Manipal Health vs Apollo Hospitals vs Max Healthcare: Which private hospital chain leads in revenue and profitability

Manipal Health Enterprises IPO open for subcription today. The company plan to raise ₹9,275 crore from this public issue via a combination of fresh issue and an offer for sale. The company will sale over 15 crore shares with fresh issue worth ₹8,000 crore and offer-for-sale of ₹1,275 crore.

One of the leading private hospital chains of India, Manipal Health Enterprises has a pan-India network of multi-speciality hospitals. The company provides a wide range of healthcare services, starting from outpatient consultations to complex tertiary and quaternary treatments.

Manipal Health Enterprises will use IPO proceeds for investment in subsidiary to acquire additional stake in Sahyadri Hospitals Private Limited. The company will use ₹5,552.76 crore for repayment of debt and remaining funds will be used for general corporate purposes.

The company operated 49 hospitals with 13,037 licensed beds across 14 states and union territories, as of March 2026, which gives it the widest geographic presence among private hospital chains in India. It is the largest pan-India multispecialty hospital network in India by bed capacity and the second largest by the number of hospitals.

Manipal Health Enterprises IPO got off to a slow start as the issue is subscribed 4% as of 12.30 pm on Day 1. The IPO is open for subscription till Friday, July 31, 2026.

The company operates in three main regions: Karnataka, Maharashtra and Goa, along with the eastern cluster comprising West Bengal, Odisha, Jharkhand and Sikkim. As of March 31, 2026, it had 6,404 licensed beds in Karnataka, 2,188 licensed beds in Maharashtra and Goa, and 2,887 licensed beds in the eastern cluster.

In FY26, the company's network served 76.3 lakhs patients, including patients from O&M hospitals. It had 11,064 doctors available across its hospitals, supported by 11,048 nurses and 6,362 paramedics. As of March 31, 2026, 41 of its 49 hospitals were accredited by NABH, while 24 hospital laboratories were accredited by NABL.

Manipal Health Enterprises competes with other private hospital chain operated by listed companies like Apollo Hospitals Enterprise and Max Healthcare Institute.

FY26 revenue breakdown

Key notes:

• In FY26, Apollo Hospitals posted revenue of ₹25,228 crore, up 15.7% YoY which is more than double that of Manipal Health and nearly three times Max Healthcare.
• It also reported a robust 33% YoY growth in net profit to ₹2,002 crore, supported by strong operating performance.
• Manipal Health Enterprises posted the fastest revenue growth among the three hospital chains, with revenue rising 25.4% YoY to ₹10,335 crore in FY26. However, net profit declined 15% YoY to ₹916.5 crore, indicating pressure on margins despite healthy topline growth.
• Manipal Health trades at the highest P/E of 76.5x, followed by Max Healthcare (73.4x) and Apollo Hospitals (65.6x).

FY26 key operational metrics

*Apollo Hospitals disclose ARPP (Average Revenue per Inpatient)

Key insights from operational metrics

• Manipal Health has the largest hospital network and bed capacity among the three, operating 49 hospitals with 13,037 licensed beds. However, its occupancy rate of 64.4% is the lowest.
• Apollo Hospitals has the widest hospital network with 76 hospitals and 10,970 licensed beds. Its Average Revenue per Inpatient (ARPP) stood at ₹1.78 lakh in FY26.
• Max Healthcare leads on operational efficiency with 17 hospitals and 6,131 beds it generates ₹77,800 per day Average Revenue per Occupied Beds (ARPOB).

About Manipal Health Enterprises IPO

Manipal Health Enterprises IPO will open for subscription on July 29, 2026, and the closing date for the IPO is July 31, 2026. The IPO price band has been set between ₹560 and ₹590 per share, while the minimum lot size for an application is 25 shares.