Manipal Health EnterprisesIPO Review — Financials, Valuation & Peers
A data-only look at the Manipal Health Enterprises IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 6,265.17 | 533.2 | 1,776.6 | 4,029.22 | 10,818.83 | 3,943.98 | — |
| FY 2025 | 8,362.79 | 1,081.67 | 2,247.07 | 5,865.66 | 14,072.08 | 4,766.83 | — |
| FY 2026 | 10,520.52 | 916.52 | 2,795.94 | 8,440.92 | 24,864.5 | 10,553.43 | 7.77 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 75.93x
- P/E (post-issue)
- 84.65x
- RoNW
- 10.57%
- RoCE
- 21.88%
- EPS (pre-issue)
- ₹7.77
- EPS (post-issue)
- ₹6.97
- EBITDA Margin
- 27.05%
- PAT Margin
- 8.87%
- P/BV
- 8.13x
- NAV / share
- ₹72.55
- Market Cap
- ₹77,605.68 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Manipal Health Enterprises | 7.71 | 72.55 | — | 10.57% | Consolidated |
| Apollo Hospitals Enterprise Ltd | 135.04 | — | 66.15x | — | Consolidated |
| Fortis Healthcare Ltd | 13.8 | — | 70.22x | — | Consolidated |
| Max Healthcare Institute Ltd | 14.83 | — | 74.55x | — | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd., Kangto Investments Pte.Ltd., Imperius Healthcare Investments Pte.Ltd., Kabru Investments Pte.Ltd.</p>
- Holding (pre-issue)
- 81.86%
- Holding (post-issue)
- 72.08%
- Dilution
- 9.78%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Manipal Health Enterprises IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
131 anchor investors participated in the Manipal Health Enterprises IPO ahead of the public offer, together allocated ₹4,167.1 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to NOMURA INDIA INVESTMENT FUND MOTHER FUND (₹159.71 crore), KOTAK FLEXICAP FUND (₹109.88 crore) and KOTAK MIDCAP FUND (₹109.88 crore). Investor categories represented include Other, Insurance, FII/FPI and Bank. The lock-in on half the anchor shares ends on 1 Sept 2026, with the remainder locked until 31 Oct 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Manipal Health Enterprises IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Manipal Health Enterprises operates at an EBITDA margin of 27.05% and a net (PAT) margin of 8.87% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 21.88%. At the upper band, the post-issue market capitalisation works out to about ₹77,605.68 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the material subsidiaries, manipal hospitals private limited (₹5,552.76 crore), alongside general corporate purposes (₹1,628.93 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Manipal Health Enterprises reported revenue of ₹10,520.52 crore and a net profit of ₹916.52 crore. Revenue grew from ₹6,265.17 crore in FY2024 to ₹10,520.52 crore in FY2026 (+68.0%). Net worth stood at ₹8,440.92 crore at the end of FY2026. At the upper band, that puts the issue at roughly 75.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 84.65× post-issue earnings and 8.13× book value, against a return on net worth of 10.57%. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Apollo Hospitals Enterprise Ltd and Fortis Healthcare Ltd, with a median peer P/E of about 70.2×. The issue's own post-issue P/E works out to 84.65×.
Promoters
The promoters of the company are <p>Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd., Kangto Investments Pte.Ltd., Imperius Healthcare Investments Pte.Ltd., Kabru Investments Pte.Ltd.</p>. Promoter holding stands at 81.86% before the issue and comes down to 72.08% after listing.
Frequently asked questions
- What is the reservation split in the Manipal Health Enterprises IPO?
- Of the total shares offered, retail investors get 9.98%, QIBs 29.95% (plus 44.92% anchor), non-institutional investors 14.97%.
- Who are the promoters of Manipal Health Enterprises and what is their holding?
- The promoters are <p>Ranjan Ramdas Pai, Manipal Global Health Services, Memg International Ltd., Kangto Investments Pte.Ltd., Imperius Healthcare Investments Pte.Ltd., Kabru Investments Pte.Ltd.</p>. Promoter holding is 81.86% before the issue and 72.08% after listing.
- What is the P/E ratio of the Manipal Health Enterprises IPO?
- At the upper price band, the Manipal Health Enterprises IPO is valued at 75.93× pre-issue earnings and 84.65× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Manipal Health Enterprises IPO?
- The net proceeds go primarily toward repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of the material subsidiaries, manipal hospitals private limited, among 4 disclosed objects.