Manipal Health Enterprises logo

Manipal Health Enterprises

MANIPALHOS NSE

Key Fundamentals

Midcap
Market Cap
₹95,003 Cr
Volatility
Moderate
P/E Ratio
106.4
EBITDA
₹2,796 Cr
Return on Equity
10.42%
Debt to Equity
0.48
Book Value
₹124.89
52W High
₹815
52W Low
₹590

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 26.0% CAGR over last 5 years

Weaknesses

1
  • Company has a low return on equity of 10.2% over last 3 years.

Growth Rate

Revenue Growth
25.8% higher than 3Y
Net Income Growth
-15.27% lower than 3Y
Cash Flow Change
32.4% lower than 3Y
ROE
-42.21% lower than 3Y
ROCE
-33.52% lower than 3Y
EBITDA Margin (Avg.)
-1.08% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Manipal Health Enterprises, with a market cap of ₹95,003 Cr, operates in India's growing hospital sector. The company has delivered strong 5-year profit CAGR of 26% and 5-year sales CAGR of 21%, but trades at a demanding PE of 106.4x with a 3-year average ROE of only 10%, reflecting a premium valuation relative to current returns on equity.

Bull Case 7
  • Strong 5-year compounded profit growth of 26% CAGR demonstrates sustained earnings momentum over a meaningful period
  • Robust 5-year compounded sales growth of 21% CAGR indicates healthy top-line expansion and rising patient volumes or realisation
  • TTM sales growth of 15% shows continued revenue traction even on a larger base
  • 3-year compounded profit growth of 19% CAGR confirms that earnings expansion has persisted beyond a single recovery year
  • Market cap of ₹95,003 Cr reflects institutional confidence and provides liquidity for large investors in the counter
  • Price-to-book ratio of 5.87x, while elevated, is consistent with asset-light hospital models scaling up occupancy and ARPOB over time
  • Healthcare sector in India benefits from structural tailwinds including rising insurance penetration, ageing demographics, and medical tourism growth supporting long-term demand
Bear Case 8
  • PE ratio of 106.4x is significantly elevated compared to the broader market and many hospital peers, leaving limited room for execution misses
  • 3-year average ROE of only 10% is modest for a company commanding such a high valuation multiple, suggesting capital is not being deployed at high incremental returns
  • TTM profit growth has turned negative at -17%, indicating near-term earnings pressure despite continued revenue growth
  • Zero dividend yield signals no cash return to shareholders, requiring investors to rely entirely on capital appreciation
  • Last year ROE of 9% has declined from the 3-year average of 10%, showing a deteriorating trend in return ratios
  • The gap between TTM sales growth of 15% and TTM profit decline of -17% points to margin compression or rising costs eroding profitability
  • Price-to-book of 5.87x implies the stock is priced for significant future value creation which may not materialise if ROE remains around 9-10%
  • 10-year growth data for sales, profit, and stock CAGR is unavailable, limiting visibility into the company's longer-term track record

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • Strong Q1 revenue up 38% Aug 20

    Q1FY27 revenue grew 38.1% YoY to ₹3,091 crore, with adjusted PAT up 30.9% YoY driven by volume growth and Sahyadri integration.

  • Volume growth and deleveraging focus Aug 28

    Co-CEO outlined strategy centered on volume-led growth, capacity expansion, and deleveraging the balance sheet as key priorities.

Neutral 3
  • 16th AGM scheduled Sep 29 Sep 4

    Annual General Meeting set for September 29, 2026 via video conference, with remote e-voting open from September 26 to 28.

  • Promoter share encumbrance disclosed Sep 4

    Company disclosed encumbrance covenants on promoter shares held by Manipal Global Health Services and other group entities under SEBI Takeover Regulations.

  • Earnings call audio uploaded Aug 21

    Audio recording of the August 21, 2026 earnings call was made available on the company website for investors.

TL;DR: Manipal Health is delivering strong top-line and bottom-line growth, with Q1FY27 revenue up 38% YoY to ₹3,091 crore, boosted by Sahyadri integration and volume gains. Management's focus on capacity expansion and deleveraging signals confidence in sustaining momentum. No material headwinds are visible in recent news. The trend is positive, though investors should watch integration execution and balance sheet progress in coming quarters.

Quarterly Results

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 in Rs
1.09
0.78
0.98
Figures in ₹ Crores

Profit & Loss

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 in Rs
-2.39
34.87
25.7
44.47
13.89
3.64
Div. Payout %
0%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
69
76
76
76
77
—
Reserves
1,701
3,100
3,300
3,822
5,138
—
Borrowings
1,073
1,199
1,301
1,642
2,516
—
Other Liabilities
907
1,364
953
675
639
—
Total Liabilities
3,749
5,738
5,629
6,215
8,369
—
Fixed Assets
1,573
1,541
1,544
1,589
1,652
—
CWIP
381
388
374
378
1,306
—
Investments
1,115
2,937
3,202
3,391
4,636
—
Other Assets
681
871
509
858
776
—
Total Assets
3,749
5,738
5,629
6,215
8,369
—
Figures in ₹ Crores

Cash Flow

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
390
375
616
624
644
—
Investing
-213
-1,465
-511
-405
-1,852
—
Financing
-198
1,095
-97
-19
1,107
—
Net Cash Flow
-21
5
8
199
-100
—
Free Cash Flow
316
308
476
481
-59
—
CFO/OP
107
91
110
98
94
—
Figures in ₹ Crores

Ratios

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

Shareholding Pattern

Promot.81.43%Others18.57%As ofMar 2026
A trend needs at least two reported periods.

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.[1]
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 market capitalisation of Manipal Health Enterprises Ltd?
Manipal Health Enterprises Ltd has a market capitalisation of ₹95,003 Cr, which places it in the Large Cap band.
What is the PE ratio of Manipal Health Enterprises Ltd?
Manipal Health Enterprises Ltd trades at a PE ratio of 106.40, 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 ₹590 and ₹815.
What is the Return on Equity (ROE) of Manipal Health Enterprises Ltd?
Manipal Health Enterprises Ltd reported a return on equity of 10.42%. Its debt-to-equity ratio is 0.48.

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.[1]

Listed 2026-08-05
Face Value ₹ 2

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