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Narayana Hrudayalaya Q4 FY26 results: net profit up 13.5% to ₹223.99 crore, revenue up 75.8%
Narayana Hrudayalaya Ltd. reported consolidated Q4 FY26 revenue of ₹2,594 crore, up 75.8% from Q4 FY25 and 20.6% from Q3 FY26. Net profit was ₹223.99 crore, up 13.5% year on year and 76.7% sequentially, while EBITDA margin was 19.7%, compared with 24.2% a year earlier and 17.1% in the previous quarter.
Key points
- Consolidated Q4 FY26 revenue was ₹2,594 crore, up 75.8% from ₹1,475 crore in Q4 FY25 and 20.6% from ₹2,151 crore in Q3 FY26.
- EBITDA was ₹509.98 crore, up 42.6% year on year and 38.9% sequentially; EBITDA margin was 19.7%.
- Net profit was ₹223.99 crore, compared with ₹197.29 crore in Q4 FY25 and ₹126.78 crore in Q3 FY26; basic EPS was ₹11.02.
- For FY26, revenue was ₹7,896.03 crore, up 44.0%, while net profit was ₹805.98 crore, up 1.9%, and basic EPS was ₹39.67.
- The board recommended a final dividend of ₹4.50 per share and resolved to seek approval for debt securities of up to ₹1,500 crore.
How did Narayana Hrudayalaya perform in Q4 FY26?
Narayana Hrudayalaya reported consolidated revenue of ₹2,594 crore for Q4 FY26, up ₹1,118 crore or 75.8% from ₹1,475 crore in Q4 FY25. Revenue also rose ₹442.64 crore or 20.6% from ₹2,151 crore in Q3 FY26. EBITDA was ₹509.98 crore, up 42.6% year on year and 38.9% sequentially, while EBITDA margin was 19.7%, against 24.2% and 17.1%, respectively.
Consolidated profit before tax was ₹294.14 crore, up 16.3% from ₹253.02 crore a year earlier and 93.2% from ₹152.22 crore in Q3 FY26. Net profit was ₹223.99 crore, against ₹197.29 crore in Q4 FY25 and ₹126.78 crore in Q3 FY26. Basic EPS was ₹11.02, compared with ₹9.71 and ₹6.24. On a standalone basis, revenue was ₹1,044.05 crore and profit after tax was ₹202.12 crore.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,594 | 2,151 | 1,475 | +75.8% | +20.6% |
| Other income | 29.23 | 23.21 | 26.84 | +8.9% | +25.9% |
| Total expenses | 2,329 | 1,971 | 1,241 | +87.7% | +18.1% |
| EBITDA | 509.98 | 367.24 | 357.72 | +42.6% | +38.9% |
| EBITDA margin | 19.7% | 17.1% | 24.2% | −4.5 pp | +2.6 pp |
| Profit before tax | 294.14 | 152.22 | 253.02 | +16.3% | +93.2% |
| Tax | 64.11 | 22.27 | 56.78 | +12.9% | +187.9% |
| Net profit | 223.99 | 126.78 | 197.29 | +13.5% | +76.7% |
| EPS (₹) | 11.02 | 6.24 | 9.71 | +13.5% | +76.6% |
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 ₹2,329 crore in Q4 FY26, up ₹1,088 crore or 87.7% from ₹1,241 crore in Q4 FY25. Employee cost increased by ₹473.49 crore to ₹748.88 crore, finance costs by ₹50.60 crore to ₹91.28 crore, depreciation by ₹71.27 crore to ₹153.77 crore and other expenses by ₹291.30 crore to ₹828.31 crore. The exceptional item was a charge of ₹0.02 crore, compared with a charge of ₹8.36 crore a year earlier.
Other income was ₹29.23 crore, up ₹2.39 crore or 8.9% from ₹26.84 crore in Q4 FY25. Tax expense was ₹64.11 crore, up ₹7.33 crore or 12.9% from ₹56.78 crore, while profit before tax rose ₹41.12 crore or 16.3% to ₹294.14 crore. The filings do not provide a further explanation for the movement in employee costs or other expenses.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 748.88 | 275.39 | +473.49 | +171.9% |
| Finance costs | 91.28 | 40.68 | +50.60 | +124.4% |
| Depreciation | 153.77 | 82.50 | +71.27 | +86.4% |
| Other expenses | 828.31 | 537.01 | +291.30 | +54.2% |
| Total expenses | 2,329 | 1,241 | +1,088 | +87.7% |
| Other income | 29.23 | 26.84 | +2.39 | +8.9% |
| Tax | 64.11 | 56.78 | +7.33 | +12.9% |
| Exceptional items | −0.02 (charge) | −8.36 (charge) |
Source: Company's results filing (XBRL).
How did Narayana Hrudayalaya do in FY26 as a whole?
For FY26, Narayana Hrudayalaya reported consolidated revenue of ₹7,896.03 crore, up ₹2,413.05 crore or 44.0% from ₹5,482.98 crore in FY25. Total income was ₹7,996.25 crore, up 43.4% from ₹5,575.01 crore, while profit before tax rose 4.2% to ₹974.39 crore.
Net profit for FY26 was ₹805.98 crore, up ₹15.35 crore or 1.9% from ₹790.63 crore in FY25. Basic EPS increased 2.0% to ₹39.67 from ₹38.9. The same-day press release stated that FY26 consolidated adjusted PAT was ₹9,374 Mn, compared with ₹7,898 Mn in FY25, after adjustments for one-time acquisition costs and the impact of a new labour code.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 7,896 | 5,483 | +44.0% |
| Profit before tax | 974.39 | 935.54 | +4.2% |
| Net profit | 805.98 | 790.63 | +1.9% |
| EPS (₹) | 39.67 | 38.90 | +2.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2026, total assets were ₹12,474.4 crore, compared with ₹7,741.97 crore at 30 September 2025. Total equity was ₹4,539.52 crore against ₹4,061.89 crore, while borrowings were ₹4,866.05 crore against ₹2,135.46 crore. Cash was ₹770.07 crore, compared with ₹413.57 crore at the previous balance-sheet date.
For FY26, operating cash flow was ₹1,618.45 crore, compared with ₹990.08 crore in FY25. Investing cash flow was negative ₹3,653.18 crore against negative ₹1,317.12 crore, financing cash flow was ₹2,342.93 crore against ₹531.81 crore, and capital expenditure was ₹874.94 crore compared with ₹1,073.76 crore.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 12,474 | 7,742 |
| Total equity | 4,540 | 4,062 |
| Borrowings | 4,866 | 2,135 |
| Cash and equivalents | 770.07 | 413.57 |
| Inventories | 154.53 | 110.59 |
| Trade receivables | 655.66 | 586.38 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 1,618 | 990.08 |
| Cash from investing | −3,653 | −1,317 |
| Cash from financing | 2,343 | 531.81 |
| Capital expenditure | 874.94 | 1,074 |
Source: Company's results filing (XBRL).
How has Narayana Hrudayalaya done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. It reached a low of ₹1,340.95 crore in Q1 FY25 and a high of ₹2,593.81 crore in Q4 FY26, after ₹2,151.17 crore in Q3 FY26. The current quarter therefore extended the upward revenue direction.
Net profit moved from ₹201.49 crore in Q1 FY25 to ₹223.99 crore in Q4 FY26. Its high was ₹258.5 crore in Q2 FY26 and its low was ₹126.78 crore in Q3 FY26. EBITDA margin peaked at 24.5% in Q2 FY26 and bottomed at 17.1% in Q3 FY26, before recovering to 19.7% in Q4 FY26.
Which businesses drove the quarter?
Medical and healthcare related services generated revenue of ₹2,501.97 crore in Q4 FY26, up 66.8% from ₹1,499.94 crore in Q4 FY25. EBIT was ₹416.86 crore, compared with ₹271.42 crore, and the reported EBIT margin was 16.7%.
Others reported revenue of ₹133.67 crore, up 621.1% from ₹18.54 crore, and an EBIT loss of ₹59.97 crore compared with a loss of ₹3.73 crore. Unallocated revenue was ₹29.43 crore, up 5.9% from ₹27.78 crore, with EBIT of ₹29.43 crore and a reported EBIT margin of 100.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Medical and healthcare related services | 2,502 | +66.8% | 416.86 | 16.7% |
| Medical and healthcare related services | 2,502 | +66.8% | 416.86 | 16.7% |
| Unallocated | 29.43 | +5.9% | 29.43 | 100.0% |
| Unallocated | 29.43 | +5.9% | 29.43 | 100.0% |
| Others | 133.67 | +621.1% | −59.97 | -44.9% |
| Others | 133.67 | +621.1% | −59.97 | -44.9% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved audited standalone and consolidated results for the quarter and financial year ended 31 March 2026, and the statutory auditors issued an unmodified opinion. The 26th Annual General Meeting was scheduled for 14 August 2026 through video conferencing or other audio-visual means.
The board recommended a final dividend of ₹4.50 per share for FY26, subject to shareholder approval, and fixed 17 July 2026 as the record date. It also resolved to seek shareholder approval by special resolution for issuing secured or unsecured debt securities, including non-convertible debentures, of up to ₹1,500 crore in a financial year through private placement.
The board proposed the reappointment of Terri Smith Bresenham as an independent director for a second term of five consecutive years from 5 August 2026 to 4 August 2031, subject to shareholder approval. The company also filed its Q4 and FY26 investor presentation, press release and earnings-call invite.
What did Narayana Hrudayalaya's management say?
In the same-day press release, Managing Director and Group CEO Dr Emmanuel Rupert said the Practice Plus Group hospital-business acquisition in November 2025 marked an important milestone in FY26. He said the acquired entity had completed close to two quarters within NH and that integration was progressing in line with management expectations.
Management said the highest-ever group revenue in Q4 reflected performance across all geographies. It attributed the India result to its domestic focus, transformation initiatives, high-value procedures and efficient use of technology, while saying Narayana One Health’s expanding clinic and insurance network had enhanced patient outreach.
Management said the Cayman business benefited from Health City Camana Bay and sustained demand across specialties. It also said One Health Cayman was strengthening patient access and affordability. The earnings call was scheduled for 26 May 2026, but the available filing excerpts do not provide specific guidance, risks or analysts’ questions from the call.
How did Narayana Hrudayalaya shares react?
The filing appeared after market hours. From the previous close of ₹1,848.30, Narayana Hrudayalaya’s reaction-day close was 4.7% higher. By the next day’s close, the stock was 2.7% higher from the pre-results close, and by five sessions it was 4.3% higher.
The Hospital industry’s median reaction-day move was 0.3%, leaving Narayana Hrudayalaya 4.5 percentage points ahead of the sector. By the next day’s close, its 2.7% gain was 2.6 percentage points above the industry median of 0.1%; by five sessions, its 4.3% gain was 5.6 percentage points above the industry median of negative 1.4%.
Earlier reaction-day moves were mixed: 0.7% on 13 February 2026, 15.0% on 14 November 2025, negative 5.5% on 1 August 2025, 2.9% on 23 May 2025, 0.0% on 14 February 2025, negative 4.4% on 31 October 2024, negative 0.7% on 2 August 2024 and negative 1.4% on 24 May 2024.
| After the filing | Stock | Hospital median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | +0.2% | |
| 30 minutes | +0.4% | |
| Reaction day | +4.7% | +0.3% |
| Next day | +2.7% | +0.1% |
| 5 days | +4.3% | −1.4% |
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 |
|---|---|
| 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% |
| 2 August 2024 | −0.7% |
| 24 May 2024 | −1.4% |
Source: MarketPing price-reaction measurement.
How did other Hospital companies do?
Among 24 other Hospital companies that filed for the quarter, the median revenue growth was 19.4%, compared with 75.8% revenue growth for Narayana Hrudayalaya. Of the peers for which growth was compared, 22 grew more slowly than the company and 2 grew faster.
Of the 20 peers for which profit was compared, 16 reported higher profit. The peer comparison was recorded as of 5 November 2026.
| Narayana Hrudayalaya revenue growth (YoY) | +75.8% |
|---|---|
| Median of 24 other Hospital companies | +19.4% |
| Companies with slower revenue growth than Narayana Hrudayalaya | 22 of 24 |
| Companies with faster revenue growth than Narayana Hrudayalaya | 2 of 24 |
| Companies whose net profit rose | 16 of 20 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Narayana Hrudayalaya's revenue in Q4 FY26?
Revenue from operations was ₹2,594 crore, up 75.8% from ₹1,475 crore in Q4 FY25 (consolidated).
Did Narayana Hrudayalaya make a profit in Q4 FY26?
Yes. Net profit was ₹223.99 crore, against a net profit of ₹197.29 crore in Q4 FY25.
What was Narayana Hrudayalaya's EPS in Q4 FY26?
Basic earnings per share were ₹11.02, against ₹9.71 in Q4 FY25.
How did Narayana Hrudayalaya shares react to the Q4 FY26 results?
On the reaction day the stock moved +4.7% from the previous close; the median Hospital stock moved +0.3%.
When did Narayana Hrudayalaya announce its Q4 FY26 results?
On 22 May 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Year Ended March 31, 2026, Dividend, Fund Raising And And Other Business Matters (BSE, 18 May 2026) · PDF
- Analysts/Institutional Investor Meet/Con. Call Updates (NSE, 18 May 2026) · PDF
- Outcome of Board Meeting (NSE, 22 May 2026) · PDF
- Audited Financial Results For The Quarter And Financial Year Ended March 31,2026 (BSE, 22 May 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting For The Financial Results For The Quarter And Year Ended March 31 2026 (BSE, 22 May 2026) · PDF
- Corporate Action-Board to consider Dividend (BSE, 22 May 2026) · PDF
- Updates (NSE, 22 May 2026) · PDF
- Shareholders Meeting (BSE, 22 May 2026) · PDF
- General Updates (NSE, 22 May 2026) · PDF
- The earnings call (2 June 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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