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  1. Home
  2. Reports Narayana Hrudayalaya Limited: Q4FY26 Result Update
1967.80 -29.95 (-1.50%)

Narayana Hrudayalaya Limited: Q4FY26 Result Update
05-06-2026

Financial Overview

  • Q4FY26 consolidated EBITDA margin was impacted by the lower-margin UK business, which contributed GBP 68 Mn revenue and GBP 7.1 Mn EBITDA at 10.5% margin versus India hospitals margin of 25.1%. 

  • Since the UK business will remain part of the consolidated base, margin dilution is structural unless UK margins improve over time

Segment-wise Performance

India Hospitals (48% of revenue)

Note- OP refers to outpatient visits, while IP refers to admitted patients. ALOS means average length of stay for admitted patients, and ICU occupied bed days reflect the number of ICU beds used across the period.

  • Volume & Realisation: India hospital performance was supported by both volume growth and better realisation, with OP footfalls growing 6% YoY to 621,000 and IP average revenue per patient increasing 6% YoY to Rs. 1.64 lakh.

  • Cluster Performance: The key growth driver was the Bangalore cluster, which contributed 37% of India hospital operating revenue and grew 14% YoY, supported by higher OP ARPP of Rs. 5,900 and IP ARPP of Rs. 2.53 lakh; Eastern Peripheral and Western clusters also grew 11% YoY each.

  • Efficiency & Case Mix: ALOS reduced to 4.4 days from 4.5 days, indicating better patient throughput, while ICU occupied bed days remained stable at 95,000, reflecting steady high-acuity case load.

Cayman Islands (23% of revenue)

  • Hospital Business: Cayman hospital revenue grew 13% YoY to US$49.6 Mn, supported by steady growth in hospital volumes and patient throughput.

  • Insurance Business: Insurance revenue increased to US$14.3 Mn as the company scaled its integrated care model.

  • Profitability Impact: Cayman reported an EBITDA loss of US$5.1 Mn because the insurance book is still in an early stage, where claims cost, customer acquisition cost and operating expenses are higher than premium income.

  • Management Action: Management indicated that insurance losses should reduce over the next few quarters through price increases for select accounts and exit from loss-making accounts.

United Kingdom (29% of revenue)

  • Financial Performance: UK revenue grew 62% QoQ to GBP 68 Mn and EBITDA nearly doubled QoQ to GBP 7.1 Mn, with margin improving to 10.5% from 8.6%.

  • Margin Outlook: The UK business is not expected to reach India hospital profitability levels in the near term because its EBITDA margin of 10.5% is lower than India hospital margin of 25.1%.

  • Management Focus:  Improving payer mix by increasing self-pay and private insurance patients, while implementing Narayana’s technology platform to reduce operating costs.

CAPEX Update

  • Narayana is undertaking around Rs. 3,000 Cr. India expansion capex across 1,535 planned beds, with FY27 capex planned at around Rs. 730 Cr.

Disclosure: MoneyWorks4me's employees may have exposure in the securities mentioned in the above report. For detailed disclosure click here.
1967.80 -29.95 (-1.50%)
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