NSE:NH · Risk Score Report

NSE:NHNSEHealthcare

Narayana Hrudayalaya Limited

📊 Medical Care Facilities

Day ₹1,759

₹1,777 Overbought

52W ₹1,589

₹2,370 Oversold

₹1,774.80

▲ ₹17.80 (+1.01%)

Vol: 86,039 · Avg: 288,584

As of April 29, 2026 · 06:36 IST

COMPOSITE RISK SCORE

VAL:12/25 · FIN:17/25 · GRO:15/25 · TECH:14/25

📈 P/E RATIO

46.3x

Trailing

📖 P/B RATIO

8.9x

Price to Book

💰 EPS

₹38.30

TTM

🏛 MARKET CAP

₹36,046Cr

Large Cap

📊 ROE

21.8%

Return on Equity

📈 REV GROWTH

57.4%

YoY

🏢 Company Analysis · Narayana Hrudayalaya Limited

💼 BUSINESS MODEL

Narayana Hrudayalaya Limited provides medical and healthcare services in India and the Cayman Islands..
It operates through the Medical and Healthcare Related Services; and Others segments..
The company offers oncology, anesthesiology, audiology, blood bank, oncoplastic surgery, cardiac surgery, cardiology, clinical genetics, clinical immunology, clinical nutrition and dietetics, clinical psychology, congenital adult heart disease, cosmetology, cranio-maxillofacial surgery, critical care medicine, dental, dermatology, pediatrics, diabetology, ENT, emergency medicine, endocrinology, family medicine, general and GI surgery, general medicine and surgery, geriatric medicine, gynecology, hematology, headache and facial pain management, transplant, infectious diseases, neurology, radiology, hepatobiliary surgery, gastroenterology, minimal access GI and bariatric surgery, neonatology, nephrology, neuro-otology, neuro-rehabilitation, neurosurgery and spine surgery, and nuclear medicine services..
It also provides ophthalmology, orthopedics and joint replacement, pain management and palliative care, pathology, perinatology and fetal intervention, physical medicine and rehabilitation, physiotherapy and physical rehabilitation, plastic surgery, psychiatry, pulmonology, reproductive medicine, rheumatology, renal science, speech and swallow rehabilitation, spine surgery, thoracic and vascular surgery, ultrasonology, urology, and other services..
Operates in Medical Care Facilities within the Healthcare sector.
Workforce of 11,411 employees.

🏰 MOAT & COMPETITION

Large-cap (₹36,046 Cr) — established player with meaningful market presence.
Profit margin of 11.5% — moderate pricing power.
Key competitors: Apollo Hospitals, Gujarat Kidney, Indrapr.Medical, Max Healthcare.

🚀 CATALYSTS

Company has delivered good profit growth of 43.5% CAGR over last 5 years
Indian hospital chain Narayana Health eyes international expansion (Reuters)
Revenue growing at 57% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,630 — ₹2,500 (mean ₹2,037, 13 analysts).
Favorable asymmetry — upside potential of +41% vs downside floor of -8% (5.0x reward-to-risk).
P/E of 46.3x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (13 analysts).
Latest quarter earnings declined -34% YoY — watch for recovery signals.

✅ PROS

Company is expected to give good quarter
Company has delivered good profit growth of 43.5% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 28.7%

❌ CONS

Stock is trading at 8.87 times its book value
The company has delivered a poor sales growth of 11.9% over past five years.

VALUATION

12/25

25% WEIGHT

P/E at 46x
P/B at 8.9x
Analyst target: ₹2037 (+14.8%)
1Y return: +0.2%

FINANCIAL HEALTH

17/25

25% WEIGHT

ROE: 21.8%
Profit margin: 11.5%
Revenue growth: 57.4%
Debt/Equity: 58%

GROWTH

15/25

25% WEIGHT

Revenue growth: 57.4%
Earnings growth: -34.3%
Beta: 0.11
Sector: Healthcare

TECHNICAL

14/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

46.3x

Trailing twelve months

P/B RATIO

8.9x

Price to Book value

ROE

21.8%

Return on Equity

PROFIT MARGIN

11.5%

Net profit margin

OPM

11.4%

Operating profit margin

ANALYST TARGET

₹2,037

Range: ₹1,630 - ₹2,500

Yahoo Finance ↗

PEG RATIO

1.42

Price/Earnings to Growth

EV/EBITDA

26.9x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.26%

Annual yield

ROA

10.1%

Return on Assets

GROSS MARGIN

41.7%

Gross profit margin

INDUSTRY AVERAGES — HOSPITAL

P/E 43.9x (above avg)

P/B 5.0x (sector fair)

ROCE 17.1% (above avg)

ROE 20% (sector good)

OPM 22% (sector good)

Div Yield 0.21%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹1,335 Cr	—	₹193 Cr	—	N/A	24.4%
Q4 FY25	₹1,356 Cr	+1.6%	₹197 Cr	+2.2%	N/A	27.7%
Q1 FY26	₹1,507 Cr	+11.2%	₹197 Cr	-0.3%	N/A	23.9%
Q2 FY26	₹1,644 Cr	+9.1%	₹258 Cr	+31.4%	N/A	25.9%
Q3 FY26	₹2,151 Cr	+30.9%	₹127 Cr	-51.0%	N/A	15.7%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹3,644 Cr	—	₹342 Cr	—	₹485 Cr	—
FY23	₹4,491 Cr	+23.2%	₹606 Cr	+77.3%	₹1,085 Cr	+123.6%
FY24	₹4,876 Cr	+8.6%	₹789 Cr	+30.2%	₹1,067 Cr	-1.7%
FY25	₹5,464 Cr	+12.1%	₹790 Cr	+0.1%	₹986 Cr	-7.6%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Narayana Hrudayalaya Limited Makes Its Money

🏦 Snapshot of Narayana Hrudayalaya Limited's Balance Sheet

💸 Looking into Narayana Hrudayalaya Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	1,233	1,305	1,204	1,246	1,306	1,367	1,335	1,475	1,507	1,644	2,151
YOY Sales Growth %	19%	14%	7%	2%	6%	5%	11%	18%	15%	20%	61%
Expenses +	963	997	925	955	1,004	1,058	1,027	1,118	1,171	1,243	1,786
Material Cost %	22.03%	21.80%	20.29%	21.01%	21.17%	21.17%	19.87%	20.69%	20.29%	19.60%	17.73%
Employee Cost %	19.89%	19.56%	21.12%	19.59%	20.68%	20.19%	20.32%	18.66%	19.61%	18.20%	21.36%
Operating Profit	271	308	279	291	302	309	307	358	337	401	365
OPM %	22%	24%	23%	23%	23%	23%	23%	24%	22%	24%	17%
Other Income +	15	18	18	26	24	23	18	20	24	24	-29
Exceptional items	0	0	0	3	1	-0	-1	-7	1	0	-52
Other income normal	15	18	18	24	23	24	18	27	24	24	23
Interest	21	23	25	28	34	35	37	41	45	42	65
Depreciation	59	55	63	65	61	65	70	82	84	87	122
Profit before tax	206	248	209	225	231	232	219	254	232	296	149
Tax %	11%	9%	10%	15%	13%	14%	12%	22%	15%	13%	15%
Net Profit +	184	227	188	191	202	199	193	197	197	258	127
Minority share	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Exceptional items AT	0	0	0	3	1	-0	-1	-5	1	0	-42
Profit excl Excep	184	227	188	188	201	199	194	203	196	258	169
Profit for PE	184	227	188	188	201	199	194	203	196	258	169
Profit for EPS	184	227	188	191	201	199	193	197	197	258	127
YOY Profit Growth %	66%	34%	22%	9%	9%	-12%	3%	8%	-2%	30%	-13%
EPS in Rs	9.00	11.09	9.20	9.33	9.85	9.72	9.44	9.65	9.62	12.64	6.20
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	2,281	2,861	3,128	2,583	3,701	4,525	4,890	5,483	6,778
Sales Growth %	21.44%	25.43%	9.33%	-17.42%	43.29%	22.25%	8.08%	12.12%
Expenses +	2,064	2,566	2,694	2,394	3,038	3,538	3,722	4,185	5,317
Manufacturing Cost %	36.57%	34.72%	12.90%	14.44%	12.22%	12.19%	10.07%	9.96%
Employee Cost %	20.42%	21.77%	21.54%	24.28%	20.76%	19.43%	20.09%	19.93%
Other Cost %	9.10%	9.16%	27.85%	27.73%	24.53%	24.44%	24.90%	25.72%
Operating Profit	217	295	434	189	664	987	1,168	1,298	1,461
OPM %	10%	10%	14%	7%	18%	22%	24%	24%	22%
Other Income +	18	16	7	21	26	59	73	80	39
Exceptional items	-1	-0	-15	-6	-9	10	5	3
Other income normal	19	16	22	27	35	49	68	77
Interest	55	81	94	82	76	84	112	163	193
Depreciation	100	137	186	184	183	210	241	278	377
Profit before tax	80	93	161	-56	430	752	888	936	930
Tax %	36%	37%	26%	-75%	20%	19%	11%	16%
Net Profit +	51	59	119	-14	342	607	790	791	779
Profit from Associates	0	0	0	0	0	0	0	0
Minority share	-0	-0	-0	-0	-0	-0	-0	-0
Exceptional items AT	-0	-0	-11	-6	-7	8	1	2
Profit excl Excep	52	59	130	-8	349	599	788	789
Profit for PE	52	59	130	-8	349	598	788	788
Profit for EPS	51	59	119	-14	342	606	789	790
Profit Growth %	-39%	15%	119%	-106%	4,462%	71%	32%	0%
EPS in Rs	2.51	2.90	5.82	-0.70	16.73	29.67	38.62	38.66	38.11
Dividend Payout %	0%	35%	17%	0%	6%	8%	10%	12%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	204	204	204	204	204	204	204	204	204
Reserves	831	877	932	916	1,284	1,927	2,679	3,422	3,855
Borrowings +	802	813	952	826	723	884	1,627	2,428	2,340
Long term Borrowings	696	725	619	504	432	626	1,195	1,966	1,931
Short term Borrowings	38	12	11	114	113	136	249	247	205
Lease Liabilities	0	0	234	208	179	122	183	215	205
Other Borrowings	68	77	88	0	0	0	-0	0
Other Liabilities +	692	746	813	833	931	1,155	1,123	1,216	1,342
Non controlling int	0	0	1	1	1	1	1	2	2
Trade Payables	305	334	362	410	449	615	604	574	632
Advance from Customers	13	16	0	1	1	0	0	0
Other liability items	373	396	450	421	481	539	518	640	708
Total Liabilities	2,529	2,640	2,901	2,779	3,143	4,170	5,633	7,271	7,742
Fixed Assets +	1,848	1,838	2,092	1,961	1,980	2,336	2,651	4,266	4,399
Land	241	242	270	270	292	376	450	1,112
Building	796	828	1,052	1,053	1,101	1,150	1,283	1,910
Equipments	773	832	955	986	1,057	1,192	1,390	1,682
Computers	32	36	42	44	56	67	77	81
Furniture n fittings	198	208	220	218	225	239	261	349
Vehicles	4	4	4	4	5	6	6	8
Intangible Assets	66	66	66	66	66	117	126	127	241
Other fixed assets	275	289	334	341	352	516	520	637
Gross Block	2,385	2,505	2,943	2,982	3,155	3,663	4,114	5,906
Accumulated Depreciation	537	666	851	1,022	1,175	1,326	1,463	1,641
CWIP	35	56	12	20	67	259	514	86	135
Investments	9	17	86	120	132	252	844	1,084	1,435
Other Assets +	637	729	711	678	964	1,323	1,624	1,835	1,773
Inventories	85	91	72	59	74	85	124	124	111
Cash Equivalents	35	101	115	132	172	380	416	647	518
Loans n Advances	43	38	32	37	43	66	61	71	150
Other asset items	195	233	230	171	238	360	601	438	408
Total Assets	2,529	2,640	2,901	2,779	3,143	4,170	5,633	7,271	7,742

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	219	182	279	443	304	485	1,085	1,067	986
Profit from operations	248	243	324	456	194	704	1,065	1,173	1,328
Receivables	-6	-76	-5	-11	-15	-176	-14	26	-185
Inventory	-4	-11	-6	23	12	-12	-12	-38	-4
Payables	26	61	13	-13	60	45	129	-11	11
Loans Advances	0	0	0	0	0	0	0	0	0
Other WC items	-8	-0	6	54	-1	-9	1	8	-37
Working capital changes	8	-27	8	53	56	-152	105	-15	-215
Direct taxes	-37	-34	-54	-66	54	-67	-86	-91	-127
Cash from Investing Activity +	-146	-520	-162	-189	-113	-267	-1,176	-1,458	-1,325
Fixed assets purchased	-135	-204	-150	-116	-70	-251	-522	-971	-1,082
Fixed assets sold	1	1	0	1	0	0	1	3	3
Investments purchased	-273	-246	-264	-746	-42	-58	-390	-1,520	-2,490
Investments sold	269	267	265	679	0	33	189	935	2,266
Interest received	5	4	1	1	8	1	8	18	16
Invest in subsidiaries	0	-161	0	0	0	0	0	0	0
Investment in group cos	-2	-6	-10	0	0	0	0	0	0
Issue of shares on acq	0	-1	0	0	0	0	0	0	0
Redemp n Canc of Shares	0	0	0	0	0	0	0	0	0
Acquisition of companies	-4	0	0	0	0	0	-43	0	0
Other investing items	-7	-173	-3	-8	-9	6	-419	77	-38
Cash from Financing Activity +	-45	315	-27	-247	-194	-159	88	488	544
Proceeds from shares	0	0	0	0	0	0	0	0	0
Proceeds from debentures	0	0	0	0	0	0	0	300	500
Proceeds from borrowings	57	384	558	43	12	67	277	523	515
Repayment of borrowings	-81	-37	-530	-151	-114	-135	-68	-155	-221
Interest paid fin	-21	-32	-55	-51	-43	-36	-43	-73	-116
Dividends paid	0	0	0	-49	0	0	-20	-51	-81
Financial liabilities	0	0	0	-39	-48	-55	-57	-56	-53
Application money refund	0	0	0	0	0	0	0	0	0
Other financing items	0	0	0	0	0	0	0	0	0
Net Cash Flow	28	-22	89	7	-2	59	-4	97	205
Free Cash Flow	85	-20	129	329	235	235	563	99	-93
CFO/OP	108%	100%	113%	117%	133%	83%	119%	99%	86%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	30	45	34	31	39	43	35	31	37
Inventory Days	45	56	48	35	32	30	31	44	40
Days Payable	173	200	177	177	221	180	224	214	185
Cash Conversion Cycle	-98	-100	-95	-111	-150	-108	-158	-138	-108
Working Capital Days	-11	-10	-10	-22	-38	-16	-25	-30	-17
ROCE %	14%	9%	9%	14%	2%	25%	32%	26%	21%

🏭 Industry Peers — Hospital

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Apollo Hospitals ★	₹7,747	61.3	₹111,390	16.6%	+38.7%	65
2	Gujarat Kidney	₹119	95.1	₹937	51.5%	+17.6%	63
3	Indrapr.Medical	₹407	20.4	₹3,733	39.1%	+25.0%	62
4	Max Healthcare	₹1,025	68.3	₹99,713	14.9%	+17.2%	60
5	Unihealth Hosp	₹466	30.3	₹732	17.1%	+195.1%	58
6	Narayana Hrudaya	₹1,772	43.9	₹36,213	20.8%	-12.8%	52
7	Fortis Health.	₹946	70.8	₹71,385	12.0%	+0.2%	52
8	Asarfi Hospital	₹220	25.8	₹434	15.8%	+101.5%	51
9	Kovai Medical	₹5,709	26.5	₹6,246	23.3%	+12.5%	51

★ Apollo Hospitals ranks higher on combined P/E, ROCE, and growth metrics in Hospital

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	63.85%	63.85%	63.85%	63.85%	63.27%	63.27%
FIIs	9.45%	9.66%	10.46%	10.49%	11.10%	9.98%
DIIs	8.68%	8.52%	8.09%	7.76%	7.91%	9.14%
Government	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	17.39%	17.34%	16.98%	17.29%	17.09%	16.98%
Others	0.62%	0.62%	0.62%	0.62%	0.62%	0.62%
No. of Shareholders	1,77,792	1,85,787	2,05,639	2,26,480	2,28,123	2,20,561

🟢 CATALYSTS

🏆Revenue Growth 57%: Above sector norm of 25% — strong top-line momentum.

💹High ROE (21.8%): Above sector norm of 20% — efficient capital use.

🔀Analyst Upside (15%): Mean target of ₹2037 above current price.

🇮Low Beta (0.11): Less volatile than market — defensive play.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Healthcare space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +10.6%, 6M -1.4%, RSI 53, MACD bullish, Below 200DMA

Sentiment 7/10
Analyst upside +14.8%, Rec: buy

Value 3/10
P/E 46.3, P/B 8.9, PEG 1.42, EV/EBITDA 26.9

Quality 5/10
Margin 11.5%, D/E 58

Low Volatility 9/10
Beta 0.11, Ann. vol 32%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 14.8% analyst upside; strong 21% ROCE compounds	OPM of 11% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-1.12%)	Miss further upside if momentum continues; 1M return of +10.6% shows momentum
SELL	Lock in +0.2% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 14.8% with mean target of ₹2,037
ROCE at 21% indicates strong capital efficiency
ROE of 21.8% above sector norm of 20%
Revenue growing at 57.4% YoY (sector norm: 10%)

REASONS TO SELL / AVOID

FII stake falling (-1.12%) — institutional exit signal

📰 Latest News

Narayana Hrudayalaya Ltd (BOM:539551) Q3 2026 Earnings Call Highlights: Strong Profit Growth ...

GuruFocus.com · 2026-02-21T01:00

Indian hospital chain Narayana Health eyes international expansion

Reuters · 2026-01-14T10:15

Narayana Hrudayalaya Ltd (BOM:539551) Q2 2026 Earnings Call Highlights: Robust Growth in Cayman ...

GuruFocus.com · 2025-11-18T03:00

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

58/100

Narayana Hrudayalaya Limited trades at ₹1,774.80 with a composite risk score of 58/100. The stock scores 12/25 on valuation, 17/25 on financial health, 15/25 on growth, and 14/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 14.8% with a mean target of ₹2037. Revenue growth is at 57.4% — a strong positive signal.

Within Hospital, Apollo Hospitals (P/E 61.3, ROCE 16.6%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Healthcare but monitor closely. The current recommendation is SPECULATIVE BUY.

PROFITABLE HIGH ROE STRONG GROWTH UPSIDE POTENTIAL