Financial Performance Highlights
Narayana Health reported exceptional FY26 results with consolidated revenue reaching ₹78,960.35 million, representing 44.0% YoY growth, driven by the inclusion of UK operations from the Practice Plus Group acquisition. EBITDA stood at ₹17,168.91 million (21.7% margin), while net profit attributable to owners grew 22% to ₹8,055.99 million. India operations maintained strong performance with ₹47,396 million revenue (10% growth) and 23.1% EBITDA margin. The company reported basic EPS of ₹39.67 and maintained a healthy net debt-to-equity ratio of 0.49.
Strategic Expansion and M&A Activity
The company completed the significant acquisition of Practice Plus Group UK in November 2025 for ₹22,009.69 million, adding 12 hospitals, 3 surgical centers, and 2 urgent treatment centers. This expanded Narayana's international footprint and contributed GBP 110 million revenue in 4.5 months. The company plans ₹30,000 million capex for 1,500 additional beds over 3-4 years, with ongoing projects in Bangalore, Kolkata, and Raipur. Two major corporate restructuring schemes are pending NCLT approval: merger with subsidiary Meridian Medical Research & Hospital Ltd and demerger of NH Integrated Care's clinic operations.
Operational Excellence and Clinical Milestones
Narayana Health achieved several clinical milestones including 750+ robotic cardiac surgeries, 650+ organ transplants, and became the first Indian healthcare provider to receive JCI Enterprise Accreditation. Patient volumes exceeded 2.7 million outpatient consultations and 250,000+ inpatient admissions. Digital transformation initiatives reduced medication errors by 96% through Digital Medication Cards, while OP Kiosk adoption exceeded 50% of transactions. The company maintained infection rates below international benchmarks and reduced 30-day all-cause mortality by 71% to 0.9%.
ESG and Sustainability Performance
The company demonstrated strong ESG commitment with 39.08% renewable electricity consumption, avoiding 28,377 tons of CO2 emissions. Water management achieved 95% wastewater recycling with zero liquid discharge at four hospitals. Social initiatives included the Udaan scholarship program supporting 2,138 students, feeding programs for 3,746 children, and safe drinking water facilities benefiting 51,000 students. CSR spending reached ₹100.09 million against the obligation of ₹100.02 million. The company published its comprehensive BRSR report with independent assurance from SGS India.
Corporate Governance and Risk Management
The board maintained proper composition with 10 directors (3 executive, 7 non-executive including 5 independent directors). Key management personnel compensation totaled ₹434.13 million. The company faced ₹509.54 million exceptional item from increased employee benefit liabilities due to newly enacted Labour Codes. Contingent liabilities included ₹189.23 million in income tax matters and ₹320.85 million in GST/VAT disputes. The company identified key risks including cybersecurity, integration risks from international expansion, and regulatory compliance requirements.
Financial Structure and Subsidiary Operations
Total consolidated assets reached ₹124,744.04 million, with significant increase due to the UK acquisition. The company maintained ₹70,779.69 million in financial liabilities with detailed maturity profiles. Material subsidiaries included Health City Cayman Islands Ltd (100% subsidiary), Practice Plus Group Hospitals Ltd (100% step-down subsidiary), and NH Integrated Care Private Limited. The company incorporated three new wholly-owned subsidiaries during the year and maintained investments in joint ventures including Reya Health Inc and Everhope Oncology Private Limited.
Outlook and Future Priorities
FY27 priorities focus on completing UK integration, adding 1,500 beds capacity in India, deepening safety culture, and extending digitalization across medication and diagnostics. Planned capex of ₹7,300 million for FY27 will support expansion initiatives. The company aims to scale clinics and insurance platforms while maintaining its carbon neutrality target by 2040 and continuing its community outreach programs.