Narayana Hrudayalaya (NARH IN) – Q2FY27 Result Update – Strong quarter aided by India operations – BUY
Published on 03 Nov 2026
Narayana Hrudayalaya (NARH) reported 36% YoY EBITDA growth at INR5.5bn, in line with the PLe. India business delivered another strong quarter with 28% YoY EBITDA growth while Cayman business recovered QoQ. UK business witnessed muted quarter. The management reiterated its aggressive capex plan and commitment toward growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix. In the medium term, NARH reiterated to add ~1,555 beds over the next 3-4 years through greenfield & brownfield expansion across Bengaluru, Kolkata and Raipur. Our FY28E and FY29E EBITDA marginally stand increased by 1-2%. We maintain ‘BUY’ rating with TP of INR2,350/share, based on 23x EV/EBITDA for India business and 12x EV/EBITDA for international operations based on Sept 2028E.
