Narayana Hrudayalaya Ltd. (NH)
🎯 Key Takeaways
- Narayana Hrudayalaya Ltd. is transitioning from a mature healthcare services operator into a high-growth phase driven by strategic capex and digital transformation, evidenced by a 78% YoY revenue surge in Q1 FY27 to ₹26,836 Mn and expansion into new facilities like the HSR Bangalore hospital targeting FY28 completion.
- Revenue declined 2.4% QoQ to ₹1,367 in Q3FY25.
- ⚠️ Elevated net debt of ₹19,671 Mn poses financial risk if capex does not translate into sustained revenue growth. Execution delays in the HSR Bangalore
📖 The Story
Narayana Hrudayalaya Ltd. is transitioning from a mature healthcare services operator into a high-growth phase driven by strategic capex and digital transformation, evidenced by a 78% YoY revenue surge in Q1 FY27 to ₹26,836 Mn and expansion into new facilities like the HSR Bangalore hospital targeting FY28 completion. The company is actively investing in capacity and ESG infrastructure while maintaining stable promoter control, signaling a deliberate shift toward scalable, technology-enabled healthcare delivery.
📰 What's Happening
In Q1 FY27, the company reported robust top-line growth to ₹26,836 Mn (+78% YoY) with EBITDA margin expanding to 18.8% and PAT at ₹2,073 Mn. Management highlighted the transfer of a hospital to a charitable trust, incorporation of a new subsidiary, and initiation of capex for a 215-bed greenfield hospital in HSR Bangalore. Digital initiatives contributed to a 50% reduction in patient incidents and 4 million app installs. The board re-appointed an independent director and declared a final dividend of ₹4.50 per share. The earnings call for Q1 FY26 was made accessible via audio recording on August 3, 2026, per regulatory requirements.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY23 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,222 | 1,233 | 1,305 | 1,204 | 1,279 | 1,341 | 1,400 | 1,367 |
| Operating Profit | 290 | 286 | 327 | 297 | 318 | 327 | 332 | 325 |
| OPM % | 22.6% | 21.9% | 23.6% | 23.2% | 23.0% | 22.7% | 22.0% | 22.5% |
| Net Profit | 173 | 184 | 227 | 188 | 191 | 201 | 199 | 193 |
| EPS | ₹8.53 | ₹9.06 | ₹11.16 | ₹9.26 | ₹9.39 | ₹9.92 | ₹9.78 | ₹9.50 |
Quarterly revenue has shown consistent upward momentum, rising from ₹1,222 Cr in Q4FY23 to ₹1,367 Cr in Q3FY25, with operating margins holding steady around 22-23% despite inflationary pressures. Net profit and EPS have remained stable, indicating operational resilience. This growth trajectory aligns with management's disclosed capex plans and digital adoption, suggesting scalable profitability without margin erosion from volume-driven expansion.
🔮 Management Outlook & What's Next
Management has articulated forward-looking ESG and expansion targets, including completion of the HSR Bangalore hospital by FY28 and achieving 50% renewable energy usage by 2030, building on current 39.08% renewable electricity consumption. These goals are reinforced in the BRSR filing and annual report disclosures, reflecting a long-term strategy integrating sustainability with operational scaling. No specific financial guidance was provided in recent filings, but operational targets are clearly linked to strategic investments.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Healthcare Services
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| Apollo Hospitals Enterprise Limited | 1.16 L Cr | 64.5 | 20.5% | 21.9% | 0.64 |
| Max Healthcare Institute Limited | 1.02 L Cr | 101.2 | — | — | — |
| Fortis Healthcare Limited | 72,752 | 94.6 | — | — | — |
| Aster DM Healthcare Limited | 39,048 | 7.1 | — | — | — |
| Narayana Hrudayalaya Ltd. | 37,625 | 47.7 | — | — | — |
| Global Health Limited | 33,405 | 65.8 | — | — | — |
| Krishna Institute of Medical Sciences Limited | 30,477 | 80.3 | — | — | — |
| Dr. Lal Path Labs Ltd. | 26,871 | 63.6 | — | — | — |
| Syngene International Limited | 18,295 | 36.3 | — | — | — |
| Dr. Agarwal's Health Care Limited | 14,266 | 88.8 | 14.9% | 6.8% | 0.13 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
Elevated net debt of ₹19,671 Mn poses financial risk if capex does not translate into sustained revenue growth. Execution delays in the HSR Bangalore hospital or underperformance of digital initiatives could pressure margins. Regulatory and compliance risks remain, particularly around ESG target delivery by 2030 and 2040, which require ongoing capital and operational discipline. Additionally, the company's reliance on hospital network expansion exposes it to execution and market saturation risks.
📋 Recent Filings
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🟡 Shareholding Pattern 3 August 2026Narayana Hrudayalaya reported consolidated operating revenue of ₹26,836 Mn in Q1 FY27, up 78% YoY and 3.5% QoQ, with EBITDA at ₹5,052 Mn (18.8% margin...
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🔴 Financial Results 3 August 2026Narayana Hrudayalaya Ltd. announced that its earnings call for the quarter ended June 30, 2026 was held on August 3, 2026, and the audio recording is ...
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🔴 annual report 30 July 2026Narayana Hrudayalaya announced that it has dispatched letters to shareholders without registered email addresses, providing web links to access the FY...
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Announcement 28 July 2026Narayana Hrudayalaya announced a conference call on August 3, 2026 at 3:00 p.m. IST to discuss un-audited standalone and consolidated results for the ...
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🔴 annual report 24 July 2026Narayana Hrudayalaya Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY25-26, detailing standalone disclosures on g...
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Financial Results 2 July 2026Narayana Hrudayalaya Ltd. clarified its audited financial results for Q4 and FY2026, confirming timely submission and revised XBRL filing with reserve...
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🔴 Financial Results 29 June 2026No summary available
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Financial Results 26 June 2026Narayana Hrudayalaya Ltd. announced that its insiders must close trading windows from July 1, 2026, until 48 hours after the un-audited Q1 results for...
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🔴 Corporate Action 24 June 2026Narayana Hrudayalaya announced a recommended dividend of ₹4.50 per share for FY2025-26, payable after TDS deduction, with shareholders required to sub...
🧠 Analyst's Read
Narayana Hrudayalaya is executing a clear growth strategy backed by capital investment and digital innovation, with improving operational metrics supporting scalability. Investors should monitor the progress of the HSR Bangalore hospital completion by FY28 and the pace of renewable energy adoption, as these will be key indicators of long-term strategic execution and sustainability resilience.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-03.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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