View & Valuation: Manipal Health Enterprises (MHEL) is the largest multi-specialty healthcare provider by bed capacity in India with leadership position in key metro cities. It has a strong track record of successful strategic acquisitions which enable scale, drive operating leverage, expand geographical reach and reinforce competitive positioning. Over FY26-30, MHEL plans to add 2,426 additional beds through greenfield (1,943) and brownfield (483) expansion. Additionally, margin expansion driven by integration of Sahyadri Group and reduction in interest cost aided by debt pre-payment (69% of IPO proceeds) would aid in profitability. At upper price band of Rs 590, the issue is valued at an EV/EBITDA of 29.4x based on FY26 PROFORMA earnings on a post-issue basis, which is fairly valued against industry peers. We recommend investors to SUBSCRIBE to the issue for longterm investment horizon.
