Narayana Hrudayalaya Ltd. share price target

Q4FY26 - India, Cayman continue to do well - Revenues grew ~76% YoY to 2594 crore due to consolidation of recently acquired UK's PPG Hospital (like to like growth ~22%) . The India business grew ~13% growth to 1249.4 crore with an ARPOB of 50956 growing of ~10% YoY. There was a 48% growth in Cayman Hospitals to ~ 562 crore (Hospital business grew 15% YoY to ~436 crore and Insurance business grew 595% to ~126 crore). Consol. EBITDA grew 42% YoY to 510 crore mainly driven by ~32% growth in India EBITDA to ~ 311 crore (361 bps margin expansion to...

Narayana Hrudayalaya (NARH) reported strong EBITDA of INR5.1bn (up 43% YoY), 7% above PLe, led by another quarter of robust performance across India and Cayman operations along with the consolidation of UK subsidiary. The management reiterated its aggressive capex plan and commitment toward growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix. In the medium term, NARH intends to add ~1,535 beds over the next 3 years through greenfield and brownfield expansion across Bengaluru, Kolkata and Raipur. Our FY27E and FY28E EBITDA stands increased by 2-3%. We maintain BUY' rating with TP of INR2,250/share,...

Narayana Health reported a healthy topline performance in 9MFY26, though EBITDA margins remained under pressure due to the ongoing integration of its U.K. operations. Looking ahead, the planned addition of ~1,500 beds over the next three to five years...

Narayana Hrudayalaya (NARH) reported strong EBITDA of Rs4.4bn (up 44% YoY) adjusted for one time cost, 7% above our estimates driven by robust performance across India and Cayman operations along with consolidation of UK subsidiary. The Cayman business reported profitability of Rs1.88bn (up 42% YoY) adj for CHIL losses. India business reported healthy EBITDA adjusted for NHIC losses, up ~24% YoY. The management reiterated its aggressive capex...

Edge: High-acuity care + efficiency-led growth + ecosystem integration

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...

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.

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