Narayana Hrudayalaya Limited announced its financial results for the second quarter ended September 30, 2026 (Q2 FY27).

Financial Performance

Consolidated Results:

  • Operating revenue: ₹28,440 Mn, representing 73.0% YoY growth and 6.0% QoQ growth
  • EBITDA: ₹6,054 Mn, representing 42.0% YoY growth and 19.8% QoQ growth
  • EBITDA margin: 21.3% (compared to 25.9% in Q2 FY26)
  • PAT: ₹3,012 Mn, representing 16.6% YoY growth and 45.3% QoQ growth
  • PAT margin: 10.6% (compared to 15.7% in Q2 FY26)

Excluding UK Operations:

  • Operating revenue: ₹20,156 Mn, representing 22.6% YoY growth and 8.5% QoQ growth
  • EBITDA: ₹5,452 Mn, representing 27.8% YoY growth and 26.1% QoQ growth
  • EBITDA margin: 27.0% (compared to 25.9% in Q2 FY26)
  • PAT: ₹3,359 Mn, representing 42.6% QoQ growth
  • PAT margin: 16.7%

India Operations:

  • Operating revenue: ₹14,402 Mn, representing 16.6% YoY growth and 8.7% QoQ growth
  • EBITDA: ₹3,548 Mn, representing 30.8% YoY growth and 22.3% QoQ growth
  • PAT: ₹1,899 Mn, representing 36.2% YoY growth and 44.2% QoQ growth
  • PAT margin: 13.2%

Cayman Islands Operations:

  • Operating revenue: US$63.4 Mn, representing 28.2% YoY growth and 8.9% QoQ growth
  • EBITDA: US$22.1 Mn, representing 23.8% YoY growth and 46.4% QoQ growth
  • PAT: US$16.6 Mn, representing 20.9% YoY growth and 62.9% QoQ growth
  • PAT margin: 26.2%

United Kingdom Operations:

  • Operating revenue: GBP 64.4 Mn, representing 0.9% QoQ decline
  • EBITDA (after IFRS 16): GBP 4.7 Mn, representing 18.5% QoQ decline
  • EBITDA margin: 7.2% (compared to 8.8% in Q1 FY27)
  • Net loss: GBP 2.7 Mn
  • PAT margin: -4.2%

Operational Metrics - India Hospitals

  • ARPOB (annualized): ₹19.5 Mn, up 11.4% YoY
  • Average revenue per inpatient: ₹163.4 thousand, up 9.4% YoY
  • Average revenue per outpatient: ₹5.2 thousand, up 7.5% YoY
  • Inpatient discharges: 60.5 thousand, up 3.7% YoY
  • Hospital outpatient footfalls: 744.3 thousand, up 12.5% YoY
  • Clinic outpatient footfalls: 81.3 thousand, up 27.2% YoY
  • ICU occupied bed days: 102.3 thousand, up 6.2% YoY
  • Average length of stay: 4.3 days (unchanged)

Business Unit Performance

India Hospitals Revenue Breakdown:

  • By specialty: Cardiac sciences (33%), Oncology (15%), Medicine and gastro sciences (14%), Renal sciences (9%), Neurosciences (8%), Orthopaedics (5%)
  • By payor: Self-paying domestic patients (43%), Insured and corporate patients (33%), Government schemes (18%), International patients (7%)
  • Geographic clusters: Bengaluru (37% of revenue, 18% growth), Kolkata (26%, 16% growth), North (13%, 12% growth), Eastern Peripheral (10%, 16% growth), Southern Peripheral (9%, 10% growth), West (5%, 12% growth)

India Clinics (Integrated Care):

  • 12 integrated care clinics operational as of September 30, 2026
  • Clinic outpatient footfalls: 81,000, up 27% YoY
  • Clinic revenue: ₹186 Mn, up 19% YoY

Insurance Business:

  • India: Gross premium ₹78 Mn (up from ₹70 Mn YoY), claims ratio 159%, loss after tax ₹151 Mn, solvency ratio 162%
  • Cayman: Insurance revenue US$16.8 Mn (up 80.2% YoY), EBITDA loss US$1.1 Mn (improved from US$3.7 Mn loss in Q1 FY27)

Financial Position

As of September 30, 2026:

  • Total borrowings: ₹49,648 Mn
  • Cash, bank & investments: ₹30,818 Mn
  • Net debt: ₹18,830 Mn
  • Net debt to equity ratio: 0.38x (down from 0.42x at June 30, 2026)
  • Foreign currency denominated debt: US$114 Mn and GBP 150 Mn

Breakdown by Geography:

  • India: Gross debt ₹19,852 Mn, cash ₹11,351 Mn, net debt ₹8,501 Mn
  • Cayman Islands: Gross debt ₹10,805 Mn, cash ₹17,586 Mn, net cash (₹6,781 Mn)
  • United Kingdom: Gross debt ₹18,991 Mn, cash ₹1,880 Mn, net debt ₹17,111 Mn

Expansion and Capex

Bed Capacity Expansion:

  • Current operational beds: 6,119
  • Total capacity: 6,374 beds
  • Expansion pipeline: 1,555 beds across six projects
  • Target capacity: Over 7,800 beds
  • Total project cost: Approximately ₹29,900 Mn

Project Timeline:

  • HSR, Bengaluru: 215 beds, expected completion FY28
  • Raipur expansion: 300 beds, expected completion FY28
  • Park Street, Kolkata: 120 beds, expected completion FY28
  • Rajarhat, Kolkata: 350 beds, expected completion FY29
  • Central Bengaluru: 220 beds, expected completion FY29
  • South Bengaluru: 350 beds, expected completion FY30

FY27 Capex Plan:

  • Growth capex: ₹4,600 Mn (₹955 Mn spent by September 30, 2026)
  • Maintenance capex: ₹2,700 Mn (₹681 Mn spent by September 30, 2026)

Clinical Highlights

  • Narayana Institute of Cardiac Sciences, Bengaluru performed South India's first Percutaneous Transcatheter Tricuspid Valve Replacement (TTVR) and India's first Transcatheter Tricuspid Valve Implantation (TTVI) on a 14-year-old
  • Performed 54 TAVIs and 6 hybrid percutaneous pulmonary valve implantations in Q2 FY27
  • Achieved highest volume of cardiac surgeries in a single day: 38 cases
  • NH Mumbai successfully managed complex surgical management of a newborn with sternal cleft
  • NH RTIICS achieved multidisciplinary surgery for spindle cell sarcoma and robotic-assisted resection of Type B3 thymoma

Conference Call Details

  • Date: Monday, November 2, 2026
  • Time: 03:00 PM IST
  • Purpose: To discuss Q2 FY27 results

Corporate Overview

As of September 30, 2026, the Group operates 56 healthcare facilities across India, Cayman Islands, and United Kingdom with approximately 21,150 employees.