Why Jefferies is bullish on Manipal Hospitals after its ₹9,000 crore acquisition spree

Manipal Hospitals’ acquisition-led expansion is entering a key phase, with Jefferies initiating coverage with a Buy rating and Rs 870 target. The brokerage expects strong earnings growth, driven by the turnaround of Sahyadri Hospitals, new bed additions, higher utilisation and operating leverage. However, execution risks at Sahyadri and intensifying competition in Bengaluru remain key concerns for the investment case.