Manipal Health Enterprises Limited IPO

A substantial number of its hospitals are located in Karnataka. The company derived 49.55%, 51.55%, 59.98%, and 66.61% of the company's revenue from operations in the six months ended September 30, 2025 and in Fiscals 2025, 2024 and 2023, respectively, from its hospitals in Karnataka. Any loss of business or disruption in the operations of these hospitals or geopolitical or policy changes in Karnataka could have a material adverse effect on the company's business, financial condition, results of operations, cash flows and prospects.

The company primarily generate revenue by providing inpatient care at the company's hospitals. Any inability to maintain or improve its admissions and hospital occupancy rates could adversely affect the company's business, financial condition, results of operations, cash flows and prospects.

The company deriveds 64.08%, 62.56%, 61.55% and 60.25% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences ("CONGO-R") specialties in the six months ended September 30, 2025 and in Fiscals 2025, 2024 and 2023, respectively, and any negative changes in the demand for these specialties could adversely impact the company's business, results of operations and financial condition.

The company is exposed to legal claims and regulatory actions arising from the provision of healthcare services and may be subject to liabilities arising from operational and equipment-related risks, which could materially and adversely affect its reputation, financial position, and results of operations. Further, quarantines and sterilizations could limit the operations of hospitals and result in reputational damage.

The company may be subject to claims arising from alleged medical negligence by its doctors and other healthcare professionals, which could materially and adversely affect the company's reputation and business.

Acquisitions, strategic investments, partnerships or alliances may be difficult to identify, acquire and integrate, and may adversely affect its business, financial condition, results of operations, cash flows and prospects.

Any failures to maintain and enhance its brand and reputation, and any negative publicity and allegations in the media against the company, may adversely affect the level of trust in its services and market recognition, which could have an adverse impact on the company's business, financial condition, results of operations, cash flows and prospects.

The company is requireds to obtain, renew and maintain statutory and regulatory permits, licenses and accreditations and comply with prescribed quality standards. Any regulatory changes or violations of such rules and regulations, or failures to obtain or renew approvals, licenses, registrations and permits to operate our business or comply with prescribed quality standards in a timely manner, or at all, may adversely affect its business, financial condition, results of operations, cash flows and prospects.

The company may experience delays in construction or commencement of operations at new hospitals that the company builds, and the company may be unsuccessful in developing other facilities in the future, in a timely manner or at all, which may have an adverse effect on its growth, business, financial condition, results of operations, cash flows and prospects.

There are outstanding proceedings against the Company, Promoters, Directors, Subsidiaries, Key Managerial Personnel and Senior Management. An adverse outcome in any of these proceedings may adversely affect its business, reputation, brand, financial condition, results of operations, cash flows and prospects.