Narayana Hrudayalaya Ltd
NHNarayana Hrudayalaya Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
Biggest watch item: the price is already 15 weeks into its uptrend — timing risk, not thesis risk.
The price is in a confirmed uptrend (15 weeks in) while the P/E sits at the 40th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +5.1% year on year, and 154% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Narayana Hrudayalaya Ltd trades at ₹1,869, in a confirmed uptrend and 15 weeks into that stage. That is +0.6% against its own 200-day average. It sits at 57% of a 52-week range of ₹1,636 to ₹2,043. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).
Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹1,869 it trades +0.6% versus its 200-day average and sits at 57% of its 52-week range (₹1,636–₹2,043).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +547% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-08-28) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Narayana Hrudayalaya Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: EARLY_EXPANSION. Our fortnightly research layers last read it on 27 June 2026.
Our read, 27 June 2026. Narayana Hrudayalaya is mid-capex-valley: India hospital margins near peak at 25% while inorganic expansion (UK Practice Plus, Cayman insurance) dilutes consolidated returns for 2-3 more years before a potential re-rating on operating leverage from FY28 greenfield commissioning.
From the numbers. PE at the 86th percentile of its ten-year range (trailing 47 times) looks expensive on the surface. The inversion: NH's consolidated OPM of 20% is above its ten-year normalized mid-cycle of 15.4% — but only because the…
From the price. Price stage 2, week 15 — above its 200-day line, relative strength falling.
From the research. Narayana Hrudayalaya is mid-capex-valley: India hospital margins near peak at 25% while inorganic expansion (UK Practice Plus, Cayman insurance) dilutes consolidated returns for 2-3 more years before a potential…
🚨 Where they disagree. PE at the 86th percentile of its ten-year range (trailing 47 times) looks expensive on the surface. The inversion: NH's consolidated OPM of 20% is above its ten-year normalized mid-cycle of 15.4% — but only because the India organic engine is running genuinely well. Stripping to normalized margins, the PE on through-cycle earnings is 76 times, at the 66th percentile of history. The cycle-normalized verdict is fairly priced, not cheap. This is not a depressed-multiple setup; the price reflects the India efficiency premium with the inorganic execution risk partially discounted.
What is proven. Narayana Hrudayalaya is mid-capex-valley: India hospital margins near peak at 25% while inorganic expansion (UK Practice Plus, Cayman insurance) dilutes consolidated returns for 2-3 more years before a potential re-rating on operating leverage from FY28 greenfield commissioning.
🚨 What would change our mind. If India hospital EBITDA margin falls below 22% for two consecutive quarters on organic operations (stripping UK contribution), or if the greenfield capex timeline slips beyond FY29 commissioning with rising cost overruns, the core operating leverage thesis breaks — India efficiency gains are the only pillar underpinning the current valuation; the inorganic bets are already priced as options. A third documented guidance reversal on UK EPS timing would also raise the management credibility…
🚨 Layer 1 read, 27 June 2026 — DROP. High-quality hospital, wrong end of the cycle: 85th-percentile PE on flat earnings, mid-capex-valley before any FY28 re-rating.
What would change Layer 1’s mind. India hospital EBITDA margin falling below 22% for two consecutive quarters on organic operations (stripping UK), or the greenfield capex slipping beyond FY29-FY30 with cost overruns — that breaks the only forward operating-leverage pillar and would flip P2 to DROP; conversely a clear organic EPS up-inflection growing into the multiple would lift the rank.
🚨 What the surface reading misses. The surface reading is: PE at 86th percentile of ten-year history is expensive. The research reads it further: The 86th percentile reflects compression from historic peaks of 135 times (Sep 2018) and 58 times (FY21). The PE on consolidated normalized OPM of 15.4% is 76 times, at the 66th percentile. The India organic engine is running OPM at 25%, well above normalized mid-cycle, which means trailing EPS is somewhat inflated by peak India margins — though UK drag partially offsets this. Net read: fairly priced, not a value trap, not deeply cheap.
Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Narayana Hrudayalaya Ltd reported ₹2,684 Cr of revenue in the Jun 26 quarter, +78.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.2% a year. The last full year, FY26, came in at ₹7,896 Cr. The last four reported quarters add to ₹9,073 Cr.
Why this happened. Cayman insurance scaled faster than modeled — from zero to approximately 60 million annualized premium in twelve months — which front-loaded adverse selection risk. Management initiated 30-35% price increases and strategic account exits from June 2026, with the goal of bringing the 110-112% combined loss ratio below 100% within three quarters. This is a small earnings contributor but removes a recurring loss drag.
FY26 revenue came in at ₹7,896 Cr (+44.0% on the year), capping 10 years at 17.2% compound. The latest quarter (Jun 26) printed ₹2,684 Cr, +78.1% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +58.9% growth against the decade's 17.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +59.6% over the last 4 quarters against +33.9%/yr over the last 8 — accelerating; TTM profit +3.8% vs +0.5%/yr — accelerating.
FY26-Q4. revenue ₹2,594 Cr and profit ₹224 Cr as reported.
FY27-Q1. revenue ₹2,684 Cr and profit ₹207 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Narayana Hrudayalaya Ltd's operating margin is 17.0% in the Jun 26 quarter, −5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0% to 24.0%. The current quarter sits inside that band.
Why this happened. Every quarter since FY22, NH has improved its realization per patient by shifting toward premium self-pay and insurance payers (reducing government-scheme share) and concentrating quaternary procedures — robotic cardiac, bone marrow transplants, and percutaneous aortic interventions at volumes that exceed most peers' annual totals. This is the core of the thesis: revenue growing 20% on flat beds means the efficiency model is compounding, not just inflating.
The latest quarter's operating margin is 17.0%, −5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–24.0%.
🚨 Why the margin moved: operating margin went −4.9 pp year on year while gross margin went +1.1 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
FY26-Q4. revenue ₹2,594 Cr and profit ₹224 Cr as reported.
FY27-Q1. revenue ₹2,684 Cr and profit ₹207 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Narayana Hrudayalaya Ltd earned ₹207 Cr of net profit in the Jun 26 quarter, +5.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹806 Cr. The 10-year compound rate is 44.0%. That is 7.7% of the quarter's revenue. The same quarter a year earlier earned ₹197 Cr.
Jun 26 profit was ₹207 Cr, +5.1% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹806 Cr (+1.9%), and the 10-year compound rate is 44.0%.
Why profit moved: revenue contributed +78.1% and the margin −5.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +3.5% vs revenue +58.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
FY26-Q4. revenue ₹2,594 Cr and profit ₹224 Cr as reported.
FY27-Q1. revenue ₹2,684 Cr and profit ₹207 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 154% of Narayana Hrudayalaya Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,621 Cr of operating cash against ₹806 Cr of profit. After ₹4,184 Cr of capital spending, ₹−2,563 Cr was left as free cash.
FY26: operating cash of ₹1,621 Cr against reported profit of ₹806 Cr, leaving free cash of ₹−2,563 Cr after ₹4,184 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 154% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 154%: the cash cycle tightened 26 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 6.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Narayana Hrudayalaya Ltd's cash conversion cycle runs −176 days in FY26, down from −150 days in FY21. Capital spending ran ₹6,460 Cr over the last 3 years. At FY26 sales of ₹7,896 Cr each day of that cycle holds about ₹21.6 Cr, so roughly ₹−3,807 Cr sits inside the business at any moment.
FY26: debtors at 30 days, inventory at 42 days — roughly 1.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −176 days, tighter than FY21's −150.
The full loop: cash goes out to suppliers and production on day 0; stock waits 42 days to sell; customers pay about 30 days after that; and suppliers themselves are paid at 248 days — netting out to the −176-day cycle.
In money terms: at FY26 sales of ₹7,896 Cr, each day of the cycle holds about ₹21.6 Cr — so the −176-day loop keeps roughly ₹−3,807 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹6,460 Cr over the last 3 fiscal years against ₹967 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹292 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Narayana Hrudayalaya Ltd earns a ROCE of 16% in FY26. That is up from a trough of 2% in FY21. Return on invested capital clears the cost of that capital by +0.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.2% net margin on 0.63× asset turns.
FY26 ROCE is 16%, recovered from a FY21 trough of 2% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 10.2% net margin × 0.63× asset turns × 2.75× balance-sheet leverage ≈ 17.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 12.8% − 12.0% = a +0.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Narayana Hrudayalaya Ltd carries total debt of ₹5,857 Cr against shareholder equity of ₹4,540 Cr as of Mar 26, a debt-to-equity of 1.29. On the annual view that ratio went from 0.49 in FY22 to 1.29 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Why this happened. The Rajarhat Calcutta project is the flagship — designed to replicate Bangalore quaternary capability with 50-plus BMT beds, compared to the current R.N. Tagore hospital's ten BMT beds on a constrained three-and-a-half-acre site. If commissioned on schedule, it extends the high-margin cardiac/oncology case mix to a second metro market, potentially adding a meaningful increment to group PAT by FY29-30.
Mar 26: total debt of ₹5,857 Cr against shareholder equity of ₹4,540 Cr — a debt-to-equity of 1.29. On the annual view, debt-to-equity went from 0.49 (FY22) to 1.29 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Narayana Hrudayalaya Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved −0.6 points over the same window, to 63.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +0.8 points over 8 quarters to 9.1%; Promoters: −0.6 points over 8 quarters to 63.3%; Foreign institutions: −0.6 points over 8 quarters to 9.4%.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Narayana Hrudayalaya Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Narayana Hrudayalaya Ltd trades at 44.3× P/E, mid-range by its own standards (40th percentile). Its long-run median P/E is 47.0×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 44.3× is mid-range by its own standards (40th percentile), against a long-run median of 47.0× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +2.0% against a +5.9% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +28.3%/yr price move, ~+36.5%/yr came from earnings growth and ~−8.2 pp from the multiple (compressing); over 10y, of the +19.6%/yr price move, ~+35.1%/yr came from earnings growth and ~−15.5 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Narayana Hrudayalaya Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 14.5% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +44.0% | +20.4% | +25.0% | +17.2% |
| Profit | +1.9% | +9.9% | — | +44.0% |
| EPS | +2.0% | +9.9% | — | +43.8% |
| Share price | +5.9% | +22.9% | +28.3% | +19.6% |
4-Factor Sector Score
38.3/100 — rank 14 of 19 in Hospitals · 87% evidence confidence
Narayana Hrudayalaya Ltd scores 38.3 out of 100 against the 19 companies it is compared with in Hospitals, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 11.9 + 11.9 + 6.4 + 8.1 = 38.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Narayana Hrudayalaya Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Project Commissioning Timeline Materially Deferred · 3 August 2026. In May 2026, management said the FY '28 commissioning goal still held. In August 2026, the presentation disclosed that three projects had moved from FY28 to FY29 or FY30, including one two-year deferral; management attributed the delay to licensing issues but did not reconcile the FY30 timeline with its characterization of the changes as minor.
Clinic and Insurance Losses Trend Pivot · 26 May 2026. During the November 2025 (Prior 2) and February 2026 (Prior 1) calls, management expressed optimism that clinic and insurance losses were declining and that their negative diluted impact would minimize over subsequent quarters. However, in the May 2026 (Latest) call, management admitted that these losses had remained flat at approximately 66 crores for full year 2026 and guided that this run rate of cash burn would continue into the next fiscal year.
UK Acquisition EPS / PAT Dilution Reversal · 26 May 2026. In the February 2026 (Prior 1) call, management remained confident that the new UK acquisition would be EPS neutral to mildly positive for the group. In contrast, during the May 2026 (Latest) call, they acknowledged that consolidated PAT and return on equity had been diluted by the acquisition, resulting in an ongoing net negative PAT impact due to amortization.
Northern Cluster Strategic Pivot · 26 May 2026. During the February 2026 (Prior 1) call, Viren Shetty confirmed the creation of a new northern subsidiary and stated that the North was an active area of interest where they were looking to take initiatives. However, in the May 2026 (Latest) call, management shifted their strategy, declaring that they have no expansion plans for the Northern cluster and that infrastructure in that region is no longer a priority focus.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1KMC Speciality Hospitals (India) Ltd524520 | 78.8/100Favorable setup82% evidence | LEADER | 32.5/35 Revenue 35.1% · PAT 100% · OPM change 6 pp 95% evidence | 20.6/25 ROCE 26.2% · OPM 31% 76% evidence | 11.2/20 P/E 40.5× · PEG — 50% evidence | 14.5/20 RS sector 31.1% · RS bench 48% · 1Y 103.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 32.5 + 20.6 + 11.2 + 14.5 = 78.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Artemis Medicare Services LtdARTEMISMED | 72.8/100Favorable setup100% evidence | LEADER | 26.7/35 Revenue 15% · PAT 29.9% · OPM change 4 pp 100% evidence | 13.3/25 ROCE 14.6% · OPM 20% 100% evidence | 13.8/20 P/E 47.1× · PEG 1.09 100% evidence | 19.0/20 RS sector 17.3% · RS bench 33.5% · 1Y 51.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 13.3 + 13.8 + 19 = 72.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Sakar Healthcare LtdSAKAR | 68.6/100Favorable setup87% evidence | LEADER | 31.9/35 Revenue 43.9% · PAT 71.4% · OPM change 5 pp 95% evidence | 10.8/25 ROCE 12.4% · OPM 29% 95% evidence | 6.5/20 P/E 71.4× · PEG — 50% evidence | 19.4/20 RS sector 77.4% · RS bench 98.9% · 1Y 248.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.9 + 10.8 + 6.5 + 19.4 = 68.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Apollo Hospitals Enterprise LtdAPOLLOHOSP | 62.9/100Mixed-positive evidence82% evidence | LEADER | 23.8/35 Revenue 17.2% · PAT 33.2% · OPM change 1 pp 95% evidence | 14.8/25 ROCE 17.4% · OPM 16% 76% evidence | 12.8/20 P/E 60.4× · PEG — 50% evidence | 11.5/20 RS sector -0.4% · RS bench 13.5% · 1Y 13.2%8 of 12 weeks ahead 100% evidence |
| Exact sum: 23.8 + 14.8 + 12.8 + 11.5 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Dr Agarwals Eye Hospital LtdDRAGARWQ | 61.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 22.2/35 Revenue 20.1% · PAT 31.6% · OPM change -2 pp 100% evidence | 17.9/25 ROCE 17.4% · OPM 30% 100% evidence | 11.9/20 P/E 33.6× · PEG 1.41 100% evidence | 9.4/20 RS sector -4% · RS bench 6.3% · 1Y 17.9%2 of 9 weeks ahead 70% evidence |
| Exact sum: 22.2 + 17.9 + 11.9 + 9.4 = 61.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Kovai Medical Center & Hospital LtdKOVAI | 57.7/100Mixed-positive evidence100% evidence | BREAKING OUT | 19.7/35 Revenue 15% · PAT 15.8% · OPM change 1 pp 100% evidence | 18.6/25 ROCE 22.6% · OPM 29% 100% evidence | 9.9/20 P/E 26.5× · PEG 1.7 100% evidence | 9.5/20 RS sector -4.9% · RS bench 8.6% · 1Y 0.9%9 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.6 + 9.9 + 9.5 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Rainbow Childrens Medicare LtdRAINBOW | 55.5/100Mixed-positive evidence100% evidence | LEADER | 18.3/35 Revenue 18.3% · PAT 12.4% · OPM change 0 pp 100% evidence | 17.6/25 ROCE 17.4% · OPM 29% 100% evidence | 8.2/20 P/E 51.2× · PEG 2.97 100% evidence | 11.4/20 RS sector -3.5% · RS bench 10% · 1Y -4.3%10 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 17.6 + 8.2 + 11.4 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Global Health LtdMEDANTA | 55.4/100Mixed-positive evidence100% evidence | LEADER | 11.8/35 Revenue 21.3% · PAT 3.4% · OPM change -2 pp 100% evidence | 15.2/25 ROCE 17.4% · OPM 22% 100% evidence | 10.9/20 P/E 68× · PEG 1.11 100% evidence | 17.5/20 RS sector 4.5% · RS bench 18.9% · 1Y 2.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 15.2 + 10.9 + 17.5 = 55.4 · Decision use: Price leads the evidence: RS versus the benchmark is 18.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Yatharth Hospital & Trauma Care Services LtdYATHARTH | 54.9/100Mixed-positive evidence82% evidence | TURNING | 18.0/35 Revenue 43.9% · PAT 22.5% · OPM change -2 pp 95% evidence | 11.9/25 ROCE 12.4% · OPM 23% 76% evidence | 7.7/20 P/E 51.4× · PEG — 50% evidence | 17.3/20 RS sector 12.3% · RS bench 27.6% · 1Y 23.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 18 + 11.9 + 7.7 + 17.3 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Indraprastha Medical Corporation LtdINDRAMEDCO | 52.6/100Mixed-positive evidence94% evidence | ASLEEP | 12.7/35 Revenue 10.9% · PAT 12.6% · OPM change 0 pp 100% evidence | 18.5/25 ROCE 35.8% · OPM 20% 100% evidence | 16.9/20 P/E 17.3× · PEG 0.92 100% evidence | 4.5/20 RS sector -8.4% · RS bench -15.5% · 1Y -26.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.7 + 18.5 + 16.9 + 4.5 = 52.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 11GPT Healthcare LtdGPTHEALTH | 51.9/100Mixed-positive evidence74% evidence | BREAKING OUT | 14.4/35 Revenue 18% · PAT 0% · OPM change 3 pp 95% evidence | 19.1/25 ROCE 19.9% · OPM 19% 95% evidence | 11.2/20 P/E 27.7× · PEG — 15% evidence | 7.2/20 RS sector -15.8% · RS bench 13.2% · 1Y 3.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 19.1 + 11.2 + 7.2 = 51.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Max Healthcare Institute LtdMAXHEALTH | 51.3/100Mixed-positive evidence94% evidence | TURNING | 21.2/35 Revenue 16% · PAT 26.9% · OPM change -1 pp 100% evidence | 14.5/25 ROCE 14.7% · OPM 25% 100% evidence | 9.7/20 P/E 67.5× · PEG 2.35 100% evidence | 5.9/20 RS sector -7.9% · RS bench -0.8% · 1Y -11.3%2 of 10 weeks ahead 70% evidence |
| Exact sum: 21.2 + 14.5 + 9.7 + 5.9 = 51.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Fortis Healthcare LtdFORTIS | 43.1/100Mixed-negative evidence82% evidence | ASLEEP | 19.6/35 Revenue 17.5% · PAT 18.6% · OPM change -2 pp 95% evidence | 12.6/25 ROCE 13.4% · OPM 21% 76% evidence | 9.2/20 P/E 62.8× · PEG — 50% evidence | 1.7/20 RS sector -15.1% · RS bench -3% · 1Y -6.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 12.6 + 9.2 + 1.7 = 43.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Narayana Hrudayalaya Ltdthis pageNH | 38.3/100Mixed-negative evidence87% evidence | ASLEEP | 11.9/35 Revenue 59.6% · PAT 3.8% · OPM change -5 pp 100% evidence | 11.9/25 ROCE 15.5% · OPM 17% 100% evidence | 6.4/20 P/E 44.3× · PEG 3 65% evidence | 8.1/20 RS sector -4.3% · RS bench 2.8% · 1Y 4.7%4 of 10 weeks ahead 70% evidence |
| Exact sum: 11.9 + 11.9 + 6.4 + 8.1 = 38.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Healthcare Global Enterprises LtdHCG | 35.5/100Mixed-negative evidence75% evidence | LEADER | 10.7/35 Revenue 13.7% · PAT -21.4% · OPM change 0 pp 95% evidence | 6.5/25 ROCE 8.3% · OPM 18% 76% evidence | 8.5/20 P/E 215× · PEG — 15% evidence | 9.8/20 RS sector -4.4% · RS bench 9.1% · 1Y 1.1%11 of 12 weeks ahead 100% evidence |
| Exact sum: 10.7 + 6.5 + 8.5 + 9.8 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Aster DM Quality Care LtdASTERDM | 34.3/100Adverse evidence100% evidence | FADING | 15.7/35 Revenue 15.7% · PAT 3.7% · OPM change 1 pp 100% evidence | 9.0/25 ROCE 11.6% · OPM 20% 100% evidence | 1.2/20 P/E 184× · PEG 3.07 100% evidence | 8.4/20 RS sector -2.6% · RS bench 10.7% · 1Y 19.2%7 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 9 + 1.2 + 8.4 = 34.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Shalby LtdSHALBY | 32.6/100Adverse evidence74% evidence | ASLEEP | 16.5/35 Revenue 6.3% · PAT 100% · OPM change -1 pp 95% evidence | 2.3/25 ROCE 6.1% · OPM 13% 95% evidence | 10.8/20 P/E 39.8× · PEG — 15% evidence | 3.0/20 RS sector -28.4% · RS bench -18.7% · 1Y -34%1 of 10 weeks ahead 70% evidence |
| Exact sum: 16.5 + 2.3 + 10.8 + 3 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Krishna Institute of Medical Sciences LtdKIMS | 31.5/100Adverse evidence82% evidence | ASLEEP | 9.7/35 Revenue 30.9% · PAT -52% · OPM change -3 pp 95% evidence | 9.0/25 ROCE 9.5% · OPM 19% 76% evidence | 5.5/20 P/E 155× · PEG — 50% evidence | 7.3/20 RS sector -4% · RS bench 9.2% · 1Y 3.5%7 of 12 weeks ahead 100% evidence |
| Exact sum: 9.7 + 9 + 5.5 + 7.3 = 31.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Jupiter Life Line Hospitals LtdJLHL | 30.2/100Adverse evidence100% evidence | BREAKING OUT | 7.1/35 Revenue 14.7% · PAT -3.1% · OPM change -3 pp 100% evidence | 10.6/25 ROCE 14.8% · OPM 19% 100% evidence | 6.6/20 P/E 47.9× · PEG 3.44 100% evidence | 5.9/20 RS sector -11.2% · RS bench 1.3% · 1Y -2.2%11 of 12 weeks ahead 100% evidence |
| Exact sum: 7.1 + 10.6 + 6.6 + 5.9 = 30.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Narayana Hrudayalaya Ltd's share price today?
Narayana Hrudayalaya Ltd trades at ₹1,869, +5.9% over the past year. The company is valued at ₹38,199 Cr. The stock sits at 57% of its 52-week range of ₹1,636–₹2,043, +0.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 15 weeks in. — as of 11 September 2026.
What were Narayana Hrudayalaya Ltd's latest quarterly results?
Narayana Hrudayalaya Ltd reported revenue of ₹2,684 Cr and net profit of ₹207 Cr for the Jun 26 quarter. Revenue rose 78.1% and profit rose 5.1% year on year. Earnings per share were ₹10.14. The operating margin was 17.0%, 5.0 pp lower than a year earlier. — as of 11 September 2026.
What is Narayana Hrudayalaya Ltd's revenue?
Narayana Hrudayalaya Ltd reported revenue of ₹2,684 Cr in the Jun 26 quarter, +78.1% year on year. For the full FY26 fiscal year, revenue was ₹7,896 Cr (+44.0%). Over the last 10 years revenue compounded at 17.2% a year. — as of 11 September 2026.
What is Narayana Hrudayalaya Ltd's profit?
Narayana Hrudayalaya Ltd earned ₹207 Cr of net profit in the Jun 26 quarter, +5.1% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹806 Cr. The operating margin ran 17.0% in the latest quarter. — as of 11 September 2026.
What is Narayana Hrudayalaya Ltd's market cap?
Narayana Hrudayalaya Ltd's market capitalisation is ₹38,199 Cr at a share price of ₹1,869. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Narayana Hrudayalaya Ltd's P/E ratio?
Narayana Hrudayalaya Ltd trades at a P/E of 44.3×, at the 40th percentile of its own 11-year range, against a long-run median of 47.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Narayana Hrudayalaya Ltd pay a dividend?
Yes — Narayana Hrudayalaya Ltd's dividend payout was 11% of profit in FY26, and it recorded a payout in 7 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Narayana Hrudayalaya Ltd overvalued?
On its own history, Narayana Hrudayalaya Ltd looks mid-range: its P/E of 44.3× sits at the 40th percentile of its 11-year range (long-run median 47.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Narayana Hrudayalaya Ltd growing?
Yes — Narayana Hrudayalaya Ltd is growing: latest-quarter revenue +78.1% year on year, profit +5.1%, and the margin −5.0 pp at 17.0%. The 10-year compound rates are 17.2% (revenue) and 44.0% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Narayana Hrudayalaya Ltd performing?
Narayana Hrudayalaya Ltd is in a confirmed uptrend, 15 weeks in. Its latest quarter's revenue rose 78.1% and profit rose 5.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Narayana Hrudayalaya Ltd in?
Mixed — no clean majority across the growth curves, ROCE slipping at 14.5% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +59.6% latest, profit growth +3.8% latest, eps growth +3.9% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Narayana Hrudayalaya Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 15 of stage 2), trading +0.6% versus its 200-day average and at 57% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Narayana Hrudayalaya Ltd beating the market?
Not lately — on a trailing-13-week view Narayana Hrudayalaya Ltd is currently behind the NIFTY 500 (2 weeks and counting; last ahead the week of 2026-08-28), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +547% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 2026.
Will Narayana Hrudayalaya Ltd's share price go up?
This page publishes no price forecast for Narayana Hrudayalaya Ltd. What it measures instead: the share price is ₹1,869, the price is in a confirmed uptrend 15 weeks in. Its P/E of 44.3× sits at the 40th percentile of its own 11-year range. — as of 11 September 2026.
Who owns Narayana Hrudayalaya Ltd?
Promoters hold 63.3% of Narayana Hrudayalaya Ltd, foreign institutions 9.4%, domestic institutions 9.1% and the public 17.6% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 11 September 2026.
Does Narayana Hrudayalaya Ltd have too much debt?
It carries real leverage — Narayana Hrudayalaya Ltd's debt-to-equity is 1.29, and operating profit covers the interest bill 6×. FY26 borrowings were ₹5,858 Cr against equity of ₹4,537 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Narayana Hrudayalaya Ltd's capex?
Narayana Hrudayalaya Ltd spent ₹6,460 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹4,184 Cr, with ₹292 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Narayana Hrudayalaya Ltd's cash flow?
Narayana Hrudayalaya Ltd generated ₹1,621 Cr of operating cash flow in FY26 and ₹−2,563 Cr of free cash flow after ₹4,184 Cr of capital spending. Reported profit that year was ₹806 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Narayana Hrudayalaya Ltd's profit real cash?
Yes — over the last 3 fiscal years, 154% of Narayana Hrudayalaya Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,621 Cr against reported profit of ₹806 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Narayana Hrudayalaya Ltd in its business cycle?
Narayana Hrudayalaya Ltd's FY26 operating margin was 21.0%, against a 13-year band of 7.0%–24.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 17.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Narayana Hrudayalaya Ltd story?
Biggest watch item: the price is already 15 weeks into its uptrend — timing risk, not thesis risk. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Narayana Hrudayalaya Ltd a stock worth studying right now?
This is not investment advice. The machine read: Narayana Hrudayalaya Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!