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.
