Narayana Hrudayalaya Ltd. (NH)
₹1,719.40 -0.35% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Narayana Hrudayalaya's revenue was ₹2,684 Cr (+78.0% year on year, +3.5% on the previous quarter), and net profit ₹207 Cr (+5.4% year on year); the operating margin was 17.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,684 | +78.0% | +3.5% |
| Operating profit | ₹470 | +39.4% | -7.5% |
| Net profit | ₹207 | +5.4% | -7.5% |
| EPS (₹) | 10.20 | +5.4% | -6.9% |
| Operating margin | 17.5% | — | — |
NH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.46% of the NH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.4%. Delivery was unusually high while the price barely moved (-0.35%). Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 59.7% · 52.7% · 60.8% · 57.8% · 61.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Narayana Hrudayalaya Ltd. has commenced commercial operations at KS-Narayana Hospital in Banashankari, Bengaluru, effective October 5, 2026. The 110-bed facility is being operated and managed under an O&M agreement signed on April 5, 2025, with M/s. Kammavari Sangham. The opening aligns with the company's previously guided timeline of FY 2026-27 under an asset-light management framework.
- Commercial operations commenced at KS-Narayana Hospital on October 5, 2026
- Facility adds 110 beds to Narayana's operational footprint in Bengaluru
- Operated under an Operation and Management Agreement executed on April 5, 2025
- Delivery achieved within the targeted FY 2026-27 timeline
Narayana Hrudayalaya has entered into an Operation and Management (O&M) Agreement to operate, manage, and direct the Mission of Mercy Hospital & Research Centre in Park Street, Kolkata. The facility spans approximately 63,240.37 sq. ft. with a capacity of 100 beds across a basement, ground floor, and six floors. The agreement adopts an asset-light model, conferring no ownership or lease rights in the underlying land. Commercial operations are expected to commence within up to 12 months, subject to the satisfaction of conditions precedent.
- Exclusive long-term O&M agreement to run and operate a 100-bed hospital in Kolkata
- Facility size stands at approximately 63,240.37 sq. ft. spanning basement, ground, and six floors
- Commercial operations expected to commence within up to 12 months after conditions precedent are met
- Asset-light model involving zero land ownership or leasehold rights acquired
Narayana Hrudayalaya Limited announced the results of its Postal Ballot concluded on October 04, 2026. The ordinary resolution to approve a revision in professional fees payable to Dr. Varun Shetty as a Consultant Surgeon (office or place of profit) passed with a 91.02% majority of total valid votes polled. However, institutional opposition was notable, with 43.37% of polled institutional votes cast against the resolution. A total of 15,75,79,854 votes were polled across 888 participating shareholders.
- Resolution passed with 91.0218% votes in favor (14,34,31,978 votes) and 8.9782% against (1,41,47,876 votes)
- Significant institutional dissent: 43.3657% of polled public institutional votes were cast against the revision
- Total voter turnout stood at 77.1086% of total voting capital, representing 15,75,79,854 votes polled
- Promoter group polled 100% of their 11,90,90,690 shares in favor of the ordinary resolution
- E-voting period ran from September 05, 2026 to October 04, 2026 with a cut-off date of August 28, 2026
Narayana Hrudayalaya Ltd. has issued a Postal Ballot notice seeking shareholder approval via ordinary resolution to revise the professional fee ceiling for Dr. Varun Shetty, Consultant Surgeon, to Rs 4.80 crore per annum effective April 1, 2026, up from Rs 3.60 crore. Dr. Varun Shetty is a relative of promoter-directors including Chairman Dr. Devi Prasad Shetty, classifying this as an office or place of profit under Section 188 of the Companies Act, 2013. The e-voting window runs from September 5, 2026, to October 4, 2026, with results scheduled by October 6, 2026. The proposed fee represents a negligible fraction (<0.06%) of the company's TTM revenue of Rs 9,073 crore.
- Proposed increase in annual fee ceiling from Rs 3.60 crore to Rs 4.80 crore effective April 1, 2026.
- Classified as an office or place of profit under Section 188 of Companies Act, 2013 due to relation to promoter-directors.
- Remote e-voting period opens on September 5, 2026, and closes on October 4, 2026; results by October 6, 2026.
- Cut-off date for voting eligibility set as Friday, August 28, 2026.
Narayana Hrudayalaya Ltd. has informed the stock exchanges regarding a scheduled one-on-one physical meeting with institutional investor FSSA Investment Managers on August 20, 2026, at 10:30 AM IST. The company maintains a market capitalization of ₹36,824 Cr with TTM revenues of ₹9,073 Cr and TTM PAT of ₹817 Cr. This disclosure is a procedural compliance filing under Regulation 30 of SEBI LODR Regulations.
- One-on-one meeting scheduled for Thursday, August 20, 2026, at 10:30 A.M. (IST)
- Participating institutional investor is FSSA Investment Managers
- Meeting to be conducted via physical mode
Narayana Hrudayalaya Ltd. has declared the voting results and Scrutinizer's report for its 26th Annual General Meeting held on August 14, 2026. Shareholders approved all agenda items with strong majorities, including the adoption of FY26 financial statements and a dividend of Rs 4.50 per equity share. Additionally, a special resolution authorizing the issue of debt securities on a private placement basis was approved with 99.77% votes in favor. Overall voter participation stood at approximately 81.63% across 20,43,60,804 total outstanding shares.
- Shareholders approved a dividend of Rs 4.50 per equity share for FY26 with 99.9999% votes in favor
- Enabling special resolution for issuing debt securities via private placement passed with 99.7701% approval
- Total voter participation reached 81.63% of the 20,43,60,804 outstanding shares
- Total number of registered shareholders on the record date was 2,13,194
Narayana Hrudayalaya (NH) conducted its 26th Annual General Meeting on August 14, 2026, where management discussed the company's FY 2025-26 performance and strategic roadmap. Key discussions centered on the acquisition of Practice Plus Group's hospital business in the UK and the ongoing ₹3,000 Cr investment plan for greenfield and brownfield projects in India. Shareholders raised queries regarding the financing of the UK acquisition and its impact on the company's debt, which stood at ₹1,970 Cr as of the latest reporting. Voting results for 11 resolutions are expected to be declared by August 18, 2026.
- 26th Annual General Meeting held on August 14, 2026, via video conferencing
- Management addressed queries on the financing of the UK-based Practice Plus Group acquisition
- Reiterated a ₹3,000 Cr investment budget for strategic acquisitions and Indian expansion projects
- Voting results for 11 items of business to be published on or before August 18, 2026
- Discussion on the 50% increase in patient volumes at new facilities like Camana Bay
Narayana Hrudayalaya (NH) reported a robust 40% EBITDA growth in its domestic hospital business for Q1 FY27, driven by high-end robotic procedures and clinic-led footfalls despite no new bed additions in 7-8 years. The insurance segment (NHIC) experienced volatile losses due to large claims on a small book, while the India clinic business recorded a loss of ~Rs 15 Cr. In the UK, the company is working to reduce NHS dependency from 95% to 70% over the next 4-5 years. Management clarified that the apparent jump in professional fees to Rs 327 Cr was due to a reclassification in the previous quarter rather than a cost spike.
- Domestic hospital EBITDA grew 40% YoY through high-end procedures and robotics despite zero bed additions.
- Clinic footfalls now contribute approximately 30% of the total OPD footfalls in the hospital network.
- India clinic business recorded a loss of approximately Rs 15 Cr for the first quarter of FY27.
- UK business payor mix is currently 95% NHS, with a target to diversify towards private payors over 4-5 years.
- Professional fees normalized at Rs 327 Cr in Q1 FY27 after a reclassification entry in Q4 FY26.
Narayana Hrudayalaya (NH) has scheduled a group investor meeting for August 12, 2026, organized by Ambit Capital. The meeting will include representatives from five institutional entities, notably Premji Invest and Sundaram Mutual Fund. This interaction comes as the company manages a TTM revenue of ₹7,896 crore and executes a significant ₹3,000 crore expansion strategy across India and the Cayman Islands. While routine, such meetings often focus on the progress of high-value projects and the scaling of the new health insurance segment.
- Group investor meeting scheduled for August 12, 2026, at 10:00 A.M. IST
- Participation from 5 institutional funds including Premji Invest, Sundaram Mutual Fund, and Unifi Capital
- Company is currently operating with a TTM revenue of ₹7,896 crore and a PAT of ₹806 crore
- Management is overseeing a ₹3,000 crore budget for Greenfield and Brownfield expansion projects
Narayana Hrudayalaya (NH) has announced a virtual one-to-one meeting with American Century scheduled for August 6, 2026. This interaction comes as the company maintains a strong financial profile with TTM revenue of ₹7,896 Cr and a market capitalization of ₹39,066 Cr. Such meetings are standard practice for institutional engagement and typically do not involve the disclosure of unpublished price-sensitive information. Investors should note the company's ongoing ₹3,000 Cr investment plan for expansion in India and the Cayman Islands.
- One-to-one virtual meeting scheduled for August 6, 2026, at 04:30 P.M. IST.
- Participant identified as American Century, a global investment management firm.
- Company reported a TTM revenue of ₹7,896 Cr as of March 2026.
- NH is currently executing a ₹3,000 Cr budget for Greenfield and Brownfield projects.
- Promoter holding remains stable at 63.27% as of the latest reporting period.
Narayana Hrudayalaya (NH) has announced a virtual one-to-one meeting with institutional investor American Century, scheduled for August 06, 2026. This interaction comes as the company maintains a strong financial profile with TTM revenue of ₹7,896 Cr and an operating margin of 20.4%. The meeting is part of routine investor relations and does not indicate a specific corporate action. Investors should note the company's ongoing ₹3,000 Cr capex plan for greenfield and brownfield expansions in India.
- One-to-one virtual meeting scheduled for August 06, 2026, at 04:30 P.M. IST.
- Interaction is specifically with American Century, a global investment management firm.
- Company operates with a TTM revenue of ₹7,896 Cr and a market capitalization of ₹39,066 Cr.
- NH is currently executing a ₹3,000 Cr investment strategy for facility expansion through FY2029.
Narayana Hrudayalaya (NH) has made the audio recording of its Q1 FY27 earnings call available to the public, following the session held on August 03, 2026. The call addressed the company's performance for the quarter ended June 30, 2026, where the management discussed financial results and operations. This disclosure is a standard regulatory requirement under SEBI Listing Regulations. Investors can access the recording on the company's website to gain insights into the progress of NH's Rs 3,000 Cr expansion strategy.
- Earnings call for the quarter ended June 30, 2026, was conducted on August 03, 2026.
- Audio recording is now accessible via the company's stakeholder relations portal.
- Management provided commentary on TTM revenue which stands at Rs 7,896 Cr.
- The company is currently managing a Rs 3,000 Cr investment plan for Greenfield and Brownfield projects.
Narayana Hrudayalaya (NH) reported a robust 78% YoY increase in consolidated revenue to ₹2,683.6 Cr for Q1 FY27, significantly boosted by international operations and acquisitions. While consolidated EBITDA margins stood at 18.8%, the core India hospital business maintained a higher margin of 24.8%. The company is aggressively expanding with a ₹2,974 Cr capex pipeline to add ~1,935 beds by FY30, representing approximately 37.6% of its TTM revenue. However, the nascent insurance segment reported a loss of ₹20.1 Cr despite a sharp rise in premiums.
- Consolidated revenue surged 78% YoY to ₹2,683.6 Cr in Q1 FY27.
- Total expansion capex pipeline valued at ₹2,974 Cr for 1,535 beds across 6 major projects.
- India hospital ARPOB improved to ₹19.2 Mn from ₹17.6 Mn in the previous year.
- Insurance segment Gross Written Premium grew to ₹26.2 Cr from ₹1.7 Cr YoY.
- Net debt-to-equity ratio remains stable at 0.42 with net debt of ₹1,967.1 Cr.
Narayana Hrudayalaya (NH) reported a massive 78% YoY jump in consolidated revenue to ₹2,683.6 Cr for Q1 FY27, primarily driven by the full consolidation of its UK business which contributed ₹825.7 Cr. While EBITDA grew 40% YoY to ₹505.2 Cr, consolidated margins contracted to 18.8% from 23.9% in the previous year, reflecting the lower-margin profile of the new UK operations. PAT growth was modest at 5.7% YoY (₹207.3 Cr) due to higher interest and depreciation costs. The India business maintained steady growth of 17% YoY, while the Cayman segment grew strongly at 38.9%.
- Consolidated revenue surged 78% YoY to ₹2,683.6 Cr, representing ~34% of the previous TTM revenue in a single quarter.
- UK operations contributed ₹825.7 Cr to revenue, now in its third quarter under NH management.
- Cayman Islands revenue grew 38.9% YoY to ₹551.4 Cr, supported by the One Health insurance platform.
- EBITDA margins compressed by 510 basis points YoY to 18.8% due to geographic mix changes.
- Net Debt to Equity ratio remains manageable at 0.42 despite foreign currency debt of $115 Mn and £150 Mn.
NH reported a significant 78% YoY increase in consolidated operating revenue to ₹2,683.6 Cr for Q1 FY27, driven by international expansion and domestic growth. While India hospital EBITDA margins remain robust at 24.8%, consolidated EBITDA margins compressed to 18.8% due to losses in the Cayman insurance segment (US$ -3.7 Mn) and the nascent India insurance business (₹20.1 Cr loss). The company maintains a stable balance sheet with a net debt-to-equity ratio of 0.42, despite carrying foreign currency debt of US$ 115 Mn and GBP 150 Mn.
- Consolidated operating revenue grew 78% YoY to ₹26,836 Mn in Q1 FY27.
- India Hospital segment achieved a healthy EBITDA margin of 24.8% on revenue of ₹12,381 Mn.
- India Insurance Gross Written Premium surged to ₹262 Mn from ₹17 Mn in the previous year.
- UK operations contributed GBP 65.0 Mn in revenue with an 8.8% EBITDA margin.
- India Hospital ARPOB increased to ₹19.2 Mn compared to ₹17.6 Mn in Q1 FY26.
Financial Performance
Revenue Growth by Segment
The core hospital segment saw a significant jump in revenue following the commissioning of the Camana Bay hospital, with revenue increasing from $25 million to $40 million (60% growth). Cayman operations registered a 12.8% YoY revenue growth in FY2024. Insurance revenue reached approximately $9 million per quarter, though it remains volatile due to its nascent stage.
Geographic Revenue Split
Cayman Islands operations contributed significantly to growth with a 12.8% increase in FY2024, though H1 FY2025 was flat due to hospital transitioning. The remaining revenue is primarily driven by India operations, with major upcoming expansions in Kolkata and Bengaluru.
Profitability Margins
Operating Profit Margin (OPM) improved to 23.0% in FY2024 from 21.6% in FY2023. Net profit for the year ended March 31, 2025, was INR 790.63 Cr, compared to INR 789.62 Cr in the previous year, representing a marginal growth of 0.13% despite heavy investment phases.
EBITDA Margin
Consolidated EBITDA margin for Q2 FY26 stood at 22.0% (INR 271.2 Cr). The core hospital EBITDA margin was higher at 23.8% (INR 290.3 Cr), up from 21.7% in Q2 FY25, reflecting improved operational efficiency in the hospital business.
Capital Expenditure
NH has planned a consolidated capital expenditure of INR 3,000 Cr over the next three years (FY25-FY27) for India operations. Additionally, the company spends INR 25-30 Cr annually on each of its new initiatives, NHIC and NHIL, with a total cash burn of ~INR 50 Cr recorded in H1 FY2025.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook from ICRA. Total non-current borrowings stood at INR 1,966.48 Cr as of March 31, 2025, up from INR 1,195.06 Cr in 2024. The group has a working capital facility of INR 168 Cr to support liquidity.
Operational Drivers
Raw Materials
Consumable expenses (medical supplies/medicines) represent 23% of revenue. Manpower costs for Doctors and Nurses represent 27%, while other manpower costs account for 11% of revenue.
Import Sources
Not specifically disclosed in available documents; however, medical consumables are typically sourced through a mix of domestic and international medical device suppliers.
Key Suppliers
Not specifically named in the documents, but the company manages a large-scale procurement network for hospital consumables and pharmacy items.
Capacity Expansion
The new Camana Bay hospital in Cayman saw a 50% increase in discharges and a higher increase in outpatients/daycare post-commissioning. Planned greenfield projects are underway in Kolkata and Bengaluru to expand the India footprint by FY2029.
Raw Material Costs
Consumable expenses were maintained at 23% of revenue in Q2 FY26. The company uses digitization and better case mix management to optimize these costs and improve throughput.
Manufacturing Efficiency
Efficiency is driven by increasing Average Revenue Per Occupied Bed (ARPOB) and improving occupancy rates. Cayman operations saw a volume jump of 50% in discharges following the operationalization of new blocks.
Logistics & Distribution
Distribution costs are primarily related to the pharmacy and integrated care segments, where NHIC provides end-to-end primary care experiences.
Strategic Growth
Expected Growth Rate
8-9%
Growth Strategy
Growth will be achieved through a 50% increase in patient volumes at new facilities, the commissioning of 90% of departments in new hospitals, and a INR 3,000 Cr investment in Greenfield and Brownfield projects in India. The company is also scaling its insurance (NHIL) and integrated care (NHIC) arms to create a captive patient ecosystem.
Products & Services
Hospital services (surgeries, discharges, outpatients), health insurance policies, radiation oncology, primary healthcare subscriptions, and pharmacy services.
Brand Portfolio
Narayana Health, NH Integrated Care (NHIC), Narayana Health Insurance (NHIL), ATHMA, MEDHA.
New Products/Services
New radiation oncology block (operationalized May 2023) and integrated health insurance plans combined with primary care programs.
Market Expansion
Expansion is focused on the Cayman Islands (Camana Bay) and major Indian metros including Kolkata and Bengaluru with a timeline extending to FY2029.
Market Share & Ranking
NH is a leading healthcare provider in India with a strong established market position in cardiac and oncology care.
Strategic Alliances
The company operates through several subsidiaries including NH Integrated Care and Narayana Health Insurance, maintaining 100% control to ensure operational synergy.
External Factors
Industry Trends
The industry is shifting toward integrated 'payor-provider' models. NH is positioning itself by launching its own insurance arm to capture the entire patient value chain and improve long-term margins.
Competitive Landscape
Faces stiff competition from other large hospital chains like Apollo and Fortis, as well as regional players in Kolkata and Bengaluru.
Competitive Moat
NH's moat is built on cost leadership and a strong clinical brand. The integration of insurance with hospital services creates high switching costs for patients and a sustainable referral pipeline.
Macro Economic Sensitivity
Sensitive to healthcare inflation and government spending on healthcare schemes. Regulatory pricing caps are a primary macro risk.
Consumer Behavior
Increasing demand for 'end-to-end' integrated healthcare and subscription-based primary care models.
Geopolitical Risks
Cayman operations are subject to local market slowdowns and regulatory changes in the Caribbean healthcare landscape.
Regulatory & Governance
Industry Regulations
Subject to Section 143(3)(i) of the Companies Act regarding internal financial controls and restrictive pricing regulations by Central and State governments.
Environmental Compliance
Not specifically disclosed in INR, but the company adheres to medical waste management and hospital safety standards.
Taxation Policy Impact
The effective tax rate for FY2025 was approximately 15.5% (INR 1,457.19 Cr tax on INR 9,355.38 Cr profit before tax).
Legal Contingencies
The company monitors contingent liabilities related to tax and legal claims (Note 30), though specific aggregate values for pending court cases were not detailed in the provided snippets.
Risk Analysis
Key Uncertainties
The insurance business (NHIL) is in a nascent stage with high volatility in loss ratios, potentially impacting consolidated profitability by INR 50-100 Cr annually during the burn phase.
Geographic Concentration Risk
Significant revenue concentration in the Cayman Islands and the Karnataka/West Bengal regions of India.
Third Party Dependencies
Dependency on other auditors for seven subsidiaries representing assets of INR 1,248.88 Million.
Technology Obsolescence Risk
Risk is mitigated by ongoing investments in the ATHMA and MEDHA platforms to digitize patient records and hospital workflows.
Credit & Counterparty Risk
Trade receivables stood at INR 1,852.07 Cr (change in FY25), reflecting exposure to insurance companies and government health schemes.
