Narayana Hrudayalaya Ltd(NH)

NSE: NHBSE: 539551

₹ 1,667.25-1.53%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 34,072 crWebsite: www.narayanahealth.orgUpdated: 24 Oct 2026

About

Narayana Hrudayalaya Ltd is a multi-geography hospital group operating tertiary and quaternary care hospitals in India, the Cayman Islands, and the UK (through Practice Plus Group, acquired November 2025). It reported FY26 revenue of Rs 7896.03 Cr, with medical and healthcare services accounting for 95.2% of segment revenue. Narayana Health was the first major hospital network in Asia-Pacific to achieve JCI Enterprise-level accreditation.^[1][2][3]

Business segments

Medical and healthcare services: 95.2% of FY26 segment revenue at Rs 7,688.69 Cr, EBIT margin 16.1%.^[1]
Others segment (includes clinics and insurance): 4.8% of FY26 segment revenue at Rs 385.65 Cr, EBIT loss of Rs 124.19 Cr (margin -32.2%).^[1]
India hospitals are the core reporting unit; integrated care clinics (NHIC) were merged into the India hospital P&L from FY27, with India insurance (NHIL) reported separately.^[4]

Services, brands and subsidiaries

Integrated care offerings include Narayana Aarogyam (preventive care), Narayana One Health (coordinated care) and Narayana Arya Insurance (FY25).^[3]
Narayana Health Insurance launched its first product, 'Aditi', on 16 June 2024.^[3]
Samyat Healthcare distributes medicines, implants, medical equipment and consumables to hospitals; Athma Healthtech, a wholly owned subsidiary, develops healthcare software (FY25).^[3]
ENT In Cayman Ltd provides diagnosis and treatment of ear, nose and throat conditions (FY25).^[3]
Narayana Institute of Cardiac Sciences at Narayana Health City was named Best Specialized Hospital in Asia Pacific 2024 by Newsweek and Statista.^[3]
More than 4,000 clinicians; academic postgraduate programme with over 900 trainees and more than 250 scientific publications a year (FY25).^[3]

Operations

India hospital network with clusters in Bangalore, Kolkata (Northern), and other regions; SRCC Mumbai hospital reached EBITDA breakeven in Q4 FY26.^[4]
KS-Narayana Hospital, Banashankari, Bengaluru commenced commercial operations on 5 October 2026 with 110-bed capacity.^[5]
South-West Bangalore 100-bed brownfield facility: infrastructure complete, equipment installation and approvals in progress as of Q1 FY27; targeted for end-Q2 FY27 (September 2026).^[6]
UK: Practice Plus Group, 5th-largest private healthcare network and 4th-largest NHS provider in the UK, consolidated from 6 November 2025; acquired for ~GBP 183 Mn (9.2x FY25E EV/EBITDA).^[7]
Cayman Islands: NH's Cayman hospital operates alongside Cayman Integrated Health Ltd (CIHL) insurance, which started operations on 1 July 2024.^[6][3]
Integrated care clinic network: 11 clinics operating as of June 2026, with two more planned for Q2 FY27 and a plan to roughly double to ~22 clinics over time.^[6]
Narayana Hospital Howrah reached 5,000 cardiac surgeries since inception in Q2FY25.^[3]

Key operating numbers

India hospital ARPOB: Rs 19.2 Mn in Q1 FY27 vs Rs 17.6 Mn in Q1 FY26; Rs 17.9 Mn for FY26 vs Rs 15.9 Mn in FY25.^[6]
India hospital ALOS: 4.3 days in Q1 FY27; 4.3 days for FY26 vs 4.6 days in FY25. Management target is 3.9-4 days.^[6]
India hospital IP discharges: 57,000 in Q1 FY27; ~218,000 for FY26 vs ~220,000 in FY25.^[6]
India hospital OP footfalls: 621,000 in Q1 FY27; ICU occupied bed days: 96,000 in Q1 FY27.^[6]
Occupancy: 60-65% in Q4 FY26.^[4]
UK PPG revenue: GBP 65 Mn in Q1 FY27 (-3.8% QoQ); GBP 68 Mn in Q4 FY26; GBP 110 Mn for the partial FY26 period.^[6]
Cayman hospital revenue: US$44.8 Mn in Q1 FY27 (+5.1% YoY, -9.6% QoQ); US$178.7 Mn for FY26 (+27% YoY).^[6]
Digital bookings rose to 49.34% of appointments in FY25 from 33% the year before; mobile app installs reached 2.6M.^[3]

Payor mix and case mix

Government-scheme patients were ~15% of India payor mix in Q2 FY26; Northern cluster reduced scheme volumes citing receivables and drug-reimbursement caps.^[7]
India ARPOB gains driven by payor-mix optimisation and case-mix shift toward high-end procedures such as robotic cardiac surgery and bone marrow transplants.^[8]
NICS Bangalore performed 197 robotic cardiac surgeries and 420 minimally invasive cardiac surgeries in Q2 FY26.^[7]
UK PPG: NHS accounts for approximately 95% of revenues in Q1 FY27; management targets ~70% NHS over 4-5 years.^[6]

Margins by unit

India hospital EBITDA margin (ex-clinics and insurance): 25.1% in Q1 FY27 vs 20.6% in Q1 FY26; 23.1% for FY26 vs 20.7% in FY25.^[6]
UK PPG EBITDA margin 8.8% post-IFRS in Q1 FY27, hit by a heat wave causing HVAC failures; 10.5% pre-IFRS in Q4 FY26.^[6]
Cayman insurance (CIHL) EBITDA: US$-3.7 Mn in Q1 FY27 vs US$-5.2 Mn in Q4 FY26; FY26 loss US$8.0 Mn with loss ratio ~110-112%.^[6]
India insurance (NHIL) PAT loss Rs 201 Mn in Q1 FY27 vs Rs 60 Mn in Q1 FY26; gross written premium Rs 262 Mn vs Rs 17 Mn.^[6]

Expansion and capex

Plan announced in FY25 to add 2,000 beds over four years, with an initial outlay of Rs 3,000 Crore.^[3]
India capex of ~Rs 3,000 Cr to be deployed over FY27-FY29, funded by internal accruals and debt, no equity issuance planned.^[6]
HSR Bangalore greenfield (215 beds) and Raipur expansion (300 beds) remain on FY28 commissioning schedule.^[6]
Rajarhat, Kolkata greenfield (350 beds, Rs 9,000 Mn) and Central Bangalore lease (220 beds, Rs 1,600 Mn) shifted from FY28 to FY29 due to partner-side licensing delays.^[6]
South Bangalore greenfield (350 beds, Rs 8,000 Mn) shifted to FY30; design and approvals underway.^[6]
UK PPG maintenance capex of GBP 10-20 Mn per year; no bed-addition capex planned.^[7]
Four da Vinci robotic systems to be added so all NH India hospitals are robotic-surgery equipped.^[8]

Recent developments

GST penalty order of Rs 53,15,150 received on 25 September 2026 for corporate guarantee services to subsidiaries during April 2021 to October 2023.^[9]
CIHL July 2026 renewal cycle saw 100% acceptance of premium increases; benefit to show in Q2 FY27.^[6]
PPG acquired for ~GBP 183 Mn in November 2025, funded by GBP 150 Mn debt on the target and GBP 45 Mn equity from Cayman.^[7]
Technology SPVs Medha AI and Athma Health Tech formed to commercialise software; early contracts in Kenya and Saudi Arabia as of Q2 FY26.^[7]
Consolidated net debt to equity 0.49x as of 31 March 2026, up from 0.06x as of 30 September 2025, reflecting PPG acquisition debt.^[4]

Market Cap

₹34,072 Cr

High / Low

₹2,094 / 1,564

Stock P/E

41.7

Price / Book

7.5

Book Value

₹222

EPS

₹39.4

No. of Shares

20.44 Cr

ROCE

15.5%

ROE

19.7%

OPM

15.9%

Debt / Equity

1.07

Sales

₹7,896 Cr

Net Profit

₹806 Cr

Promoter holding

63.3%

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Narayana Hrudayalaya Ltd(NH)

About

Business segments

Services, brands and subsidiaries

Operations

Key operating numbers

Payor mix and case mix

Margins by unit

Expansion and capex

Recent developments

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