Finsamudra Desk4mo ago

Manipal Hospitals nears record IPO after revenue jumps 70% to ₹8,242 Cr in FY25

Seven acquisitions in five years, including Columbia Asia, AMRI and Sahyadri, underpin a targeted $10 billion valuation for India's largest healthcare listing.

$10 BillionTargeted IPO valuation

Markets1 min read

Manipal Hospitals (MHEL) is currently finalizing the largest healthcare IPO in Indian history. But the real story isn't the upcoming IPO itself—it’s exactly how they aggressively e — Image: Finsamudra LinkedIn archive

₹4,839 Cr → ₹8,242 Cr (+70%)Revenue growth, FY23 to FY25

+161% to ₹1,081 CrNet profit growth, FY23 to FY25

Manipal Hospitals (MHEL) is finalizing what would be the largest healthcare IPO in Indian history, targeting a $10 billion valuation. Founded as a single medical unit in 1953, the group's growth accelerated under Ranjan Pai, who combined clinical operations with private-equity-style financial discipline.

The expansion was built on a roll-up strategy: seven acquisitions completed in five years. The largest deals included Columbia Asia for ₹2,100 Cr, AMRI for ₹2,400 Cr, and the Sahyadri network for ₹6,400 Cr.

Revenue rose 70%, from ₹4,839 Cr in FY23 to ₹8,242 Cr in FY25. Over the same period, net profit grew 161% to ₹1,081 Cr, reflecting cost efficiencies enforced after each acquisition.

The company is now positioning this scale and margin profile ahead of its planned public listing.

Why it matters

For lenders and DSAs financing hospital chains or healthcare real estate, MHEL's playbook shows how M&A-driven consolidation can rapidly compress the revenue-to-profit timeline in asset-heavy sectors—useful context when underwriting growth-stage healthcare borrowers seeking acquisition financing.

A record IPO of this scale also signals renewed institutional and public-market appetite for healthcare credit stories, which could widen the pool of co-lending and structured-finance opportunities tied to hospital networks over the next few quarters.

Sources

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Finsamudra DeskNewsroom · 3 Jul 2026, 12:30 pm IST

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