Narayana Hrudayalaya Ltd

Q4 FY26Healthcare Services

Narayana Hrudayalaya Q4 FY26 earnings call: Revenue & Margins

Q4 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

Clinic business to be integrated with hospital business from FY27, reflecting better contribution measurement. Narayana Hrudayalaya is in an expansion phase, investing heavily (USD 100 million capex; INR 3,000 crores planned in India) to fuel growth, which may dilute short-term ROCE/ROE but is expected to be accretive long-term.

From Narayana Hrudayalaya Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Clinic business to be integrated with hospital business from FY27, reflecting better contribution measurement.
Focus on domestic patients to replace international patient volumes, with no active international marketing currently.
Investment in digital marketing, integrated care, clinics, insurance, and strengthening clinical teams expected to drive volume growth in Eastern region within 2-3 quarters.
No immediate expansion plans in North and West clusters; focus on expanding adult programs in existing Mumbai SRCC hospital.
Clinics serve as initial patient contact points, expected to shift patient preference from hospitals to clinics, supporting hospital expansion.
ARPP (Average Revenue per Patient) growth anticipated through advanced procedures and case mix optimization.

2 more points management made on revenue & sales performance

Profitability & Margins

Narayana Hrudayalaya is in an expansion phase, investing heavily (USD 100 million capex; INR 3,000 crores planned in India) to fuel growth, which may dilute short-term ROCE/ROE but is expected to be accretive long-term.
EBITDA margin normalized to about 22% (excluding one-time acquisition cost impact) is the starting base, with efforts ongoing to improve margins.
Mumbai hospital broke even in Q4 and profitability is expected to improve with the adult program launch.
Clinic network expansion drives inpatient referrals, expected to underpin future growth; integration with insurance plans also fosters growth.
Growth in volumes expected but tempered by competitive and inflationary pressures; pricing increases in low to mid-single digits annually.

2 more points management made on profitability & margins

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

Capital Expenditure Plans

FY26 greenfield capex was INR 109 crores, lower than the planned INR 424 crores, mainly due to election-related labor shortages and delays in permissions; FY28 commissioning timeline for Rajarhat, HSR, Raipur, Bangalore still on track.
Total proposed capex for projects is INR 3,000 crores, with greenfield organic capex of INR 460 crores; expected to commission INR 1,000 crores each in FY28 and FY29.
India capex details are in the IR deck; no additional capex planned for Cayman; UK capex plans not disclosed yet.
Clinics are expanding: currently 11 clinics in Bangalore, expanding to Calcutta in FY27, aiming to double clinic numbers cautiously balancing cash losses and property acquisition.

2 more points management made on capital expenditure plans

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Ranked on what management guided this quarter

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4₹1.8K Cr

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

Fundraising & Capital Structure

Based on the transcript in the provided pages of Narayana Hrudayalaya Limited's May 26, 2026 call: - No specific mention of immediate new fundraising plans through debt or equity. - The company is currently servicing existing debt, notably a GBP 150 million 7-year loan taken for the UK acquisition, with operating cash flows from the UK business. - Capex guidance indicates significant investments: USD 100 million and INR 3,000 crores planned for expansion in India, mostly greenfield projects, suggesting funding via internal accruals or existing resources. - No additional capex planned for Cayman; UK capex plans remain undecided and will be shared when available.

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 provided transcript excerpts from Narayana Hrudayalaya Limited's May 26, 2026 call do not mention or provide any information related to current or expected order book or pending orders. The discussion primarily focuses on: - Financial performance including EBITDA margins and PAT. - Status and profitability of Mumbai hospital and other expansions. - Insurance business performance.

2 more points management made on order book & pipeline

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.

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What Narayana Hrudayalaya Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Narayana Hrudayalaya Ltd Q4 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?

FY26 greenfield capex was INR 109 crores, lower than the planned INR 424 crores, mainly due to election-related labor shortages and delays in permissions; FY28 commissioning timeline for Rajarhat, HSR, Raipur, Bangalore still on track.

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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.