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Narayana Hrudayalaya Ltd. 17 Nov 2025 12:19 PM
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Q2FY26 Quarterly Result Announced for Narayana Hrudayalaya Ltd.

Healthcare Facilities company Narayana Hrudayalaya announced Q2FY26 results

  • Consolidated total operating revenue was Rs 16,438 million for Q2FY26 as compared to Rs 13,667 million in the corresponding period of the previous year, reflecting a change of 20.3 % YoY and 9.1% QoQ.
  • Consolidated EBITDA stood at Rs 4,265 million, reflecting a margin of 25.9% as against Rs 3,323 million in Q2FY25, translating into a change of 28.3% YoY and 18.2% QoQ.
  • Consolidated PAT stood at Rs 2,583 million, reflecting a margin of 15.7% as compared to Rs 1,993 million in Q2FY25, translating into a change of 29.6% YoY and 31.7% QoQ.
  • India operating revenue was Rs 12,347 million for Q2FY26 as compared to Rs 11,351 million in the corresponding period of the previous year, reflecting a change of 8.8% YoY and 9.0% QoQ.
  • Cayman operating revenue was Rs 4,316 million for Q2FY26 as compared to Rs 2,423 million in the corresponding period of the previous year, reflecting a change of 78.1% YoY and 8.8% QoQ.

Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said: “The second quarter of the fiscal year has delivered a strong performance after a steady start to the year. We are pleased to report the highest-ever revenue and profitability at both India and the Group level. The performance improvement in India is attributable to strong growth in domestic footfall and improvements in payor mix, along with positive traction from our Clinics outreach, resulting in the highest ever profitability margins. Our hospital business in Cayman continues to deliver robust performance, with the Insurance business showing strong growth, resulting in record revenues for the region. We are confident that the synergies between the hospital and insurance businesses will deliver steady growth going forward in the Cayman region. The domestic Integrated Care business continues to be on a strong growth path, with our clinics garnering sizeable footfalls across all locations, providing a positive thrust to the overall business. After a steady start, our domestic Insurance business has shown strong momentum this quarter and we expect to build on this further going forward. We will continue to invest in this business and are optimistic that it will be a significant driver of growth to the NH ecosystem. We thank the investor community for their faith in us and remain confident of delivering on expectations for the year.”

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Healthcare Facilities company Max Healthcare Institute announced Q2FY26 results

  • Gross Revenue stood at Rs 2,692 crore, a growth of 21% YoY and 5% QoQ.
  • Network Operating EBITDA stood at Rs 694 crore, a growth of 23% YoY.
  • Operating Margin was 26.9% compared to 26.6% in Q2FY25 and 24.9% in Q1FY26.
  • Network PAT was Rs 554 crore, compared to Rs 349 crore in Q2FY25 and Rs 345 crore in Q1FY26, reflecting a growth of 59% YoY. This includes favourable tax impact of ~Rs 149 crore, arising from accounting of merger of two WoS i.e croreosslay Remedies Limited (CRL) and Jaypee Healthcare Limited (JHL). Excluding this one-time impact, PAT stood at Rs 406 crore, 16% YoY.
  • Free Cash from Operations was Rs 291 crore in Q2FY26 compared with Rs 464 crore in Q2FY25 and Rs 389 crore in Q1FY26.
  • EBITDA per bed was Rs 73.4 lakh compared to Rs 71.2 lakh in Q2FY25 and Rs 68.5 lakh in Q1FY26.
  • Bed occupancy for the quarter was at 77%, with Occupied Bed Days (OBDs) up by 19% YoY.
  • ARPOB for Q2FY26 stood at Rs 77.3k compared to Rs 76.2k in Q2FY25 and Rs 78.0k in Q1FY26.
  • Free treatment provided to 42,522 patients in OPD and 1,547 patients in IPD from the economically weaker sections by the Network Hospitals.
  • Pursuant to the binding term sheet executed in July 2025, JHL, a wholly owned subsidiary (WoS) of the Company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective September 18, 2025.
  • Hon’ble NCLT Chandigarh Bench approved Scheme of Amalgamation of JHL and CRL, both wholly owned subsidiaries of the Company, with an appointed date of October 5, 2024.
  • The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali.
  • The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week.

Abhay Soi, Chairman & Managing Director, Max Healthcare Institute, said: “We continued our strong performance this quarter with Revenue and Operating EBITDA growth of 21% and 23%, respectively. Integration of newly acquired Max Super Speciality Hospital, Noida (erstwhile Jaypee Hospital) is nearly complete. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon.

On-streaming of brownfield capacities and strong underlying demand in our micro markets will further bolster our leadership position in the delivery of quality healthcare to our patients”.

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Pharmaceuticals company Natco Pharma announced Q2FY26 results

  • Consolidated total revenue of Rs 1,463.0 crore for Q2FY26 as against Rs 1,434.9 crore as of 30th September 2024.
  • EBITDA (including other income) for the quarter was at Rs 679.2 crore with margins at 46.4%.
  • The net profit for the period, on a consolidated basis was Rs 517.9 crore.
  • The Board of Directors have declared an interim dividend of Rs 1.5 per equity share of Rs 2 each during Q2FY26.

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Pharmaceuticals company Marksans Pharma announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Operating revenue stood at Rs 720.4 crore, up by 12.2% YoY, attributed to strong traction in the US market, supported by new product launches across the digestive and pain management segments.
  • Gross profit stood at Rs 411.8 crore, up by 7.4% YoY, with gross margin of 57.2%.
  • EBITDA stood at Rs 144.5 crore., with a margin of 20.1%.
  • EPS was at Rs 2.2.

Other Highlights:

  • Cash generated from operations at Rs 75.2 crore during H1FY26.
  • Capex of Rs 73.2 crore incurred during H1FY26.
  • Working capital cycle ~150 days for Q2FY26.
  • Cash balance of Rs 666.5 crore as on 30th September 2025.
  • Research & development (R&D) spends at Rs 26.2 crore in H1FY26, 2.0% of consolidated revenue

Mark Saldanha, Managing Director, said: “Q2FY26 has been a strong quarter for us, with revenues growing 16% sequentially, driven by robust demand across our key markets. The US region recorded solid growth, demonstrating resilience amid macro challenges, supported by stabilizing tariff conditions, timely order book execution, and meaningful traction from new product launches. The UK market also witnessed improved demand and delivered stable results despite continued pricing pressures.

Our EBITDA and PAT grew 44% and 70% QoQ, reflecting the benefits of operating leverage.

Looking ahead, we remain optimistic about sustaining this momentum into the second half of the year. Our strategic focus and operational discipline position us well to deliver resilient growth and long-term value for our stakeholders.”

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Healthcare Facilities company Rainbow Childrens Medicare announced Q2FY26 results

  • Revenue: Rs 4,448.0 million against Rs 4,174.6 million during Q2FY25, change 6.5%.
  • EBITDA: Rs 1,488.7 million against Rs 1,470.8 million during Q2FY25, change 1.2%.
  • EBITDA Margin: 33.5% for Q2FY26.
  • PAT: Rs 756.2 million against Rs 790.1 million during Q2FY25, change -4.3%.
  • PAT Margin: 17.0% for Q2FY26.

Ramesh Kancharla, Chairman & Managing Director of Rainbow Children’s Medicare, said: “While Q2 was seasonally softer, it was also a quarter of strategic progress for Rainbow. We completed our first acquisition in the Northeast, launched Rainbow at Rajahmundry, and are set to open two more hospitals in Bengaluru shortly. With a significant part of our expansion now complete, our focus will move toward strengthening business operations and driving sustainable growth across our network.”

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Pharmaceuticals company Hikal announced Q2FY26 results

  • Revenue: Rs 319 crore against Rs 453 crore during Q2FY25.
  • EBITDA: Rs 8 crore against Rs 75 crore during Q2FY25.
  • EBITDA Margin: 2.4% for Q2FY26.
  • PAT: Rs -35 crore against Rs 18 crore during Q2FY25.
  • EPS: Rs -2.82 for Q2FY26.

Jai Hiremath, Executive Chairman, Hikal,  said: "Across the global chemical and life sciences industry, persistent headwinds from pricing pressure, overcapacity, and regulatory complexity continue to shape the operating environment. Demand visibility is improving, and capacity utilization is rebounding across geographies. While evolving trade policies and US tariffs add volatility, our diversified base, global footprint, and long-standing partnerships provide resilience.

Consolidated revenue for Q2 stood at Rs 319 crore, with EBITDA at Rs 8 crore. For H1FY26, revenue stood at Rs 699 crore, with EBITDA at Rs 32 crore. Lower than expected sales due to deferment during the quarter led to under absorption of fixed costs.

Pharmaceutical business revenue stood at Rs 190 crore, with an EBIT margin of -9.2%. Following the US FDA audit in February 2025, we received an OAI and warning letter, leading to H1FY26 deferment of offtake across our generic and CDMO business, as customers are undertaking their own internal risk assessments before resuming supplies. The resumption of supplies is progressing well, and we expect H2 FY26 to bridge majority of the impact of H1FY26 deferments.

To address the observations comprehensively, we have launched a robust remediation program, engaged two globally recognized remediation partners, and further strengthened our internal quality organization to ensure full alignment with global regulatory expectations. Our CAPA implementation status has been submitted to the agency in a timely and detailed manner, and we remain actively engaged to expedite a positive resolution.

Our crop protection business reported revenue of Rs 129 crore, with an EBIT margin of -7.4%. While globally volumes continue to stabilise, the dynamic demand patterns and structural shifts among key innovator customers have led to a muted performance. Our Personal Care business is steadily progressing through its development and launch phase, backed by focused efforts to build a differentiated portfolio of specialty ingredients. This marks a strategic move to diversify beyond our Crop Protection base and enter a fast-growing, high-potential market. With strong momentum in new product development and multiple global RFPs underway, we are building a solid foundation for sustainable growth and long-term value creation.

In the animal health segment, we continue to make steady progress. Validated molecules are now being supplied at pre-commercial volumes which will ramp up further as we receive regulatory approvals across geographies. We have built a strong pipeline of new products which are currently in the development phase. These initiatives position us well for subsequent validations, global regulatory submissions and eventual commercialization through FY27 and beyond.

As part of our innovation and technology strategy, during the quarter we inaugurated a state-of-the-art High Potency API (HPAPI) lab, enhancing our capabilities and entering into a niche segment. We also commissioned a new kilo lab at one of our facilities, further strengthening our early-stage development and scale-up infrastructure.

Despite the challenges faced in the first half of FY26, we expect a strong recovery in Q3 and Q4, supported by improved demand visibility, higher capacity utilization, and the commercialization of new products."

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Pharmaceuticals company Themis Medicare announced Q2FY26 results

  • Revenue: Rs 78.0 crore against Rs 117.0 crore during Q2FY25.
  • EBITDA: Rs -3.1 crore against Rs 17.1 crore during Q2FY25.
  • EBITDA Margin: -4.0% for Q2FY26.
  • PAT: Rs -3.6 crore against Rs 14.3 crore during Q2FY25.
  • PAT Margin: -4.6% for Q2FY26.
  • EPS: Rs -0.39 for Q2FY26.

Sachin Patel, Managing Director & CEO, said: “The Company continued to face headwinds from disruption in a high margin major line of Business since the last two quarters. In this regard, regulators are currently investigating the matter and we expect a positive development on this by March 2026.

Despite the headwinds, our API business grew 31% year-on-year in the half-year period, while Trade business increased 4%. As part of our Hospital business, we aim to increase our focus on high margin brands and products.

Moving forward, we are striving to improve operational efficiency, cost optimization, field force productivity, and working capital management. Our R&D pipeline continues to be strong, and we will keep directing our efforts into creating differentiated products in critical therapeutic areas.

Consolidated revenue for the quarter was reported at Rs 78 crore; muted performance in the formulations business hampered profitability. The Company remains resilient and we are cautiously optimistic based on our core competence and overall market opportunity.”

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Healthcare Facilities company Yatharth Hospital & Trauma Care Services announced Q2FY26 results

  • Operating Revenue at record Rs 2,794 million during the quarter, up 28% YoY.
  • EBITDA stood at a record Rs 645 million, up 18% YoY.
  • PAT at Rs 413 million, up by 33% YoY.
  • Net Cash Position as on Sep-25 stood at Rs 3,692 million.

Yatharth Tyagi, Whole Time Director, Yatharth Hospitals said: “We are delighted to report another quarter of record revenues and EBITDA, driven by strong growth from our existing hospitals and the successful ramp-up of our new facilities. During the quarter, we operationalised our Model Town, Delhi and Faridabad hospitals, adding 700 beds, and acquired Shantived Hospital in Agra, adding ~250 beds. These milestones keep us ahead of schedule in achieving our bed expansion target.

We also strengthened governance by appointing MSKA & Associates (BDO International member firm) as our statutory auditor for Q2 financials and welcoming healthcare veteran Mr. Ramesh Krishnan as an independent director. Additionally, the Income Tax authorities have released provisional attachments of all properties and fixed deposits of the Company. We continue to prioritize strategic initiatives that deliver strong, sustainable growth and long-term stakeholder value.”

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Pharmaceuticals company Alkem Laboratories announced Q2FY26 results

  • Total Revenue from Operations was Rs 40,010 million, with YoY growth of 17.2%.
    • India sales were Rs 27,660 million, YoY growth of 12.4%.
    • International sales were Rs 11,890 million, with YoY growth of 29.5%.
  • Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) were Rs 9,208 million, resulting in an EBITDA margin of 23.0% vs 22.0% in Q2FY25. EBITDA grew by 22.3% YoY.
  • R&D expenses for Q2FY26 were Rs 1,302 million, or 3.3% of total revenue from operations, vs Rs 1,465 million in Q2FY25 at 4.3% of total revenue from operations.
  • Profit before tax was Rs 8,958 million, YoY growth of 14.8%.
  • Net Profit (after Minority Interest) was Rs 7,651 million, YoY growth of 11.1%.
  • According to IQVIA (SSA) data, for Q2FY26:
    • In the Acute segment, Alkem became the number one company in IPM this quarter.
    • The Company registered a growth of 6.4% YoY in-line with the Indian Pharmaceutical Market (IPM), which also grew by 6.4%.

Vikas Gupta, CEO, Alkem, said: “Q2FY26 has been another strong quarter for us, marked by robust growth across India, the US, and key international markets. We also saw healthy traction in new product launches across markets. The GST revision is a positive step, and we adapted swiftly to ensure a seamless transition. Our improved gross margins and operating leverage have contributed to a stronger EBITDA profile. As we look ahead, we remain focused on accelerating growth and continue to strengthen our presence in key markets.”

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Pharmaceuticals company Ipca Laboratories announced Q2FY26 results

  • Consolidated Net total Income up 9% at Rs 2,584.36 crore.
  • Consolidated EBITDA margin (before forex (gain)/loss, other income and exceptional items) @ 21.68% in Q2FY26 as against @ 19.10% in Q2FY25.
  • Consolidated Net Profit at Rs 282.57 crore (after exceptional items) up 23%.
  • Exports Income up 7% at Rs 813.65 crore.
  • Indian formulations income up 8% at Rs 1018.90 crore.

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