🚫 Avoid
Listed
Hospital
Manipal Health Enterprises Limited IPO
₹9,275 Cr · Fresh Issue & OFS · Hospital
Price Band
₹560 – ₹590
Lot: 44 shares (₹25,960)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹9,275 Cr
Fresh Issue & OFS
Market Cap
₹77605.68 Cr
At upper band
P/E Ratio
84.7x
P/S: 7.5x
Listing Date
05 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
29 Jul 2026
✓
Closes
31 Jul 2026
✓
Allotment
3 Aug 2026
✓
Refund
4 Aug 2026
✓
Listing
05 Aug 2026
IPO India Hub: Avoid
Conviction
3/10
The company trades at 84.7x P/E, or 2.12× the healthcare sector midpoint of 40×, well above the 2.0× threshold for Avoid. While revenue growth is strong at 29.6% CAGR and EBITDA margins are healthy at 27%, the valuation premium cannot be justified by an 8.9% net profit margin or current profitability metrics.
Listing Performance
Issue Price
₹590
Allotment price
Listing Price
₹655
+11.02% on listing day
Current Price (CMP)
₹716.15
+21.4% vs issue
Listed On
05 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong revenue and PAT growth trajectory
Revenue has grown from ₹6,265 Cr (FY-2) to ₹10,521 Cr (FY0) at a 29.6% CAGR, while PAT CAGR stands at 31.1% over two years. This demonstrates consistent operational scaling in a fragmented hospital sector.
✓ Strength
Healthy operational margins and ROCE
EBITDA margin of 27.05% and ROCE of 21.88% indicate efficient capital deployment and operational execution. These metrics are competitive within the healthcare services space.
⚠ Risk
Severe valuation premium unjustified
At 84.7x P/E, the company trades at 2.12× the sector midpoint (40×), exceeding the 2.0× threshold for Avoid. With NPM of only 8.9%, there is no margin quality to justify this premium; the company is not a high-margin outlier.
⚠ Risk
PAT contraction signals operational stress
Net profit declined from ₹1,081.7 Cr (FY-1) to ₹916.5 Cr (FY0), a 15% year-on-year drop despite 26% revenue growth. This margin compression raises questions about cost control and pricing power in a competitive hospital market.
₹ Valuation
Valuation significantly exceeds sector norms
The P/E of 84.7x is 2.12× the healthcare/diagnostics sector midpoint of 40× (range 30–50×). Even at the upper band of ₹590, the company commands a P/S of 7.5×, which is elevated for a hospital operator with sub-10% net margins.
👁 Watch
Monitor quarterly margin trends post-listing
Investors must track whether the FY0 PAT decline was a one-time event or signals structural margin pressure. Quarterly EBITDA and net margin trends will be critical to validate the premium valuation.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Manipal Health Enterprises Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹10335.75 Cr
Net Profit
₹916.52 Cr
Industry
Hospital
Issue Type
Fresh Issue & OFS
Promoters
DR. RANJAN RAMDAS PAI, MANIPAL GLOBAL HEALTH SERVICES, MEMG INTERNATIONAL LTD, KANGTO INVESTMENTS PTE. LTD., IMPERIUS HEALTHCARE INVESTMENTS PTE. LTD., AND KABRU INVESTMENTS PTE. LTD.
Lead Managers
Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JP Morgan, UBS Securities and DBS Bank
Quick Actions
Frequently Asked Questions
Avoid. The company trades at 84.7x P/E, or 2.12× the healthcare sector midpoint of 40×, well above the 2.0× threshold for Avoid. While revenue growth is strong at 29.6% CAGR and EBITDA margins are healthy at 27%, the valuation premium cannot be justified by an 8.9% net profit margin or current profitability metrics.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 44 shares. At the upper band price of ₹590, the minimum investment per retail application is ₹25,960. You can apply for up to 13 lots (₹337,480) under the retail category (up to ₹2 lakh).
The IPO opens on 29 Jul 2026. It closes on 31 Jul 2026. Allotment is expected on 3 Aug 2026. Refunds initiate on 4 Aug 2026. Listing on BSE and NSE is on 05 Aug 2026.
The lead managers for the IPO are Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JP Morgan, UBS Securities and DBS Bank. Check the SEBI filing for the registrar details.
The IPO listed on 05 Aug 2026 at ₹655 against an issue price of ₹590 (+11.02% on listing day). The current market price (CMP) is approximately ₹716.15 (+21.4% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 31 Jul 2026. The minimum investment is ₹25,960 for one lot (44 shares). The company trades at 84.7x P/E, or 2.12× the healthcare sector midpoint of 40×, well above the 2.0× threshold for Avoid. While revenue growth is strong at 29.6% CAGR and EBITDA margins are healthy at 27%, the valuation premium cannot be justified by an 8.9% net profit margin or current profitability metrics.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 31 Jul 2026. The IPO is priced at a P/E of 84.7x. Market cap at issue price is ₹77605.68 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 44 shares at ₹590 each, costing ₹25,960 per application. The issue closes on 31 Jul 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Manipal Health Enterprises Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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