average revenue per occupied bed reached ₹66,144 a day in FY26, up from ₹59,820 in FY25 — a richer case mix and better-paying payors on roughly the same physical asset. Only 6,878 of the 13,037 licensed beds were operational in FY26, and occupancy on those operational beds was 64.47%. Revenue from operations grew from ₹6,171.63 Cr in FY24 to ₹8,242.25 Cr in FY25 and ₹10,335.75 Cr in FY26, and EBITDA tracked it from ₹1,776.60 Cr to ₹2,795.94 Cr at a 27.05% FY26 margin. The acquisition strategy, however, shows up below EBITDA: total borrowings more than doubled from ₹4,766.83 Cr at FY25 to ₹10,553.43 Cr at FY26 and total assets jumped from ₹14,072.08 Cr to ₹24,864.50 Cr, so the depreciation, amortisation and interest from bought-in hospitals pushed profit after tax down from ₹1,081.67 Cr to ₹916.52 Cr even as revenue rose 25.4%.