Narayana Hrudayalaya Ltd. (NH)

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Narayana Hrudayalaya Ltd. (NH) · mywealthgrid

About

Narayana Hrudayalaya operates hospital and healthcare services in India, with ₹37,458 Cr market cap and ₹2,100–2,700 Cr consolidated quarterly revenues. Over 60% of revenue stems from subsidiaries and associates, making it a multi-unit platform rather than single-hospital operator.

Face value: ₹10

Market cap

₹35,594 Cr

P/E

43.6×

P/B

7.8×

Dividend yield

0.5%

ROE

19.7%

ROCE

15.1%

Debt / equity

1.07

OPM

20.5%

EPS (TTM)

₹39.9

Book value

₹222.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

P/E 45.9 against 3.08% 1y return: valuation premium unearned. Verify what growth rate markets are pricing.

OPM swings 17–24% across quarters; verify whether operational costs or patient mix drives volatility.

Consolidated ≈2.5× standalone revenue means 60–65% of profit depends on subsidiaries. Verify profitability of each unit independently.

D/E 1.07 is moderate-to-high for healthcare; verify debt maturity profile and refinance risk if margins compress.

Generated analysis · source review pending

Growth drivers

ROE 19.74% with annual dividends (2022–2026) signal strong capital reinvestment capacity.

Consolidated revenue ₹2,683.63 Cr (Q Jun 2026) is 2.4× standalone (₹1,097.1 Cr); verify organic vs M&A contribution.

Consolidated net profit ₹207.27 Cr (Q Jun 2026) on ₹2,683.63 Cr revenue shows profitable scale; verify volume growth or margin expansion.

EPS range ₹3.73–₹12.72 across quarters reflects earnings leverage; verify source from volume, pricing, or cost control.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,741.4-2.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 25.2% (3-yr avg)
+High return on capital employed of 20.4%
+Healthy operating margin of 20.5%
+Revenue CAGR of 25% over the last 5 years
+High promoter holding of 63.3% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 44
Growth: 61
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Max Healthcare Institute LimitedMAXHEALTHMAXHEALTH	₹91,573 Cr	₹95,052 Cr	₹8,712 Cr	₹2,318 Cr	26.8%	₹1,457 Cr	17.2%	13.8%	14.3%	-110
Manipal Health Enterprises LimitedMANIPALHOSMANIPALHOS	₹91,552 Cr	₹1,02,105 Cr	₹10,336 Cr	₹2,611 Cr	25.3%	₹917 Cr	8.9%	12.5%	12.8%	38
Fortis Healthcare LimitedFORTISFORTIS	₹59,268 Cr	₹62,140 Cr	₹9,506 Cr	₹2,131 Cr	22.8%	₹1,048 Cr	11.7%	13%	11.1%	-99
Aster Dm Healthcare LimitedASTERDMASTERDM	₹36,728 Cr	₹37,429 Cr	₹4,876 Cr	₹958 Cr	19.4%	₹319 Cr	9.2%	11.9%	9.7%	-112
Global Health LimitedMEDANTAMEDANTA	₹36,498 Cr	₹37,688 Cr	₹4,683 Cr	₹979 Cr	20.8%	₹556 Cr	12.6%	16.9%	15.1%	-26
Narayana Hrudayalaya Ltd.NHNH	₹35,594 Cr	₹40,460 Cr	₹9,072 Cr	₹1,749 Cr	20.5%	₹816 Cr	10.2%	15.1%	19.7%	-181
Krishna Institute Of Medical Sciences LimitedKIMSKIMS	₹29,457 Cr	₹32,701 Cr	₹4,213 Cr	₹833 Cr	20.5%	₹205 Cr	6.2%	9.5%	11%	-50
Dr. Agarwal's Health Care LimitedAGARWALEYEAGARWALEYE	₹15,420 Cr	₹15,578 Cr	₹2,207 Cr	₹612 Cr	27.4%	₹148 Cr	8.1%	10.1%	6.8%	-76
Rainbow Childrens Medicare LimitedRAINBOWRAINBOW	₹13,003 Cr	₹13,003 Cr	₹1,820 Cr	₹575 Cr	32%	₹285 Cr	16.5%	18.2%	17.9%	-73
Park Medi World LimitedPARKHOSPSPARKHOSPS	₹11,696 Cr	₹11,924 Cr	₹1,679 Cr	₹444 Cr	26.5%	₹258 Cr	16.3%	21.4%	16.7%	-2
Healthcare Global Enterprises LimitedHCGHCG	₹9,984 Cr	₹10,895 Cr	₹2,627 Cr	₹480 Cr	18.3%	₹23 Cr	0.9%	9.1%	1.2%	-93
Yatharth Hospital & Trauma Care Services LimitedYATHARTHYATHARTH	₹9,965 Cr	₹10,218 Cr	₹1,334 Cr	₹310 Cr	24.2%	₹174 Cr	14.1%	12.3%	10%	-26

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,614	1,878	2,281	2,861	3,128	2,582	3,701	4,525	5,018	5,483	7,896
COGS	1	-3	557	688	745	678	909	1,001	1,074	1,136	1,516
Gross profit	—	—	1,724	2,173	2,383	1,905	2,792	3,524	3,944	4,347	6,380
	1,332	1,551	1,517	1,888	1,963	1,722	2,139	2,558	2,792	3,070	4,763
	280	331	208	285	419	182	654	966	1,152	1,276	1,617
OPM %	17.4%	17.6%	9.1%	10%	13.4%	7.1%	17.7%	21.4%	23%	23.3%	20.5%
Depreciation	76	80	100	137	186	184	183	210	242	278	448
Interest	29	22	47	71	85	76	66	69	97	146	244
	26	19	19	17	13	21	26	65	75	84	45
Profit before tax	51	135	80	93	161	-56	430	752	889	936	964
Tax	30	52	29	34	42	-42	88	145	99	146	158
Tax %	59.2%	38.7%	36%	36.5%	26.2%	-74.5%	20.4%	19.3%	11.1%	15.6%	16.4%
	21	83	51	59	119	-14	342	607	790	791	806
PAT margin %	1.3%	4.4%	2.3%	2.1%	3.8%	-0.6%	9.2%	13.4%	15.7%	14.4%	10.2%
EPS (₹)	1.1	4.1	2.5	2.9	5.9	-0.7	16.9	29.9	38.9	38.9	39.7
EPS adjusted (₹)	1.1	4.1	2.5	2.9	5.8	-0.7	16.7	29.7	38.6	38.7	39.4
	0%	0%	0%	34.2%	17.1%	—	5.9%	8.4%	10.3%	11.6%	11.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	200	204	204	204	204	204	204	204	204	204	204
Reserves	574	759	831	877	932	—	1,284	1,927	2,679	3,422	4,333
Minority interest	1	0	0	0	1	—	1	1	1	2	2
	305	189	734	737	629	—	545	762	1,444	2,213	4,866
	432	495	766	819	1,125	—	1,096	1,267	1,296	1,423	3,069
Total equity & liabilities	1,512	1,647	2,536	2,637	2,891	—	3,131	4,162	5,625	7,265	12,474
	1,045	1,082	1,848	1,838	1,854	1,903	1,980	2,206	2,449	4,041	6,950
CWIP	20	53	27	36	12	—	63	259	514	70	267
Investments	0	3	9	87	86	—	132	252	844	1,084	547
	446	509	652	676	939	—	956	1,445	1,817	2,070	4,711
Total assets	1,512	1,647	2,536	2,637	2,891	—	3,131	4,162	5,625	7,265	12,474

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Medical and healthcare related services	7,688.69	1,238.62	10,321.79	2,535.17	7,786.62	15.91
Others	385.65	-124.19

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	76%	76.2%	73.8%	75.4%	77.9%	78.6%	79.3%	80.8%
EBITDA margin %	10.1%	13.5%	7.1%	17.7%	21.4%	23%	23.3%	20.5%
EBIT margin %	5.3%	7.6%	-0.1%	12.7%	16.7%	18.1%	18.2%	14.8%
PAT margin %	2.1%	3.8%	-0.6%	9.2%	13.4%	15.7%	14.4%	10.2%
Working capital
Receivable days	34	31	—	43	35	31	37	30
Inventory days	44	30	—	24	26	37	35	37
Payable days	2	177	—	180	224	205	185	248
NWC days	76	-117	—	-113	-163	-137	-112	-181
Leverage
Current ratio	1.03	0.97	—	1.17	1.31	1.75	2.18	2.15
Debt to EBITDA	2.56	1.49	—	0.83	0.79	1.25	1.73	3.01
Debt to equity	0.68	0.55	—	0.37	0.36	0.5	0.61	1.07
Interest coverage	2.3	3.1	0.4	7.6	11.8	10.2	7.4	5.2
Asset turnover	1.08	1.08	—	1.18	1.09	0.89	0.75	0.63
Return ratios
Return on assets %	2.2%	4.1%	—	10.9%	14.6%	14%	10.9%	6.5%
Return on capital employed %	8.1%	11.8%	—	21.5%	29.7%	25.6%	20.5%	15.1%
Return on equity %	5.5%	10.5%	—	23%	28.5%	27.4%	21.8%	17.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	63.85%	63.85%	63.85%	63.85%	63.85%	63.85%	63.85%	63.85%	63.85%	63.27%	63.27%	63.27%
	11.6%	11.51%	10.91%	10.01%	9.68%	9.44%	9.66%	10.46%	10.49%	11.1%	9.98%	9.4%
	10.89%	10.23%	9.51%	8.23%	7.9%	8.69%	8.52%	8.09%	7.76%	7.91%	9.15%	9.06%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	13.04%	13.79%	15.11%	17.29%	17.95%	17.4%	17.35%	16.98%	17.28%	17.1%	16.98%	17.65%
No. of shareholders	—	—	—	—	—	—	—	—	2,26,480	2,28,123	2,20,561	2,11,173

Promoter holding down 0.58 percentage points since Sep 2023.

21 deals · 19 Sept 2022 – 25 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Nov 2025	SHAKUNTALA SHETTY	Bulk	NSE	Sell	11,77,000	₹1,960.07	₹230.70 Cr
4 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,99,810	₹1,616.68	₹226.30 Cr
4 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,99,810	₹1,618.14	₹226.51 Cr
3 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,89,370	₹1,565.30	₹217.48 Cr
3 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,89,370	₹1,565.57	₹217.52 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,76,557	₹729.70	₹12.88 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,76,557	₹729.70	₹12.88 Cr
17 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	24,703	₹729.70	₹1.80 Cr
17 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	24,703	₹729.70	₹1.80 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,70,250	₹711.65	₹12.12 Cr

1–10 of 21

1 / 3

Mr. Devi Prasad ShettyExecutive Director-Chairperson
Mr. Emmanuel RupertExecutive Director-CEO-MD
Mr. Viren Prasad ShettyExecutive Director
Ms. Kiran Mazumdar ShawNon-Executive - Non Independent Director
Ms. Terri Smith BresenhamNon-Executive - Independent Director
Mr. Shankar ArunachalamNon-Executive - Independent Director
Mr. Nachiket Madhusudan MorNon-Executive - Independent Director
Mr. Naveen TewariNon-Executive - Independent Director
Mr. Anesh ShettyNon-Executive - Non Independent Director
Mr. Venkatesh RGroup Chief Operating Officer
Ms. Nivruti RaiNon-Executive - Independent Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

3.51%

of the company's equity

All mutual funds

7.34%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

46 schemes · 13 fund houses

		Shares
Parag Parikh Flexi Cap Fund	PPFAS Mutual Fund	19.96 L	380.66	0.26%	0.976%	-0
Small Cap Fund	Axis Mutual Fund	16.64 L	317.32	1.01%	0.814%	-0
Small Cap Fund	DSP Mutual Fund	10.18 L	194.19	0.9%	0.498%	+2.97 L
SMALL CAP FUND	Nippon India Mutual Fund	9.44 L	180.07	0.22%	0.462%	-0
PHARMA FUND	Nippon India Mutual Fund	8.24 L	157.14	1.66%	0.403%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.1 L	21	0.6%	0.054%	+1,346
Parag Parikh ELSS Tax Saver Fund	PPFAS Mutual Fund	1.05 L	19.99	0.36%	0.051%	-0
India Consumption Fund	Baroda BNP Paribas Mutual Fund	1 L	19.07	1.31%	0.049%	-0

1–8 of 46

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

28 Sept 2026, 7:47 pmCompany Update

Intimation Under Regulation 30 Read With Para A Of Part A Of Schedule III Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	76%	76.2%	73.8%	75.4%	77.9%	78.6%	79.3%	80.8%
EBITDA margin %	10.1%	13.5%	7.1%	17.7%	21.4%	23%	23.3%	20.5%
EBIT margin %	5.3%	7.6%	-0.1%	12.7%	16.7%	18.1%	18.2%	14.8%
PAT margin %	2.1%	3.8%	-0.6%	9.2%	13.4%	15.7%	14.4%	10.2%
Working capital
Receivable days	34	31	—	43	35	31	37	30
Inventory days	44	30	—	24	26	37	35	37
Payable days	2	177	—	180	224	205	185	248
NWC days	76	-117	—	-113	-163	-137	-112	-181
Leverage
Current ratio	1.03	0.97	—	1.17	1.31	1.75	2.18	2.15
Debt to EBITDA	2.56	1.49	—	0.83	0.79	1.25	1.73	3.01
Debt to equity	0.68	0.55	—	0.37	0.36	0.5	0.61	1.07
Interest coverage	2.3	3.1	0.4	7.6	11.8	10.2	7.4	5.2
Asset turnover	1.08	1.08	—	1.18	1.09	0.89	0.75	0.63
Return ratios
Return on assets %	2.2%	4.1%	—	10.9%	14.6%	14%	10.9%	6.5%
Return on capital employed %	8.1%	11.8%	—	21.5%	29.7%	25.6%	20.5%	15.1%
Return on equity %	5.5%	10.5%	—	23%	28.5%	27.4%	21.8%	17.8%

Date	Category	Subject	Filing
28 Sept 2026, 7:47 pm	Company Update General	Intimation Under Regulation 30 Read With Para A Of Part A Of Schedule III Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
21 Sept 2026, 6:12 pm	Company Update General	Intimation Of Change In Corporate Office Address	PDF
5 Sept 2026, 4:40 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 4:46 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
18 Aug 2026, 4:04 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
17 Aug 2026, 3:18 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
14 Aug 2026, 3:06 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
10 Aug 2026, 7:10 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	174	218	182	279	443	309	485	1,085	1,067	990	1,618
	-150	-162	-534	-161	-189	-113	-267	-1,174	-1,458	-1,317	-3,653
	18	-32	315	-27	-247	-198	-159	88	488	532	2,343
Net cash flow	42	25	-36	90	8	-2	59	-2	97	205	308
Free cash flow	84	93	-21	129	443	239	234	563	96	-84	744
CFO / Operating profit %	62.1%	66%	85.9%	96.8%	104.8%	169.7%	74.2%	112.3%	92.6%	77.6%	100.1%

Narayana Hrudayalaya Ltd.

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

7

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Medical and Healthcare related Services · revenue

Narayana Hrudayalaya Ltd.

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends7

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Medical and Healthcare related Services · revenue

7

1