NSE: NH · BSE: 539551
NARAYANA HRUDAYALAYA LTD.
Operates a multi-specialty hospital chain providing inpatient and outpatient care across India, the Cayman Islands and the UK, with the India network forming the core business. The medical and healthcare related services segment accounted for 94.1% of FY26 revenue at Rs 7,688.687 crore, alongside smaller 'Others' (4.7%) and unallocated (1.2%) streams. India runs high-end procedures such as robotic cardiac surgery and bone marrow transplants concentrated in the Bangalore cluster, while the Cayman operation includes an insurance book and the recently acquired UK business, Practice Plus, runs hospitals that are 90% NHS-funded. Employee costs are the largest disclosed expense at 22.8% of revenue, other operating expenses at 37.5% and depreciation at 5.7%. A capex pipeline of 6 projects is planned to add 1,535 beds by FY30, funded via internal accruals and debt under a cumulative capex envelope of approximately Rs 3,000 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Medical and healthcare related services (94%), Others (5%), Unallocated (1%). Asset-heavy, multi-geography hospital operator with capacity expansion underway
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,701 | 4,525 | 5,018 | 5,483 | 7,896 |
| EBITDA (ex other income) | 645 | 966 | 1,152 | 1,268 | 1,566 |
| margin % | 17.4 | 21.3 | 23.0 | 23.1 | 19.8 |
| Owners' profit | 342 | 606 | 789 | 790 | 806 |
| EPS, as reported (₹) | 16.85 | 29.85 | 38.86 | 38.90 | 39.67 |
| ROE % · ROCE % | 23.0 · 21.1 | 28.4 · 25.9 | 27.4 · 21.8 | 21.8 · 17.7 | 17.8 · 11.4 |
| Debt / equity (x) | 0.37 | 0.36 | 0.50 | 0.61 | 1.07 |
| Cash from operations | 485 | 1,085 | 1,067 | 990 | 1,618 |
| Capex | (251) | (522) | (971) | (1,074) | (875) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,400 | 1,367 | 1,475 | 1,507 | 1,644 | 2,151 | 2,594 | 2,684 |
| Profit before tax | 232 | 219 | 253 | 231 | 297 | 152 | 294 | 262 |
| Net profit | 199 | 193 | 197 | 197 | 258 | 127 | 224 | 207 |
| EPS (₹) | 9.78 | 9.50 | 9.71 | 9.68 | 12.72 | 6.24 | 11.02 | 10.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Medical and healthcare related services | 7,689 | 94.1 |
| Unallocated | 29 | 0.4 |
| Others | 386 | 4.7 |
| Add: Unallocated other income | 47 | 0.6 |
| Unallocated other income | 24 | 0.3 |
| Total, before eliminations | 8,175 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. ◆ | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.5 | 42.0 | 16 of 30 | 48% |
| P/B | 7.7 | 5.5 | 19 of 24 | 22% |
| ROCE | 9.2 | 10.9 | 18 of 30 | 41% |
| ROE | 17.8 | 11.8 | 5 of 24 | 83% |
| Debt / Equity | 1.1 | 0.2 | 23 of 24 | 4% |
| EBITDA margin | 18.8 | 22.0 | 19 of 24 | 22% |
| Revenue growth | 78.0 | 20.2 | 1 of 23 | 100% |
| Profit growth | 5.4 | 8.1 | 12 of 21 | 45% |
| Market cap | 34899 | 2462 | 4 of 30 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Narayana Hrudayalaya schedules results call for November 2 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting to approve Q2 and half-year results | results | low | — | — |
| 5 Oct 2026 · Narayana Hrudayalaya starts operations at new 110-bed Bengaluru hospital | business updates | high | — | — |
| 5 Oct 2026 · Narayana Hrudayalaya signs O&M agreement for Kolkata hospital | strategic transactions | medium | — | — |
| 5 Oct 2026 · Postal Ballot result: fee revision for Dr. Varun Shetty approved | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · GST demand of Rs 53.15 lakh on corporate guarantee to subsidiaries; company to appeal | regulatory legal | high | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · Corporate office shifted to Electronics City, Bengaluru | general | low | — | — |
| 5 Sept 2026 · Newspaper Publication of Postal Ballot Notice | compliance | minimal | — | — |
| 4 Sept 2026 · Postal Ballot: Revise professional fee of related-party surgeon Dr Varun Shetty to Rs 4.80 crore | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.