Narayana Hrudayalaya logo

Narayana Hrudayalaya

NH NSE

Key Fundamentals

MidcapHospitalsHealthcare Services
Market Cap
₹38,598 Cr
Volatility
Moderate
P/E Ratio
46.8
EBITDA
₹1,717 Cr
Return on Equity
17.85%
Debt to Equity
1.29
Book Value
₹222.08
EPS
₹39.47
52W High
₹2,093.3
52W Low
₹1,589

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24.5%

Weaknesses

2
  • Stock is trading at 8.42 times its book value
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
43.43% higher than 3Y
Net Income Growth
2.62% lower than 3Y
Cash Flow Change
64.46% higher than 3Y
ROE
-18.01% lower than 3Y
ROCE
-36.08% higher than 3Y
EBITDA Margin (Avg.)
-12.55% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Narayana Hrudayalaya Ltd commands a market cap of ₹38,598 Cr at a PE of 47.8x and PB of 8.6x. The company has delivered a strong 25% three-year ROE with TTM sales growth of 60%, though profit growth at 9% TTM has lagged revenue expansion considerably.

Bull Case 7
  • TTM revenue growth of 60% signals a sharp acceleration from the 3-year compounded sales CAGR of 20%, indicating strong demand momentum
  • Consistent ROE track record — 25% over 3 years, 26% over 5 years, and 20% over 10 years — demonstrates durable capital efficiency in a capital-intensive sector
  • 5-year compounded profit CAGR of 155% reflects a dramatic earnings turnaround from a low base, showing operating leverage in the business model
  • 10-year compounded sales CAGR of 17% indicates sustained long-term revenue compounding well above nominal GDP growth
  • Stock price CAGR of 29% over 5 years and 20% over 10 years reflects consistent long-term wealth creation
  • Company is expected to deliver a good quarter based on operational trends, suggesting near-term earnings visibility remains intact
  • Last-year ROE of 21% remains well above cost of equity for most Indian healthcare companies, indicating the business continues to generate economic value
Bear Case 8
  • PE of 47.8x is significantly elevated relative to broader market averages and leaves limited margin of safety if growth decelerates
  • PB ratio of 8.6x means investors are paying ₹8.60 for every ₹1 of book value, pricing in substantial future growth that must materialize
  • TTM profit growth of only 9% against TTM sales growth of 60% suggests margin compression or rising costs are eroding the revenue gains
  • Potential capitalization of interest costs, if confirmed, could overstate reported profitability and asset quality
  • Dividend yield of just 0.24% provides negligible income cushion, making returns almost entirely dependent on capital appreciation
  • 3-year compounded profit CAGR of 12% is modest relative to the 20% sales CAGR over the same period, indicating profit growth has not kept pace with top-line expansion
  • ROE has declined from 25% (3-year average) to 21% in the last year, a directional weakening that bears monitoring
  • 10-year profit CAGR of 42% looks optically strong but is heavily influenced by a very low or negative earnings base a decade ago, flattering the growth rate

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Insurance verticals posting losses Aug 24

    Indian insurance business reported ~₹20 crore loss and Cayman insurance posted ~₹35 crore loss in Q1 FY27, pressuring the stock recently.

  • PAT declined 9.2% sequentially Aug 24

    Consolidated profit after tax fell 9.2% QoQ to ₹207.30 crore in Q1 FY27 despite strong YoY growth, suggesting some near-term margin pressure.

  • Cayman insurance breakeven delayed Aug 24

    Cayman insurance business is only expected to achieve EBITDA breakeven by end of FY28, meaning continued drag on consolidated earnings for several quarters.

Positives 6
  • Kotak upgrades to Buy Aug 24

    Kotak Institutional Equities upgraded NH to Buy with a target price of ₹2,350, implying ~29% upside from the previous close of ₹1,815.80.

  • Revenue jumps 78% YoY Aug 24

    Q1 FY27 consolidated revenue from operations surged 78% YoY and 3.5% QoQ to ₹2,683.60 crore, driven by strong domestic and international growth.

  • India hospitals EBITDA up 39% Aug 24

    Core India hospital segment delivered 39% YoY EBITDA growth in Q1 FY27, with Kotak forecasting 14% EBITDA CAGR between FY26 and FY29E.

  • Stock surges 3% on upgrade Aug 24

    Shares hit an intraday high of ₹1,876, up ~3% on Aug 24, outperforming Nifty 50 which fell 0.26%, after recovering from ₹1,780-1,790 support levels.

  • Attractive India hospital valuation Aug 24

    Kotak notes NH's India hospital business trades at ~17x FY28E pre-Ind AS 116 EV/EBITDA, presenting a favorable risk-reward for long-term investors.

  • Cayman revenue up 39% YoY Aug 24

    Cayman operating revenue grew 39% YoY to ₹551.40 crore in Q1 FY27, with strong renewal rates following recent repricing supporting future growth.

Neutral 1
  • Investor meet with FSSA Aug 18

    NH scheduled a one-on-one physical meeting with FSSA Investment Managers on August 20, 2026, at 10:30 am, filed with BSE and NSE under SEBI regulations.

TL;DR: Narayana Hrudayalaya is delivering strong topline growth with Q1 FY27 revenue up 78% YoY to ₹2,683.60 crore and India hospital EBITDA growing 39% YoY, earning a Kotak upgrade to Buy with a ₹2,350 target. The key risk remains losses in insurance verticals (₹55 crore combined in Q1), though these are expected to narrow with Cayman insurance targeting breakeven by FY28-end. The trend is improving as the core hospital business remains robust across India, Cayman, and the UK, and the stock's recovery above ₹1,800 support suggests sentiment is turning positive.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,233
1,305
1,204
1,246
1,306
1,367
1,335
1,475
1,507
1,644
2,151
2,594
2,684
Expenses
963
997
925
955
1,004
1,058
1,027
1,118
1,171
1,243
1,786
2,086
2,216
Operating Profit
271
308
279
291
302
309
307
358
337
401
365
508
468
OPM %
22%
24%
23%
23%
23%
23%
23%
24%
22%
24%
17%
20%
17%
Other Income
15
18
18
26
24
23
18
20
24
24
-29
25
35
Interest
21
23
25
28
34
35
37
41
45
42
65
91
87
Depreciation
59
55
63
65
61
65
70
82
84
87
122
154
156
PBT
206
248
209
225
231
232
219
254
232
296
149
288
260
Tax %
11%
9%
10%
15%
13%
14%
12%
22%
15%
13%
15%
22%
20%
Net Profit
184
227
188
191
202
199
193
197
197
258
127
224
207
EPS in Rs
9
11.09
9.2
9.33
9.85
9.72
9.44
9.65
9.62
12.64
6.2
10.96
10.14
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,364
1,614
1,878
2,281
2,861
3,128
2,583
3,701
4,525
4,890
5,483
7,896
9,072
Expenses
1,236
1,434
1,642
2,064
2,566
2,694
2,394
3,038
3,538
3,722
4,185
6,255
7,330
Operating Profit
128
180
236
217
295
434
189
664
987
1,168
1,298
1,641
1,742
OPM %
9%
11%
13%
10%
10%
14%
7%
18%
22%
24%
24%
21%
19%
Other Income
6
-19
7
18
16
7
21
26
59
73
80
37
56
Interest
45
33
28
55
81
94
82
76
84
112
163
266
285
Depreciation
68
76
80
100
137
186
184
183
210
241
278
448
520
PBT
21
51
135
80
93
161
-56
430
752
888
936
964
993
Tax %
71%
59%
39%
36%
37%
26%
-75%
20%
19%
11%
16%
16%
—
Net Profit
-19
21
83
51
59
119
-14
342
607
790
791
806
817
EPS in Rs
-0.84
1.04
4.06
2.51
2.9
5.82
-0.7
16.73
29.67
38.62
38.66
39.42
39.94
Div. Payout %
0%
0%
0%
0%
35%
17%
0%
6%
8%
10%
12%
11%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
200
204
204
204
204
204
204
204
204
204
204
204
Reserves
568
672
759
831
877
932
916
1,284
1,927
2,679
3,422
4,333
Borrowings
362
258
217
802
813
952
826
723
884
1,627
2,428
5,858
Other Liabilities
241
424
468
692
746
813
833
931
1,155
1,123
1,216
2,088
Total Liabilities
1,371
1,557
1,648
2,529
2,640
2,901
2,779
3,143
4,170
5,633
7,271
12,482
Fixed Assets
913
1,054
1,082
1,848
1,838
2,092
1,961
1,980
2,336
2,651
4,266
7,796
CWIP
20
14
53
35
56
12
20
67
259
514
86
292
Investments
52
87
96
9
17
86
120
132
252
844
1,084
573
Other Assets
385
402
417
637
729
711
678
964
1,323
1,624
1,835
3,822
Total Assets
1,371
1,557
1,648
2,529
2,640
2,901
2,779
3,143
4,170
5,633
7,271
12,482
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
77
174
219
182
279
443
304
485
1,085
1,067
986
1,621
Investing
-223
-150
-146
-520
-162
-189
-113
-267
-1,176
-1,458
-1,325
-3,648
Financing
140
18
-45
315
-27
-247
-194
-159
88
488
544
2,340
Net Cash Flow
-6
42
28
-22
89
7
-2
59
-4
97
205
313
Free Cash Flow
-15
86
85
-20
129
329
235
235
563
99
-93
753
CFO/OP
78
116
108
100
113
117
133
83
119
99
86
108
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
38
34
30
45
34
31
39
43
35
31
37
30
Inventory Days
56
48
45
56
48
35
32
30
31
44
40
42
Days Payable
146
152
173
200
177
177
221
180
224
214
185
248
Cash Conversion Cycle
-51
-70
-98
-100
-95
-111
-150
-108
-158
-138
-108
-176
Working Capital Days
-30
-12
-11
-10
-10
-22
-38
-16
-25
-30
-17
-19
ROCE %
7%
9%
14%
9%
9%
14%
2%
25%
32%
26%
21%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others7.34%Promot.63.27%DIIs9.06%FIIs9.40%Public10.93%As ofJun 2026

Documents

Frequently Asked Questions about Narayana Hrudayalaya

What does Narayana Hrudayalaya Ltd do?
Narayana Hrudayalaya Ltd is engaged in providing economical healthcare services. It has a network of multispecialty and super specialty hospitals spread across multiple locations.[1]
Where is Narayana Hrudayalaya Ltd (NH) listed?
Narayana Hrudayalaya Ltd trades as NH on the NSE and under code 539551 on the BSE.
Which sector does Narayana Hrudayalaya Ltd belong to?
Narayana Hrudayalaya Ltd is classified under the Healthcare Services sector, in the Hospitals industry.
What is the market capitalisation of Narayana Hrudayalaya Ltd?
Narayana Hrudayalaya Ltd has a market capitalisation of ₹38,598 Cr, which places it in the Large Cap band.
What is the PE ratio of Narayana Hrudayalaya Ltd?
Narayana Hrudayalaya Ltd trades at a PE ratio of 46.80, on earnings per share of ₹39.47, against a book value of ₹222.08 per share.
What is the 52-week high and low of Narayana Hrudayalaya Ltd?
Over the last 52 weeks Narayana Hrudayalaya Ltd has traded between ₹1,589 and ₹2,093.3.
Does Narayana Hrudayalaya Ltd pay dividends?
Narayana Hrudayalaya Ltd has a dividend yield of 0.24%.
What is the Return on Equity (ROE) of Narayana Hrudayalaya Ltd?
Narayana Hrudayalaya Ltd reported a return on equity of 17.85%. Its debt-to-equity ratio is 1.29.

Company Information

Narayana Hrudayalaya Ltd is engaged in providing economical healthcare services. It has a network of multispecialty and super specialty hospitals spread across multiple locations.[1]

Website narayanahealth.org
CEO Dr. Devi Prasad Shetty M.S.
Employees 11,411
Listed 2016-01-06
Face Value ₹ 10
Issued Size 20,43,60,804

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