An exhaust system for a use with a combustion engine is provided. The exhaust system may have a first exhaust manifold configured to receive exhaust from the engine, and at least one turbocharger driven by exhaust from the first exhaust manifold. The exhaust system may also have a second exhaust manifold configured to receive exhaust from the engine in parallel with the first exhaust manifold, and at least two turbochargers driven by exhaust from the second exhaust manifold. The exhaust manifold may further have an exhaust gas recirculation circuit in fluid communication with only the first exhaust manifold. A number of turbochargers that receives exhaust from the first exhaust manifold may be less than a number of turbochargers that receives exhaust from the second exhaust manifold.