Their target prices range from ₹800 to ₹870, with Jefferies having the highest target among the four at ₹870. Based on Wednesday’s closing price of ₹729.95, the brokerage targets imply upside ranging from around 9.6% to 19.2%.
Goldman Sachs, Jefferies positive on Manipal
Goldman Sachs initiated coverage with a Buy rating and a target price of ₹865, implying an upside potential of around 18.5% upside from Wednesday’s close.
The brokerage expects Manipal to deliver top-quartile topline growth, with revenue growing at a Compounded Annual Growth Rate (CAGR) of more than 20% over financial year 2026-2029, driven by a ramp-up of new hospitals and improvement in the base business mix.
Goldman Sachs also expects Manipal’s industry-leading core margins to improve further. Ex-Sahyadri, Manipal’s EBITDA margin in financial year 2026 stood at 26.3%, with volume momentum and operating leverage providing room for expansion.
The brokerage highlighted Manipal’s track record of turning around acquired hospitals, noting that it has acquired more than 5,500 beds over the past five to six years.
Jefferies also initiated coverage with a Buy rating and a target price of ₹870 on September 10, implying around 19.2% upside from Wednesday’s close.
UBS, JPMorgan see limited valuation upside
UBS initiated coverage on Manipal Hospitals with a Neutral rating and a target price of ₹850 on September 9, implying around 16.4% upside from Wednesday’s close.
UBS forecasts 19% revenue CAGR and 20% EBITDA CAGR over financial year 2026-2030 and sees potential upside from a faster-than-expected turnaround at Sahyadri and quicker ramp-up of new facilities in Bengaluru.
However, the brokerage said acquisition-led growth has resulted in lower ROIC compared with industry leaders, which could limit further re-rating of its multiples.
UBS noted that Manipal trades at around 28x one-year forward Enterprise Value / EBITDA, compared to 24x for its large hospital peer group, and believes much of the growth is already reflected in the current valuation.
JPMorgan initiated coverage with a Neutral rating and a target price of ₹800 on September 9, implying an upside potential of 9.6% from Wednesday’s close.
The brokerage said growth is supported by steady volumes, ARPOB-led expansion, the ramp-up of acquired assets and capacity additions of around 2,600 beds by FY30.
However, return ratios remain in the high single digits, reflecting the acquisition-heavy growth mix and the time required to integrate and scale the recently acquired Sahyadri business.
JPMorgan said its Neutral stance is driven by valuations, with the stock trading at around 27x / 22x FY28 / 29 EV/EBITDA, on a minority-adjusted basis, as well as the need for clearer evidence of Sahyadri execution.
Analyst consensus and stock reaction
Newly-listed Manipal Hospitals is tracked by seven analysts, four of which have a “buy” rating and the other three have a “hold” rating. The stock does not have any “sell” rating from analysts who track it.
Among the latest brokerage calls, Jefferies has the highest target at ₹870, followed by Goldman Sachs at ₹865, UBS at ₹850 and JPMorgan at ₹800.
Shares of Manipal Hospitals are off the highs of the day, currently trading 1.3% higher at ₹739.45.
Also read: Ather Energy share price target raised by Nomura on faster EV adoption; Stock extends record run
