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)
- 81.43%
Analysis in brief
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 acquisition of minority stake in the stepdown subsidiary, sahyadri hospitals private limited (₹574 crore). In all, 3 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 is 81.43% before the issue.
Frequently asked questions
- 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 81.43% before the issue.
- 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 3 disclosed objects.