Narayana Hrudayalaya Ltd. share price target

In Q1FY26, Narayana Hrudayalaya delivered stable topline performance, though EBITDA margins were impacted by losses in the Integrated Care segment. The segment remains dilutive, with elevated costs weighing on consolidated profitability. With a pipeline of...

Below our estimate (mainly losses at Cayman Integrated Healthcare), Narayana Hrudayalaya’s Q1 EBITDA was Rs3.4bn, up 11% y/y, 7% q/q.

Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.4bn (up 11% YoY) in Q1FY26, 4% below our estimates due to losses at Cayman Integrated Healthcare business. The Cayman business reported profitability of Rs1.44bn (up 17% YoY), adjusted for CIHL losses, up 25% YoY. India business reported healthy EBITDA adjusted for NHIC losses, up 13% YoY. The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking, refurbishment...

Narayana continues to deliver stable performance, driven by improved throughput rather than bed expansion. While the Indian business remained steady in FY25, the Cayman segment outperformed with 50% YoY sales growth and margin gains in Q4FY25. In our...

Rs650mn losses in FY25 from its clinics and NHIC business. Q4FY25, 5% above our estimates aided by higher profitability across Cayman 28% QoQ. India business reported healthy EBITDA adjusted for NHIC losses, up 18% YoY. The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through...

Booked Rs144mn of losses in Q3 from its clinics and insurance business Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units. The India business reported healthy EBITDA adjusted for NHIC losses, up 15% YoY. The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking,...

Lagging the consensus and in line with ARe, Narayana Hrudayalaya’s Q3 results were decent, revenue/EBITDA/PAT rising 14%/10%/3% y/y. Cayman reported Rs2.8bn/Rs1.2bn revenue/EBITDA, up 14/2% y/y.

Lagging the consensus and ARe, Narayana Hrudayalaya reported flat y/y Q2 EBITDA at Rs3.1bn on incremental cost incurred for the new Cayman unit.