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Manipal Health Enterprises

MANIPALHOS NSE
₹667.20 +25.20 (+3.93%)
P/E
88.96
View as Markdown
MCP
Close 4 Nov 2026 ₹667.20 +0.25 +0.04% since 5 Aug 2026
Start ₹666.95

Key Fundamentals

MidcapHospitalHealthcare

Price-based figures as of · TTM

ROCE
8.30%
Debt to Equity
0.43
EPS (TTM)
₹7.50
Book Value
₹124.89
Market Cap
—
P/E (TTM)
88.96
P/B
5.34
ROE
6.64%
Dividend Yield
0.00%
EBITDA
₹2,796 Cr
52W High
₹815.00
52W Low
₹597.00
Day Range
₹642.00 – ₹672.00
Volume
14,83,411

Peer Comparison

Healthcare › Healthcare Services › Hospital

Manipal Health Enterprises peer comparison
Apollo Hospitals
₹8,599.5059.18₹1,22,850 Cr13.040.24%21.20%17.40%₹26,430 Cr₹2,171 Cr
Max Healthcare Institute
₹927.1561.89₹89,301 Cr7.960.22%14.70%14.70%₹8,712 Cr₹1,457 Cr
Manipal Health Enterprises (this company)
₹667.2088.96₹86,479 Cr5.340.00%6.64%8.30%₹11,400 Cr₹906 Cr
Aster DM Healthcare
₹719.55117.00₹59,927 Cr14.910.44%11.30%11.60%₹4,876 Cr₹363 Cr
Fortis Healthcare
₹790.6556.96₹59,706 Cr6.030.13%11.20%13.40%₹9,506 Cr₹1,070 Cr
Narayana Hrudayalaya
₹1,931.5048.36₹39,090 Cr7.890.24%20.50%15.50%₹9,072 Cr₹816 Cr
Global Health
₹1,402.0067.76₹37,618 Cr9.520.04%15.20%17.40%₹4,683 Cr₹552 Cr
Krishna Institute of Medical Sciences
₹740.55146.64₹30,912 Cr8.300.00%11.30%9.50%₹4,212 Cr₹194 Cr
Median 8 companies₹858.9064.83₹59,817 Cr8.130.18%13.00%14.05%₹8,892 Cr₹861 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Key Insights

No strengths listed

Weaknesses

1
  • Company has a low return on equity of 8.96% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish496
OscillatorsNeutral252
Moving AveragesBullish244

Key readings

RSI (14)
50.94
Neutral
MACD (12,26,9)
−13.19
Bullish
SMA (50)
700.62
Bearish
SMA (200)
—
Neutral

As of

Analyst Rating

Based on 8 analysts
BUY63%

5 of 8 analysts rate Buy, 3 Hold, 0 Sell.

As of

BUY
5
63%
HOLD
3
38%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
5Y+20.56%
3Y+14.17%
1Y+15.46%

Net profit

Net profit growth by window
5YTurned to profit
3Y+30.38%
1Y−19.63%

Operating cash flow

Operating cash flow growth by window
5Y+19.57%
3Y+15.66%
1Y+47.98%

Operating margin· change in pp

Operating margin growth by window
5Y+3.69 pp
3Y−3.01 pp
1Y−2.32 pp

Trailing twelve months: Results are not reported for each of the last eight quarters, so there is no trailing-twelve-month figure.

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹1,407 Cr
Mar 2022₹2,120 Cr
Mar 2023₹2,408 Cr
Mar 2024₹2,707 Cr
Mar 2025₹3,104 Cr
Mar 2026₹3,584 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021−₹16.00 Cr
Mar 2022₹264 Cr
Mar 2023₹194 Cr
Mar 2024₹336 Cr
Mar 2025₹535 Cr
Mar 2026₹430 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹817 Cr +2.6% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Manipal Health Enterprises trades at ₹642 as of 2026-11-03 with a market cap of ₹86,440 crore. The stock commands a PE of 85.6x on a TTM EPS of ₹7.50, reflecting premium valuations. While the company has delivered 14% compounded sales growth over three years, TTM profit has declined 17%, and return on equity remains in single digits at 10.42%.

Bull Case 7
  • Strong medium-term revenue trajectory with 5-year compounded sales growth of 21%, indicating consistent demand for healthcare services across the network
  • 3-year compounded sales growth of 14% demonstrates sustained top-line momentum even beyond the post-pandemic period
  • 5-year compounded profit growth of 25% shows the company has been able to scale earnings meaningfully over a longer horizon
  • 3-year compounded profit growth of 16% indicates underlying earnings power despite the recent TTM dip
  • Debt-to-equity ratio of 0.43 is conservative for a capital-intensive hospital business, leaving balance sheet headroom for expansion
  • TTM revenue growth of 15% shows the top line continues to expand at a healthy pace even in the trailing twelve months
  • The stock is trading 21% below its 52-week high of ₹815, which may reflect a correction from elevated levels rather than fundamental deterioration given continued sales growth
Bear Case 8
  • TTM profit has declined 17% year-over-year, a sharp reversal from the 16% three-year compounded profit growth, raising questions about margin sustainability
  • PE of 85.6x on TTM earnings is extremely stretched, leaving little room for execution misses or further earnings deceleration
  • Return on equity of 10.42% (TTM) and a 3-year average ROE of approximately 9% are modest for a company commanding over 5x book value (PB of 5.14)
  • Last year ROE dropped to 7%, below the already low 3-year average of 9%, signaling deteriorating capital efficiency
  • Zero dividend yield means shareholders are entirely dependent on capital appreciation, with no income cushion during periods of price weakness
  • Price-to-book of 5.14 is demanding given single-digit ROE, implying the market is pricing in significant future improvement that has yet to materialize
  • The disconnect between 15% TTM sales growth and -17% TTM profit growth suggests margin compression or rising costs eating into profitability
  • The stock sits only 7.5% above its 52-week low of ₹597, indicating sustained selling pressure over recent months

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Manipal Health is actively expanding capacity with a significant 500-bed hospital lease in Gurugram, pointing to confidence in long-term demand. The promoter pledge-release-repledge activity warrants monitoring but total promoter holding remains unchanged at 27.70%. The block trade is routine and not directionally significant. Overall, the expansion trajectory is constructive, though promoter-level encumbrance bears watching in coming quarters.

Headwinds 1
  • Promoter entity pledges 1.45Cr shares Oct 31

    MEMG International pledged 1,44,92,951 shares on Oct 24 in favour of Vistra ITCL for Claypond Capital's NCDs. While 2,38,20,811 shares were released on Oct 22, fresh encumbrance on promoter holdings can signal financing needs.

Positives 1
  • 500-bed Gurugram hospital lease Nov 4

    Manipal Health leased ~3.5 acres from Thakral Group's subsidiary for a multi-speciality hospital in Gurugram with up to 500 beds in Phase 1. The 30-year lease tenure signals a long-term capacity expansion into a high-demand NCR market.

Quarterly Results

₹ Cr
MANIPALHOS quarterly results, ₹ crore
Particulars Jun 2025Mar 2026Jun 2026
Sales
818
967
1,048
Expenses
595
744
798
Operating Profit
223
223
250
OPM %
27%
23%
24%
Other Income
35
15
27
Interest
43
58
62
Depreciation
47
61
64
PBT
168
118
152
Tax %
25%
22%
24%
Net Profit
126
92
116
EPS (₹)
1.09
0.78
0.98

Profit & Loss

₹ Cr
MANIPALHOS profit and loss, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,407
2,120
2,408
2,707
3,104
3,584
Expenses
1,108
1,648
1,736
1,912
2,258
2,690
Operating Profit
299
471
673
795
846
894
OPM %
21%
22%
28%
29%
27%
25%
Other Income
−16
176
−77
18
101
96
Interest
151
185
172
168
149
203
Depreciation
128
125
139
139
149
223
PBT
4
336
285
505
649
564
Tax %
511%
22%
32%
33%
17%
24%
Net Profit
−16
264
194
336
535
430
EPS (₹)
−2.39
34.87
25.7
44.47
13.89
3.64
Div. Payout %
0%
0%
0%
0%
0%
0%

Balance Sheet

₹ Cr
MANIPALHOS balance sheet, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
69
76
76
76
77
236
Reserves
1,701
3,100
3,300
3,822
5,138
7,088
Borrowings
1,073
1,199
1,301
1,642
2,516
3,166
Other Liabilities
907
1,364
953
675
639
1,102
Total Liabilities
3,749
5,738
5,629
6,215
8,369
11,591
Fixed Assets
1,573
1,541
1,544
1,589
2,375
5,243
CWIP
381
388
374
378
583
561
Investments
1,115
2,937
3,202
3,391
4,636
4,890
Other Assets
681
871
509
858
776
897
Total Assets
3,749
5,738
5,629
6,215
8,369
11,591

Cash Flow

₹ Cr
MANIPALHOS cash flow, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
390
375
616
624
644
953
Investing
−213
−1,465
−511
−405
−1,852
−1,003
Financing
−198
1,095
−97
−19
1,107
23
Net Cash Flow
−21
5
8
199
−100
−26
Free Cash Flow
316
308
476
481
−59
92
CFO/OP
107
91
110
98
94
119

Ratios

MANIPALHOS financial ratios, annual
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
22
27
19
18
22
27
Inventory Days
16
24
12
21
17
22
Days Payable
410
245
333
297
247
277
Cash Conversion Cycle
−373
−193
−302
−258
−208
−228
Working Capital Days
−103
−170
−71
−66
−55
−49
ROCE %
—
11%
13%
14%
12%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Manipal Health Enterprises insights

49 extracted metrics across FY21–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 72.08%
  • Others 16.17%
  • DIIs 7.18%
  • FIIs 3.50%
  • Public 1.06%

8.48% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Manipal Health Enterprises

What does Manipal Health Enterprises Ltd do?
Incorporated in 2010, Manipal Health Enterprises Limited is a healthcare service providers, operating a large network of multi-specialty hospitals, clinics, and diagnostic centres across the country.
Where is Manipal Health Enterprises Ltd (MANIPALHOS) listed?
Manipal Health Enterprises Ltd trades as MANIPALHOS on the NSE and under code 544847 on the BSE.
Which sector does Manipal Health Enterprises Ltd belong to?
Manipal Health Enterprises Ltd is classified under the Healthcare sector, in the Healthcare Services industry.
What is the PE ratio of Manipal Health Enterprises Ltd?
Manipal Health Enterprises Ltd trades at a PE ratio of 88.96 as of 4 Nov 2026, on earnings per share of ₹7.5, against a book value of ₹124.89 per share.
What is the 52-week high and low of Manipal Health Enterprises Ltd?
Over the last 52 weeks Manipal Health Enterprises Ltd has traded between ₹597 and ₹815 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Manipal Health Enterprises Ltd?
Manipal Health Enterprises Ltd reported a return on equity of 6.64%. Its debt-to-equity ratio is 0.43.

Company Information

Incorporated in 2010, Manipal Health Enterprises Limited is a healthcare service providers, operating a large network of multi-specialty hospitals, clinics, and diagnostic centres across the country.

Website manipalhospitals.com
Listed 5 Aug 2026
Face Value ₹2

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