Narayana Hrudayalaya logo

Narayana Hrudayalaya

NH NSE

Key Fundamentals

SmallcapHospitalsHealthcare Services
Market Cap
₹35,457 Cr
Volatility
Moderate
P/E Ratio
43.6
EBITDA
₹1,717 Cr
Return on Equity
17.85%
Debt to Equity
1.29
Book Value
₹222.08
EPS
₹39.47
52W High
₹2,093.3
52W Low
₹1,589

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24.5%

Weaknesses

2
  • Stock is trading at 7.84 times its book value
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
43.43% higher than 3Y
Net Income Growth
2.62% lower than 3Y
Cash Flow Change
64.46% higher than 3Y
ROE
-18.01% lower than 3Y
ROCE
-36.08% higher than 3Y
EBITDA Margin (Avg.)
-12.55% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Narayana Hrudayalaya has a market cap of about ₹38,258 Cr and trades at 47x earnings and 8.46x book value, with a dividend yield of 0.24%. Sales have compounded at 20% over 3 years and 25% over 5 years, and TTM sales are up 60%. TTM profit growth is only 9%, and ROE fell to 21% last year from a 3-year average of 25%.

Bull Case 7
  • Return on equity has been high for a long time: 25% over 3 years, 26% over 5 years and 20% over 10 years. That points to capital efficiency that has held up across hospital expansion cycles.
  • Revenue has grown steadily: 17% compounded over 10 years, 25% over 5 years and 20% over 3 years. That suggests lasting demand and successful capacity addition in its cardiac and multispecialty network.
  • TTM sales growth of 60% is a large step-up from the 3-year CAGR of 20%. It suggests a major expansion of the revenue base, likely driven by inorganic or geographic growth, which widens the business's scale.
  • Profit has compounded at 42% over 10 years, well above the 17% 10-year sales CAGR. That shows sustained operating leverage and margin expansion over the long run.
  • Shareholders have seen long-term price gains: 29% CAGR over 5 years, 20% over 3 years and 19% over 10 years.
  • The known pros list says the company is expected to report a good quarter. That could restart earnings momentum after TTM profit growth of just 9%.
  • Even the lowest ROE reading, 21% last year, is still above the typical cost of equity. This means incremental reinvestment in hospitals is still creating value.
Bear Case 7
  • The valuation is rich at 47x earnings, an earnings yield of about 2.1%. With TTM profit growth of only 9%, the multiple leaves little room for execution misses.
  • At 8.46x book value (8.38x per the cons list), the market is pricing in continued high returns. ROE is already slipping, from 25% (3-year) to 21% (last year).
  • TTM sales grew 60% but TTM profit grew only 9%. That points to significant margin dilution, possibly from newly added lower-margin businesses or ramp-up costs.
  • Profit growth is slowing: the 3-year profit CAGR of 12% is well below the 3-year sales CAGR of 20%. The 5-year profit CAGR of 155% is inflated by a low, pandemic-affected base and is not a reliable trend.
  • The company may be capitalizing interest cost. That can flatter reported profits during heavy capex, and some of the 9% TTM profit growth may not reflect true cash earnings power.
  • Stock momentum has cooled: the 1-year return of 8% trails the 3-year CAGR of 20% and the 5-year CAGR of 29%.
  • The dividend yield of 0.24% offers almost no income cushion, so returns depend almost entirely on sustaining earnings growth that justifies a 47x multiple.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

23h ago
Neutral 1
  • ₹53 lakh GST penalty, appeal planned Sep 28

    Narayana Hrudayalaya received a GST penalty order of ₹53,15,150 related to corporate guarantees. The company plans to appeal, and the amount is small for a hospital chain of NH's size.

TL;DR: There was very little news this period. The only item is a ₹53.15 lakh GST penalty over corporate guarantees, which is too small to affect NH's finances, and the company plans to appeal. The issue does point to ongoing tax disputes over how intra-group corporate guarantees are treated under GST, a matter that affects many Indian companies. With no operational or earnings news here, the stock's direction will depend on upcoming quarterly results, hospital occupancy and revenue per bed, and the outcome of the GST appeal.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,233
1,305
1,204
1,246
1,306
1,367
1,335
1,475
1,507
1,644
2,151
2,594
2,684
Expenses
963
997
925
955
1,004
1,058
1,027
1,118
1,171
1,243
1,786
2,086
2,216
Operating Profit
271
308
279
291
302
309
307
358
337
401
365
508
468
OPM %
22%
24%
23%
23%
23%
23%
23%
24%
22%
24%
17%
20%
17%
Other Income
15
18
18
26
24
23
18
20
24
24
-29
25
35
Interest
21
23
25
28
34
35
37
41
45
42
65
91
87
Depreciation
59
55
63
65
61
65
70
82
84
87
122
154
156
PBT
206
248
209
225
231
232
219
254
232
296
149
288
260
Tax %
11%
9%
10%
15%
13%
14%
12%
22%
15%
13%
15%
22%
20%
Net Profit
184
227
188
191
202
199
193
197
197
258
127
224
207
EPS in Rs
9
11.09
9.2
9.33
9.85
9.72
9.44
9.65
9.62
12.64
6.2
10.96
10.14
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,364
1,614
1,878
2,281
2,861
3,128
2,583
3,701
4,525
4,890
5,483
7,896
9,072
Expenses
1,236
1,434
1,642
2,064
2,566
2,694
2,394
3,038
3,538
3,722
4,185
6,255
7,330
Operating Profit
128
180
236
217
295
434
189
664
987
1,168
1,298
1,641
1,742
OPM %
9%
11%
13%
10%
10%
14%
7%
18%
22%
24%
24%
21%
19%
Other Income
6
-19
7
18
16
7
21
26
59
73
80
37
56
Interest
45
33
28
55
81
94
82
76
84
112
163
266
285
Depreciation
68
76
80
100
137
186
184
183
210
241
278
448
520
PBT
21
51
135
80
93
161
-56
430
752
888
936
964
993
Tax %
71%
59%
39%
36%
37%
26%
-75%
20%
19%
11%
16%
16%
—
Net Profit
-19
21
83
51
59
119
-14
342
607
790
791
806
817
EPS in Rs
-0.84
1.04
4.06
2.51
2.9
5.82
-0.7
16.73
29.67
38.62
38.66
39.42
39.94
Div. Payout %
0%
0%
0%
0%
35%
17%
0%
6%
8%
10%
12%
11%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
200
204
204
204
204
204
204
204
204
204
204
204
Reserves
568
672
759
831
877
932
916
1,284
1,927
2,679
3,422
4,333
Borrowings
362
258
217
802
813
952
826
723
884
1,627
2,428
5,858
Other Liabilities
241
424
468
692
746
813
833
931
1,155
1,123
1,216
2,088
Total Liabilities
1,371
1,557
1,648
2,529
2,640
2,901
2,779
3,143
4,170
5,633
7,271
12,482
Fixed Assets
913
1,054
1,082
1,848
1,838
2,092
1,961
1,980
2,336
2,651
4,266
7,796
CWIP
20
14
53
35
56
12
20
67
259
514
86
292
Investments
52
87
96
9
17
86
120
132
252
844
1,084
573
Other Assets
385
402
417
637
729
711
678
964
1,323
1,624
1,835
3,822
Total Assets
1,371
1,557
1,648
2,529
2,640
2,901
2,779
3,143
4,170
5,633
7,271
12,482
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
77
174
219
182
279
443
304
485
1,085
1,067
986
1,621
Investing
-223
-150
-146
-520
-162
-189
-113
-267
-1,176
-1,458
-1,325
-3,648
Financing
140
18
-45
315
-27
-247
-194
-159
88
488
544
2,340
Net Cash Flow
-6
42
28
-22
89
7
-2
59
-4
97
205
313
Free Cash Flow
-15
86
85
-20
129
329
235
235
563
99
-93
753
CFO/OP
78
116
108
100
113
117
133
83
119
99
86
108
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
38
34
30
45
34
31
39
43
35
31
37
30
Inventory Days
56
48
45
56
48
35
32
30
31
44
40
42
Days Payable
146
152
173
200
177
177
221
180
224
214
185
248
Cash Conversion Cycle
-51
-70
-98
-100
-95
-111
-150
-108
-158
-138
-108
-176
Working Capital Days
-30
-12
-11
-10
-10
-22
-38
-16
-25
-30
-17
-19
ROCE %
7%
9%
14%
9%
9%
14%
2%
25%
32%
26%
21%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY10–FY27.

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Shareholding Pattern

Others7.34%Promot.63.27%DIIs9.06%FIIs9.40%Public10.93%As ofJun 2026

Documents

Frequently Asked Questions about Narayana Hrudayalaya

What does Narayana Hrudayalaya Ltd do?
Narayana Hrudayalaya Ltd is engaged in providing economical healthcare services. It has a network of multispecialty and super specialty hospitals spread across multiple locations.[1]
Where is Narayana Hrudayalaya Ltd (NH) listed?
Narayana Hrudayalaya Ltd trades as NH on the NSE and under code 539551 on the BSE.
Which sector does Narayana Hrudayalaya Ltd belong to?
Narayana Hrudayalaya Ltd is classified under the Healthcare Services sector, in the Hospitals industry.
What is the market capitalisation of Narayana Hrudayalaya Ltd?
Narayana Hrudayalaya Ltd has a market capitalisation of ₹35,457 Cr, which places it in the Large Cap band.
What is the PE ratio of Narayana Hrudayalaya Ltd?
Narayana Hrudayalaya Ltd trades at a PE ratio of 43.60, on earnings per share of ₹39.47, against a book value of ₹222.08 per share.
What is the 52-week high and low of Narayana Hrudayalaya Ltd?
Over the last 52 weeks Narayana Hrudayalaya Ltd has traded between ₹1,589 and ₹2,093.3.
Does Narayana Hrudayalaya Ltd pay dividends?
Narayana Hrudayalaya Ltd has a dividend yield of 0.25%.
What is the Return on Equity (ROE) of Narayana Hrudayalaya Ltd?
Narayana Hrudayalaya Ltd reported a return on equity of 17.85%. Its debt-to-equity ratio is 1.29.

Company Information

Narayana Hrudayalaya Ltd is engaged in providing economical healthcare services. It has a network of multispecialty and super specialty hospitals spread across multiple locations.[1]

Website narayanahealth.org
CEO Dr. Devi Prasad Shetty M.S.
Employees 11,411
Listed 2016-01-06
Face Value ₹ 10
Issued Size 20,43,60,804

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