Board Meeting Details

The Board of Directors meeting was held on October 30, 2026 (Friday) from 03:30 P.M. IST to 05:50 P.M. IST. The meeting approved the unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026, together with the Limited Review Report reviewed by the Audit Committee.

Standalone Financial Performance (₹ in million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹11,853.77
  • Other income: ₹433.50
  • Total income: ₹12,287.27
  • Profit before tax: ₹2,192.22
  • Tax expense: ₹435.96 (Current tax: ₹418.93, Deferred tax: ₹17.03)
  • Net profit: ₹1,756.26
  • EPS (Basic & Diluted): ₹8.65

Quarter Ended September 30, 2025 (Comparative):

  • Revenue from operations: ₹10,191.69
  • Other income: ₹170.88
  • Total income: ₹10,362.57
  • Profit before tax: ₹1,712.95
  • Tax expense: ₹334.15
  • Net profit: ₹1,378.80
  • EPS (Basic & Diluted): ₹6.79

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹22,824.79
  • Other income: ₹737.63
  • Total income: ₹23,562.42
  • Profit before tax: ₹4,069.43
  • Tax expense: ₹934.62
  • Net profit: ₹3,134.81
  • EPS (Basic & Diluted): ₹15.44

Key Expenses (Q2 FY27):

  • Medical consumables, drugs, surgical instruments: ₹2,773.33
  • Employee benefits: ₹1,964.18
  • Professional fees to doctors: ₹2,335.50
  • Other expenses: ₹2,188.97
  • Finance costs: ₹352.30
  • Depreciation and amortization: ₹501.09

Exceptional Item

An exceptional item of ₹452.76 million was recorded for the year ended March 31, 2026, relating to increased gratuity and leave liability due to implementation of new Labour Codes notified on November 21, 2025.

Dividend Information

The Board had recommended a final dividend of ₹4.50 per equity share (face value ₹10 each) amounting to ₹919.62 million for year ended March 31, 2026, which was approved at the AGM held on August 14, 2026, and paid during the quarter.

Corporate Restructuring Updates

MMRHL Merger Scheme:

  • Board approved on November 29, 2024, the merger of Meridian Medical Research & Hospital Ltd. (subsidiary) with the Company
  • Appointed date: April 1, 2024
  • Exchange ratio: 1 equity share of Company for every 2 equity shares of MMRHL
  • Stock exchanges issued 'No Observation Letter' on June 23-24, 2025
  • Scheme filed with NCLT Bengaluru on September 27, 2025
  • Creditors and shareholders meetings held on January 19, 2026, approved the scheme
  • Petition filed with NCLT on January 23, 2026
  • Regulatory No-Objection Letters received
  • Final NCLT order expected in due course
  • No impact on current period results

NHIC Demerger Scheme:

  • Board approved on December 12, 2025, the demerger of NH Integrated Care Private Limited (wholly owned subsidiary)
  • Appointed date: April 1, 2025
  • Clinical services to demerge into Resulting Company (Narayana Hrudayalaya)
  • Narayana Aarogyam Vertical to continue within NHIC
  • No share issuance as NHIC is wholly-owned subsidiary
  • Scheme filed with NCLT Bengaluru on December 17, 2025
  • Creditors and shareholders meetings held on April 2, 2026, approved the scheme
  • Petition filed with NCLT on April 8, 2026
  • No-Objection Certificates from regulatory authorities in process
  • Final NCLT order expected in due course
  • No impact on current period results

Standalone Balance Sheet (As at September 30, 2026)

  • Total assets: ₹58,917.88 million
  • Property, plant and equipment: ₹23,240.95 million
  • Capital work-in-progress: ₹2,120.89 million
  • Investments: ₹12,573.76 million (Non-current: ₹9,203.25 million, Current: ₹3,370.51 million)
  • Cash and cash equivalents: ₹1,807.31 million
  • Total equity: ₹28,170.49 million
  • Borrowings: ₹19,310.35 million (including current maturities)
  • Lease liabilities: ₹1,418.88 million

Consolidated Financial Performance (₹ in million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹28,439.89
  • Other income: ₹515.42
  • Total income: ₹28,955.31
  • Profit before tax: ₹3,433.45
  • Tax expense: ₹421.92
  • Net profit: ₹3,011.53
  • EPS (Basic & Diluted): ₹14.82

Segment Information (Q2 FY27):

  • Medical and healthcare services revenue: ₹26,864.32 million
  • Others (Insurance Segment) revenue: ₹1,738.95 million
  • Medical segment result: ₹4,242.89 million
  • Others segment result: (₹357.67) million

Discontinued Operations

Narayana Vaishno Devi Specialty Hospitals Private Limited transferred its hospital business to Shri Mata Vaishno Devi Charitable Society effective April 1, 2026, under management agreements. Operations are now classified as discontinued.

Additional Disclosures (Regulation 52(4))

Key ratios for standalone operations:

  • Debt equity ratio: 0.74
  • Debt service coverage ratio: 4.03
  • Interest service coverage ratio: 7.22
  • Current ratio: 1.59
  • Operating margin: 22.04%
  • Net profit margin: 14.82%

Entities Included in Consolidation

The consolidated results include 24 entities comprising the parent company, subsidiaries, associates, and joint ventures, including international operations in Cayman Islands, UK, Bangladesh, and North America.