Narayana Hrudayalaya Ltd

Q3 FY26Healthcare Services

Narayana Hrudayalaya Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,816

Market cap₹38.9K Cr

P/E45.1

Updated23 Aug 2026

Read4 min read

The short version

India business: Expected to sustain double-digit like-to-like hospital revenue growth till new hospitals commission (Page 12). India business is expected to sustain double-digit revenue growth with continued margin expansion driven by transformation programs and payor mix optimization initiatives.

From Narayana Hrudayalaya Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

India business: Expected to sustain double-digit like-to-like hospital revenue growth till new hospitals commission (Page 12).
Oncology and cardiac: Projected to account for more than half of revenue going forward, with oncology potentially increasing by 20% (Page 9).
Expansion focus: Consolidating core markets like Bangalore and Kolkata, with investments in new flagship facilities (Page 14).
UK operations: Growth expected through improving performance and expanding private market share, though margins will differ from other markets (Page 15).
Cayman operations: Expected to sustain revenue levels (Page 14).

2 more points management made on revenue & sales performance

Profitability & Margins

India business is expected to sustain double-digit revenue growth with continued margin expansion driven by transformation programs and payor mix optimization initiatives.
The UK business (Practice Plus) is anticipated to grow, with Birmingham losses reducing over time. Medium-term ROCE impact expected to normalize and not be dilutive to group ROCE.
Cayman business expected to sustain current levels without significant CapEx plans.
Overall EBITDA is expected to grow in India and UK; Cayman level sustained—this direction suggests PAT growth following a similar upward trend.
Interest costs will increase due to acquisition-related borrowing, impacting PAT but manageable within growth plans.

2 more points management made on profitability & margins

See what Narayana Hrudayalaya Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

India CapEx: Planned INR 1000 crore (internal accruals and debt funding); actual closer to INR 3000 crore for expansion, mainly in Bangalore, Kolkata, and Raipur clusters (Page 12, 14, 25).
Addition of four DaVinci robotic surgery systems across hospitals in India next year for advanced surgical capabilities (Page 23).
Minor equipment and sterilization units CapEx in Birmingham (UK) has mostly been completed; no major remaining CapEx (Page 17).

2 more points management made on capital expenditure plans

Top-ranked in Healthcare Services

Ranked on what management guided this quarter

5x potential

1Health X Platform₹919 Cr

Rev 1Mar 1

2Chandan Healthca₹590 Cr

Rev 1Mar 3

3₹66.2K Cr

Rev 2Mar 1

4₹1.8K Cr

Rev 2Mar 2

5₹649 Cr

Rev 2Mar 2

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

Currently, there are no plans to raise equity capital.
The company does not see a need for equity raising at this time.
For the UK acquisition, debt of GBP 150 million was taken with a 2-year moratorium followed by 5 years of equal principal and interest repayments.
Future capital expenditure of around INR 3000 crore will be funded through internal accruals and debt.

2 more points management made on fundraising & capital structure

See what Narayana Hrudayalaya Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript provided does not mention any details regarding the current or expected order book or pending orders. There is no specific information on order backlog, pending contracts, or order inflow in the document from the earnings call transcript for the quarter ended December 31, 2025. The discussion primarily focuses on operational performance, financials, geographic expansion, business segments, and strategic initiatives across India, UK, and Cayman markets. If you need details specific to orderbook or pending orders, it may require looking at other financial disclosures or reports not included here.

Narayana Hrudayalaya Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.6K Cr, net profit ₹224 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Narayana Hrudayalaya Ltd's management said in earlier quarters

Others in Healthcare Services this season

Vijaya Diagnost. (Q3 FY26)
FY '27 capex of INR 100-120 crores planned, supporting network expansion (Page 5). Key concall takeaways from Vijaya Diagnost.'s Q3 FY26 earnings call — and…
Aster DM Quality (Q3 FY26)
Mature hospitals show steady revenue growth of 14%, hospitals 3-7 years old growing at 10%, and new assets under 3 years growing at 19%. Key concall takeaways…
Chandan Healthcare Ltd (Q3 FY26)
The company plans to open 100 new labs within three years, with an overall capex of INR100 crores for this expansion. Key concall takeaways from Chandan…
Rainbow Child. (Q3 FY26)
Revenue growth for the quarter was 12% YoY; 9% for the first 9 months of the financial year. Key concall takeaways from Rainbow Childrens Medicare Ltd's Q3…

Compare:vs Apollo Hospitals Enterprise Ltd vs Max Healthcare vs Manipal Health

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Narayana Hrudayalaya Ltd Q3 FY26 results?

What is Narayana Hrudayalaya Ltd share price analysis?

Narayana Hrudayalaya Ltd currently shows a neutral. The stock trades at a P/E of 45.1 with a market cap of ₹38,892 Cr. Investors should review the full earnings analysis for detailed insights.

Is Narayana Hrudayalaya Ltd planning capital expenditure?

India CapEx: Planned INR 1000 crore (internal accruals and debt funding); actual closer to INR 3000 crore for expansion, mainly in Bangalore, Kolkata, and Raipur clusters (Page 12, 14, 25).

Keep Narayana Hrudayalaya Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.