Revenue, EBITDA & Profitability
Restated consolidated figures, ₹ Crore. FY25 revenue and adjusted EBITDA both rose roughly 30% from FY23.
Financial Snapshot
Restated consolidated results. H1 FY26 is the six months ended September 30, 2025; it is not an annualised forecast.
| ₹ Crore | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from operations | ₹4,840 | ₹6,172 | ₹8,242 | ₹4,713 |
| Profit before tax | ₹571 | ₹745 | ₹1,242 | ₹762 |
| Profit for the period / year | ₹414 | ₹533 | ₹1,082 | ₹572 |
Cash & equivalents
₹5,446 Cr
Sep 30, 2025
Borrowings
₹10,111 Cr
Sep 30, 2025
Lease liabilities
₹1,803 Cr
Sep 30, 2025
FY25 finance cost
₹512 Cr
Before Sahyadri acquisition
Network Capacity
Licensed capacity climbed from 7,699 beds in FY23 to 10,761 in H1 FY26, before the Sahyadri pro forma uplift.
IPO Structure
Key terms from the draft filing. Price, dates and total offer size remain unannounced.
Offer
Fresh issue plus OFS
Fresh issue
Up to ₹8,000 Cr
Offer for sale
Up to 4.32 Cr shares
Face value
₹2 per equity share
Pre-IPO placement
Up to ₹1,600 Cr possible
Book runners
Kotak, Axis, Goldman Sachs, Jefferies, J.P. Morgan, UBS and DBS
Operating Engine
Pro forma FY25 metrics include Sahyadri; use them to understand the combined network, not as audited historical actuals.
Patients
5.61M
FY25 pro forma
Occupancy
66.19%
FY25 pro forma
Average stay
2.88 days
FY25
ARPOB
₹59,820
FY25 pro forma
Doctors
11,058
Sep 30, 2025 pro forma
Planned beds
2,958
Medium-term pipeline
Specialty Mix
Share of FY25 gross inpatient revenue across the six CONGO-R specialties.
Where the Fresh Issue Goes
The draft specifies two quantified uses. The company receives no proceeds from the OFS.
Fresh issue deployment
Repay / prepay MHPL borrowings
₹5,378 Cr
NCD redemption, penalties and accrued interest
Acquire Sahyadri minority stake
₹574 Cr
Third tranche for 9.84% of Sahyadri Hospitals
General corporate purposes
Not finalised
Capped at 25% of gross proceeds
OFS sellers
Imperius Healthcare Investments
2.16 Cr shares
Manipal Education & Medical Group India
1.36 Cr shares
TPG SG Magazine
46.59 lakh shares
Seventy Second Investment Company
15.85 lakh shares
Ammar, Novo and Phoenix
17.82 lakh shares combined
Imperius and MEMG India are promoter / promoter-group sellers; the remaining sellers are investors. Total OFS: up to 4.32 Cr shares. Offer price remains undisclosed.
A pre-IPO placement of up to ₹1,600 Cr may reduce the fresh issue. The DRHP schedules the two quantified uses for FY27; none of the objects have been independently appraised.
Key Risks to Track
Material watch-outs stated or quantified in the DRHP.
Deleveraging is the dominant use of capital
₹5,378 Cr is earmarked for MHPL borrowings. This equalled 50.36% of consolidated outstanding borrowings as of January 31, 2026; the balance NCD redemption will use internal accruals.
Sahyadri integration must deliver
The October 2025 acquisition added 10 hospitals and 1,606 licensed beds. Network and financial figures shown on a pro forma basis should not be treated as historical actual performance.
Clinical, regulatory and legal exposure
Reported contingent liabilities at September 30, 2025 were ₹184 Cr, including patient-compensation, income-tax and indirect-tax claims, plus guarantees.
Final offer terms remain open
The DRHP leaves the price band, bid dates, final offer size, expenses and general-corporate allocation blank. Returns depend on terms in the final offer documents.
Investment Thesis
Rivo's take
Scale and execution look compelling. Price will decide the return.
Manipal combines a large multispecialty footprint with high-acuity care, a strong revenue growth record and an established acquisition playbook. That does not make any price attractive. Watch final valuation, the use of fresh proceeds, debt reduction and post-acquisition delivery before deciding.
Not financial advice. Read the final offer documents and consider a SEBI-registered investment adviser.
Manipal Hospitals IPO FAQs
What is the Manipal Hospitals IPO issue size?
The DRHP proposes up to ₹8,000 Cr of fresh equity and an OFS of up to 4.32 Cr shares. Total value is pending the final price band.
When is the Manipal Hospitals IPO date?
The March 23, 2026 DRHP leaves the price band and bidding dates blank. Check the final RHP and stock-exchange notices for live dates.
What were FY25 revenue and profit?
FY25 restated consolidated revenue from operations was ₹8,242 Cr and profit for the year was ₹1,082 Cr. Adjusted EBITDA was ₹2,165 Cr.
How many hospitals does Manipal operate?
The DRHP reports 48 hospitals and 12,367 licensed beds on a pro forma basis as of September 30, 2025. Its 49th hospital started operations in November 2025.
How will Manipal Hospitals use the IPO proceeds?
The DRHP identifies ₹5,378 Cr for repayment or prepayment of MHPL borrowings and ₹574 Cr to acquire a Sahyadri Hospitals minority stake. General corporate purposes are not finalised and are capped at 25% of gross proceeds.
Who is selling shares in the Manipal Hospitals IPO?
The OFS covers up to 4.32 Cr shares. Its largest sellers are Imperius Healthcare Investments (up to 2.16 Cr shares) and Manipal Education and Medical Group India (up to 1.36 Cr shares), followed by TPG and other investor shareholders.
What are the main operating metrics to watch?
On a pro forma basis, Manipal served 5.61 million patients in FY25, had 66.19% occupancy, a 2.88-day average length of stay and ₹59,820 average revenue per occupied bed per day. These figures include Sahyadri and should be read as pro forma metrics.
What does pro forma mean in the Manipal Hospitals DRHP?
Pro forma information illustrates the Sahyadri acquisition as if it had occurred earlier. It helps show the combined business, but it is not the same as Manipal's historical restated consolidated results.