The promoter group's stake will fall to 72.1% after the IPO from 81.4%. Around 46% of the revenue comes from Karnataka, signalling geographic concentration. Its occupancy rate declined to 64.5% in FY26 from 67.1% a year ago.
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The company's revenue growth was strong in the past two years, but it faced margin pressure. The issue also appears to be aggressively priced. Given these factors, investors may wait to see clarity post listing.
Business
Incorporated in 2010, Manipal Health Enterprises, a part of the Manipal Group, offers a wide range of healthcare services including tertiary and quaternary care, organ transplants, oncology, cardiology, neurology, orthopaedics, and preventive healthcare.
hospital network by bed capacity and also the second largest hospital chain by number of hospitals as of March 31, 2026 after Apollo Hospitals.
Financials
Revenue from operations grew 29.4% annually to ₹10,335.8 crore and net profit rose 31.1% to ₹916.5 crore between FY24 and FY26. Operating profit before interest, tax, depreciation and amortisation (Ebitda) increased 24.8% to ₹2,644.1 crore during the period. On a year-on-year basis, revenue grew 25.4%, Ebitda rose 22.1% while net profit declined 15.3% in FY26. Ebitda margin dropped to 25.6% in FY26 from 27.5% in FY24. Cash flow from operations grew 32.4% to ₹2,078.4 crore in FY26 over FY25. Average revenue per occupied bed grew 5.7% annually to ₹68,937.61 over FY24-26.
Valuation
Considering the post-IPO equity and net profit for FY26, the company demands a price-earnings (P/E) multiple of 85, quite higher than its peers, which is between 62-68 for Apollo Hospitals Enterprise, Max Healthcare Institute and Fortis Healthcare.
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