Manipal Health share price target: What JPMorgan, UBS, BNP Paribas, others say 

A handful of global brokerages initiated coverage on Manipal Health Enterprises Ltd with either 'Neutral' or 'Buy' rating on the stock.

JPMorgan's Bansi Desai suggested a 'Neutral' and a target of Rs 800 on the stock, valuing the stock in line with Apollo Hospitals Ltd and at 10-15 per cent discount to Max Healthcare. BNP Paribas' Tausif Shaikh also suggested 'Neutral' but a lower target of Rs 720 apiece on Manipal Health. Jefferies' Alok Dalal suggested 'Buy' and a target of Rs 870. Goldman Sachs' Shyam Srinivasan' also suggested a 'Buy' and a target of Rs 865.

JPMorgan's Desai expects revenue for Manipal Health to growth a 15 per cent annualised until March 2029, led by acquired hospitals and about 2,600 planned bed additions by 2030. It said the acquisition of Sahyadri Hospitals may weigh on return on capital in the near term, making its integration and ramp-up the main test for investor confidence.

Manipal Hospitals (Manipal) is the third-largest hospital chain with leading operational and financial metrics. Diversified geographical presence, only hospital with leadership in three Metros, strong track record of turning
around acquisitions and a healthy mix of greenfield expansion positions it well to achieve 17 per cent revenue growth and 19 per cent  Ebitda growth over FY26-29, Jefferies said.

Key near-term triggers for Manipal Health are improved profitability from Sahyadri, scale up of existing beds and timely new bed additions. Key risks included patchy execution leading to lower profitability improvement in Sahyadri and increased competitive pressures in Bengaluru.

Over FY26-30, Manipal plans to add 2,426 beds, 26 per cent of the current capacity. Out of this, 1,943 beds or about 80 per cent are greenfield and 483 are brownfield.

"Greenfield expansion is anchored in markets where Manipal already operates such as Karnataka and Maharashtra to enable a faster ramp-up while brownfield additions are in top 3 existing markets. Expansion will further strengthen Manipal's competitive edge in its key markets," Jefferies said.