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Narayana Hrudayalaya Q2 FY27 results: net profit up 16.5% to ₹301.15 crore, revenue up 73.0%
Narayana Hrudayalaya Ltd. reported consolidated revenue of ₹2,844 crore and a net profit of ₹301.15 crore for Q2 FY27, with revenue up 73.0% year on year and profit up 16.5%. EBITDA was ₹553.87 crore, while the EBITDA margin declined to 19.5% from 24.5% a year earlier but improved from 17.5% in Q1 FY27.
Key points
- Consolidated revenue was ₹2,844 crore in Q2 FY27, up 73.0% from ₹1,644 crore in Q2 FY26 and 6.0% from ₹2,684 crore in Q1 FY27.
- Consolidated EBITDA was ₹553.87 crore, up 37.6% from ₹402.50 crore a year earlier and 17.9% from ₹469.70 crore in Q1 FY27.
- EBITDA margin was 19.5%, down 5.0 percentage points from Q2 FY26 but up 2.0 percentage points from Q1 FY27.
- Net profit was ₹301.15 crore, up 16.5% from ₹258.50 crore in Q2 FY26 and 45.3% from ₹207.27 crore in Q1 FY27.
- Basic EPS was ₹14.82, up 16.5% from ₹12.72 a year earlier and from ₹10.20 in Q1 FY27.
How did Narayana Hrudayalaya perform in Q2 FY27?
Narayana Hrudayalaya’s consolidated revenue for Q2 FY27 was ₹2,844 crore, up 73.0% from ₹1,644 crore in Q2 FY26 and 6.0% from ₹2,684 crore in Q1 FY27. Total income was ₹2,895.53 crore, against ₹1,667.78 crore a year earlier and ₹2,719.11 crore in the previous quarter. The quarter ended on 30 September 2026.
Consolidated EBITDA was ₹553.87 crore, up 37.6% from ₹402.50 crore in Q2 FY26 and 17.9% from ₹469.70 crore in Q1 FY27. EBITDA margin was 19.5%, compared with 24.5% a year earlier and 17.5% in the previous quarter. The margin was 5.0 percentage points lower year on year but 2.0 percentage points higher sequentially.
Profit before tax was ₹343.35 crore, compared with ₹296.76 crore in Q2 FY26 and ₹262.30 crore in Q1 FY27. Net profit was ₹301.15 crore, up 16.5% from ₹258.50 crore a year earlier and 45.3% from ₹207.27 crore in the previous quarter. Basic EPS was ₹14.82, against ₹12.72 and ₹10.20, respectively.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,844 | 2,684 | 1,644 | +73.0% | +6.0% |
| Other income | 51.54 | 35.48 | 23.99 | +114.8% | +45.3% |
| Total expenses | 2,550 | 2,457 | 1,371 | +86.0% | +3.8% |
| EBITDA | 553.87 | 469.70 | 402.50 | +37.6% | +17.9% |
| EBITDA margin | 19.5% | 17.5% | 24.5% | −5.0 pp | +2.0 pp |
| Profit before tax | 343.35 | 262.30 | 296.76 | +15.7% | +30.9% |
| Tax | 42.19 | 53.12 | 37.19 | +13.4% | −20.6% |
| Net profit | 301.15 | 207.27 | 258.50 | +16.5% | +45.3% |
| EPS (₹) | 14.82 | 10.20 | 12.72 | +16.5% | +45.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Narayana Hrudayalaya's costs and profit?
Total expenses were ₹2,550 crore in Q2 FY27, up 86.0% from ₹1,371 crore in Q2 FY26 and 3.8% from ₹2,457 crore in Q1 FY27. Employee cost rose by ₹436.78 crore year on year to ₹735.87 crore, finance costs increased by ₹54.46 crore to ₹96.72 crore, depreciation rose by ₹75.47 crore to ₹162.95 crore, and other expenses increased by ₹386.63 crore to ₹1,007 crore.
Other income was ₹51.54 crore in Q2 FY27, up ₹27.55 crore from ₹23.99 crore in Q2 FY26 and ₹16.06 crore from ₹35.48 crore in Q1 FY27. The quarter included an exceptional charge of ₹2.40 crore, while the year-ago and previous quarters had no exceptional item. Tax expense was ₹42.19 crore, up ₹5 crore from ₹37.19 crore a year earlier but down ₹10.93 crore from ₹53.12 crore in Q1 FY27.
Management said India Q2 margin exceeded 26%, with 4% volume growth and 1.8% cost improvement aiding operating leverage. Management also said insurance and clinic losses fell to about ₹22 crore from ₹36 crore, although break-even remained unscheduled.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 735.87 | 299.09 | +436.78 | +146.0% |
| Finance costs | 96.72 | 42.26 | +54.46 | +128.9% |
| Depreciation | 162.95 | 87.48 | +75.47 | +86.3% |
| Other expenses | 1,007 | 619.97 | +386.63 | +62.4% |
| Total expenses | 2,550 | 1,371 | +1,179 | +86.0% |
| Other income | 51.54 | 23.99 | +27.55 | +114.8% |
| Tax | 42.19 | 37.19 | +5 | +13.4% |
| Exceptional items | −2.40 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹5,527.62 crore, up 75.4% from ₹3,151.06 crore in H1 FY26. Total income was ₹5,614.64 crore, compared with ₹3,198.84 crore, while profit before tax was ₹603.73 crore, up 14.3% from ₹528.03 crore.
H1 FY27 net profit was ₹508.42 crore, up 11.7% from ₹455.20 crore in H1 FY26, and basic EPS was ₹25.02 against ₹22.40. On a standalone basis, H1 FY27 profit before tax was ₹4,069.43 crore and net profit was ₹3,134.81 crore, compared with ₹2,885.68 crore and ₹2,252.51 crore respectively in H1 FY26; standalone basic EPS was ₹15.44 against ₹11.09.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,528 | 3,151 | +75.4% |
| Profit before tax | 603.73 | 528.03 | +14.3% |
| Net profit | 508.42 | 455.20 | +11.7% |
| EPS (₹) | 25.02 | 22.40 | +11.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹13,367.36 crore, compared with ₹12,474.40 crore at 31 March 2026. Total equity was ₹5,005.42 crore against ₹4,539.52 crore, borrowings were ₹4,964.79 crore compared with ₹4,866.05 crore, and cash was ₹497.11 crore against ₹770.07 crore. Inventories were ₹167.06 crore, trade receivables ₹961.87 crore, and trade payables ₹1,198.46 crore.
H1 FY27 operating cash flow was ₹972.82 crore, compared with ₹692.43 crore in H1 FY26. Investing cash flow was negative ₹1,019.83 crore against negative ₹523.70 crore, financing cash flow was negative ₹220.75 crore against negative ₹211.33 crore, and capital expenditure was ₹379.21 crore compared with ₹276.32 crore. The company’s investor presentation reported consolidated total borrowings less cash, bank balances and investments of ₹18,830 million as on 30 September 2026, with a net debt-to-equity ratio of 0.38.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 13,367 | 12,474 |
| Total equity | 5,005 | 4,540 |
| Borrowings | 4,965 | 4,866 |
| Cash and equivalents | 497.11 | 770.07 |
| Inventories | 167.06 | 154.53 |
| Trade receivables | 961.87 | 655.66 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 972.82 | 692.43 |
| Cash from investing | −1,020 | −523.70 |
| Cash from financing | −220.75 | −211.33 |
| Capital expenditure | 379.21 | 276.32 |
Source: Company's results filing (XBRL).
How has Narayana Hrudayalaya done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis. It increased from ₹1,366.68 crore in Q3 FY25 to a high of ₹2,843.99 crore in Q2 FY27. Profit after tax reached its low of ₹126.78 crore in Q3 FY26 before rising to ₹301.15 crore in Q2 FY27, while the highest quarterly profit in the period was ₹301.15 crore.
EBITDA margin peaked at 24.5% in Q2 FY26 and fell to 17.1% in Q3 FY26. It then recovered from 19.7% in Q4 FY26 to 19.5% in Q2 FY27, after standing at 17.5% in Q1 FY27. Profit after tax also rose year on year in each of the last three quarters.
Which businesses drove the quarter?
Medical and healthcare related services generated revenue of ₹2,686.43 crore in Q2 FY27, up 66.9% from ₹1,609.86 crore in Q2 FY26. EBIT was ₹424.29 crore, compared with ₹330.39 crore, and the reported EBIT margin was 15.8%.
The Others segment reported revenue of ₹173.90 crore, up 105.8% from ₹84.48 crore in the year-ago quarter. It recorded an EBIT loss of ₹35.77 crore against a loss of ₹16.48 crore, with an EBIT margin of negative 20.6%. Unallocated other income was ₹51.54 crore, with EBIT of ₹51.54 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Medical and healthcare related services | 2,686 | +66.9% | 424.29 | 15.8% |
| Others | 173.90 | +105.8% | −35.77 | -20.6% |
| Unallocated other income | 51.54 | 51.54 | 100.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the limited review report reviewed by the Audit Committee. The board also approved and recommended to members the appointment of B S R & Co. LLP as statutory auditors for five consecutive years, subject to shareholder approval at the 27th Annual General Meeting in 2027. The same-day investor presentation reported consolidated operating revenue growth of 73.0% year on year and 6.0% sequentially.
What did Narayana Hrudayalaya's management say?
Management said it expected stronger inpatient and outpatient footfalls in Q3-Q4 FY27 and intended to sustain current margin levels rather than target a specific margin. It said non-NHS sources in the UK were expected to grow over the next few quarters, although no recovery date was provided, and that UK digital-platform certifications were expected within 4-5 months, followed by ASMA implementation.
Management identified oncology price caps from 9 November as a risk to realisations, with the impact not yet quantifiable. It also flagged NHS contracting volatility, slower conversion of private-pay channels in the UK, separation diseconomies, cybersecurity exposure and continued insurance cash burn. Board member Ravi Vishwanath said: “I think neither we will give up on insurance, nor we will pursue this at any cost.”
How did Narayana Hrudayalaya shares react?
The filing was released after market hours. The stock was up 0.1% after five minutes, down 0.4% after 15 minutes, and up 0.3% after 30 minutes. On the reaction day, it closed up 7.0% from the previous close of ₹1,751.00; by the next day’s close, it was up 8.9% from that pre-results close. The Hospital industry median was up 0.9% on the reaction day and 1.5% by the next day’s close, leaving Narayana Hrudayalaya ahead by 6.1 percentage points and 7.4 percentage points, respectively.
Earlier results-day reactions were mixed: the stock fell 5.4% on 31 July 2026, rose 4.7% on 22 May 2026 and 0.7% on 13 February 2026, and rose 15.0% on 14 November 2025. It fell 5.5% on 1 August 2025, rose 2.9% on 23 May 2025, was unchanged on 14 February 2025, and fell 4.4% on 31 October 2024.
| After the filing | Stock | Hospital median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | −0.4% | |
| 30 minutes | +0.3% | |
| Reaction day | +7.0% | +0.9% |
| Next day | +8.9% | +1.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2026 | −5.4% |
| 22 May 2026 | +4.7% |
| 13 February 2026 | +0.7% |
| 14 November 2025 | +15.0% |
| 1 August 2025 | −5.5% |
| 23 May 2025 | +2.9% |
| 14 February 2025 | +0.0% |
| 31 October 2024 | −4.4% |
Source: MarketPing price-reaction measurement.
How did other Hospital companies do?
Thirteen other Hospital companies had filed for the quarter by 4 November 2026. Their median revenue growth was 20.8%, below Narayana Hrudayalaya’s 73.0% growth for Q2 FY27. Twelve peers grew revenue more slowly than the company, while one grew faster.
Of the 11 peers for which profit was compared, eight reported higher profit. The peer figures therefore show that Narayana Hrudayalaya’s revenue growth was above the industry median, while most peers also reported year-on-year profit growth.
| Narayana Hrudayalaya revenue growth (YoY) | +73.0% |
|---|---|
| Median of 13 other Hospital companies | +20.8% |
| Companies with slower revenue growth than Narayana Hrudayalaya | 12 of 13 |
| Companies with faster revenue growth than Narayana Hrudayalaya | 1 of 13 |
| Companies whose net profit rose | 8 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Narayana Hrudayalaya's revenue in Q2 FY27?
Revenue from operations was ₹2,844 crore, up 73.0% from ₹1,644 crore in Q2 FY26 (consolidated).
Did Narayana Hrudayalaya make a profit in Q2 FY27?
Yes. Net profit was ₹301.15 crore, against a net profit of ₹258.50 crore in Q2 FY26.
What was Narayana Hrudayalaya's EPS in Q2 FY27?
Basic earnings per share were ₹14.82, against ₹12.72 in Q2 FY26.
How did Narayana Hrudayalaya shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.0% from the previous close; the median Hospital stock moved +0.9%.
When did Narayana Hrudayalaya announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Un-Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 30 October 2026) · PDF
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 30 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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