Narayana Hrudayalaya (NARH IN) – Q4FY26 Result Update – India margins to sustain – BUY
Published on 27 May 2026
Narayana Hrudayalaya (NARH) reported strong EBITDA of INR5.1bn (up 43% YoY), 7% above PLe, led by another quarter of robust performance across India and Cayman operations along with the consolidation of UK subsidiary. 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 intends to add ~1,535 beds over the next 3 years through greenfield and brownfield expansion across Bengaluru, Kolkata and Raipur. Our FY27E and FY28E EBITDA stands increased by 2-3%. We maintain ‘BUY’ rating with TP of INR2,250/share, based on 23x EV/EBITDA for India business and 15x EV/EBITDA for international operations based on FY28E.
