Manipal Health - IPO Report

Manipal Health Enterprises is India's largest multispecialty hospital network by bed capacity, operating 49 hospitals with 13,037 licensed beds across 14 states and union territories as of March 31, 2026. It is the second-largest private hospital chain by number of hospitals and reported the second-highest revenue from operations among private hospital chains in India at ₹10,336 crore in FY26.

The company has a dominant presence across its core markets, with 6,404 beds in Karnataka, 2,188 beds in Maharashtra and Goa, and 2,887 beds across West Bengal, Odisha, Jharkhand and Sikkim. It is also the only private hospital chain to lead by bed capacity in Bengaluru with 12 hospitals and 2,579 beds, Kolkata with 5 hospitals and 1,513 beds, and Pune with 9 hospitals and 1,284 beds, strengthening its regional referral network and market position.

The company's CONGO-R specialties — Cardiac Sciences, Oncology, Neurosciences, Gastro Sciences, Orthopedics and Renal Sciences — contributed 64.3% of gross inpatient revenue in FY26. Additionally, 46.8% of its licensed beds are located in metro cities and 53.2% in non-metro markets.

The Indian healthcare delivery market was valued at ₹7.0 trillion in FY25 and is projected to grow at a 10–12% CAGR to reach ₹11.2–12.2 trillion by FY30. Growth is expected to be driven by the rising prevalence of non-communicable diseases, an ageing population, increasing life expectancy and growing demand for advanced tertiary and quaternary healthcare services.

Rising income levels, increasing health insurance penetration from 35% in FY19 to 41% in FY25, and government healthcare initiatives are expected to improve healthcare affordability and drive higher patient volumes for organised private hospitals.