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Narayana Hrudayalaya

NH NSE
₹1,931.50 +60.90 (+3.26%)
P/E
48.36
View as Markdown
MCP
Close 4 Nov 2026 ₹1,931.50 +111.60 +6.13% 1Y
Start ₹1,819.90

Key Fundamentals

MidcapHealthcare ServicesHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
15.50%
Debt to Equity
1.29
EPS (TTM)
₹39.94
Book Value
₹244.81
Market Cap
—
P/E (TTM)
48.36
P/B
7.89
ROE
20.50%
Dividend Yield
0.24%
EBITDA
₹1,717 Cr
52W High
₹2,093.30
52W Low
₹1,589.00
Day Range
₹1,880.00 – ₹1,935.50
Volume
2,14,340

Peer Comparison

Healthcare › Healthcare Services › Hospitals › Hospital

Narayana Hrudayalaya peer comparison
Apollo Hospitals
₹8,599.5059.18₹1,22,850 Cr13.040.24%21.20%17.40%₹26,430 Cr₹2,171 Cr
Max Healthcare Institute
₹927.1561.89₹89,301 Cr7.960.22%14.70%14.70%₹8,712 Cr₹1,457 Cr
Manipal Health Enterprises
₹667.2088.96₹86,479 Cr5.340.00%6.64%8.30%₹11,400 Cr₹906 Cr
Aster DM Healthcare
₹719.55117.00₹59,927 Cr14.910.44%11.30%11.60%₹4,876 Cr₹363 Cr
Fortis Healthcare
₹790.6556.96₹59,706 Cr6.030.13%11.20%13.40%₹9,506 Cr₹1,070 Cr
Narayana Hrudayalaya (this company)
₹1,931.5048.36₹39,090 Cr7.890.24%20.50%15.50%₹9,072 Cr₹816 Cr
Global Health
₹1,402.0067.76₹37,618 Cr9.520.04%15.20%17.40%₹4,683 Cr₹552 Cr
Median 7 companies₹927.1561.89₹59,927 Cr7.960.22%14.70%14.70%₹9,072 Cr₹906 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
62
Good
Returns, margins, earnings quality 22% weight
Valuation
57
Good
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
17
Poor
Solvency, leverage, coverage 9% weight
Momentum
24
Poor
Trend strength, vol-adjusted 12% weight
Ownership
57
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 7.76 times its book value
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3313
OscillatorsNeutral333
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
69.74
Neutral
MACD (12,26,9)
8.84
Bullish
SMA (50)
1,813.10
Bullish
SMA (200)
1,836.80
Bullish

As of

Analyst Rating

Based on 10 analysts
BUY90%

9 of 10 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
9
90%
HOLD
1
10%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+17.21%
5Y+25.04%
3Y+20.39%
1Y+44.01%
TTM+59.62%

Net profit

Net profit growth by window
10Y+44.02%
5YTurned to profit
3Y+9.91%
1Y+1.90%
TTM+3.82%

Operating cash flow

Operating cash flow growth by window
10Y+25.00%
5Y+39.76%
3Y+14.32%
1Y+64.40%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+9.63 pp
5Y+13.46 pp
3Y−1.03 pp
1Y−2.89 pp
TTM−3.86 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,878 Cr
Mar 2018₹2,281 Cr
Mar 2019₹2,861 Cr
Mar 2020₹3,128 Cr
Mar 2021₹2,583 Cr
Mar 2022₹3,701 Cr
Mar 2023₹4,525 Cr
Mar 2024₹4,890 Cr
Mar 2025₹5,483 Cr
Mar 2026₹7,896 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹83.00 Cr
Mar 2018₹51.00 Cr
Mar 2019₹59.00 Cr
Mar 2020₹119 Cr
Mar 2021−₹14.00 Cr
Mar 2022₹342 Cr
Mar 2023₹607 Cr
Mar 2024₹790 Cr
Mar 2025₹791 Cr
Mar 2026₹806 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹554 Cr −8.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Narayana Hrudayalaya trades at ₹1,870.6 as of 2026-11-03 with a market cap of ₹38,829 Cr, commanding a P/E of 46.84x and P/B of 7.64x. The company has delivered strong long-term revenue growth at a 10-year compounded sales CAGR of 17% and a 3-year ROE average of 24.5%, though near-term profit growth has moderated to 9% TTM and the stock has returned -4% over the past year.

Bull Case 7
  • Exceptional long-term profit compounding with a 10-year compounded profit growth of 42%, reflecting a sustained earnings expansion trajectory
  • Robust revenue growth with TTM compounded sales growth of 60%, indicating strong top-line momentum in the most recent period
  • Consistently high return on equity with a 3-year ROE of 25% and 5-year ROE of 26%, well above typical healthcare services peers
  • Strong long-term stock performance with a 5-year CAGR of 28% and a 10-year CAGR of 18%, demonstrating sustained wealth creation
  • Company is expected to deliver a good quarter, suggesting near-term operational momentum remains intact
  • Current ROE of 17.85% as of 2026-11-03 remains healthy, supporting the company's ability to generate returns above cost of equity
  • Stock is trading approximately 10.6% below its 52-week high of ₹2,093.3, offering a potential entry closer to recent support levels for those who see value in the long-term growth story
Bear Case 7
  • Stock trading at 7.64x book value (P/B) indicates a significant premium to net assets, leaving little room for execution missteps
  • Debt-to-equity ratio of 1.29 is notable for a healthcare services company, and concerns exist that the company might be capitalizing interest costs, potentially flattering reported profitability
  • Near-term profit growth has decelerated sharply to 9% TTM compared to the 5-year compounded profit growth of 155%, signaling potential margin pressure or base-effect normalization
  • Negative 1-year stock CAGR of -4% shows the market has de-rated the stock in the recent period despite continued revenue growth
  • Dividend yield of just 0.25% offers negligible income return, meaning investor returns are almost entirely dependent on capital appreciation
  • The gap between ROCE at 11.39% and ROE at 17.85% suggests leverage is amplifying equity returns, which adds risk if operating performance weakens
  • 3-year compounded profit growth of only 12% versus 3-year compounded sales growth of 20% indicates some compression in profitability or rising cost pressures over the medium term

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

AI News Digest

9h ago

TL;DR: Narayana Hrudayalaya delivered a strong Q2 FY27 with 16.5% profit growth and impressive India hospital margin expansion to 26.8%. The core India business is firing on all cylinders with 22.6% underlying revenue growth, surging international patient revenue, and improving cost efficiencies. The key risk is the UK business, which is diluting consolidated margins and posting widening losses as new centers ramp up. If UK operations stabilize and the ~1,555-bed expansion pipeline executes on schedule, the growth trajectory looks favorable, though near-term margin optics will remain pressured by the lower-margin UK consolidation.

Headwinds 4
  • UK business posting net losses Oct 30

    UK revenue fell 0.9% sequentially to £64.4 million with EBITDA margin of just 7.2% post-IFRS 16. Net loss widened to £2.7 million from £2.2 million in Q1 FY27 due to new center ramp-up costs.

  • Consolidated EBITDA margin contracts Oct 30

    Consolidated EBITDA margin fell to 19.5% from 24.5% YoY in Q2 FY27, dragged down by the lower-margin UK business acquired during the year.

  • Elevated net debt from acquisitions Oct 30

    Net debt stood at ₹1,883 crore as of Sep 30, 2026, with a net debt-to-equity ratio of 0.38. Planned FY27 capex of ₹730 crore (₹460 crore growth + ₹270 crore maintenance) will keep leverage elevated.

Positives 7
  • India hospitals margin expansion Oct 30

    India hospital EBITDA margin expanded to 26.8% from 23.8% YoY, aided by lower doctor/nurse costs (25.9% vs 26.7%) and lower consumables (22.2% vs 23.4%).

  • Strong India revenue growth Oct 30

    India operating revenue rose 16.6% YoY to ₹1,440.2 crore with EBITDA up 30.8% to ₹354.8 crore and PAT growing 36.2% to ₹189.9 crore.

  • International patient revenue surges Oct 30

    International patient revenue jumped 75.7% YoY and 41.2% QoQ to ₹90.1 crore in Q2 FY27, now contributing 7% of India hospital revenue.

Neutral 4
  • Revenue mix by specialty Oct 30

    Cardiac sciences led at ~33% of India hospital revenue, followed by oncology at 15%, medicine/gastro at 14%, renal at 9%, neuro at 8%, and orthopaedics at 5%.

  • Payer mix stable Oct 30

    Self-pay patients contributed ~43% of India revenue, insured/corporate 33%, government schemes 18%, and international patients 7%.

  • Bengaluru largest cluster Oct 30

    Bengaluru accounted for 37% of India hospital revenue growing 18% YoY, followed by Kolkata at 26% (16% growth) and North India at 13% (12% growth).

Quarterly Results

₹ Cr
NH quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
2,844
Expenses
963
997
925
955
1,004
1,058
1,027
1,118
1,171
1,243
1,786
2,086
2,216
2,290
Operating Profit
271
308
279
291
302
309
307
358
337
401
365
508
468
554
OPM %
22%
24%
23%
23%
23%
23%
23%
24%
22%
24%
17%
20%
17%
19%
Other Income
15
18
18
26
24
23.6
18
20
24
24
−29
25
35
—
Interest
21
23
25
28
34
35
37
41
45
42
65
91
87
97
Depreciation
59
55
63
65
61
65
70
82
84
87
122
154
156
163
PBT
206
248
209
226
231
232
219
254
231
297
149
288
260
343
Tax %
11%
9%
10%
15%
13%
14%
12%
22%
15%
13%
15%
22%
20%
12%
Net Profit
184
227
188
191
202
199
193
197
197
258
127
224
207
301
EPS (₹)
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
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
NH profit and loss, annual, ₹ crore
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 (₹)
−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%
—

Balance Sheet

₹ Cr
NH balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
NH cash flow, annual, ₹ crore
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

Ratios

NH financial ratios, annual
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

Log in to view Narayana Hrudayalaya insights

62 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 63.27%
  • Public 16.42%
  • DIIs 10.68%
  • FIIs 9.01%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Narayana Hrudayalaya Ltd?
Narayana Hrudayalaya Ltd trades at a PE ratio of 48.36 as of 4 Nov 2026, on earnings per share of ₹39.94, against a book value of ₹244.81 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 as of 4 Nov 2026.
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 20.50%. 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.

Website narayanahealth.org
CEO Dr. Devi Prasad Shetty M.S.
Employees 11,411
Listed 6 Jan 2016
Face Value ₹10

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