Manipal Health Enterprises Ltd. IPO

Manipal Health Enterprises

• Manipal Health Enterprises is coming out with a 100% book building; initial public offering (IPO) of 16,45,00,738 shares of face value Rs 2 each in a price band Rs 560 - 590 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on July 29, 2026 and will close on July 31, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 280 times of its face value on the lower side and 295 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company¸ Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India and DBS Bank India.
• Compliance officer for the issue is Sathish Kolar Ramamoorthy. 

Profile of the company 

The company operates a pan India network of multispecialty hospitals delivering a comprehensive range of care services-from outpatient services to complex tertiary and quaternary interventions. It operated 49 hospitals with 13,037 licensed beds across 14 states and union territories. It has the widest footprint in terms of presence of hospitals among private hospital chains in India. The company is the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals. Among private hospital chains in India, it was the largest player in (i) Karnataka, (ii) Maharashtra and Goa region, and (iii) in select states of West Bengal, Odisha, Jharkhand, and Sikkim (in eastern India).

The company is the only private hospital chain network in India to lead in three metro markets of Bengaluru (Karnataka), Kolkata (West Bengal) and Pune (Maharashtra). Its multi-hospital presence in these metros allows it to deliver care closer to patients’ homes, reduce travel times for critical interventions, and serve broad referral areas within each city. In line with its core philosophy to improve access to healthcare, it maintains a balanced presence across metros and non-metros, with 46.78% of its licensed beds located in metros and 53.22% of its licensed beds located in non-metros.

It offers clinical services across several specialties, with a focus on tertiary and quaternary care, particularly in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics, and renal sciences (CONGO R). These specialties involve high acuity cases or cases that are severe, complex and require advanced interventions and high levels of care.

Proceed is being used for: 

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of its Material Subsidiaries, namely, Manipal Hospitals Private Limited
• Acquisition of minority stake in its stepdown Subsidiary, Sahyadri Hospitals Private Limited
• General corporate purposes 

Industry overview

The Indian healthcare delivery market was valued at around Rs 7.0 trillion in fiscal 2025, supported by increased demand for routine medical treatments, elective surgeries and Out-patient Department (OPD) services. The segments of critical care, oncology, neurology and Orthopedics, which saw a surge in demand post-pandemic, are estimated to continue their growth momentum in fiscal 2026. As of fiscal 2026, the Indian healthcare delivery market is estimated to have reached Rs 7.6-7.8 trillion. In terms of value, the In-patient Department (IPD) is estimated to have accounted for 71-72% of the healthcare delivery market in fiscal 2026, and the OPD for the balance. Though OPD volume outweighs IPD volume, the latter contributes the bulk of revenue for healthcare facilities.

In India, healthcare services are provided by the government and private players, and these entities provide both IPD and OPD services. The Indian hospital market remains highly fragmented with large private hospitals accounting for around 20% of the overall market in fiscal 2026. Private hospitals have witnessed significant growth, as they undertake an increasing share of treatments. The private sector's growth can be attributed to the expansion plans undertaken by private players as well as the high-quality services they provide in terms of infrastructure, equipment and treatments. As a result, private hospitals have gained immense popularity, leading to a substantial market share that denotes a higher preference for private hospitals among patients. This trend is particularly evident among the affluent and upper-middle-class segments, who are willing to pay a premium for quality healthcare.

A combination of economic and demographic factors is expected to drive healthcare demand in India. The healthcare market is characterised by structural trends such as a sustained rise in chronic disease burden, increasing consumer adoption of digital health modalities, expanding clinician capacity constraints, heightened demand for operational efficiency, and the maturation of data infrastructure enabling predictive, personalised care. The PMJAY scheme and ABDM (Ayushman Bharat Digital Mission) initiative launched by the government would also support the industry.

Pros and strengths 

India’s largest multispecialty hospital group: The company is the largest pan-India multispecialty hospital network by bed capacity having 13,037 beds. It is also the second largest hospital chain by number of hospitals. For Fiscal 2026, it reported the second-highest revenue from operations of Rs 1,03,357.51 million (Rs 1,09,356.18 million on a pro forma basis) among private hospital chains in India. It has the widest footprint in terms of presence of hospitals among private hospital chains in India, with the hospital network spread across 14 states and union territories (13 states and one union territory).

It is the only private hospital chain network in India with leadership in three metros: It is the only private hospital chain network in India to lead in three metro markets of Bengaluru (Karnataka), Kolkata (West Bengal) and Pune (Maharashtra) by bed capacity. Its footprint in these cities enables it to serve large urban populations within these metros, as well as adjacent areas through referrals from various adjoining districts and cities which include (i) Kolar, Tumkur and rural Bengaluru via Bengaluru, (ii) Bardhaman, Midnapore, Howrah and North and South Parganas via Kolkata and (iii) Ahilyanagar and Sambhajinagar via Pune. It had 18 hospitals within these metros and, with the acquisition of Sahyadri Group in October 2025 and the operationalization of Manipal Hospital, Yelahanka in November 2025, it further expanded its presence in Pune and Bengaluru, respectively, with an additional eight hospitals for a total of 26 hospitals.

Advanced infrastructure and medical equipment, with a strong focus on clinical excellence: Its hospitals focus on clinical outcomes, supported by advanced medical infrastructure and technologies that enable tertiary and quaternary care across its network. Its organizational structure emphasizes clinical excellence, operational efficiency and scalability. It operates under a decentralized model that empowers local leadership to make decisions and respond to local healthcare needs without centralized approvals. Regional chief operating officers have autonomy to oversee strategy and clinician coordination across their geographical areas, hospital directors manage day-to-day operations, and medical directors are responsible for clinical excellence at each hospital, including implementing the latest clinical innovations and medical equipment and ensuring adherence to clinical standards and protocols.

Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare: It aims to balance brownfield and greenfield expansions with strategic acquisitions with the aim of delivering returns and supporting its leadership positions in key markets. From March 31, 2021 to March 31, 2026, it was the leading consolidator of hospitals amongst private hospital chains in India, on the basis of number of beds added through acquisitions, acquiring 5,548 beds. It has a track record of acquiring and integrating assets of varying sizes across geographies, including Columbia Asia and Vikram Hospitals prior to Fiscal 2023, AMRI and Medica Synergie within the last three fiscal years, and Sahyadri Group in Fiscal 2026. As part of its playbook, it evaluates potential acquisitions across parameters that include regulatory compliance, scale and regional fit, clinical alignment (including the potential to strengthen existing clinical programs and interoperability of clinicians), cultural fit, and financial profile. Following closing, it follows a standardized approach to integrate acquired hospitals into its network and improve their performance. This includes implementing standardized clinical protocols, deepening focus on high-acuity services, upgrading targeted infrastructure and equipment, and instituting disciplined operating practices to enhance quality and efficiency of care.

Risks and concerns

Dependence on Karnataka Hospitals: A substantial number of its hospitals are located in Karnataka. It derived 46.40%, 51.55%, and 59.98%, of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from its hospitals in Karnataka. Any loss of business or disruption of operations, including any unusual disease patterns or outbreaks, in its hospitals in Karnataka could have an adverse effect on its business and results of operations. If these hospitals do not witness the levels of patient volume that it anticipates and contribute to its revenue from operations in a way that it foresees, it may continue to incur fixed costs and its profitability could be adversely affected.

High reliance on CONGO-R specialties for revenue: The company derives a significant portion of its revenue from the CONGO-R specialties. It derived 64.30%, 62.56% and 61.55% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (CONGO-R) specialties in Fiscals 2026, 2025 and 2024, respectively. Any negative changes in the demand for these specialties, due to unavailability of preferred doctors, shifts in patient preferences, advancements in alternative treatments, increased competition or otherwise, could adversely impact its business, results of operations and financial condition. Additionally, its reliance on these specialties may limit its ability to adapt to changing market conditions or diversify its service offerings, further exacerbating the potential impact of any adverse developments in these areas. If it is unable to maintain or increase its revenue from CONGOR, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.

Brand and reputation risks could materially affect operations and profitability: The ‘Manipal Hospitals’ brand and its reputation are critical to its success. Many factors, some of which are beyond its control, are important to maintaining and enhancing its brand and may negatively impact its brand and reputation if not properly addressed. Any failure to maintain and enhance its brand and reputation, and any negative publicity and allegations in the media against it, may adversely affect the level of trust in its services and market recognition, which could have an adverse impact on its business, financial condition, results of operations, cash flows and prospects.

Dependence on skilled healthcare professionals: Its operations rely on the skills, efforts, and experience of its doctors, nurses, and other healthcare professionals, including paramedics and other support staff, at its hospitals and clinics. It also depends on its senior hospital management personnel, who are seasoned professionals with extensive experience in hospital operations, clinical administration, and healthcare management. These individuals are responsible for overseeing operational performance, ensuring regulatory compliance, optimizing resource utilization, and enhancing patient outcomes across its facilities. Its growth strategy depends on its ability to attract and retain these healthcare professionals and senior hospital management personnel in a highly competitive industry.

Outlook  

Manipal Health Enterprises, its subsidiaries, associates, and joint ventures are engaged in the business of running and managing hospitals and providing healthcare services. They operate hospitals and clinics that provide healthcare services, as well as diagnostic centres, across India. On the concern side, it derived 49.68%, 49.18% and 49.45% of its gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024, respectively. Termination, non-renewal, delay or difficulties in collection or any breach of the conditions of its contracts with insurance and third-party administrators, as well as from government and other non-cash payors, could have a material adverse impact on its business, financial condition, results of operations, cash flows and prospects.

The issue has been offering 16,45,00,738 shares in a price band of Rs 560-590 per equity share. The aggregate size of the offer is around Rs 9,212.04 crore to Rs 9,705.54 crore based on lower and upper price band respectively. Minimum application is to be made for 25 shares and in multiples thereon, thereafter. On performance front, its total income increased by 25.80% to Rs 105,205.16 million in Fiscal 2026 from Rs 83,627.86 million in Fiscal 2025. However, its profit for the year decreased by 15.27% from Rs 10,816.72 million in Fiscal 2025 to Rs 9,165.19 million in Fiscal 2026.

Meanwhile, the company will continue to pursue select acquisitions to enter new markets and consolidate positions in existing ones, leveraging its track record of integration and operational turnaround. It will focus on acquiring assets with strong local brands and established patient volumes, taking into account factors such as healthcare penetration in the micro-market, competition, the referral areas from adjoining districts, regulatory compliance, strength of clinical programs, cultural fit and financial profile. It intends to strengthen its position as an attractive network for clinicians and nurses. For doctors, it will continue to leverage the quality of and access to technologies and complex cases at its hospitals to foster career development. Its consultant model fosters long term relationships with doctors by aligning their economic incentives with their professional growth in its hospitals, while recognizing their independence.

Pooja Logistics

• Pooja Logistics is coming out with an initial public offering (IPO) of 38,46,000 shares in a price band of Rs 109-115 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.90 times of its face value on the lower side and 11.50 times on the higher side.
• Book running lead manager to the issue are Share India Capital Services and Maashitla Securities.
• Compliance officer for the issue is Ashish Bisht.

Profile of the company

Pooja Logistics is engaged in providing temperature-controlled logistics services for the transportation of perishable goods across India through refrigerated trucks (reefers). Since incorporation in 2011, it has been offering cold chain logistics services to a range of industries. Its in-house fleet as on March 31, 2026 comprises over 424 GPS-enabled vehicles dedicated to the transportation of temperature-sensitive goods. It caters to clients operating in the confectionery, dairy and dairy products, quick-service restaurants (QSRs), pharmaceuticals, and e-commerce sectors. It transports temperature-sensitive consignments while maintaining operational systems designed to maintain compliance with applicable standards. Its fleet consists of trucks with different sizes and capacities, enabling it to undertake a range of assignments. It generally operates on a trip-to-trip model, based on customer requirements. 

It has implemented various technology-enabled operational processes, including: i) a process for scheduling orders, where goods are picked up from the client’s origin warehouse, transported under monitored temperatures, and delivered at the destination with verification; ii) GPS-tracking software ‘Geo Trackers’ to provide visibility of vehicle movement and shipment status; iii) vehicle movement reports for monitoring and managing temperature levels in reefers; and iv) driver and truck management systems. These systems support real-time temperature tracking, route optimization, and monitoring of vehicle operations. 

Its temperature-controlled logistics services are aimed at the transportation of perishable products under controlled conditions using reefer vehicles. Upon reaching the delivery location, goods are unloaded as per defined protocols. It has obtained certifications from FSSAI for facilitating the delivery of perishable goods. It intends to expand certifications in line with customer and regulatory requirements.

Proceed is being used for:

• Purchase of vehicles (goods carriages)
• Public issue related expenses
• General corporate purpose

Industry overview

The India logistics market size was valued at $228.4 billion in 2024 and is projected to reach $428.7 billion by 2033. The market in India is estimated to grow at a CAGR of 6.50% from 2025-2033. The market growth is attributed to the growing e-commerce, infrastructure development, rising demand for cold chain logistics, increasing international trade, adoption of digital technologies, expansion of manufacturing and retail sectors, improved warehousing solutions, and greater focus on supply chain efficiency. 

The growing demand for perishable goods, ranging from dairy products to vaccines and biologics is propelling the growth of the Indian cold chain logistics sector. The Indian cold chain transportation market is expected to grow from $12.77 billion in 2025 to $20.31 billion by 2030 at a CAGR of 9.72% between the forecast years. This growth trajectory is fueled by evolving consumer preferences, rapid urbanization, and a sharp rise in organized retail and e commerce for temperature-sensitive goods. India continues to rank among the top global producers of perishable commodities. It is the largest producer of milk, second largest producer of fruits and vegetables, and a leading manufacturer of generic pharmaceuticals. Recent government initiatives such as the PM Gati Shakti scheme and PLI schemes in multimodal logistics are rapidly transforming the cold chain ecosystem. 

The FMCG sector in India has expanded steadily, supported by consumer-driven growth and higher product prices, particularly for essential goods. It provides employment to around three million people, accounting for approximately 5% of total factory employment in the country. As India’s fourth-largest sector, FMCG plays a vital role in the economy, with household and personal care products alone contributing 50% of total FMCG sales. Looking ahead, India’s FMCG sector is expected to record a slight revenue increase of 100 to 200 basis points, bringing growth to 6 to 8% in FY26, supported by stable rural demand and a revival in urban markets. 

Pros and strengths

Owned refrigerated vehicle fleet: It owns and operates a fleet of more than 424 GPS-enabled refrigerated vehicles, which supports direct operational oversight of transportation activities. The fleet includes both single-compartment and multi-compartment reefers, with load capacities ranging from around 5 tonnes to 20 tonnes, and is equipped to maintain temperatures suitable for frozen (-18 degree Celsius to -10 degree Celsius) and chilled (0 degree Celsius to +4 degree Celsius) storage. This allows it to handle a range of perishable goods, including pharmaceuticals, dairy products, confectionery, quick-service restaurant supplies, and e-commerce consignments, on a trip-to-trip basis. Fleet ownership reduces reliance on third-party logistics providers and enables internal management of route planning, vehicle scheduling, and shipment tracking through GPS-based systems. These capabilities are intended to support asset utilization and help in maintaining delivery timelines.

Geographic reach of the company: The company provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the Fast-Moving Consumer Goods (FMCG) sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations.

Compensation to customers for losses or damages to goods: As the company is engaged in providing temperature-controlled logistics services for the transportation of perishable goods, there may, in the ordinary course of business, be instances of shortages or deductions arising from damage to or loss of goods during transit. While the company has not experienced any material instances of damage or loss of goods in the past, there have been limited and non-material instances where compensation was paid towards such shortages or damages.

Risks and concerns

Dependence on limited customers: It depends on a limited number of customers for a majority of its revenues, which exposes it to a risk of customer concentration. Fluctuations in the performance of the industries in which its customers operate may result in a loss of customers, a decrease in the volume of work it undertakes or the price at which it offers its services. There is no guarantee that it will retain the business of its existing customers or maintain the current level of business with each of these customers. The company’s top ten customers contributed 68.15%, 75.55%, and 81.61% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively.

High reliance on FMCG sector: The company’s reliance on particular industries for a significant portion of its sales could have an adverse effect on its business, results of operations and financial conditions. A major portion of its business comes from customers in the FMCG industry. The company’s revenue from FMCG contribution was 95.07%, 95.85%, and 72.73% in Fiscal 2026, 2025 and 2024, respectively. Any slowdown, regulatory changes, supply chain disruptions, or other adverse developments in this industry may reduce the demand for its services.

Exposure to traffic challans and regulatory enforcement: In the ordinary course of its logistics and transportation operations, its fleet of commercial vehicles may be subject to traffic challans or other violations. Such instances are inherent to the industry and are generally resolved through Lok Adalats, as and when organized by the government. Recently, it has settled certain traffic challans in Lok Adalat proceedings, while the remaining challans are in the process of being settled and are expected to be resolved in a similar manner. While no significant or uncertain liability has arisen in this regard in the Past. Further, there can be no assurance that future violations will not result in higher penalties, adverse publicity, or stricter enforcement measures. Any such developments could increase its operating costs or otherwise adversely affect its business, results of operations, and financial condition. 

Outlook

Pooja Logistics is a logistics company, engaged in temperature-controlled logistics service provider in the transportation of perishable goods across India through refrigerated trucks (reefers). It provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the FMCG sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations. On the concern side, its operations are primarily concentrated in the states of Delhi, Haryana, Maharashtra, and Uttar Pradesh. A substantial portion of its revenue, assets, and customer base is derived from these regions. Any materially adverse social, political or economic development, civil disruptions, or changes in the policies of the state/central government or state or local governments, may require a modification of its business strategy, or require it to incur significant suspend its services.

The company is coming out with a maiden IPO of 38,46,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 109 - 115 per equity share. The aggregate size of the offer is around Rs 41.92 crore to Rs 44.23 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 11.38% from Rs 14,877.10 lakh in Fiscal 2025 to Rs 16,570.10 lakh in Fiscal 2026. Profit after tax increased 11.95% from Rs 1,102.23 lakh in Fiscal 2025 to Rs 1,233.98 lakh in Fiscal 2026.

Meanwhile, it aims to adopt environmentally sustainable practices by gradually integrating electric vehicles (EVs) and incorporating CNG powered trucks into its fleet. As on date, it operates 2 electric vehicles and around 141 CNG-powered vehicles. These initiatives are expected to reduce operational emissions and align with broader industry trends in sustainable logistics. Additionally, it is in the process of digitizing various operational workflows to reduce paper usage, increase process efficiency, and enhance monitoring systems. These changes are anticipated to contribute to improved internal controls and resource utilization.