Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,770.70 last close on 13 Oct 2026 +0.61%
Research updated
Narayana Hrudayalaya Ltd.
NSE: NHHealthcareMedical Care Facilities
- Last close
- ₹1,687.30
- Day change
- −₹8.70 (−0.51%)vs
- Market cap
- ₹34,312 crIndian rupees
- Research updated
- 1 report
About Narayana Hrudayalaya
Narayana Hrudayalaya Ltd. is a renowned player in the healthcare sector, primarily known for its expertise in providing multi-specialty medical services. It operates an extensive chain of hospitals and healthcare facilities across India, with a strong focus on cardiovascular care, which is one of India's most pressing health concerns. The company's offerings include cutting-edge surgical procedures, diagnostics, and patient care services, making it a vital healthcare provider in its region. Founded by renowned cardiac surgeon Dr. Devi Shetty, Narayana Hrudayalaya has been at the forefront of delivering affordable and accessible healthcare solutions. The company plays a crucial role in addressing healthcare needs, not only by handling complex surgeries and treatments but also by maintaining an educational focus, training medical professionals. By offering a wide range of healthcare services, including routine health checks and specialized surgeries, Narayana Hrudayalaya Ltd. contributes significantly to the healthcare sector, impacting various segments of society and fostering advancements in medical science within the Indian market.
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Listing
- NSE: NH
- Chief executive
- Dr. Emmanuel Rupert
- Employees
- 11,411
- Headquarters
- Bengaluru, India
- ISIN
- INE410P01011
- Website
- narayanahealth.org
Public research · Report of
Business model & financial foundation
Narayana Health (NSE: NH), Hospitals and integrated healthcare: revenue of ₹7,896 crore in FY26 (+44.0% on FY25), an EBITDA margin of 20.5%, net profit of ₹805.6 crore and net debt of ₹2,323 crore.
- Revenue, FY26 (₹ crore)
- 7,896
- consolidated
- Revenue growth, FY26
- +44.0%
- on FY25
- EBITDA margin, FY26
- 20.5%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 805.6
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,323
- Borrowings less cash and current investments
- Market capitalisation (₹ crore)
- 37,606
- at the close of 14 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Narayana Hrudayalaya Limited |
| Exchange and ticker | NSE: NH; BSE: 539551 |
| ISIN | INE410P01011 |
| Sector | Healthcare |
| Industry | Hospitals and integrated healthcare |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022 reappointment) |
| Market capitalisation | ₹37,606 crore (14 Oct 2026) |
| Shares outstanding | 20.31 crore shares (FY26) |
| Price | ₹1,687 (close, 14 Oct 2026) |
| 52-week range | ₹1,589 - ₹2,093 (to 14 Oct 2026) |
| Website | https://www.narayanahealth.org |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Health City Cayman Islands Ltd | 100% | Cayman hospitals and overseas holding chain |
| Cayman Integrated Healthcare | 100% | Cayman One Health insurance |
| Narayana Health Insurance | 100% | Indian health insurance |
| NH Integrated Care | 100% | Clinics and integrated care |
| Samyat Healthcare | 100% | Medical procurement |
| Narayana Hrudayalaya UK | 100% | UK holding company |
| Practice Plus Group Hospitals | 100% | UK elective care hospitals |
| Meridian Medical Research & Hospital | 99.13% | Mysore hospital |
| Shepton Mallet Health Partnership | 51% | UK joint venture hospital vehicle |
UK consolidation effective 6 November 2025; subsidiary stakes are reported group interests. Everhope Oncology and Reya Health are associates. India hospital business and nascent insurance have different unit economics.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 63.27% | 63.27% | 63.27% | 63.27% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 11.10% | 9.98% | 9.40% | |
| Domestic institutions | 7.91% | 9.15% | 9.06% | |
| of which mutual funds | 6.22% | 7.24% | 7.34% | |
| Retail | 9.30% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Narayana Hrudayalaya runs cost-efficient tertiary hospitals in India (5,461 operational beds at 30 Jun 2026), two hospitals in the Cayman Islands (164 beds) with a captive health insurer (CIHL / One Health), and since 6 Nov 2025 the UK's Practice Plus Group (330 beds, about 93% NHS-funded elective care), bought for GBP 188.78m / INR 2,201 cr. India also runs clinics and a nascent insurer (NHIC). Q1FY27 revenue: India 1,324.7 cr, Cayman 551.4 cr, UK 825.7 cr; consolidated 2,683.6 cr. India hospitals earn a 24.8% EBITDA margin (Q1FY27) on cardiac and complex care; the UK earned 8.8% post-IFRS16 and 5.1% pre-IFRS16. The company controls clinical model, procurement (Samyat) and capacity; it does not control NHS tariffs, Indian scheme rates (18% of India payor mix) or implant price caps.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| India operations (including integrated care and insurance) | 4,797 | 60.1% | 1,024 | 100.0% |
| Cayman Islands (HCCI hospitals plus CIHL insurance) | 1,889 | 23.7% | ||
| United Kingdom (Practice Plus Group hospitals, from 6 Nov 2025) | 1,299 | 16.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Apollo Hospitals (APOLLOHOSP) | Scaled hospital network; pharmacy and digital arm require separate comparison |
| Max Healthcare (MAXHEALTH) | Premium tertiary hospitals and capacity expansion |
| Fortis Healthcare (FORTIS) | Multi-region tertiary hospitals |
| Global Health (MEDANTA) | Complex care and bed ramp-up |
| Krishna Institute of Medical Sciences (KIMS) | Regional cost-efficient hospital network |
| Rainbow Children’s Medicare (RAINBOW) | Specialty inpatient care and expansion |
| Aster DM Healthcare (ASTERDM) | Multi-region hospital operator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,644 | 4,491 | 4,890 | 5,483 | 7,896 |
| Cost of revenue (vendor classification) * | 2,022 | 2,334 | 2,534 | 2,690 | 3,463 |
| Other operating costs (vendor classification) * | 213.5 | 309.6 | 289.7 | 388.6 | 955.0 |
| EBITDA (vendor classification) * | 685.4 | 1,037 | 1,226 | 1,356 | 1,702 |
| Operating EBIT excluding other income | 495.4 | 820.7 | 906.1 | 998.3 | 1,169 |
| Finance costs | 65.6 | 69.1 | 96.9 | 146.4 | 243.7 |
| Profit before tax continuing operations | 429.8 | 751.6 | 884.0 | 935.5 | 968.8 |
| Tax expense continuing operations | 87.7 | 145.0 | 98.0 | 145.7 | 158.4 |
| Profit for year including discontinued operations | 342.1 | 606.6 | 789.6 | 790.6 | 806.0 |
| Diluted EPS continuing and discontinued (₹) | 16.84 | 29.85 | 38.86 | 38.90 | 39.67 |
| Other income | 74.8 | 92.0 | 100.2 | ||
| Medical consumables purchases plus inventory change | 1,030 | 1,136 | 1,516 | ||
| Employee benefits expense | 982.3 | 1,093 | 1,803 | ||
| Professional fees to doctors | 856.2 | 932.4 | 1,099 | ||
| Other expenses | 873.9 | 1,045 | 1,862 | ||
| Operating EBITDA excluding other income | 1,148 | 1,276 | 1,617 | ||
| Depreciation and amortisation | 241.5 | 278.1 | 447.8 | ||
| Exceptional items signed | 0.00 | -8.36 | -51.0 | ||
| Share of profit or loss of equity accounted investees | 0.00 | 0.00 | -5.58 | ||
| Profit attributable to non-controlling interests | 0.36 | 0.48 | 0.38 | ||
| Profit attributable to owners | 789.3 | 790.2 | 805.6 | ||
| Profit from discontinued operations after tax | 3.64 | 0.81 | -4.48 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 1,489 | 2,132 | 2,884 | 3,626 | 4,537 |
| Non-current plus current borrowings excluding leases | 723.4 | 884.2 | 1,444 | 2,213 | 4,866 |
| Cash equivalents plus other bank balances | 157.5 | 154.8 | 416.5 | 646.7 | 2,129 |
| Trade receivables | 436.9 | 431.5 | 421.9 | 555.5 | 655.7 |
| Inventories | 59.4 | 71.6 | 109.9 | 110.3 | 154.5 |
| Trade payables | 449.0 | 615.0 | 603.6 | 574.5 | 1,032 |
| Net property, plant and equipment * | 1,356 | 1,513 | 1,737 | 2,161 | 2,620 |
| Capital work in progress * | 102.6 | 325.4 | 847.5 | 130.7 | 345.2 |
| Total assets * | 3,131 | 4,162 | 5,625 | 7,265 | 12,474 |
| Current investments | 839.7 | 980.0 | 414.3 | ||
| Borrowings less cash and current investments | 187.6 | 586.6 | 2,323 | ||
| Non-controlling interests equity | 1.41 | 1.88 | 2.26 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 180.5 | 613.4 | 1,067 | 985.8 | 1,618 |
| Free cash flow (vendor definition) * | 234.3 | 562.5 | 96.0 | -96.2 | 746.0 |
| Dividends paid cash outflow | -20.3 | -50.8 | -81.2 | -91.0 | |
| Cash acquisition of PPE including CWIP and intangibles | -250.2 | -521.1 | -970.6 | -1,082 | -874.9 |
| Acquisition of subsidiaries cash outflow | n.r. | n.r. | -2,154 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| EPS diluted weighted-average shares excluding trust | 20.30 | 20.31 | 20.31 | 20.31 | 20.31 |
| Practice Plus Group Hospitals acquisition consideration | 2,201 | ||||
| Acquisition cost addback for adjusted company EBITDA | 76.0 | ||||
| Adjusted company EBITDA including acquisition addback | 1,793 | ||||
| Company-definition EBITDA including other income | 1,222 | 1,368 | 1,717 | ||
| Issued and paid-up equity shares including trust shares | 20.44 | 20.44 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,367 | 1,335 | 1,475 | 1,507 | 1,644 | 2,151 | 2,594 | 2,684 |
| Cost of revenue (vendor classification) * | 545.5 | 790.2 | 272.1 | 845.5 | 876.2 | 1,199 | 1,497 | 1,566 |
| Other operating costs (vendor classification) * | 264.0 | 269.5 | -748.8 | 324.8 | 365.1 | 584.5 | 587.1 | 647.8 |
| EBITDA (vendor classification) * | 332.0 | 325.4 | 369.8 | 360.3 | 425.2 | 388.6 | 537.2 | 503.3 |
| Operating EBIT excluding other income | 244.1 | 237.8 | 275.2 | 252.6 | 315.0 | 245.0 | 356.2 | 313.6 |
| Finance costs | 35.1 | 36.6 | 40.7 | 45.2 | 42.3 | 65.0 | 91.3 | 86.8 |
| Profit before tax continuing operations | 232.5 | 219.5 | 253.0 | 230.8 | 295.5 | 150.4 | 292.1 | 260.4 |
| Tax expense continuing operations | 33.2 | 25.9 | 56.8 | 34.8 | 37.2 | 22.3 | 64.1 | 53.1 |
| Profit including discontinued operations | 198.8 | 193.1 | 197.3 | 196.7 | 258.5 | 126.8 | 224.0 | 207.3 |
| Diluted EPS continuing and discontinued (₹) | 9.78 | 9.50 | 9.71 | 9.68 | 12.72 | 6.24 | 11.02 | 10.20 |
| Other income | 23.5 | 18.3 | 26.8 | 23.8 | 24.0 | 23.2 | 29.2 | 35.5 |
| Consumables purchases plus inventory change | 289.4 | 265.2 | 305.3 | 305.8 | 322.2 | 381.5 | 506.6 | 514.3 |
| Employee benefits | 276.0 | 271.2 | 275.4 | 295.5 | 299.1 | 459.5 | 748.9 | 724.8 |
| Professional fees to doctors | 238.0 | 229.5 | 236.7 | 244.2 | 254.9 | 358.5 | 241.2 | 327.0 |
| Other expenses including acquisition costs | 254.6 | 261.3 | 300.3 | 324.8 | 365.1 | 584.5 | 587.1 | 647.8 |
| Operating EBITDA excluding other income | 308.8 | 307.4 | 357.7 | 337.0 | 402.5 | 367.2 | 510.0 | 469.7 |
| Depreciation and amortisation | 64.7 | 69.6 | 82.5 | 84.3 | 87.5 | 122.3 | 153.8 | 156.1 |
| Exceptional items signed | 0.00 | 0.00 | -8.36 | 0.00 | 0.00 | -50.9 | -0.02 | 0.00 |
| Share of profit or loss of equity accounted investees | 0.00 | 0.00 | 0.00 | -0.44 | -1.28 | -1.87 | -2.00 | -1.91 |
| Profit attributable to owners | 198.6 | 192.9 | 197.2 | 196.7 | 258.4 | 126.7 | 223.9 | 207.2 |
| Profit attributable to non-controlling interests | 0.17 | 0.12 | 0.07 | 0.06 | 0.12 | 0.09 | 0.11 | 0.09 |
| Profit from discontinued operations after tax | -0.50 | -0.59 | 1.05 | 0.66 | 0.21 | -1.30 | -4.04 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 42.2% | 23.2% | 8.9% | 12.1% | 44.0% |
| EBITDA margin | 23.5% | 23.3% | 20.5% | ||
| Net margin | 16.1% | 14.4% | 10.2% | ||
| Return on equity | 31.5% | 24.3% | 19.7% | ||
| Return on capital employed | 23.8% | 31.4% | 24.7% | 19.6% | 15.3% |
| Return on assets | 16.1% | 12.3% | 8.2% | ||
| Net debt (₹ crore) | 187.6 | 586.6 | 2,323 | ||
| Net debt / EBITDA | 0.16x | 0.46x | 1.44x | ||
| Interest cover | 7.55x | 11.9x | 9.35x | 6.82x | 4.80x |
| Asset turnover | 1.24x | 1.23x | 1.00x | 0.85x | 0.80x |
| Receivable days | 44 | 35 | 31 | 37 | 30 |
| Inventory days (on revenue) | 6 | 6 | 8 | 7 | 7 |
| Payable days (on revenue) | 45 | 50 | 45 | 38 | 48 |
| Cash conversion | 1.35x | 1.25x | 2.01x | ||
| Capex intensity | 6.9% | 11.6% | 19.8% | 19.7% | 11.1% |
| Free cash flow (₹ crore) | -69.7 | 92.3 | 96.0 | -96.2 | 743.5 |
| Dividend payout | 6.4% | 10.3% | 11.3% | ||
| EPS, diluted (₹) | 16.84 | 29.85 | 38.86 | 38.90 | 39.67 |
| Book value per share (₹) | 73.38 | 105.0 | 142.0 | 178.6 | 223.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS continuing and discontinued).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Narayana Hrudayalaya includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Narayana Hrudayalaya
- Research reportLatest
Same sector
More research in Healthcare
Divi's Laboratories Ltd.
NSE: DIVISLAB
Healthcare · Drug Manufacturers - Specialty & Generic
₹9,285.00 last close on 13 Oct 2026 −1.50%Research updated
Torrent Pharmaceuticals Ltd.
NSE: TORNTPHARM
Healthcare · Drug Manufacturers - Specialty & Generic
₹4,642.90 last close on 13 Oct 2026 −0.84%Research updated
Apollo Hospitals Enterprise Ltd.
NSE: APOLLOHOSP
Healthcare · Medical Care Facilities
₹7,871.00 last close on 13 Oct 2026 +1.23%Research updated
Zydus Lifesciences Ltd.
NSE: ZYDUSLIFE
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,132.50 last close on 13 Oct 2026 −0.17%Research updated
Lenskart Solutions Limited
NSE: LENSKART
Healthcare · Medical Instruments & Supplies
₹657.30 last close on 13 Oct 2026 +1.39%Research updated
Prices are the last close on the NSE, 13 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 14 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.