Healthcare Services
Valuation | |
|---|---|
| Market Cap | 37.19 kCr |
| Price/Earnings (Trailing) | 47.45 |
| Price/Sales (Trailing) | 5.41 |
| EV/EBITDA | 25.89 |
| Price/Free Cashflow | -431.48 |
| MarketCap/EBT | 39.85 |
| Enterprise Value | 38.91 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 6.1% |
| Price Change 1M | -6.5% |
| Price Change 6M | 0.40% |
| Price Change 1Y | 36.9% |
| 3Y Cumulative Return | 35.9% |
| 5Y Cumulative Return | 31.7% |
| 7Y Cumulative Return | 37.3% |
| 10Y Cumulative Return | 20.1% |
| Revenue (TTM) |
| 6.88 kCr |
| Rev. Growth (Yr) | 57% |
| Earnings (TTM) | 779.27 Cr |
| Earnings Growth (Yr) | -34.3% |
Profitability | |
|---|---|
| Operating Margin | 17% |
| EBT Margin | 16% |
| Return on Equity | 20.82% |
| Return on Assets | 10.92% |
| Free Cashflow Yield | -0.23% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -1.32 kCr |
| Cash Flow from Operations (TTM) | 990.08 Cr |
| Cash Flow from Financing (TTM) | 531.81 Cr |
| Cash & Equivalents | 413.57 Cr |
| Free Cash Flow (TTM) | -83.68 Cr |
| Free Cash Flow/Share (TTM) | -4.09 |
Balance Sheet | |
|---|---|
| Total Assets | 7.74 kCr |
| Total Liabilities | 3.68 kCr |
| Shareholder Equity | 4.06 kCr |
| Current Assets | 2.79 kCr |
| Current Liabilities | 1.25 kCr |
| Net PPE | 3.95 kCr |
| Inventory | 110.59 Cr |
| Goodwill | 120.38 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.28 |
| Debt/Equity | 0.53 |
| Interest Coverage | 5.07 |
| Interest/Cashflow Ops | 7.28 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 4.5 |
| Dividend Yield | 0.25% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Size: Market Cap wise it is among the top 20% companies of india.
Growth: Awesome revenue growth! Revenue grew 25.5% over last year and 59.7% in last three years on TTM basis.
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Past Returns: Outperforming stock! In past three years, the stock has provided 35.9% return compared to 12.4% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Profitability: Recent profitability of 14% is a good sign.
No major cons observed.
Size: Market Cap wise it is among the top 20% companies of india.
Growth: Awesome revenue growth! Revenue grew 25.5% over last year and 59.7% in last three years on TTM basis.
Technicals: Bullish SharesGuru indicator.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Past Returns: Outperforming stock! In past three years, the stock has provided 35.9% return compared to 12.4% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Profitability: Recent profitability of 14% is a good sign.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.25% |
| Dividend/Share (TTM) | 4.5 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 38.35 |
Financial Health | |
|---|---|
| Current Ratio | 2.24 |
| Debt/Equity | 0.53 |
Technical Indicators | |
|---|---|
| RSI (14d) | 60.11 |
| RSI (5d) | 76.84 |
| RSI (21d) | 38.75 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Summary of Narayana Hrudayalaya's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
During the Q2 FY26 earnings call held on November 17, 2025, management provided forward-looking insights about the company's performance trajectory and strategic initiatives. Notable projections include:
Growth in Cayman Insurance Revenue: Management indicated strong growth potential in the insurance segment, with revenues doubling quarter-on-quarter. The insurance market size in the Cayman Islands is estimated to be approximately USD 300-350 million, including government schemes.
Cayman Hospital Revenue Growth: Following the commissioning of a new hospital, revenue jumped from $25 million to $40 million. Continued growth is expected in the upcoming quarters before moderating to high single-digit growth rates.
Clarity on Insurance Breakeven: The business is not yet projected to reach breakeven until the latter half of the fiscal year, with some optimism about potential profitability by Q4 FY26 as the size of the insurance book stabilizes.
Hospital Margins: Current hospital margins are reported between 40%-43%, with management optimistic about further improvements Once revenue stabilization is achieved.
India Clinics and Insurance Business: The clinics are on track for reduced losses in FY27, as evidenced by a growing interest in their combined clinic and insurance offerings.
Mumbai Hospital Operations: The Mumbai hospital currently operates at a slight EBITDA loss but is expected to show positive improvements in Q3 based on October performance trends.
Government Contracts Impact: The expected benefit from CGHS rate hikes could result in an increase of INR 2 to 2.5 crore per month, translating to an annualized impact of around INR 30 to 50 crore once other schemes align.
Focus on Technology and Efficiency: Management reiterated its commitment to leveraging technology for operational efficiencies, with plans for enhancing their digital offerings and optimizing payer-mix.
The outlook emphasizes a strong growth trajectory driven by strategic expansions, improved services, and an ongoing focus on technological advancements within the healthcare sector.
Understand Narayana Hrudayalaya ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| SHAKUNTALA SHETTY | 34.8% |
| DEVI PRASAD SHETTY | 11.66% |
| VIREN PRASAD SHETTY | 5% |
| VARUN SHETTY | 5% |
| ANESH SHETTY | 5% |
| KIRAN MAZUMDAR SHAW | 2.3% |
| MIRAE ASSET NIFTY SMALLCAP 250 MOMENTUM QUALITY 10 | 2.2% |
Detailed comparison of Narayana Hrudayalaya against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | Apollo Hospitals Enterprises | 1.08 LCr | 24.42 kCr | +3.70% | +18.40% | 60.18 | 4.44 | - | - |
| MAXHEALTH | Max Healthcare Institute |
Comprehensive comparison against sector averages
NH metrics compared to Healthcare
| Category | NH | Healthcare |
|---|---|---|
| PE | 47.45 | 61.21 |
| PS | 5.41 | 6.22 |
| Growth | 25.5 % | 16.9 % |
Narayana Hrudayalaya Limited engages in the medical and healthcare services in India and internationally. It operates through two segments, Medical and Healthcare Related Services; and Others. The company acquires, owns, and operates hospitals, clinics, health centers, diagnostic centres, nursing homes and other related activities. It offers cardiology, cardiac surgery, nephrology, urology, neurology, neuro-surgery, endocrinology, orthopedics, internal medicines, obstetrics, gynecology, pediatrics, neonatology, gastroenterology, and oncology services. The company engages in health insurance business. The company was incorporated in 2000 and is headquartered in Bengaluru, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
NH vs Healthcare (2021 - 2026)
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
Q: Could you explain how the insurance product is being received? What is the market size? And what are we aspiring for with the market share in the medium term?
A: The response to the insurance product has been very positive. Most large employers are either shifting to us or contemplating it. While it will take time to determine our desired market share, we're seeing strong growth. In about 2-4 quarters, we should have a clearer picture. The market size, including both government and private sectors, is around USD 300-350 million.
Q: Should we expect the insurance business to breakeven in Q3 and move to profits from Q4?
A: It's tough to predict. As the business scales, the underwriting performance will stabilize. Quarterly fluctuations in loss ratios can be misleading. We prefer to assess performance over 3-4 quarters before determining breakeven progress.
Q: Are we largely done with a complete scale-up of the new hospital revenue? Should we expect only high single-digit growth from this base?
A: Post-commissioning, we've seen a substantial increase in discharges and outpatient services"”over 50% growth. We expect a couple more quarters of growth before moderating. While a shift to high single-digit growth is anticipated, revenue growth could improve due to cost optimization efforts.
Q: Can we expect a lower loss number for clinics and insurance in FY27?
A: We have seen good momentum in both clinics and insurance. The interest in our SME offering is strong and our plans for future growth remain optimistic. As we balance existing profitability with growth investments, we expect a continued positive trend.
Q: Are we still just breaking even on the Mumbai hospital? Any update on its conversion?
A: Mumbai has fluctuated between early single-digit negative EBITDA. However, October showed improved performance, and with the current trend, we're optimistic about a positive Q3 in Mumbai.
Q: What is driving our ability to grow profitability without adding capacity? Is there enough scope left in the current network?
A: Our optimization efforts are paying off and have increased realizations, particularly in flagship hospitals. We're also leveraging high-end procedures to enhance our revenue without needing additional beds. We see significant growth potential in the existing network.
Q: What margins are seen in the Cayman Islands business?
A: Hospital margins in the Cayman Islands run at roughly 43-44%. While the insurance side is still stabilizing towards breakeven, this separation in performance affects overall margin calculations.
Q: What is driving the increase in patient footfalls while average revenue per patient remains the same?
A: Our efficiency gains and niche work contribute to increased footfalls. However, average revenue fluctuation is impacted by the mix of high-value and affordable procedures, as we maintain a significant portion of government patients which helps stabilize the average.
Q: What is the guidance regarding our Cayman operations' future growth?
A: With the new hospitals now operational, we anticipate substantial revenue growth stabilizing into single-digit growth in the medium term. There's substantial opportunity in the insurance space as well, given the market's development stage.
Q: What impact will CGHS rate hikes have on our business?
A: We expect a 1% monthly revenue boost from CGHS revisions, approximately INR 2-2.5 crores per month. Additional revisions from other corporates may further enhance this revenue, depending on timing.
Q: Have we made any breakthroughs in using patient data for AI applications?
A: We're actively working on leveraging clinical analytics, focusing on improving pathways for patient management and diagnostics through AI. Our technology allows better prediction of risks and underscores preventive care, which can enhance our integrated care model.
Q: Why does it take longer to publish results compared to others?
A: Our comprehensive consolidation across various countries and strict compliance standards slow our reporting. However, we're working on streamlining this internally to improve timelines moving forward.
| NARAYANA HEALTH ACADEMY PVT LTD | 1.81% |
| FRANKLIN TEMPLETON INVESTMENT FUNDS - FRANKLIN IND | 1.27% |
| RENUKA JAGTIANI | 1.08% |
| AMEYA SHETTY | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| 1.02 LCr |
| 8.3 kCr |
| +1.90% |
| +5.20% |
| 72.16 |
| 12.35 |
| - |
| - |
| FORTIS | Fortis Healthcare | 69.21 kCr | 8.84 kCr | +0.70% | +49.80% | 72.07 | 7.83 | - | - |
| MEDANTA | Global Health | 30.62 kCr | 4.27 kCr | -2.00% | +1.00% | 59.58 | 7.18 | - | - |
| KRISHANA | Krishana Phoschem | 3.17 kCr | 2.15 kCr | +4.80% | +183.30% | 24.39 | 1.47 | - | - |
Analysis of Narayana Hrudayalaya's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Medical and healthcare related services | 93.5% | 2.1 kCr |
| Others | 5.5% | 121.6 Cr |
| Add: Unallocated other income | 1.1% | 23.3 Cr |
| -31.8% |
| 203 |
| 297 |
| 231 |
| 261 |
| 219 |
| 232 |
| Exceptional items before tax | - | -50.94 | 0 | 0 | -8.36 | 0 | 0 |
| Total profit before tax | -49% | 152 | 297 | 231 | 253 | 219 | 232 |
| Current tax | -17.1% | 30 | 36 | 34 | 42 | 29 | 29 |
| Deferred tax | -22000% | -7.84 | 0.96 | 0.62 | 15 | -3.08 | 3.88 |
| Total tax | -41.7% | 22 | 37 | 35 | 57 | 26 | 33 |
| Total profit (loss) for period | -51% | 127 | 258 | 197 | 197 | 193 | 199 |
| Other comp. income net of taxes | -57.4% | 30 | 69 | 0.46 | -5.86 | 36 | 5.34 |
| Total Comprehensive Income | -52.3% | 157 | 328 | 197 | 191 | 229 | 204 |
| Earnings Per Share, Basic | -55.3% | 6.24 | 12.72 | 9.68 | 9.71 | 9.5 | 9.78 |
| Earnings Per Share, Diluted | -55.3% | 6.24 | 12.72 | 9.68 | 9.71 | 9.5 | 9.78 |
| Debt equity ratio | 0.7% | 0.013 | 058 | 058 | 067 | 055 | 0.01 |
| Debt service coverage ratio | -1.3% | 0.0193 | 0.0316 | 0.0241 | 0.0257 | 0.0281 | 0.03 |
| Interest service coverage ratio | -5.1% | 0.0331 | 0.0799 | 0.0611 | 0.0722 | 0.0698 | 0.08 |
| 64.2% |
| 88 |
| 54 |
| 45 |
| 39 |
| 43 |
| 49 |
| Depreciation and Amortization | 5% | 169 | 161 | 139 | 119 | 123 | 128 |
| Other expenses | 8.7% | 1,391 | 1,280 | 1,210 | 996 | 804 | 978 |
| Total Expenses | 10.1% | 3,176 | 2,886 | 2,672 | 2,313 | 1,851 | 2,159 |
| Profit Before exceptional items and Tax | 10.8% | 557 | 503 | 395 | 206 | -120.99 | 104 |
| Exceptional items before tax | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Total profit before tax | 10.8% | 557 | 503 | 395 | 206 | -120.99 | 104 |
| Current tax | -10.2% | 107 | 119 | 120 | 36 | 0 | 37 |
| Deferred tax | 143.8% | 19 | -40.14 | 9.15 | 36 | -42.31 | -1.09 |
| Total tax | 60.3% | 126 | 79 | 129 | 72 | -42.31 | 36 |
| Total profit (loss) for period | 1.4% | 431 | 425 | 266 | 134 | -78.67 | 68 |
| Other comp. income net of taxes | -63.7% | -4.42 | -2.31 | -1.8 | 1.57 | 1.8 | -4.6 |
| Total Comprehensive Income | 1.2% | 427 | 422 | 264 | 135 | -76.87 | 63 |
| Earnings Per Share, Basic | 1.7% | 21.23 | 20.9 | 13.08 | 6.58 | -3.88 | 3.34 |
| Earnings Per Share, Diluted | 1.7% | 21.23 | 20.9 | 13.08 | 6.58 | -3.88 | 3.34 |
| Debt equity ratio | 0.2% | 073 | 055 | 0 | 0 | 0 | - |
| Debt service coverage ratio | -0.1% | 0.0279 | 0.0289 | 0 | 0 | 0 | - |
| Interest service coverage ratio | -3.3% | 0.0735 | 0.1029 | 0 | 0 | 0 | - |
| 261.5% |
| 95 |
| 27 |
| 37 |
| 34 |
| 52 |
| 32 |
| Goodwill | 0% | 22 | 22 | 22 | 22 | 22 | 22 |
| Non-current investments | 0.8% | 871 | 864 | 789 | 790 | 637 | 639 |
| Loans, non-current | 3.4% | 93 | 90 | 88 | 86 | 84 | 82 |
| Total non-current financial assets | 1.3% | 1,022 | 1,009 | 935 | 933 | 778 | 779 |
| Total non-current assets | 3% | 3,527 | 3,425 | 2,951 | 2,715 | 2,260 | 2,237 |
| Total assets | 4.5% | 4,703 | 4,499 | 3,710 | 3,493 | 2,926 | 2,775 |
| Borrowings, non-current | 3.5% | 1,389 | 1,342 | 721 | 794 | 460 | 459 |
| Total non-current financial liabilities | 3.2% | 1,504 | 1,458 | 828 | 884 | 543 | 549 |
| Provisions, non-current | 11.6% | 49 | 44 | 44 | 38 | 35 | 31 |
| Total non-current liabilities | 3.2% | 1,648 | 1,597 | 940 | 986 | 658 | 678 |
| Borrowings, current | -33.1% | 90 | 134 | 131 | 128 | 103 | 84 |
| Total current financial liabilities | 2.2% | 596 | 583 | 661 | 548 | 566 | 526 |
| Provisions, current | 11.1% | 51 | 46 | 47 | 38 | 41 | 37 |
| Current tax liabilities | -4% | 25 | 26 | 51 | 20 | - | - |
| Total current liabilities | 2.5% | 735 | 717 | 822 | 666 | 664 | 628 |
| Total liabilities | 3% | 2,383 | 2,314 | 1,762 | 1,653 | 1,322 | 1,306 |
| Equity share capital | 0% | 204 | 204 | 204 | 204 | 204 | 204 |
| Total equity | 6.1% | 2,319 | 2,186 | 1,948 | 1,840 | 1,604 | 1,469 |
| Total equity and liabilities | 4.5% | 4,703 | 4,499 | 3,710 | 3,493 | 2,926 | 2,775 |
| 0 |
| 0 |
| 0.26 |
| - |
| - |
| Net Cashflows from Operations | 1.8% | 625 | 614 | 593 | 301 | - | - |
| Income taxes paid (refund) | 42.3% | 102 | 72 | 77 | 55 | - | - |
| Net Cashflows From Operating Activities | -3.5% | 523 | 542 | 516 | 246 | - | - |
| Cashflows used in obtaining control of subsidiaries | -101% | 0 | 100 | 200 | 0 | - | - |
| Proceeds from sales of PPE | -85.2% | 1.31 | 3.09 | 0.45 | 0.38 | - | - |
| Purchase of property, plant and equipment | 39.7% | 705 | 505 | 245 | 181 | - | - |
| Proceeds from sales of investment property | - | 0 | 0 | 5.76 | 0 | - | - |
| Proceeds from sales of long-term assets | - | 0 | 0 | 189 | 0 | - | - |
| Purchase of other long-term assets | - | 0 | 0 | 212 | 0 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | 168% | 68 | 26 | 5.5 | 0 | - | - |
| Dividends received | 8% | 82 | 76 | 51 | 76 | - | - |
| Interest received | -34.3% | 9.54 | 14 | 6.02 | 0.29 | - | - |
| Other inflows (outflows) of cash | 63.6% | -66.57 | -184.58 | -129.56 | -12.4 | - | - |
| Net Cashflows From Investing Activities | 0.8% | -754.2 | -760.64 | -621.22 | -117.04 | - | - |
| Proceeds from exercise of stock options | -3.1% | 0 | 0.03 | 0.11 | 0 | - | - |
| Proceeds from issuing debt | 66.9% | 500 | 300 | 0 | 0 | - | - |
| Proceeds from borrowings | 10.5% | 190 | 172 | 230 | 64 | - | - |
| Repayments of borrowings | 15.1% | 123 | 107 | 77 | 61 | - | - |
| Payments of lease liabilities | -35.5% | 21 | 32 | 37 | 37 | - | - |
| Dividends paid | 60% | 81 | 51 | 20 | 0 | - | - |
| Interest paid | 65.9% | 74 | 45 | 31 | 23 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0 | 0.02 | - | - |
| Net Cashflows from Financing Activities | 65.3% | 391 | 237 | 65 | -56.61 | - | - |
| Effect of exchange rate on cash eq. | - | -0.65 | 0 | 0 | 0 | - | - |
| Net change in cash and cash eq. | 777.8% | 159 | 19 | -40.2 | 72 | - | - |
| Total | 2.2 kCr |