India Hospitals: Watch for competition from Manipal

Research evidence excerpt

India Hospitals: Watch for competition from Manipal

30 June 2026

India Hospitals EquitiesHealth Care Providers &

Services

Watch for competition from Manipal India

◆ Manipal, the largest private hospital chain in India, prepares Damayanti Kerai*

for an IPO; we compare our key covered names against it Analyst,HSBC SecuritiesIndia Healthcareand Capital Markets (India) Private

Limited

◆ We expect our covered hospitals will continue to see higher damayantikerai@hsbc.co.in

+91 88 7933 5196

competition from Manipal for doctors, especially in Delhi-NCR

Bhavya Gandhi*

Associate, Equity Research

◆ We prefer Fortis Healthcare and Apollo Hospitals among HSBC Securities and Capital Markets (India) Private

covered hospitals; both are Buy-rated bhavya.gandhi@hsbc.co.in

+91 22 40891593

Manipal prepares for IPO: Singapore's Temasek Holdings-backed Manipal Hospitals is

preparing for an IPO to raise over USD1bn (Bloomberg, 14 May 2026). Manipal is the * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

largest private hospital chain in India, with over 12,000 beds and dominant positioning in

Bengaluru, Pune, and Kolkata markets. It has scaled up significantly through M&A. It

added over 5,000 beds in 2021-25, including Columbia Asia (1,300 beds), Vikram

Hospital (250), AMRI (1,200), Medica Synergie (1,000), and Sahyadri (1,400); see

exhibit 3. Reflecting scale from M&A, Manipal’s annualized pro forma revenue and

EBITDA expanded at CAGRs of 30% and 28.9%, respectively, over FY23-26.

Watch for competition: Manipal’s run-up to IPO has intensified competition for key

clinical talent, especially in the Delhi-NCR market, where we saw movement of top

doctors across the industry.