Narayana Hrudayalaya (NH) Q4 24/25 earnings summary

Executive summary

• Consolidated operating revenue for FY25 reached INR 54,830 Mn, with strong growth in domestic segments and Cayman business achieving a revenue base of $45M, supported by new departments and high patient reception.

• Consolidated EBITDA for FY25 was INR 13,684 Mn (25.0% margin), and PAT was INR 7,898 Mn, with India operations focusing on organic growth, premiumization, and improved payer and bed mix.

• Insurance and clinic businesses are in investment phase, with losses expected to grow as expansion continues, while integrated care and insurance offerings expanded to new locations.

• Oncology and orthopedics are growing segments, cardiac sciences remain a major revenue contributor, and over 1,200 robot-assisted surgeries were performed.

• Audited results for FY25 received an unmodified opinion, and a final dividend of Rs. 4.50 per share was recommended.

Financial highlights

• Domestic revenue grew 11.2% YoY in FY25, while international revenue declined 30.9% YoY; consolidated net profit for FY25 was Rs. 7,898.19 million.

• Cayman margins stabilized at 45%, and India EBITDA margin improved due to cost discipline and premium bed categories.

• Working capital days increased due to delayed government payments, and tax rate for FY26 is expected at 15%-16%.

• Debt-equity ratio (consolidated) as of March 31, 2025, was 0.67, with net debt to equity at 0.15.

• Basic EPS (consolidated) for FY25 was Rs. 38.86.

Outlook and guidance

• Growth will remain organic until new greenfield capacity comes online, with 350 new beds added in Q4 and 500 more in the pipeline.

• CapEx for FY26 projected at INR 300 crores for maintenance and INR 450 crores for new capacity, with a focus on significant bed capacity increases by FY30.

• Insurance business expanding to new cities, with focus on distribution and scaling.

• No plans for equity issuance in the near term; debt will be leveraged prudently.

• The company continues to focus on growth in medical and healthcare services, with ongoing expansion and capital allocation for future projects.