Narayana Hrudayalaya (NH) Q3 25/26 earnings summary

Executive summary

• Consolidated operating revenue rose 61.2% year-over-year to ₹21,512 Mn in Q3 FY26, with EBITDA up 19.9% to ₹3,904 Mn and PAT at ₹1,281 Mn, reflecting strong growth and the impact of the UK acquisition.

• India delivered strong profit growth for the second consecutive quarter, driven by transformation programs and payer mix optimization, resulting in 150-200 bps margin expansion year-over-year.

• UK operations, consolidated from November 2025, contributed significant revenue and assets, with margin improvement targeted through operational efficiencies and payer mix shift.

• Cayman business continues to grow, with local and international market share opportunities and insurance revenues up 1332% YoY.

• Major clinical milestones included a 35% QoQ increase in robotic cardiac surgeries and the first heart transplant in Ahmedabad.

Financial highlights

• Consolidated revenue for Q3 FY26 was ₹21,511.70 million, up from ₹13,345.90 million in Q3 FY25; nine-month revenue was ₹53,022.29 million.

• Adj. EBITDA for Q3 FY26 was ₹4,662 Mn (+43.1% YoY), margin at 21.7%; Adj. PAT was ₹2,548 Mn (+31.6% YoY), margin at 11.8%.

• India revenue: ₹11,796 Mn (+11.8% YoY); Cayman: ₹4,991 Mn (+70% YoY); UK: ₹4,902 Mn (newly consolidated).

• Standalone net profit for Q3 FY26 was ₹757.37 million; consolidated net profit was ₹1,280.86 million.

• Exceptional item of ₹509.36 million recognized due to increased employee benefit liabilities from new Labour Codes.

Outlook and guidance

• Expansion plans target over 7,600 beds by FY30, with multiple greenfield and brownfield projects underway in key regions.

• India business aims to sustain current margin levels barring short-term impacts, with double-digit revenue growth expected until new hospitals are commissioned.

• Digital transformation and ESG initiatives are expected to drive operational efficiency and sustainability.

• No guidance on insurance or integrated care profitability timelines, but optimism on growth trajectory.

• The company continues to monitor regulatory changes and will adjust accounting for employee benefits as required.