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Narayana Hrudayalaya (NH) investor relations material
Narayana Hrudayalaya Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary17 Nov, 2025
Executive summary
Q2 FY26 saw consolidated operating revenue of ₹16,438 Mn, up 20.3% YoY, with strong EBITDA and PAT growth, led by Cayman and India businesses, and supported by new hospital commissioning, payer mix optimization, and high-end procedures.
Consolidated EBITDA reached ₹4,265 Mn (25.9% margin), and PAT was ₹2,583 Mn (15.7% margin), with India operations achieving 20% EBITDA growth and Cayman business posting 70% revenue growth YoY.
Received international recognition for clinical governance and safety, and expanded clinical capabilities with new technology, including robotic surgeries and bone marrow transplant services.
Unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2025, were approved and reviewed by the Board and Audit Committee.
Losses in clinics and insurance segments are declining, with expectations for further improvement in FY2027.
Financial highlights
Total operating revenue grew to ₹16,438 Mn from ₹13,667 Mn YoY, with consolidated EBITDA at ₹4,309 Mn and PAT at ₹2,583 Mn.
Cayman hospital margins remain robust at 43%-44%, while the insurance business is nearing breakeven.
India business reported a 23.8% margin for the quarter, and Mumbai hospital showed early negative EBITDA but improved performance in October.
Net debt to equity ratio at 0.06 as of September 30, 2025; consolidated debt-equity ratio at 0.58.
International business, mainly Bangladesh, saw a 27% QoQ increase but is not a strategic focus.
Outlook and guidance
Ongoing expansion with bed capacity targets exceeding 7,600 by FY30, and multiple greenfield and brownfield projects underway.
Cayman hospital growth expected to moderate to high single digits after ramp-up; insurance business has room to grow but will be reassessed periodically.
India clinics and insurance are expected to continue positive momentum, balancing profitability and growth investments.
New 100-bed facility in Bangalore is on track for commissioning in Q1 FY2027.
CGHS rate hikes projected to add INR 25M/month to revenues, with a potential total impact of INR 30-50 crore annually if other schemes follow.
Update on UK acquisition's strategic fit
Future financial impact of NVD discontinuation?
Significance of unreviewed subsidiary financials?
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Next Narayana Hrudayalaya earnings date
Q3 20262 Feb, 2026
Next Narayana Hrudayalaya earnings date
Q3 20262 Feb, 2026
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