Press release for the quarter and year ended March 31 2026
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Narayana Hrudayalaya reported strong Q4 FY26 revenue of ₹25,938 Mn (up 75.8% YoY) driven by organic growth and the UK acquisition (Practice Plus Group, acquired November 2025). Full-year FY26 revenue reached ₹78,960 Mn with 44% YoY growth. Adjusted EBITDA grew 31% to ₹17,928 Mn, though EBITDA margins compressed from 25% to 22.7% for FY26, and from 26.1% to 20.8% in Q4, reflecting acquisition-related costs and integration expenses. The UK business contributed ₹12,992 Mn revenue in just under two quarters of ownership. Net debt stood at ₹22,397 Mn with a debt-to-equity ratio of 0.49. One-time costs of ₹760 Mn (acquisition) and ₹510 Mn (new labor code) impacted reported profits.
Revenue growth is strong across all geographies, but margin compression from the UK acquisition integration and one-time costs may concern investors focused on profitability. The stock could see mixed reaction given solid top-line growth offset by lower margins.