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Manipal Hospitals

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Manipal Hospitals
TypePublic
BSE: 544847
NSE: MANIPALHOS
IndustryHealthcare
Founded1953; 73 years ago (1953)
FounderT. M. A. Pai
HeadquartersBengaluru, Karnataka, India
Number of locations
49 (2026)
Key people
ProductsHospitals, Pharmacy, Diagnostic centres
RevenueIncrease ₹10,335 crore (US$1.1 billion) (FY26)[2]
Increase ₹2,611 crore (US$270 million) (FY26)[2]
Decrease ₹916 crore (US$95 million) (FY26)[2]
Owners
Websitewww.manipalhospitals.com

Manipal Health Enterprises Limited, commonly known as Manipal Hospitals,[4] is an Indian for-profit private hospital network headquartered in Bengaluru. As of 2026, Manipal Hospitals is the largest healthcare provider in India in terms of bed capacity, with over 13,000 beds across 49 hospitals.[2]

Manipal Hospitals trace their origins to the Kasturba Medical College in Manipal, founded by T. M. A. Pai in 1953.[5] The hospitals are part of the Manipal Education and Medical Group.[6]

History

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In 1953, T. M. A. Pai founded Kasturba Medical College in Manipal, operating as a public-private partnership utilizing the government hospitals in Mangaluru. Dr. Pai was an Indian doctor, educationist, and philanthropist who was awarded the Padma Shri by the Government of India in 1972.[7]

The first branch of Manipal Hospitals was established in Old Airport Road, Bengaluru in 1991. This branch is a 600-bed quaternary care facility that houses over 60 specialties. In 1997, it established a 251-bed tertiary care hospital named KMC Hospital, Mangaluru, a teaching hospital for Kasturba Medical College, Mangaluru.[8]

In 2012, Manipal Hospitals raised US$100 million from True North (India Value Fund Advisors).[9] In 2015, TPG acquired a minority stake in Manipal Hospitals for US$146 million.[10] In 2017, Temasek Holdings acquired True North's 16% stake in Manipal Hospitals at a valuation of US$1 billion.[11]

In 2014, Manipal Hospitals acquired the SK Soni Hospital in Jaipur, marking its entry into North India.[12]

In November 2020, Manipal Hospitals acquired Columbia Asia's 11 operational hospitals in India and 1 under-construction hospital for ₹2,100 crore.[13][14][1] All Columbia Asia hospitals were later rebranded as Manipal Hospitals.[15]

In April 2021, state-owned National Investment and Infrastructure Fund took a minority ownership stake in Manipal Hospitals.[16] Later that month, Manipal Hospitals announced the sale of its only hospital outside India, Manipal Hospital Klang in Malaysia, to Ramsay Sime Darby Health Care for ₹700 crore (US$94.47 million).[17]

In June 2021, Manipal Hospitals acquired Vikram Hospital in Bengaluru for ₹350 crore.[18] In April 2022, Manipal Hospitals subsidiary Manipal HealthMap acquired a majority stake in diagnostics company Medcis PathLabs.[19]

In 2023, Temasek Holdings acquired a 41% stake in Manipal Hospitals for about ₹16,000 crore (US$2 billion), increasing its shareholding to 59% and becoming the controlling stakeholder in the hospital chain. The acquisition valued the hospital chain at around ₹40,000 crore (US$5 billion).[20] Temasek later sold an 8% stake to Mubadala, Novo Holdings A/S, CalPERS, and Brunei Investment Agency.[21]

In September 2023, Manipal Hospitals acquired an 84% controlling stake in AMRI Hospitals for ₹2,300 crore (approximately US$280 million).[22][23] In April 2024, Manipal Hospitals acquired 87% stake in Medica Synergie Hospitals for ₹1,400 crore.[24] In July 2025, Manipal Health acquired a majority stake in Sahyadri Hospitals from Canada's Ontario Teachers' Pension Plan for ₹6,400 crore (approximately US$775 million).[25][26]

In 2026, Manipal Hospitals conducted its IPO, with a total issue size of ₹9,275 crore, of which ₹5,552 crore was used to repay outstanding debt.[2] Shares were listed on the BSE and NSE on 5 August 2026.[27]

Financials

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Year[2]FY2023FY2024FY2025FY2026
Revenue (₹ cr)4,8396,1718,24310,335
EBITDA (₹ cr)1,2711,6832,1262,611
Net income (₹ cr)4435331,081916

Controversies

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In April 2024, the Government of Rajasthan suspended the organ transplant licenses of three hospitals in Jaipur, namely Fortis Escorts Hospital, Eternal Heart Care Center, and Manipal Hospital Jaipur, over their suspected involvement in illegal organ transplants using fake no-objection certificates (NOCs).[28] According to the investigation, 184 organ transplants in 2023 were conducted by obtaining fake NOCs in collusion with an official at the state-run Sawai Man Singh Hospital, including 98 cases in Fortis, 37 in EHCC, and 49 in Manipal Hospital.[29]

See also

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References

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  1. 1 2 Nair, Geeta (16 August 2022). "Manipal Hospitals expands footprint with new facility in Pune". Financial Express. Retrieved 26 November 2022.
  2. 1 2 3 4 5 6 "Manipal Health Enterprises" (PDF). ICICI. 28 July 2026.
  3. ↑ "State-Owned Investors Flock to Indian Hospital Chain IPO, and Temasek Reaps the Rewards". Global SWF. Retrieved 31 August 2026.
  4. ↑ Bell, Jamie (10 December 2024). "Manipal Hospitals successfully performs eastern India's first AI-powered wireless pacemaker insertion". Cardiac Rhythm News. Retrieved 16 December 2024.
  5. ↑ "Forbes India - How Ranjan Pai Is Striving To Make Manipal Hospitals India's Biggest Health Care Player". Forbes India. Retrieved 29 May 2022.
  6. ↑ Vinayak, A. J. (18 July 2021). "Manipal Hospitals: Big buys, big league". The Hindu Business Line. Retrieved 13 November 2022.
  7. ↑ "The Education Barons Of Manipal". Businessworld. Retrieved 14 November 2022.
  8. ↑ "Hospital | Kasturba Medical College, Mangalore - Manipal Academy of Higher Education". manipal.edu.
  9. ↑ Joseph Tejaswi, Mini (28 November 2012). "Manipal Hospitals raises $100 million". The Times of India. Retrieved 12 August 2026.
  10. ↑ "TPG invests Rs 900cr in Manipal Health". The Times of India. 27 February 2015. Retrieved 12 August 2026.
  11. ↑ Kurian, Boby (18 September 2017). "Temasek buys Rs 1k-cr Manipal stake". The Times of India. Retrieved 12 August 2026.
  12. ↑ Abrar, Peerzada (18 February 2014). "Manipal Health Enterprises acquires Rajasthan's S K Soni Hospital". The Economic Times. Retrieved 12 August 2026.
  13. ↑ "Manipal Hospitals completes acquisition of Columbia Asia". The Hindu. 30 April 2021. ISSN 0971-751X. Retrieved 29 October 2021.
  14. ↑ "Manipal takes over Columbia Asia, emerges second largest healthcare chain". The Economic Times.
  15. ↑ "Columbia Asia rebranded as Manipal Hospitals". The Times of India. 19 November 2021. Retrieved 3 February 2023.
  16. ↑ "NIIFL to invest Rs 2100 crore in Manipal Hospitals". The News Minute. 2 April 2021. Retrieved 29 October 2026.
  17. ↑ "Manipal Health sells its Malaysian hospital to Ramsay Sime Darby Healthcare". The Economic Times. 10 April 2021. Retrieved 3 February 2023.
  18. ↑ "Manipal Hospitals acquires Vikram Hospital for ₹350 crore". The Hindu. 3 June 2021.
  19. ↑ "Manipal Hospitals group acquires Hyderabad-based Medcis PathLabs". Moneycontrol. Retrieved 13 November 2022.
  20. ↑ "Singapore's Temasek buys majority stake in Manipal Hospitals for $2 billion". Economic Times. 8 April 2023. Retrieved 8 April 2023.
  21. ↑ "Temasek sells 8% stake in Manipal Health to Mubadala, others". Mint. Retrieved 17 June 2024.
  22. ↑ "Manipal Hospitals acquire 84% stake in Emami Group's firm AMRI Hospitals for Rs 2300 cr". CNBC TV18. 21 September 2023. Retrieved 2 December 2023.
  23. ↑ Das, Sohini (13 October 2022). "Manipal Health may launch IPO after deal to buy AMRI Hospitals". Business Standard. Retrieved 13 November 2022.
  24. ↑ "Manipal Hospitals acquires majority stake in Medica Synergie". The Hindu. 29 April 2024.
  25. ↑ "Ontario Teachers' announces sale of Sahyadri Hospitals". Ontario Teachers' Pension Plan. Mumbai. 9 July 2025. Archived from the original on 10 July 2025. Retrieved 9 July 2025.
  26. ↑ Bhalla, Mohit; Balakrishnan, Reghu (10 July 2025). "Manipal Health buys Sahyadri Hospitals for Rs 6,400 crore". The Economic Times. Archived from the original on 10 July 2025. Retrieved 10 July 2025.
  27. ↑ "India's Manipal Health jumps on market debut, valuing hospital chain at $9 billion". Reuters. 5 August 2026. Retrieved 31 August 2026.
  28. ↑ "Manipal Hospital's registration for organ transplant suspended". The Times of India. 25 April 2024. Retrieved 25 October 2026.
  29. ↑ Sengupta, Senjuti; Dhankhar, Leena; Karmakar, Debashish (3 May 2024). "3 Raj hospitals under lens for 184 illegal organ transplants last year". Hindustan Times. Retrieved 25 October 2026.
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