NH

Narayana Hrudayalaya share price & financials

Price
₹2,029.5
Market cap
₹37.8k Cr
Sector
Healthcare
Calls analysed
6
Latest concall · Q1 FY27 · call held 03 Aug 2026

Narayana Hrudayalaya Ltd. Q1 FY27

Domestic Hospital EBITDA Growth 40% +40%Domestic Hospital EBITDA Margin 24% India Business Net Margin Expansion 400 bps Cayman Insurance Losses 3.7 million

What went well

  • Domestic hospital business EBITDA grew 40% YoY, driven by high-end procedures and increased footfalls.
  • India business net margin expanded 400 bps year-on-year, indicating strong performance.
  • Cayman insurance losses reduced sequentially from USD 5.2 million to USD 3.7 million.

What to watch

  • UK business revenue declined due to a widespread heatwave impacting infrastructure and operating capacity.
  • UK software certification timelines are 4-6 months longer than initially anticipated.
Read the full call →

What Narayana Hrudayalaya Ltd. does

Narayana Hrudayalaya Limited (Narayana Health) is a multi-specialty healthcare provider built around high-complexity cardiac, cancer, renal and neuro sciences care, operating a network of owned and operated hospitals, heart centres, clinics and dialysis centres across India, plus hospital, surgical, diagnostic and ophthalmology centres in the United Kingdom and two "Health City" hospital facilities in the Cayman Islands. It earns from inpatient and outpatient treatment of walk-in, insured, government-scheme and international patients across its hospital network, and also runs an integrated-care arm combining clinics with a health-insurance business, Narayana Health Insurance Limited. The group has built proprietary digital health platforms — Athma (a digital care backbone) and Medha (an AI clinical-support platform) — used across its hospitals.

Segments

  • India Hospitals and Heart Centres
  • India Clinics and Dialysis Centres
  • United Kingdom operations
  • Cayman Islands operations
  • Narayana Health Integrated Care (NHIC)
Healthcare facilities (Group-wide)
55
Total capacity beds (Group-wide)
5,945
India hospitals & heart centres
20 facilities, 5,451 operational beds
India clinics & dialysis centres
20 facilities
United Kingdom facilities
13 hospitals/surgical/diagnostic/ophthalmology centres, 330 beds
Cayman Islands facilities (Health City)
2 facilities, 164 beds
Headquarters Bangalore, Karnataka, IndiaEmployees 20,750 (2026-04-01) Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 1 delivered 3 missed 10 open
  • Cayman Business Revenue Base delivered said Q4 FY25 Promised: $45 million will now be the new base for Cayman business going forward Q1 FY27: Cayman hospital business continues to grow, with 6% YoY growth in USD terms, reinforcing the new revenue base.
  • Cayman Integrated Care Breakeven missed said Q1 FY26 Promised: Breakeven to slightly positive, hopefully by the end of the year or 1st Quarter next year (FY27) Q1 FY27: While losses in the Cayman insurance business reduced sequentially to USD 3.7 million, the original breakeven target for Q1 FY27 was not met.
  • Birmingham Centre Breakeven at risk said Q2 FY26 Promised: Update in a quarter or two once we get a better sense Q1 FY27: Overall UK business performance deteriorated in Q1 FY27 due to operational issues, making the breakeven of the Birmingham unit even more challenging. No specific update provided.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 78.1%, net profit up 5.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,367 1,335 1,475 1,507 1,644 +20%2,151 +61%2,594 +76%2,684 +78%
EBITDA309 307 358 337 401 +30%365 +19%508 +42%468 +39%
Net profit199 193 197 197 258 +30%127 −34%224 +14%207 +5%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +4.9% 1Y

₹1.6k₹1.7k₹1.8k₹1.9k₹2.0k₹2.1kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 3 Nov 2025Q3 FY26 — 17 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 3 Aug 2026

1Y: ₹1,782.4 on 10 Sept 2025 → ₹1,869.2. High ₹2,080.3 (30 Jul 2026), low ₹1,605.3 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−5.4%
3 Aug
Q4 FY26
−2.5%
26 May
Q3 FY26
−0.4%
17 Feb
Q2 FY26
+1.6%
3 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 20.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 20.4%.

Year endingFY23FY24FY25FY26
Revenue₹4.5k Cr₹5.0k Cr₹5.5k Cr₹7.9k Cr
Operating profit₹966 Cr₹1.1k Cr₹1.3k Cr₹1.6k Cr
Operating margin21.3%23.0%23.3%20.4%
Interest₹70 Cr₹97 Cr₹147 Cr₹243 Cr
Depreciation₹209 Cr₹242 Cr₹278 Cr₹447 Cr
Net profit₹607 Cr₹790 Cr₹791 Cr₹806 Cr
Net margin13.4%15.8%14.4%10.2%
Cash from operations₹1.1k Cr₹1.1k Cr₹986 Cr₹1.6k Cr
Free cash flow₹563 Cr₹99 Cr₹-93 Cr₹753 Cr
ROCE32.0%26.0%21.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹204 Cr₹204 Cr₹204 Cr₹204 Cr₹204 Cr₹204 Cr
Reserves₹916 Cr₹1.3k Cr₹1.9k Cr₹2.7k Cr₹3.9k Cr₹4.3k Cr
Borrowings₹826 Cr₹723 Cr₹884 Cr₹1.6k Cr₹2.3k Cr₹5.9k Cr
Other liabilities₹833 Cr₹931 Cr₹1.2k Cr₹1.1k Cr₹1.3k Cr₹2.1k Cr
Total liabilities₹2.8k Cr₹3.1k Cr₹4.2k Cr₹5.6k Cr₹7.7k Cr₹12.5k Cr
Fixed assets₹2.0k Cr₹2.0k Cr₹2.3k Cr₹2.7k Cr₹4.4k Cr₹7.8k Cr
Capital work in progress₹20 Cr₹67 Cr₹259 Cr₹514 Cr₹135 Cr₹292 Cr
Investments₹120 Cr₹132 Cr₹252 Cr₹844 Cr₹1.4k Cr₹573 Cr
Other assets₹678 Cr₹964 Cr₹1.3k Cr₹1.6k Cr₹1.8k Cr₹3.8k Cr
Total assets₹2.8k Cr₹3.1k Cr₹4.2k Cr₹5.6k Cr₹7.7k Cr₹12.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −1.06 pp while DIIs added +0.96 pp. The shareholder count grew 3% to 2,11,173.

Promoters
63.3%
FIIs
9.4%
DIIs
9.1%
Public
17.6%
Others
0.6%

Since Jun 2025

  • FIIs −1.06 pp
  • DIIs +0.96 pp
  • Public +0.67 pp

How it drifted, 12 quarters

Over this window the public went from 13.1% to 17.6% — +4.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 63.9%, FIIs 11.6%, DIIs 10.9%, Public 13.1%, Others 0.6%.Dec '23: Promoters 63.9%, FIIs 11.5%, DIIs 10.2%, Public 13.8%, Others 0.6%.Mar '24: Promoters 63.9%, FIIs 10.9%, DIIs 9.5%, Government 0.0%, Public 15.1%, Others 0.6%.Jun '24: Promoters 63.9%, FIIs 10.0%, DIIs 8.2%, Government 0.0%, Public 17.3%, Others 0.6%.Sep '24: Promoters 63.9%, FIIs 9.7%, DIIs 7.9%, Public 17.9%, Others 0.6%.Dec '24: Promoters 63.9%, FIIs 9.4%, DIIs 8.7%, Public 17.4%, Others 0.6%.Mar '25: Promoters 63.9%, FIIs 9.7%, DIIs 8.5%, Public 17.3%, Others 0.6%.Jun '25: Promoters 63.9%, FIIs 10.5%, DIIs 8.1%, Public 17.0%, Others 0.6%.Sep '25: Promoters 63.9%, FIIs 10.5%, DIIs 7.8%, Public 17.3%, Others 0.6%.Dec '25: Promoters 63.3%, FIIs 11.1%, DIIs 7.9%, Public 17.1%, Others 0.6%.Mar '26: Promoters 63.3%, FIIs 10.0%, DIIs 9.1%, Public 17.0%, Others 0.6%.Jun '26: Promoters 63.3%, FIIs 9.4%, DIIs 9.1%, Public 17.6%, Others 0.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Narayana Hrudayalaya Ltd. above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shakuntala Shetty 34.80%unchanged
Devi Prasad Shetty 11.66%unchanged
Viren Prasad Shetty 5.00%unchanged
Varun Shetty 5.00%unchanged
Anesh Shetty 5.00%unchanged
Mirae Asset Flexi Cap Fund Mutual fund3.48%newly disclosed
Kiran Mazumdar Shaw 2.30%unchanged
Narayana Health Academy Pvt Ltd 1.81%unchanged
Renuka Jagtiani 1.24%unchanged
Parag Parikh Flexi Cap Fund Mutual fund1.03%unchanged
Amaryllis 0.00%newly disclosed
Amaryllis Healthcare Private Limited 0.00%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in NH

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+0.1%).

Held by funds
₹370 Cr
7 schemes
Biggest holder
Nippon India Small Cap Fund
₹180 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹180 Crheld
Nippon India Pharma Fund Nippon India Mutual Fund₹157 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹21 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹11 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹1 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +1,973 shares (+0.1%)

Funds are sitting on
+132%
vs est. average cost
Held by funds
₹370 Cr
7 schemes · ≈ 1.0% of the company
Biggest holder
Nippon India Small Cap Fund
₹180 Cr · 0.2% of that fund
Longest holder
Nippon India Pharma Fund
9y 3m · since Jun '17

Shares held by these funds −36%

Aug '23 19.40 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1869, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹693 — downside of 63%.

Growth the price implies
29.2% a year
for 7 years, fading to 4%
It has actually compounded at
9.9% a year
net profit, FY23–FY26 · EPS 9.9%
The gap
0.2 pp
-63% downside if it only repeats history
Price today ₹1,869.2 Value at the reference growth ₹692.86

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Narayana Hrudayalaya Ltd.

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