Manipal Health Enterprises Ltd.
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ABOUT
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company has delivered good profit growth of 41.5% CAGR over last 5 years
- Promoters have been increasing their shareholding - up 13.3pp over 2 years
- Operating margins have improved to 27.2% from 22.2%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.77x)
- Institutional investors have been accumulating - FII+DII up 8.9pp
- Company generates healthy free cash flow
CONS
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 9.0% over last 3 years
- Total debt has risen sharply - up 39.3% year on year
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Growth is decelerating - 3Y profit CAGR (26.6%) trails the 5Y trend (41.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | 8960.00 | 61.66 | 128831.05 | 0.22 | 610.40 | 38.41 | 7043.50 | 20.56 | 21.73 | 15.70 |
| MAXHEALTH | 1036.50 | 69.24 | 100883.61 | 0.19 | 322.96 | 4.87 | 2366.17 | 16.70 | 14.97 | 25.29 |
| MANIPALHOS | 729.95 | 107.60 | 96015.96 | 0.00 | 2434.30 | — | 30906.30 | — | 13.93 | 23.83 |
| FORTIS | 911.90 | 65.70 | 68844.63 | 0.11 | 272.80 | 2.26 | 2545.03 | 17.46 | 14.07 | 21.28 |
| ASTERDM | 780.05 | 213.36 | 67994.81 | 0.00 | 29.28 | -68.70 | 1310.68 | 21.60 | 11.46 | 19.53 |
| MEDANTA | 1479.75 | 71.54 | 39786.30 | 0.03 | 157.25 | -1.09 | 1304.05 | 26.50 | 19.38 | 21.99 |
| NH | 1888.80 | 47.30 | 38599.67 | 0.24 | 207.27 | 5.37 | 2683.63 | 78.05 | 16.20 | 17.43 |
| LALPATHLAB | 1919.45 | 59.45 | 32217.74 | 1.07 | 1705.00 | 1172.39 | 7977.00 | 1090.95 | 29.56 | 31.03 |
| KIMS | 764.80 | 157.23 | 32122.10 | 0.00 | 37.40 | -56.00 | 1179.50 | 35.33 | 11.51 | 19.03 |
| AGARWALEYE | 514.20 | 109.87 | 16301.49 | 0.00 | 55.02 | 44.56 | 614.02 | 25.97 | 16.14 | 27.75 |
| VIJAYA | 1496.85 | 82.23 | 15417.21 | 0.13 | 53.10 | 37.61 | 230.98 | 22.83 | 30.28 | 42.66 |
| RAINBOW | 1450.65 | 51.63 | 14733.76 | 0.24 | 62.54 | 16.23 | 469.99 | 33.17 | 28.25 | 28.65 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2025 | Jun 2026 | |
|---|---|---|
| 818 | 10,483 | |
| 685 | 9,240 | |
| Operating Profit | 133 | 1,243 |
| OPM % | 16.32% | 11.86% |
| 35 | 543 | |
| Interest | 43 | 616 |
| Depreciation | 47 | 641 |
| Profit before Tax | 168 | 1,518 |
| Tax % | 25.05% | 23.87% |
| Net Profit | 126 | 1,155 |
| 1.09 | 0.98 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,093 | 1,242 | 1,297 | 1,436 | 1,672 | 1,407 | 2,120 | 2,408 | 2,707 | 3,104 | |
| 915 | 1,030 | 1,065 | 1,150 | 1,271 | 1,108 | 1,648 | 1,736 | 1,926 | 2,259 | |
| Operating Profit | 179 | 212 | 233 | 287 | 401 | 299 | 471 | 673 | 781 | 845 |
| OPM % | 16.35% | 17.08% | 17.93% | 19.96% | 23.99% | 21.23% | 22.24% | 27.93% | 28.86% | 27.24% |
| 60 | 55 | 19 | 37 | 16 | -16 | 176 | -77 | 31 | 101 | |
| Interest | 66 | 136 | 136 | 132 | 157 | 151 | 185 | 172 | 168 | 149 |
| Depreciation | 86 | 111 | 121 | 133 | 123 | 128 | 125 | 139 | 139 | 149 |
| Profit before Tax | 86 | 20 | -5 | 58 | 137 | 4 | 336 | 285 | 505 | 649 |
| Tax % | 35.76% | -71.84% | 434.98% | 49.74% | 31.00% | 510.78% | 21.52% | 31.78% | 33.38% | 17.47% |
| Net Profit | 55 | 34 | 16 | 29 | 94 | -16 | 264 | 194 | 336 | 535 |
| EPS | 9.17 | 4.92 | 2.37 | 4.25 | 13.73 | -2.39 | 34.87 | 25.70 | 44.47 | 69.47 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 13%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 75%
- 5 Years:
- 42%
- 3 Years:
- 27%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 7%
- 3 Years:
- 9%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 60 | 69 | 69 | 69 | 69 | 69 | 76 | 76 | 76 | 77 |
| 1,478 | 1,566 | 1,583 | 1,612 | 1,707 | 1,691 | 3,083 | 3,279 | 3,822 | 5,104 | |
| 574 | 1,071 | 1,115 | 1,122 | 1,344 | 1,372 | 1,478 | 1,575 | 1,466 | 2,326 | |
| Trade Payables | 74 | 108 | 170 | 238 | 261 | 358 | 378 | 457 | 433 | 412 |
| 242 | 206 | 228 | 266 | 368 | 260 | 723 | 243 | 418 | 451 | |
| Total Liabilities | 2,429 | 3,019 | 3,165 | 3,308 | 3,748 | 3,749 | 5,738 | 5,629 | 6,215 | 8,369 |
| 1,308 | 1,676 | 1,665 | 1,634 | 1,949 | 1,573 | 1,541 | 1,544 | 1,589 | 1,652 | |
| Capital Work in Progress | 49 | 42 | 37 | 52 | 85 | 12 | 21 | 27 | 20 | 583 |
| 646 | 893 | 954 | 964 | 1,030 | 1,115 | 2,937 | 3,202 | 3,391 | 4,636 | |
| 31 | 33 | 26 | 26 | 27 | 14 | 37 | 16 | 31 | 28 | |
| 94 | 107 | 108 | 118 | 96 | 85 | 158 | 128 | 133 | 191 | |
| Cash & Bank | 8 | 20 | 19 | 54 | 38 | 16 | 20 | 29 | 228 | 150 |
| 292 | 249 | 356 | 460 | 524 | 936 | 1,022 | 684 | 824 | 1,131 | |
| Total Assets | 2,429 | 3,019 | 3,165 | 3,308 | 3,748 | 3,749 | 5,738 | 5,629 | 6,215 | 8,369 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 47 | 231 | 229 | 321 | 416 | 390 | 375 | 616 | 624 | 644 | |
| Cash from Investing | -181 | -382 | -165 | -178 | -252 | -213 | -1,465 | -511 | -405 | -1,852 |
| Cash from Financing | 57 | 197 | -38 | -107 | -178 | -198 | 1,095 | -97 | -19 | 1,107 |
| -14 | 47 | 26 | 36 | -14 | -21 | 5 | 8 | 199 | -100 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Newspaper advertisement for information regarding the dispatch of the 16th AGM Notice and other related information including e-voting
2026-09-04 - Communication to the shareholders on weblink of notice of 16th Annual General Meetingand Annual Report for the financial year 2025-26.
2026-09-03 - Newspaper Publication - Information regarding 16th Annual General Meeting
2026-08-27 - Manipal Health Enterprises Limited has informed the Exchange about Transcript for the Earnings call with Investors/ Analysts held on August 21, 2026
2026-08-21 - Audio Recording of the Earnings call with Analysts/ Investor
2026-08-21 - Newspaper extract of the Un-audited Financial Results of the Company for the quarter ended June 30, 2026
2026-08-20 - Manipal Health Enterprises Limited has informed the Exchange about change in Management
2026-08-20 - Press Release and Investor Presentation for the Earnings Conference Call with Analysts and Investors of Manipal Health Enterprises Limited (the Company )
2026-08-20 - Press Release and Investor Presentation for the Earnings Conference Call with Analysts and Investors of Manipal Health Enterprises Limited (the Company )
News
Recent coverage and analyst commentary for MANIPALHOS
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Manipal Health Enterprises Ltd.
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