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Bengaluru-based hospital chain with 49 hospitals across India, part of the Manipal education/medical group.
Bengaluru-based hospital chain with 49 hospitals across India, part of the Manipal education/medical group.
Earns from patients' treatment bills, paid out of pocket, by insurers or under corporate and government schemes. It has grown largely by buying other hospital groups, such as Columbia Asia's India hospitals in 2018 and AMRI in eastern India in 2021. Singapore's Temasek is a significant investor.
In one line: A regional HCA Healthcare tied to a university-hospital system.
Moat: narrow (brand, scale, installed base). Manipal Group's decades-old medical/education brand and a large multi-city bed network.
Headquarters: Bengaluru, India · Founded: 1991 · Employees: 24,240
Size Manipal Health Enterprises (MANIPALHOS.NS) is an India Health Care company (Hospital/Nursing Management) with a market value of $9.01B, the 134th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹646.70 on 6 Nov 2026.
Growth Revenue grew 25.4% over the last twelve months (peer median +8.0%); the operating margin is 18.8% (peer median 12.7%).
Valuation It trades at 63.1× forward earnings against a peer median of 34.5× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.0 points above its cost of capital (10.5% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | ₹103B | ₹82.3B | ₹61.7B | ₹48.4B |
| Revenue growth | — | +25% | +34% | +27% | — |
| Gross profit | n/a | ₹54.0B | ₹44.2B | ₹33.4B | ₹25.7B |
| EBITDA | n/a | ₹26.2B | ₹21.3B | ₹16.9B | ₹12.8B |
| Net income | n/a | ₹8.92B | ₹10.7B | ₹5.94B | ₹4.22B |
| Free cash flow | n/a | ₹4.58B | ₹1.88B | ₹7.97B | ₹6.73B |
| Capital expenditure | n/a | ₹13.2B | ₹10.5B | ₹3.32B | ₹3.30B |
| Total debt | n/a | ₹129B | ₹63.9B | ₹51.3B | ₹32.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Manipal Health Enterprises MANIPALHOS.NS | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% |
| Max Healthcare Institute MAXHEALTH.NS | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% |
| Fortis Healthcare FORTIS.NS | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% |
| Narayana Hrudayalaya NH.NS | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MANIPALHOS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.5% | +7.2% | lowest of 18 |
| Distance from 52-week high | -20.6% | -9.1% | 4th lowest of 18 |
| Revenue growth (TTM) | +25.4% | +8.0% | 4th highest of 18 |
| Operating margin | 18.8% | 12.7% | 3rd highest of 18 |
| Forward P/E | 63.1× | 34.5× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 29.7% | 13.6% | 6th most demanding of 16 |
| Growth delivered (Del g) | +28.8% | +8.7% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | +1.0 pp | +6.0 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +6.0 pp | -1.1 pp | 2nd highest of 18 |
| EV / EBITDA | 32.5× | 22.2× | 5th most expensive of 15 |
| Net debt / EBITDA | 3.8× | 1.9× | 5th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| PACS PACS | United States | $7.87B | +48% | +11% | 8% | 19.2× | 7.6% | +29.7% |
| Universal Health Services UHS | United States | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% | +8.5% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | India | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% | +19.0% |
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| Tenet Healthcare THC | United States | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% | +3.9% |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Fresenius SE & Co. KGaA FRE.DE | Germany | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% | -8.8% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |