Narayana Hrudayalaya Ltd. (NH)

Small Cap

Pharma stocks · Small cap · NSE

Narayana Hrudayalaya Ltd. (NH) operates a chain of 55 healthcare facilities with 5,945 operational beds across India, Cayman Islands, and the United Kingdom as of April 1, 2026. It provides multi-specialty and cardiac care services, employing ~20,750 staff.

₹1,740.9

+21.50 · +1.25%

Market cap ₹35,130 Cr

IndicesNifty 500

ThemesPharma Healthcare & Hospitals

Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm IST

Details

Quote19 Oct, 05:50 pm IST

Base fundamentals16 Oct 2026 · screener

Latest result01 Aug, 12:56 am IST

Score20 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)

Technical timing lens

Trend score and candlestick chart

56Neutral

full bear SMA stack · SMA20 -6.3% / mo · MACD + · sector +3.8pp vs Nifty 500 (3M)

Stock trend: 27

Sector RS: 98

Sector 3M: -1.8% vs Nifty 500 -5.6%

Pharma FPI tailwindFlow only

FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence

Compare peers →

Technical chart

NHD candles · FIT view-1.5%

Latest close ₹1740.90 on 2026-10-19

Bar

+1.3%

RSI

MACD hist

1.13

52W pos

30%

2026-10-19O ₹1719.40H ₹1748.10L ₹1703.00C ₹1740.90Vol 1.0L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

NHNifty PharmaNifty 500

NH: -14.1%
Nifty 500: -5.6%
Nifty Pharma: -1.5%
Vs Nifty 500: -8.5 pp

Chart stats

19 Oct 2026

From 52W high: -16.8%
52W range position: 30%
ATR (14): 2.7%
Volume vs 20D: 0.53x
Avg traded value: ₹32 Cr
20D price channel: ₹1,663.5 - ₹1,932.9

Quarter ended 30 Jun 2026

Average · 32

margin compression · Rev +78% YoY · PAT +5% YoY

Revenue: ₹2,684 Cr; YoY +78.1%
PAT: ₹207 Cr; YoY +5.1%
Operating margin: 17.0%; QoQ -300 bps
PAT margin: 7.7%; QoQ -93 bps

Filed 31 Jul 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 1 Base / Transition

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 56; -6 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 1 Base / Transition
Sector rotation: #1; leading · 48 stocks
Industry rotation: #12; weakening · 19 stocks

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Above signal

Histogram +1.13

Volume participation

0.5x average

Versus 20-session average

20-session position

29% of range

₹1,663.5 low · ₹1,932.9 high

Relative performance

vs Nifty 500

1M: -6.2 pp; stock -9.7%
3M: -8.5 pp; stock -14.1%
6M: +0.3 pp; stock -3.3%
1Y: +5.9 pp; stock -1.2%

From 52W high

-16.8%

High ₹2,093.3

52W range position

30%

₹1,589 - ₹2,093.3

ATR (14)

2.7%

₹46.78

Avg traded value

₹32 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · FAIR VALUE

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Average · 32/100

margin compression · Rev +78% YoY · PAT +5% YoY

Filed 31 Jul 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹2,684 Cr	+78.1%	+3.5%
EBITDA	₹468 Cr	+38.9%	-7.9%
Operating margin	17.0%	-500 bps	-300 bps
PAT	₹207 Cr	+5.1%	-7.6%
PAT margin	7.7%	-536 bps	-93 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 40.80
P/B: 7.74
EV/EBITDA: 18.12
Market Cap: 35130.00Cr

Profitability

ROE: 20.50%
ROCE: 15.50%
ROA: 6.55%
Dividend Y: 0.26%

Growth (CAGR)

Revenue 5Y: 25.00%
EPS 5Y: 155.00%
Revenue 3Y: 20.00%
EPS 3Y: 12.00%

Balance Sheet

Debt/Equity: 1.29
Interest Coverage: 6.11×
Altman Z: 4.46
Book Value: 222.00

Cash Flow

FCF Yield: —
FCF Positive Y: 6/5
OCF: 1621.00 Cr
EPS TTM: 39.94

Shareholding

Promoter Hold: 63.27%
Promoter Pledge: 0.00%
Momentum 52W: 29%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 7,896+44.0% vs prev

Net Profit

₹ Cr

Latest: 806+1.9% vs prev

Return on Equity

Latest: 395+2166.8% vs prev

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 43.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
Recent death cross (SMA50 crossed below SMA200).
SMA20 falling (~6.8% over last month) — short-term momentum negative.
RSI(14) at 43 — rising, no extreme reading.
MACD above signal but histogram contracting — bullish momentum cooling.
17% off 52W high · 10% above 52W low.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 1 Base / Transition

1M return

-9.7%

3M return

-14.1%

6M return

-3.9%

1Y return

-2.0%

RS 1D

RS 20D

-6

Sector rank

Industry rank

#12

Stage evidence

Price is within 6.2% of the 30-week proxy.
The 30-week proxy changed +0.1% over 20 sessions.
The moving-average structure does not confirm Stage 2 or Stage 4.

50-DMA

price below

200-DMA

price below

Sector

leading

Industry

weakening

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 104+2.30%

RS vs Nifty 500104

Valuation & peers

U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

Financial Turnaround

Fundamental score breakdown

U band · FAIR VALUE

Valuation2/30

Growth20/25

Quality11/20

Balance Sheet7/15

Cash Flow4/10

Piotroski

7/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

49/100 · legacy band FAIR VALUE

Positive drivers

Piotroski is strong at 7/9.
Growth contributes 20/25 to the score.
Quality contributes 11/20 to the score.

Main drags

Valuation is weaker at 2/30; verify the latest quarterly trend.
Cash flow is weaker at 4/10; verify the latest quarterly trend.
Balance sheet is weaker at 7/15; verify the latest quarterly trend.

Sector valuation model

Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks

Healthcare valuation needs both earnings quality and regulatory/pipeline context.

Pharma PE/EVEBITDA

Primary lens

PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.

Secondary checks

USFDA risk, launch pipeline, margin trend, domestic vs export mix.

Main risk check

Regulatory setbacks or one-off product cycles can distort valuation.

40.8

7.7

EV/EBITDA

18.1

ROE

20.5%

ROCE

15.5%

FCF Yield

—

Debt/Equity

1.3

MoS

+3.1%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 49

Legacy U-Score band

FAIR VALUE

Previous: FAIR VALUE

Margin of safety

+3.1%

Previous: +3.1%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹446.65

-289.8% MoS

Growth-justified P/E

45.0

Growth-justified Value

₹1,797.3

+3.1% MoS

PEG

0.42

Comparable companies

Peers

Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

MEDANTA

Large

Global Health Limited

Aster DM Healthcare Limited

Artemis Medicare Services Limited

Krishna Institute of Medical Sciences Limited

Dr Agarwals Eye Hospital Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-07T07:16:10.219Z

Management commentary snapshot

NH reported robust Q4 FY26 consolidated operating revenues of ₹25,938 Mn (+75.8% YoY, +20.6% QoQ) and FY26 revenues of ₹78,960 Mn (+44.0% YoY). Consolidated EBITDA margin was 20.8% in Q4 FY26 and 21.7% in FY26, with PAT of ₹2,280 Mn (8.8%) and ₹8,105 Mn (10.3%) respectively.

Strong revenue growth across India and international segments, supported by healthy EBITDA margins. Key operational metrics like ARPOB and patient footfalls show positive trends. While international expansion and integrated care units are currently loss-making, the core India hospital business remains robust, supporting the overall thesis.

Current business mix

India Hospital Operations – Specialty-Profile (Q4 FY26)

Latest issuer-disclosed distribution across 7 reported categories.

Cardiac Sciences34.0%

Medicine and GI sciences12.0%

Oncology14.0%

Renal Sciences9.0%

Neuro Sciences8.0%

Orthopaedics4.0%

Others18.0%

Growth engines

Robotic Cardiac Surgery

Performed 750+ surgeries in FY26, with 247 in Q4 FY26 at Narayana Institute of Cardiac Sciences, Bangalore.

TAVI Volume Growth

160 TAVIs performed in FY26, translating to a 20% volume increase YoY at Narayana Institute of Cardiac Sciences, Bangalore.

International Expansion

Acquisition of UK operations (13 facilities, 330 beds) effective Nov 6, 2025, contributing GBP 68 Mn revenue in Q4 FY26.

Advanced Therapy Services

Inaugurated Elekta System for Radiation Therapy in Mysuru and operationalized Iodine Therapy facility in Howrah.

Capacity and execution

Operational Beds

Total 5,945 operational beds across 55 facilities as of April 1, 2026.

UK Facilities

Acquired 13 facilities with 330 beds in the United Kingdom, effective November 6, 2025.

Tailwinds

Increased Patient Footfalls

India IP footfalls increased 3% YoY in Q4 FY26, and OP footfalls increased 7% YoY.

Higher ARPOB

India ARPOB for Q4 FY26 was ₹18.6 Mn, up from ₹16.9 Mn in Q4 FY25.

Growth in High-End Procedures

Robotic cardiac surgeries and TAVI volumes are increasing, indicating demand for specialized treatments.

Headwinds

International Segment Losses

Cayman Islands EBITDA was US$ -5.1 Mn in Q4 FY26 and US$ -8.0 Mn in FY26.

UK Acquisition Impact

UK operations reported a PAT of GBP -0.7 Mn in Q4 FY26 and GBP -1.9 Mn in FY26, impacted by interest on acquisition loan and amortization.

Integrated Care Losses

EBITDA for Integrated Care Clinics (NHIC and NHIL) was ₹ -181 Mn in Q4 FY26 and ₹ -674 Mn in FY26.

Risk radar

Foreign Currency Exposure

Consolidated total borrowings include US$117 Mn and GBP £150 Mn denominated in foreign currencies, exposing the company to exchange rate fluctuations.

New Venture Profitability

New centers in the UK and Integrated Care Clinics are currently incurring losses, requiring sustained investment and ramp-up time to achieve profitability.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

YoY comparison is crucial for assessing annual growth and seasonal impacts. QoQ tracks sequential momentum, especially important for new acquisitions and operational efficiency.

Sector KPIs management disclosed

India Hospital Operating Revenue

Q4 FY26: ₹11,783 Mn (+12.8% YoY, +6.1% QoQ); FY26: ₹45,233 Mn (+10.2% YoY).

International Hospital Revenue (Cayman Islands)

Q4 FY26: US$49.6 Mn (+12.6% YoY, +11.0% QoQ); FY26: US$178.7 Mn (+27.0% YoY).

UK Revenue

Q4 FY26: GBP 68 Mn (from Nov 6, 2025 acquisition); FY26: GBP 110 Mn.

Consolidated EBITDA Margin

Q4 FY26: 20.8%; FY26: 21.7%.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
International Segment Profitability	Cayman Islands EBITDA: US$ -5.1 Mn (Q4 FY26).	Sustained improvement in profitability and reduced losses.
UK Operations Profitability	UK PAT: GBP -0.7 Mn (Q4 FY26).	Reduction in new center losses and progress towards positive PAT.
Integrated Care Clinics EBITDA	NHIC and NHIL EBITDA: ₹ -181 Mn (Q4 FY26).	Improved financial performance and reduced losses from these units.
Net Debt to Equity Ratio	0.49 (as on March 31, 2026).	Stability or reduction in the net debt to equity ratio.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Show extracted source claims

capex timelinenot yet verifiablequantified

Total projected capex for FY24 is INR 3,204 Mn for Cayman replacement/maintenance, brownfield/capacity addition, and greenfield/inorganic investments.

Timeframe: FY24Direction: IncreaseConfidence: Projected

"FY24 PROJECTED"

capex timelinenot yet verifiablequantified

Total projected capex for FY24 is INR 3,204 Mn for Cayman replacement/maintenance, brownfield/capacity addition, and greenfield/inorganic investments.

Timeframe: FY24Direction: IncreaseConfidence: Projected

"FY24 PROJECTED"