Narayana Hrudayalaya (NH) Q4 24/25 earnings summary

Executive summary

• Achieved consolidated operating revenue of INR 54,830 Mn in FY25, with strong growth in both domestic and international segments, and Cayman business contributing US$139.9 Mn in FY25.

• Consolidated EBITDA reached INR 13,684 Mn in FY25 (25.0% margin), with PAT of INR 7,898 Mn.

• Cayman business achieved a strong revenue base of $45M, with new departments like Urgent Care, Obstetrics, and Pediatrics contributing to growth.

• Audited standalone and consolidated financial results for FY25 were approved, with auditors issuing an unmodified opinion.

• Significant operational milestones include 1,200+ robot-assisted surgeries, expansion of integrated care and insurance offerings, and a final dividend of Rs. 4.50 per share recommended.

Financial highlights

• Domestic revenue grew 11.2% YoY in FY25, while international revenue declined 30.9% YoY; integrated care revenue surged 90.3% YoY.

• Standalone revenue from operations for FY25 was Rs. 35,901.22 million, and consolidated revenue was Rs. 54,829.77 million.

• Consolidated net profit for FY25 was Rs. 7,898.19 million, with EBITDA margin for India hospitals at 20.7% in FY25.

• Cayman margins remain robust at 45%, with focus shifting to revenue growth.

• Working capital days increased due to delayed government payments, particularly from ECHS and RGHS.

Outlook and guidance

• Ongoing expansion with 350 new beds added in Q4 and 500 more in the pipeline, targeting significant bed capacity increases by FY30.

• Growth will be sustained organically until new capacity comes online, with aspirations to match historical growth rates but no formal forward guidance.

• Insurance business is expanding distribution and entering new cities, with a focus on quality underwriting and customer experience.

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

• Accelerating international expansion, with new facilities in Southeast Asia and a growing Middle East pipeline.