Narayana Hrudayalaya Ltd. (NH) Financial Results — Revenue ₹1,250 Cr

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Investor Takeaways

Revenue reached ₹1,327 crores, up 69.9% YoY, driven by hospital expansion and technology adoption.

EBITDA margin expanded to 25.1% from 21.5% YoY.

Clinic losses widened to INR 66 crores due to new openings.

UK operations improved EBITDA margin to 10% but remain insufficient for loan repayment.

Company plans to double clinic count by FY27 and enter Calcutta, maintaining FY28 capex targets.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1,327 Cr	+69.9%
Net Profit	₹320 Cr	N/A
EBITDA	Not available	N/A
EPS	Not available	N/A
OPM	25.1%	+3.6 pp YoY

What Changed

Narayana Hrudayalaya reported a 69.9% YoY revenue increase to ₹1,327 crores in Q4 FY26, reflecting successful hospital expansion and technology adoption. The company achieved an EBITDA margin of 25.1%, up from 21.5% in the prior year, indicating operational efficiency gains. However, clinic-level losses widened to INR 66 crores due to investments in new facility openings. Management highlighted progress in UK operations, where EBITDA margins improved to 10%, though still inadequate to service debt obligations. Forward guidance includes doubling clinic count by FY27, entering the Calcutta market, and implementing 30-35% price increases in the Cayman insurance business to enhance profitability. Capex plans for FY28 remain unchanged despite potential election-related delays. The company also emphasized ongoing AI integration across radiology and clinical workflows to support long-term scalability and margin improvement. Consolidated EBITDA margin guidance is anchored at approximately 20% for future periods.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Narayana Hrudayalaya	47.71	Not available	Not available	37,624.87
Sun Pharmaceutical Industries Limited	41.28	15.11%	20.34%	4,50,643.09
Divi's Laboratories Limited	72.41	16.56%	22.09%	1,79,470.03
Torrent Pharmaceuticals Limited	80.06	N/A	N/A	1,49,108.91

Narayana Hrudayalaya trades at a premium to Sun Pharmaceutical but below Divi's Laboratories in P/E, with no ROE or ROCE data available for direct comparison.

Risks & Concerns

Clinic losses increased to INR 66 crores due to expansion-related investments.

UK operations show improved EBITDA margins to 10% but remain cash-intensive with no immediate path to loan repayment.

International expansion into new markets like Calcutta introduces execution and regulatory risks.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	1,366.68	193.05	22.46
Q2FY25	1,400.01	198.8	22.03
Q1FY25	1,340.95	201.49	22.66
Q4FY24	1,279.42	190.78	23.02

The latest quarter’s revenue growth to ₹1,327 crores marks an acceleration from previous quarters, though profitability trends show slight margin pressure in earlier periods before the reported expansion in EBITDA margin.

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Narayana Hrudayalaya Ltd. (NH) — Financial Results Announcement