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Narayana Hrudayalaya Results: Latest Quarterly Results & Analysis

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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 Narayana Hrudayalaya announced Q1FY26 results

  • Consolidated total operating revenue was Rs 15,073 million for Q1FY26 as compared to Rs 13,063 million in the corresponding period of the previous year, reflecting a change of 15.4 % YoY and 2.2% QoQ.
  • Consolidated EBITDA stood at Rs 3,607 million, reflecting a margin of 23.9% as against Rs 3,258 million in Q1FY25, translating into a change of 10.7% YoY and -6.2% QoQ.
  • Consolidated PAT stood at Rs 1,961 million, reflecting a margin of 13.0% as compared to Rs 2,006 million in Q1FY25, translating into a change of -2.3% YoY and 0.1% QoQ.
  • India operating revenue was Rs 11,326 million for Q1FY26 as compared to Rs 10,508 million in the corresponding period of the previous year, reflecting a change of 7.8% YoY and 2.1% QoQ.
  • Cayman operating revenue was Rs 3,968 million for Q1FY26 as compared to Rs 2,674 million in the corresponding period of the previous year, reflecting a change of 48.4% YoY and 4.5% QoQ.

Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said: “The first quarter of the new fiscal year has started with a robust performance. We are pleased to report the highest-ever revenue on a quarterly basis with profit margins sustaining at high levels. The performance improvement in India is attributable to increased footfall in the domestic business, improvement in realizations, optimization in payor categories, and positive traction from our Clinics outreach. After a strong pick up in our Cayman business from the commencement of the Camana Bay Hospital in the last quarter, the two hospitals together continue to deliver good results, and we are confident the region will deliver steady growth going forward. The 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. 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 Narayana Hrudayalaya announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Consolidated total operating revenue was Rs 14,754 million for Q4 FY25 as compared to Rs 12,462 million in the corresponding period of the previous year, reflecting a change of 18.4 % YoY and 10.6% QoQ.
  • Consolidated EBITDA stood at Rs 3,846 million, reflecting a margin of 26.1% as against Rs 3,148 million in Q4FY24, translating into a change of 22.2% YoY and 18.1% QoQ.
  • Consolidated PAT stood at Rs 1,962 million, reflecting a margin of 13.3% as compared to Rs 1,880 million in Q4FY24, translating into a change of 4.4% YoY and 1.3% QoQ.
  • India operating revenue was Rs 11,088 million for Q4 FY25 as compared to Rs 10,020 million in the corresponding period of the previous year, reflecting a change of 10.7% YoY and 5.1% QoQ.
  • Cayman operating revenue was Rs 3,797 million for Q4 FY25 as compared to Rs 2,528 million in the corresponding period of the previous year, reflecting a change of 50.2% YoY and 29.4% QoQ.

FY25 Financial Highlights:

  • Consolidated total operating revenue was Rs 54,830 million for FY25 as compared to Rs 48,902 million in FY24, reflecting a change of 12.1%.
  • Consolidated EBITDA stood at Rs 13,684 million for FY25, reflecting a margin of 25.0% as against Rs 12,224 million in FY24, translating a change of 11.9%.
  • Consolidated PAT stood at Rs 7,898 million for FY25, reflecting a margin of 14.4% as compared to Rs 7,860 million in FY24.
  • India operating revenue was Rs 43,499 million for FY25 as compared to Rs 39,085 million in FY24, reflecting a change of 11.3%.
  • Cayman operating revenue was Rs 11,829 million for FY25 as compared to Rs 10,261 million in FY24, reflecting a change of 15.3%.

Commenting on the performance, Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said “The current financial year demonstrated strong performance across our units both domestic and international; we are pleased to report the highest-ever revenues and profitability margins on both quarterly as well as annual basis at the consolidated level. The performance improvement in India units has been driven by domestic volume pickup, increased realizations, and optimization in payor categories. While our flagships continue to contribute significantly, our Southern Peripheral and North units have shown significant growth this year, and we hope to build on the momentum going forward. HCCI continues to contribute significantly, delivering record revenues on both quarterly and annual basis. The new hospital in Camana Bay is fully functional and is contributing meaningfully to the overall Cayman business. We are excited with the traction in the new hospital and are confident that the region will deliver strong growth going forward. The Integrated Care business is picking up well, with our new clinics garnering sizeable footfalls. We will continue to invest in this business and are optimistic that it will be a significant driver of growth to the overall NH ecosystem. We thank the investor community for their faith in us and remain confident of delivering on expectations for the upcoming year.”

Result PDF

Healthcare Facilities company Narayana Hrudayalaya announced Q3FY25 results

  • Consolidated total operating revenue was Rs 13,667 million for Q3FY25 as compared to Rs 12,036 million in the corresponding period of the previous year, reflecting a change of 13.5 % YoY and -2.4% QoQ.
  • Consolidated EBITDA stood at Rs 3,254 million, reflecting a margin of 23.8% as against Rs 2,968 million in Q3FY24, translating into a change of 9.6% YoY and -2.0% QoQ.
  • Consolidated PAT stood at Rs 1,931 million, reflecting a margin of 14.1% as compared to Rs 1,881 million in Q3FY24, translating into a change of 2.6% YoY and -2.9% QoQ.
  • India operating revenue was Rs 10,873 million for Q3FY25 as compared to Rs 9,590 million in the corresponding period of the previous year, reflecting a change of 13.4% YoY and -6.9% QoQ.
  • Cayman operating revenue was Rs 2,935 million for Q3FY25 as compared to Rs 2,576 million in the corresponding period of the previous year, reflecting a change of 14.0% YoY and 21.1% QoQ.

Dr. Emmanuel Rupert, Managing Director and Group CEO of Narayana Hrudayalaya, noted: "After a strong second quarter, the third quarter of the fiscal year delivered a steady performance across our business units with a healthy year-on-year growth, aided by strong growth in realizations. The patient footfall remained at stable levels despite a sharp drop in our international patients' volume. The quarter-on-quarter growth was also impacted on account of seasonality and festival-related holidays in the third quarter. HCCI continues to contribute significantly to the overall performance, maintaining healthy margins after a slight dip in the last quarter on account of up-front setup costs. We are excited to declare that the Outpatient section of the new hospital was fully commissioned in December, while the IP section will get commissioned phase-wise. We remain confident that the new hospital will become a strong engine of growth in Cayman over the next few years. NH Integrated Care has delivered another strong quarter of increased patient transactions and revenue growth. We remain on track to delivering on our expectations for the full fiscal year for all our businesses including the new ventures.”

Result PDF

Healthcare Facilities company Narayana Hrudayalaya announced Q2FY25 results

  • Consolidated total operating revenue was Rs 14,000 million for Q2FY25 as compared to Rs 13,052 million in Q2FY24, reflecting a growth of 7.3 % YoY and 4.4% QoQ.
  • Consolidated EBITDA stood at Rs 3,320 million, reflecting a margin of 23.7% as against Rs 3,265 million in Q2 FY24, translating into a growth of 1.7% YoY and 1.4% QoQ.
  • Consolidated PAT stood at Rs 1,988 million, reflecting a margin of 14.2% as compared to Rs 2,267 million in Q2 FY24, translating into a change of -12.3% YoY and -1.3% QoQ.
  • India operating revenue was Rs 11,684 million for Q2FY25 as compared to Rs 10,527 million in Q2FY24, reflecting a growth of 11.0% YoY and 7.6% QoQ.
  • Cayman operating revenue was Rs 2,423 million for Q2FY25 as compared to Rs 2,607 million in Q2FY24, reflecting a change of -7.0% YoY and -9.4% QoQ.
  • As of Q2FY25, the Total Borrowings less Cash & Bank Balance and Current Investments was Rs 2,684 million, representing a net debt to equity ratio of 0.08.

Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya Limited, said: “The second quarter of the fiscal year has delivered strong performance after a robust start to the year. We are pleased to report the highest-ever revenue on a quarterly basis with sustainable profitability margins, which is on account of improvement in realizations and increased domestic patient footfalls. Despite the slowdown in international patient inflows due to geopolitical tensions in the neighborhood, we have been able to show overall growth in revenues during the quarter through our enhanced focus on domestic business. The performance improvement is seen across our flagship units, and other hospitals, and steady improvements in the performance of our newer hospitals. There is a decline in the HCCI revenue and margins for the quarter on account of the steps we have undertaken to optimize the operations between the existing and the new hospitals, and the costs in the new hospital being incurred upfront, which we believe is transitory and should normalize over the next few quarters. NHIC has delivered another strong quarter of increased patient transactions and revenue growth. We remain on track to deliver on our expectations for the full fiscal year for all our businesses including the new ventures."

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Healthcare Facilities company Narayana Hrudayalaya announced Q1FY25 results:

Financial Highlights: 

  • Consolidated total operating revenue was Rs 13,410 million for Q1FY25 as compared to Rs 12,334 million in the corresponding period of the previous year, reflecting a growth of 8.7% YoY and 4.8% QoQ.
  • Consolidated EBITDA stood at Rs 3,274 million, reflecting a margin of 24.4% as against Rs 2,858 million in Q1FY24, translating into a growth of 14.6% YoY and 2.8% QoQ.
  • Consolidated PAT stood at Rs 2,015 million, reflecting a margin of 15.0% as compared to Rs 1,840 million in Q1FY24, translating into growth of 9.5% YoY and 5.6% QoQ.
  • India operating revenue was Rs 10,855 million for Q1FY25 as compared to Rs 9,897 million in the corresponding period of the previous year, reflecting a growth of 9.7% YoY and 4.9% QoQ.
  • Cayman operating revenue was Rs 2,674 million for Q1FY25 as compared to Rs 2,551 million in the corresponding period of the previous year, reflecting a growth of 4.8% YoY and 5.8% QoQ.

Commenting on the performance, Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said: “The first quarter of the new fiscal year has started with a robust performance. We are pleased to report the highest-ever revenue on a quarterly basis with profitability sustained at high levels, which is on account of improvement in realizations and increased patient footfalls. The performance improvement is supported by strong growth in business across our flagship units, other hospitals, and steady improvements in the performance of our newer hospitals. HCCI continues to deliver strong performance on both revenue and profitability for the current quarter. NHIC has delivered another strong quarter of increased patient transactions. We are confident of delivering on our expectations for the new fiscal year.

Result PDF

Healthcare Facilities company Narayana Hrudayalaya announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Consolidated total operating revenue was Rs 12,794 million for Q4 FY24 as compared to Rs 12,216 million in the corresponding period of the previous year, reflecting a growth of 4.7 % YoY and 6.3% QoQ.
  • Consolidated EBITDA* stood at Rs 3,184 million, reflecting a margin of 24.9% as against Rs 2,904 million in Q4 FY23, translating into a growth of 9.7% YoY and 7.3% QoQ.
  • Consolidated PAT* stood at Rs 1,908 million, reflecting a margin of 14.9% as compared to Rs 1,732 million in Q4 FY23, translating into growth of 10.2% YoY and 1.4% QoQ.
  • India operating revenue was Rs 10,352 million for Q4 FY24 as compared to Rs 9,842 million in the corresponding period of the previous year, reflecting a growth of 5.2% YoY and 7.9% QoQ.
  • Cayman operating revenue was Rs 2,528 million for Q4 FY24 as compared to Rs 2,445 million in the corresponding period of the previous year, reflecting a growth of 3.4% YoY and -1.9% QoQ.

FY24 Financial Highlights:

  • Consolidated total operating revenue was Rs 50,183 million for FY24 as compared to Rs 45,248 million in FY 23, reflecting a growth of 10.9 %.
  • Consolidated EBITDA stood at Rs 12,275 million for FY24, reflecting a margin of 24.5% as against Rs 10,313 million in FY23, reflecting a growth of 19.0%.
  • Consolidated PAT stood at Rs 7,896 million for FY24, reflecting a margin of 15.7% as compared to Rs 6,066 million in FY23.
  • India operating revenue was Rs 40,365 million for FY24 as compared to Rs 36,774 million in FY23, reflecting a growth of 9.8%.
  • Cayman operating revenue was Rs 10,261 million for FY24 as compared to Rs 8,824 million in FY23, reflecting a growth of 16.3%. 

Commenting on the performance, Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya Limited, said “The current financial year exhibited strong momentum; we are pleased to report the highest-ever revenue and profitability margins for the financial year, which is on account of improvement in realizations, payor mix and increased patient footfalls during the year. The performance improvement is supported by strong growth in business across our flagship units, other hospitals, and steady improvements in performance of our newer hospitals. HCCI continues to deliver record performance on both revenue and profitability for the current financial year. NHIC has delivered another strong quarter of increased patient transactions. We are confident of delivering on our expectations for the upcoming year.

Result PDF

Healthcare Facilities company Narayana Hrudayalaya announced Q3FY24 results:

Financial Performance:
- Consolidated operating revenue for Q3FY24: Rs 12,036 million, a YoY growth of 6.7%.
- Consolidated EBITDA for Q3FY24: Rs 2,968 million, an 11.6% increase YoY with a margin of 24.7%.
- Consolidated PAT for Q3FY24: Rs 1,881 million, a 22.3% rise YoY with a PAT margin of 15.6%.
- India Operating Revenue for Q3FY24: Rs 9,590 million, up by 5.4% YoY.
- Cayman Operating Revenue for Q3FY24: Rs 2,576 million, an increase of 11.5% YoY.

Operational Highlights:
- Total Borrowings less Cash, Bank Balance, and Current Investments: Rs 251 million showcasing a net debt to equity ratio of (0.01).
- SRCC Mumbai treated a high-risk pediatric case successfully with a novel therapy.
- Mazumdar Shaw Medical Centre (MSMC) in Bengaluru introduced new services and accomplished notable medical procedures, handling 27 Solid Organ Transplants, 44 BMTs, 91 Robotic Procedures, and two rare renal transplants among others.

Commenting on the performance, Dr. Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said “After a strong second quarter, the third quarter of the fiscal year delivered a steady performance across our business units with a healthy YoY growth. The QoQ growth was impacted on account of festivals-related holidays in the current quarter. HCCI continues to contribute significantly to the overall performance and the new initiatives continue to see good traction. The new entity NHIC has delivered strong growth this quarter led by increased collections and steady inflow of patient transactions, remaining on track as per the plan.”

Result PDF

Healthcare facilities company Narayana Hrudayalaya announced consolidated Q1FY24 results:

  • Total operating income was Rs 12,334 million for Q1FY24 as compared to Rs 10,334 million in Q1FY23, reflecting an increase of 19.4% YoY and 1.0% QoQ.
  • EBITDA stood at Rs 2,858 million, reflecting a margin of 23.2% as against Rs 2,000 million in Q1FY23, translating into YoY growth of 42.9% and a decrease of 1.6% QoQ.
  • PAT stood at Rs 1,840 million, reflecting a margin of 14.92% as compared to Rs 1,106 million in Q1FY23, translating into YoY growth of 66.4% and QoQ growth of 6.2% respectively.
  • India's operating income was Rs 9,897 million for Q1FY24 as compared to Rs 8,654 million in Q1FY23, reflecting an increase of 14.36% YoY and 0.6% QoQ.
  • HCCL operating income was Rs 2,551 million for Q1FY24 as compared to Rs 1,755 million in Q1FY23, reflecting an increase of 45.4% YoY and 4.3% QoQ.
  • As on June 30, 2023, the Total Borrowings less Cash, Bank Balance, and Current Investments were Rs 188 million representing a net debt-to-equity ratio of 0.01.

Commenting on the performance, Dr. Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said, “The first quarter of the new fiscal year has started with a robust performance. We are pleased to report the highest-ever revenue every quarter with profitability sustaining at high levels. The international patient mix remains flat, and the payor mix and speciality mix is in line with the last quarter of the previous fiscal year. Our overseas business in Cayman continues to contribute to overall performance, achieving the highest-ever revenue and profitability every quarter, which is attributed to increased patient footfalls.

Our newly incorporated company Narayana Health Integrated Care (NHIC) has started on a positive note, and we are confident that it will have a significant impact on our overall business in the future.”

 

 

Result PDF

Healthcare facilities company Narayana Hrudayalaya announced Q4FY23 & FY23 results:

  • Consolidated Q4FY23:
    • Total operating income was Rs 12,216 million for Q4FY23 as compared to Rs 9,407 million in Q4FY22, reflecting an increase of 29.9 % YoY and 8.3% QoQ
    • EBITDA stood at Rs 2,904 million, reflecting a margin of 23.8 % as against Rs 1,848 million in Q4FY22, translating into YoY growth of 57.1 % and QoQ of 9.2% respectively
    • Consolidated PAT stood at Rs 1,732 million, reflecting a margin of 23.8 % as compared to Rs 690 million in Q4FY22, translating into YoY growth of 151.2 % and QoQ degrowth of 12.6% respectively
    • India operating income was Rs 9,771 million for Q4FY23 as compared to Rs 7,572 million in Q4FY22, reflecting an increase of 29.0% YoY and 8.9% QoQ
    • HCCI operating income was Rs 2,445 million for Q4FY23 as compared to Rs 1,835 million in Q4FY22, reflecting an increase of 33.3% YoY and 5.9% QoQ
  • Consolidated FY23:
    • Total operating income was Rs 45,248 million for FY23 as compared to Rs 37,013 million in FY22
    • EBITDA of Rs 10,313 million for FY23, reflecting a margin of 22.8% as against Rs 6,881 million in FY22
    • PAT stood at Rs 6,066 million for FY23, reflecting a margin of 13.4% as compared to Rs 3,421 million in FY22
    • India operating income was Rs 36,424 million for FY23 as compared to Rs 30,120 million in FY22, reflecting an increase of 20.9% YoY
    • HCCI operating income was Rs 8,824 million for FY23 as compared to Rs 6,893 million in FY22, reflecting an increase of 28.0% YoY

Commenting on the performance, Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said “The current fiscal year exhibited robust financial performance. We are pleased to report the highest-ever revenue and profitability in the fourth quarter, as well as for the financial year, which is attributed to increased patient footfalls along with improvements in specialty and payor mix. The performance improvement is supported by the growth in business across our flagship units, other hospitals, and newer hospitals, in addition to the increased contribution of international patients. Our Cayman business demonstrated continued growth and contributed to the overall performance.

We are in the phase of transforming our business to offer comprehensive healthcare services by becoming more patient-oriented digitally native and operationally efficient to offer quality integrated services at an affordable cost. While continuing to consolidate our operations, we would pursue growth opportunities both in India and overseas to derive synergies from our robust existing operations and maximize value for all our stakeholders."

 

Result PDF

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