Narayana Hrudayalaya Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Medical & Healthcare Related Services: 95.2% • Others: 4.8%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.2%
- Company has a healthy return on capital (ROCE) of 21.8%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 25.0% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.54x)
CONS
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 119.8% year on year
- Stock is trading at 7.2x its book value
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (11.4%)
- Expensive relative to growth - PEG of 4.7
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | 8875.00 | 61.07 | 127608.88 | 0.23 | 610.40 | 38.41 | 7043.50 | 20.56 | 21.73 | 15.70 |
| MAXHEALTH | 1039.00 | 69.41 | 101126.94 | 0.19 | 322.96 | 4.87 | 2366.17 | 16.70 | 14.97 | 25.29 |
| MANIPALHOS | 733.10 | 108.07 | 96430.30 | 0.00 | 2434.30 | — | 30906.30 | — | 13.93 | 23.83 |
| FORTIS | 901.80 | 64.97 | 68082.13 | 0.11 | 272.80 | 2.26 | 2545.03 | 17.46 | 14.07 | 21.28 |
| ASTERDM | 766.70 | 209.71 | 66831.13 | 0.00 | 29.28 | -68.70 | 1310.68 | 21.60 | 11.26 | 19.53 |
| MEDANTA | 1459.55 | 70.56 | 39243.18 | 0.03 | 157.25 | -1.09 | 1304.05 | 26.50 | 19.38 | 21.99 |
| NH | 1909.10 | 47.80 | 39014.52 | 0.24 | 207.27 | 5.37 | 2683.63 | 78.05 | 16.20 | 17.43 |
| KIMS | 772.75 | 158.86 | 32456.00 | 0.00 | 37.40 | -56.00 | 1179.50 | 35.33 | 11.51 | 19.03 |
| LALPATHLAB | 1916.70 | 59.37 | 32171.58 | 1.07 | 1705.00 | 1172.39 | 7977.00 | 1090.95 | 29.56 | 31.03 |
| AGARWALEYE | 505.05 | 107.92 | 16011.41 | 0.00 | 55.02 | 44.56 | 614.02 | 25.97 | 16.14 | 27.75 |
| VIJAYA | 1498.50 | 82.32 | 15434.21 | 0.13 | 53.10 | 37.61 | 230.98 | 22.83 | 30.28 | 42.66 |
| RAINBOW | 1460.75 | 51.99 | 14836.35 | 0.24 | 62.54 | 16.23 | 469.99 | 33.17 | 28.25 | 28.65 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 963 | 997 | 925 | 955 | 1,004 | 1,058 | 1,027 | 1,118 | 1,170 | 1,241 | 1,784 | 2,084 | 2,457 | |
| Operating Profit | 271 | 308 | 279 | 291 | 302 | 309 | 307 | 358 | 337 | 402 | 367 | 510 | 227 |
| OPM % | 21.95% | 23.61% | 23.18% | 23.35% | 23.15% | 22.60% | 23.03% | 24.24% | 22.35% | 24.49% | 17.07% | 19.66% | 8.45% |
| 15 | 18 | 18 | 24 | 23 | 24 | 18 | 18 | 24 | 24 | -28 | 29 | 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 |
| Profit before Tax | 206 | 248 | 209 | 222 | 231 | 232 | 220 | 253 | 231 | 297 | 152 | 294 | 260 |
| Tax % | 10.63% | 8.74% | 9.82% | 15.38% | 12.95% | 14.27% | 11.80% | 22.44% | 15.04% | 12.53% | 14.63% | 21.80% | 20.40% |
| Net Profit | 0 | 0 | 0 | 0 | 201 | 199 | 193 | 197 | 197 | 258 | 127 | 224 | 207 |
| 9.06 | 11.16 | 9.26 | 9.26 | 9.88 | 9.78 | 9.53 | 9.66 | 9.65 | 12.72 | 6.30 | 11.22 | 10.20 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,878 | 2,281 | 2,861 | 3,128 | 2,583 | 3,701 | 4,525 | 4,890 | 5,483 | 7,896 | 9,072 | |
| 1,649 | 2,061 | 2,566 | 2,701 | 2,394 | 3,038 | 3,544 | 3,745 | 4,190 | 6,257 | 7,566 | |
| Operating Profit | 229 | 220 | 295 | 427 | 189 | 663 | 980 | 1,145 | 1,293 | 1,639 | 1,507 |
| OPM % | 12.18% | 9.65% | 10.31% | 13.65% | 7.32% | 17.92% | 21.67% | 23.42% | 23.59% | 20.75% | 16.61% |
| 22 | 19 | 19 | 17 | 27 | 35 | 65 | 92 | 84 | 49 | 61 | |
| Interest | 28 | 55 | 81 | 94 | 82 | 76 | 84 | 112 | 163 | 266 | 285 |
| Depreciation | 80 | 100 | 137 | 186 | 184 | 183 | 210 | 241 | 278 | 448 | 520 |
| Profit before Tax | 135 | 80 | 93 | 161 | -56 | 430 | 752 | 884 | 936 | 969 | 1,004 |
| Tax % | 38.69% | 36.04% | 36.53% | 26.19% | 74.51% | 20.40% | 19.29% | 11.09% | 15.58% | 16.35% | 17.61% |
| Net Profit | 83 | 51 | 59 | 119 | -14 | 342 | 607 | 786 | 790 | 810 | 827 |
| EPS | 4.09 | 2.53 | 2.92 | 5.86 | -0.70 | 16.84 | 29.85 | 38.62 | 38.66 | 39.42 | — |
| Dividend Payout % | 0.00% | 0.00% | 34.54% | 17.19% | 0.00% | 5.97% | 8.42% | 10.36% | 11.64% | 11.42% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 17%
- 5 Years:
- 25%
- 3 Years:
- 20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 44%
- 5 Years:
- —
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 28%
- 3 Years:
- 22%
- 1 Year:
- 8%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 27%
- 3 Years:
- 25%
- Last Year:
- 20%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 204 | 204 | 204 | 204 | 204 | 204 | 204 | 204 | 204 | 204 |
| Minority Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| 749 | 818 | 874 | 928 | 912 | 1,281 | 1,926 | 2,679 | 3,422 | 4,333 | |
| 358 | 1,041 | 1,070 | 1,178 | 1,022 | 893 | 1,056 | 1,565 | 2,342 | 5,711 | |
| Trade Payables | 207 | 305 | 334 | 362 | 410 | 449 | 615 | 604 | 574 | 1,032 |
| 128 | 159 | 151 | 217 | 219 | 305 | 355 | 678 | 713 | 1,180 | |
| Total Liabilities | 1,647 | 2,528 | 2,633 | 2,889 | 2,768 | 3,133 | 4,157 | 5,732 | 7,257 | 12,463 |
| 1,082 | 1,848 | 1,838 | 2,092 | 1,961 | 1,980 | 2,336 | 2,651 | 4,266 | 7,796 | |
| Capital Work in Progress | 53 | 27 | 36 | 12 | 18 | 63 | 259 | 514 | 70 | 267 |
| 96 | 9 | 17 | 86 | 120 | 132 | 252 | 844 | 1,084 | 573 | |
| 52 | 84 | 83 | 60 | 48 | 59 | 72 | 110 | 110 | 155 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 422 | 555 | 656 | |
| Cash & Bank | 34 | 35 | 101 | 115 | 132 | 172 | 380 | 416 | 647 | 2,129 |
| 329 | 525 | 557 | 524 | 489 | 727 | 858 | 775 | 525 | 888 | |
| Total Assets | 1,647 | 2,528 | 2,633 | 2,889 | 2,768 | 3,133 | 4,157 | 5,732 | 7,257 | 12,463 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 256 | 216 | 333 | 509 | 251 | 552 | 1,170 | 1,067 | 986 | 1,621 | |
| Cash from Investing | -146 | -534 | -161 | -189 | -113 | -267 | -1,174 | -1,458 | -1,325 | -3,700 |
| Cash from Financing | -45 | 315 | -27 | -247 | -194 | -159 | 88 | 488 | 544 | 2,340 |
| 28 | -36 | 90 | 8 | -2 | 59 | -2 | 97 | 205 | 262 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Narayana Hrudayalaya Ltd. has informed the Exchange about Copy of Newspaper Publication of Postal Ballot Notice
2026-09-04 - Narayana Hrudayalaya Ltd. has informed the Exchange regarding Notice of Postal Ballot
2026-08-18 - Narayana Hrudayalaya Ltd. has informed the Exchange about Schedule of meet of investors to be held on August 20, 2026.
2026-08-17 - Narayana Hrudayalaya Ltd. has submitted the Exchange a copy of Srutinizers report of 26th Annual General Meeting held on August 14, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-14 - Narayana Hrudayalaya Ltd. has informed the Exchange regarding Proceedings of 26th Annual General Meeting held on Friday, August 14, 2026.
2026-08-10 - Narayana Hrudayalaya Ltd. has informed the Exchange about Transcript of the Earnings call of the company for the quarter ended June 30, 2026.
2026-08-07 - Narayana Hrudayalaya Ltd. has informed the Exchange about Schedule of group investor meeting to be held on August 12, 2026.
2026-08-04 - Narayana Hrudayalaya Ltd. has informed the Exchange about Schedule of meet of investors scheduled to be held on August 07, 2026
2026-08-04 - Narayana Hrudayalaya Ltd. has informed the Exchange about Schedule of meet of investors scheduled to be held on August 06, 2026
News
Recent coverage and analyst commentary for NH
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