Manipal Health Enterprises
Manipal Health Enterprises (MANIPALHOS) share price was ₹643.25 at the 28 Oct 2026 close; market capitalisation ₹84,612 Cr; P/E (TTM) 85.77; sector Healthcare. In the Jun 2026 quarter, revenue rose 28.2% year on year to ₹1,048.3 Cr and net profit fell 8.3% year on year to ₹115.5 Cr (compared with Jun 2025). Promoters held 72.08% of Manipal Health Enterprises in Sep 2026, down 9.35 percentage points from Mar 2026.
Key Fundamentals
MidcapPrice-based figures as of 28 Oct 2026, 15:31 IST · TTM
Peer Comparison
Healthcare › Healthcare Services › Hospital
| ₹8,137.00 | 55.99 | 1,16,998 Cr | 12.34 | 0.26% | 20.08% | 19.79% | 26,675 Cr | 2,171 Cr | |
| Manipal Health Enterprises (this company) | ₹643.25 | 85.77 | 84,612 Cr | 5.15 | 0.00% | 10.42% | 9.50% | 11,400 Cr | 906 Cr |
| ₹851.50 | 56.84 | 82,877 Cr | 7.71 | 0.24% | 13.42% | 12.70% | 8,879 Cr | 1,457 Cr | |
| ₹669.45 | 108.85 | 58,354 Cr | 13.87 | 0.45% | 8.84% | 9.71% | 5,006 Cr | 363 Cr | |
| ₹759.50 | 54.72 | 57,339 Cr | 5.79 | 0.14% | 10.47% | 12.13% | 9,607 Cr | 1,070 Cr | |
| ₹1,723.10 | 43.14 | 35,213 Cr | 7.76 | 0.26% | 17.85% | 11.39% | 9,185 Cr | 816 Cr | |
| ₹1,283.00 | 62.01 | 34,496 Cr | 8.71 | 0.04% | 13.91% | 15.05% | 4,800 Cr | 552 Cr | |
| ₹704.60 | 139.52 | 29,594 Cr | 7.90 | 0.00% | 9.46% | 8.23% | 4,252 Cr | 194 Cr | |
| Median 8 companies | ₹805.50 | 59.43 | 57,847 Cr | 7.83 | 0.19% | 11.95% | 11.76% | 9,032 Cr | 861 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100. How it works →
No Tapetide Score has been computed for this stock yet.
Key Insights
Weaknesses
1- Company has a low return on equity of 8.96% over last 3 years.
Technical Indicators
Oscillators
Bearish
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 24% · Jun 2026
AI Analysis — Bull vs Bear
Manipal Health Enterprises Ltd trades at ₹638.05 as of 2026-10-27 with a market cap of ₹83,927.64 Cr. The company has delivered solid top-line growth (14% compounded sales CAGR over 3 years) but faces profitability headwinds with TTM profit declining 17% and a P/E of 85.07x, while ROE remains modest at 10.42%.
- Strong revenue growth trajectory with 3-year compounded sales CAGR of 14% and 5-year compounded sales CAGR of 21%, indicating consistent demand for healthcare services
- Compounded profit CAGR of 25% over 5 years demonstrates long-term earnings scalability despite near-term softness
- Manageable leverage with debt-to-equity ratio of 0.43, providing financial flexibility for expansion without excessive balance sheet risk
- 3-year compounded profit CAGR of 16% shows the company has been able to translate revenue growth into earnings over a medium-term horizon
- TTM sales growth of 15% remains healthy and above the 3-year CAGR of 14%, suggesting continued momentum in the top line
- Current price of ₹638.05 is approximately 21.7% below the 52-week high of ₹815, offering a potential entry zone for investors who believe in the long-term growth thesis
- India's underpenetrated hospital sector and rising healthcare spending provide a structural tailwind for large organized players like Manipal Health with a market cap of ₹83,927.64 Cr
- TTM compounded profit has declined 17%, signalling near-term margin pressure or one-off cost escalations that weigh on earnings quality
- P/E ratio of 85.07x on TTM EPS of ₹7.50 reflects a premium valuation that leaves little room for execution missteps
- Return on equity of 10.42% (and 3-year average of roughly 9%) is low for a company commanding a P/B of 5.11x, implying the market is pricing in significant future improvement that may not materialise
- Zero dividend yield indicates no near-term cash return to shareholders, making the stock entirely dependent on capital appreciation
- ROCE of 9.5% is modest, suggesting the company's capital allocation has not yet generated returns commensurate with its high-growth valuation
- Last-year ROE dropped to 7%, down from the 3-year average of 9%, pointing to a deteriorating return profile in the most recent period
- The stock is trading only about 6.9% above its 52-week low of ₹597, reflecting weakening market sentiment and potential further downside if earnings miss expectations
- Price-to-book of 5.11x is elevated for a business generating sub-10% ROE, creating a disconnect between asset valuation and actual returns on those assets
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Strong 25% revenue growth in FY26 Sep 29
Manipal Health reported 25.4% revenue growth to ₹10,336 crore for FY26, approved at the 16th AGM on September 29. Shareholders also ratified ESOP schemes and director re-appointments.
- ₹26.80 crore block deal flagged Oct 6
Approximately 399,997 shares changed hands at ₹670.00 on BSE in a large trade worth ₹26.80 crore. This is a real-time scanning signal and not yet confirmed by official exchange disclosures.
TL;DR: Manipal Health is executing well with robust 25.4% revenue growth to over ₹10,336 crore in FY26, signalling strong operational momentum in the healthcare space. No material headwinds are visible in recent news flow. A sizable block deal on Oct 6 bears watching for any stake reshuffling but carries no directional signal yet. The trend appears constructive heading into FY27, supported by healthy topline expansion and shareholder-aligned ESOP initiatives.
Quarterly Results
| Particulars | Jun 2025 | Mar 2026 | Jun 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
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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49 extracted metrics + investor summaries across FY21–FY27.
Documents
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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]
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