Equitalist

Narayana Hrudayalaya Limited

BSE: 539551 | NSE: NH

Sector: Healthcare | Industry: Hospital

Narayana Hospital Logo
REVENUE
₹ 7,896 Crore
Topline YoY ▲ 44.0%
GROSS PROFIT
₹ 6,380 Crore
Cost efficiency ▲ 46.8%
EBITDA
₹ 1,617 Crore
Operating leverage ▲ 26.8%
NET PROFIT
₹ 810 Crore
Net profitability ▲ 3.1%

ABOUT COMPANY

Narayana Hrudalaya Ltd. ( hereinafter as “Narayana“ or “The Company”) was incorporated on 19 July 2000 by Dr. Devi Prasad Shetty with approximately 225 bed hospital in Bangalore. The company is present in Karnataka, West Bengal, Delhi NCR, Mumbai etc and internationally they are cater in the Cayman Islands with the name Health City Cayman Islands with two facilities offer quaternary and speciality services.

In India Narayan offers primary which offers preventive check-ups, outpatient services, and health screenings through Narayana Health Integrated Care (NHIC) clinics. The company also caters to the Tertiary and major focus on Quaternary Care.

Narayana generates revenue through hospitals and pharmacy as well.

Region Facility Type Count Operational Beds Particulars Count
South (India) Hospitals 6 2,071 Total Capacity Beds 6,244
Heart Centres 2 132 Total Staff ~20,750
Clinics 14 0 – Clinical ~12,750
Diagnostic Centre 1 0 – Non-clinical ~8,000
East (India) Hospitals 7 2,066
Clinics 4 0
Dialysis Centre 1 0
North (India) Hospitals 3 828
West (India) Hospitals 2 354
Category India Abroad (Cayman Islands) Total
Hospitals 19 2 21
Operational Beds 5,611 169 5,780
Heart Centres 2 (128 beds) - 2 (128 beds)
Clinics/Primary Care 18 - 18
Total Facilities 40 2 42
Total Beds (All) 5,739 169 5,908
Center of Excellence Clinical Specialties Procedure Others
Cardiac Sciences Cardiac Surgery - Adult Heart Surgery Chest Pain
Cancer Care Cardiology - Paediatric Brain Surgery Low Blood Pressure
Image Guided Therapy Orthopaedics & Joint Replacement Kidney Surgery Kidney Diseases
Gastro Sciences Neurology Angioplasty Heart Attacks
Orthopaedics Gynaecology Lung Surgery Brain Injury
Geographic Region Country/Region Hospitals Heart Centres Clinics & Dialysis Centres Surgical Centres Urgent Treatment Centres MSK/Diagnostic Centres Ophthalmology Centres Total Facilities Beds Geographic Coverage
India (National) India 18 2 20 — — — — 40 — 11 States
Cayman Islands (Caribbean) Cayman Islands 2 — — — — — — 2 — —
United Kingdom (Europe) United Kingdom 7 — — 3 2 3 1 13 330 —
State / Union Territory City / Region Facility Name Facility Type Key Specialty / Role Ownership / Operating Details Key Details
Karnataka Bengaluru Narayana Health City (Mazumdar Shaw Medical Center & NICS) Quaternary Care Hospital Cardiac Care; Oncology; Bone Marrow Transplant — Flagship quaternary care campus
Bengaluru Narayana HSR Hospital Multispecialty Hospital Multispecialty Care — Multispecialty hospital
Mysore Narayana Multispeciality Hospital Multispecialty Hospital Cardiac Care; Oncology; Renal Care Operated via NHSHPL Comprehensive tertiary care
Dharwad Narayana Heart Centre Heart Centre Cardiac Care — Specialized cardiac care unit
Davangere, Kolar, Shimoga Regional Clinics & Facilities Clinics / Diagnostic Facilities Multispecialty Care; Diagnostics — Regional network of care and diagnostic facilities
West Bengal Kolkata Narayana R N Tagore Hospital Tertiary & Quaternary Hospital Cardiac Care; Organ Transplant — Advanced tertiary and quaternary care hospital
Howrah Narayana Hospital Howrah Multispecialty Hospital Neurosurgery; Multispecialty Care Operates 2 facilities via MMRHL Robotic neuro-navigation
Barasat Narayana Hospital / Heart Centre Heart Centre / Hospital Electrophysiology; Cardiac Care — Specialized cardiac facility
Delhi NCR New Delhi Dharamshila Narayana Superspeciality Hospital Superspeciality Hospital Oncology; Superspeciality Care — Advanced oncology and superspeciality hospital
Gurugram Narayana Hospital Gurugram Tertiary Care Hospital Tertiary Care — Tertiary care hospital
Gujarat Ahmedabad Narayana Multispeciality Hospital Multispecialty Hospital Multispecialty Care; Radiation Therapy — Advanced radiation therapy
Maharashtra Mumbai SRCC Children’s Hospital (Narayana Health) Pediatric Superspeciality Hospital Pediatric Care — Pediatric superspeciality hospital
Rajasthan Jaipur Narayana Multispeciality Hospital Quaternary Care Hospital Bone Marrow Transplant; Neurosurgery — Quaternary care centre
Assam Guwahati Narayana Hospital - Bafna Superspeciality Hospital Pediatric Oncology; Superspeciality Care — Superspeciality and pediatric oncology centre
Jharkhand Jamshedpur Brahmananda Narayana Hospital Tertiary Care Hospital Multispecialty Care — Multispecialty tertiary care centre
Chhattisgarh Raipur MMI Narayana Hospital Multispecialty Hospital Cardiac Care; Multispecialty Care — Advanced cardiac and multispecialty care
Jammu & Kashmir Katra (Kakryal) Shri Mata Vaishno Devi Narayana Superspeciality Hospital Superspeciality Hospital Superspeciality Care Transferred to SMVDCS on April 1, 2026; NH provides management/consultancy Management/consultancy arrangement
Country Region / Territory City / Location Entity / Facility Name Entity / Facility Type Ownership / Structure Facilities / Operations Bed Capacity Key Services / Purpose
United Kingdom England / Nationwide Nationwide Practice Plus Group Hospitals Ltd Healthcare Operator Acquired by Narayana Health in November 2025 13 Facilities: 7 Hospitals; 3 Surgical Centres; 2 Urgent Treatment Centres; 3 MSK/Diagnostic Centres; 1 Ophthalmology Centre 330 Beds ~80,000 surgical procedures annually; Orthopaedics; Ophthalmology; General Surgery
United Kingdom Somerset Shepton Mallet Shepton Mallet Health Partnership Ltd Joint Venture 51% owned partnership with Somerset Partnership NHS Foundation Trust Shepton Mallet Joint Venture — Healthcare services
United States Delaware Delaware Narayana Health North America LLC Corporate Subsidiary — Corporate entity — Healthcare consultancy; Strategic services
Cayman Islands Grand Cayman – East End Grand Cayman Health City Cayman Islands (HCCI) Hospital — Quaternary care hospital — Quaternary care; Caribbean & Latin America regional hub
Cayman Islands Grand Cayman – Camana Bay Grand Cayman Health City Camana Bay Hospital / Specialty Campus — Specialty hospital campus — Specialty healthcare services
Cayman Islands Grand Cayman Grand Cayman ENT in Cayman Ltd. Specialty Clinic — ENT diagnostic and surgical clinic — Ear, Nose & Throat diagnostics; Surgery
Cayman Islands Grand Cayman Grand Cayman Cayman Integrated Healthcare Ltd. Healthcare / Insurance Entity — Integrated healthcare and insurance operations — Health insurance underwriting; Healthcare delivery
Bangladesh Dhaka Dhaka NH Health Bangladesh Private Limited Corporate Subsidiary Step-down overseas subsidiary Corporate entity — Overseas subsidiary operations
Mauritius Ebene Ebene Narayana Holdings Private Limited Holding Company — Overseas holding company — Global investment holding
Particulars Percentage
Owned Hospitals 73%
Operated Hospitals 25%
Heart Centres 1%
Other Ancillary Businesses 1%

Earning Calls Summary

Management Earnings Calls

Quarterly concall summaries, management commentary tracker & key metrics

Q2     FY 2027

India Margins Top 26%; Insurance Losses Halve to ₹22 Cr

Management opened noting Q2 was generally a strong quarter across financial years, with growth from both volume and price mix — IP volumes up 4% YoY, OP footfall up 12.5% YoY, and ARPOB rising from ₹17.5 million to ₹19.5 million annualized. The company reiterated that it does not target specific margins, focusing instead on volume growth and affordable pricing.

INDIA HOSPITAL MARGIN (Q2 FY27) Above 26% (best-in-class despite ARPOB of ~₹55,000)
INSURANCE + CLINIC COMBINED LOSSES ₹22 crores (down from ₹33 crores QoQ)
CAYMAN INSURANCE LOSSES $1.1 million (down from $3.7 million QoQ)
Key Takeaway: India hospital margins rose above 26% in Q2 FY27 — among the best in the industry — despite ARPOB of only ~₹55,000 versus ₹70,000+ for peers, driven by operating leverage and a 1.9% QoQ reduction in doctor/nursing costs. Combined insurance and clinic losses fell to ₹22 crores from ₹33 crores in the prior quarter, while Cayman insurance losses dropped sharply to $1.1 million from $3.7 million.

Earnings Call Summary
PREMIUM
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