Manipal Health repays ₹5,310 crore debt using IPO proceeds

Manipal Hospital in Bengaluru | Photo Credit: Reuters Manipal Health Enterprises Limited has fully repaid a ₹5,310 crore debt raised through non-convertible debentures (NCDs) by its wholly owned subsidiary, Manipal Hospitals Private Limited, as part of its post-listing financial strategy.The hospital chain on Friday said it has redeemed the entire outstanding listed NCDs issued by Manipal Hospitals, including the principal amount, accrued interest and applicable prepayment charges.The repayment was funded through proceeds from the company’s initial public offering (IPO), through which Manipal Health raised ₹8,000 crore by issuing fresh shares to public investors and institutional investors. According to the company, ₹5,310 crore of the IPO proceeds was earmarked for debt repayment, in line with the objectives disclosed in its IPO prospectus dated July 31, 2026.The debt reduction is expected to lower the company’s interest burden, improve its leverage position and provide greater financial flexibility for future expansion and investments in capacity, technology and healthcare infrastructure.“The full redemption of ₹5,310 crore of NCDs is an important milestone in our post-listing journey. By deploying IPO proceeds towards debt repayment as planned, we are strengthening our balance sheet, reducing our interest burden and creating greater financial headroom to support our growth plans,” said Sameer Agarwal, Chief Financial Officer, Manipal Health Enterprises.The company said the move reflects its focus on disciplined capital allocation and is aimed at supporting profitable growth, operational efficiency and long-term expansion plans.The debt repayment announcement comes after Manipal Health reported a strong performance in the first quarter of FY27. The company’s revenue rose 38.1% year-on-year to ₹3,091 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 26.4% to ₹749 crore. Profit after tax stood at ₹243 crore, while adjusted PAT grew 30.9% to ₹332 crore during the quarter. Published - September 18, 2026 07:42 pm IST