# Narayana Hrudayalaya share price today (Narayana Hrudayalaya Ltd, NSE: NH)

> Narayana Hrudayalaya share price today: ₹1,931.50 at the NSE close on 4 November 2026, up 6.7% in a year. Narayana Hrudayalaya (NSE: NH) is worth ₹39,477 crore, trades at a P/E of 43.6 and has closed between ₹1,625.00 and ₹2,043.20 over the past 52 weeks. > Narayana Hrudayalaya Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. NH · Hospitals · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/narayana-hrudayalaya-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,931.50 (+6.7% in a year)
- P/E: 43.6× (lower than 62% of the last 11 years)
- Revenue (Sep 2026): ₹2,844 Cr (+73.0% on a year ago)
- Profit (Sep 2026): ₹301 Cr (+16.7% on a year ago)
- Operating margin: 19.0% (−5.0 points on a year ago)
- ROCE: 16%, FY26
- ROIC: 13.5%, against a 12.0% cost of capital: +1.5 points

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Narayana Hrudayalaya share price today? Narayana Hrudayalaya Ltd's share price was ₹1,931.50 at the close on 4 November 2026. It has been falling for 3 weeks. That is 5.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,625 and ₹2,043, and at that close it sat 73% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 11 years the share price moved +568% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Narayana Hrudayalaya this quarter? Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), foreign funds (FIIs) cut their stake for 3 quarters in a row and highest quarterly profit in 16 quarters. 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹2,844 crore, +73% on a year earlier. 2. Foreign funds (FIIs) cut their stake for 3 quarters in a row From 11.1% to 9% of the company by the September 2026 quarter. 3. Highest quarterly profit in 16 quarters Profit of ₹301 crore in the September 2026 quarter is the highest of the last 16 quarters. ## What are Narayana Hrudayalaya's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Narayana Hrudayalaya reported revenue of ₹2,844 crore, up 73.0% from ₹1,644 crore a year earlier, and a profit of ₹301 crore, up 16.7% from ₹258 crore. ### Narayana Hrudayalaya results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,844 crore | ₹1,644 crore | +73.0% |
| Profit | ₹301 crore | ₹258 crore | +16.7% |
| Earnings per share | ₹14.73 | ₹12.64 | +16.5% |
| Operating margin | 19.0% | 24.0% | −5.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). The newest call in our records is from 3 August 2026, about April to June 2026; a call about these results is not in our records yet. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Narayana Hrudayalaya share price history? Narayana Hrudayalaya closed at ₹1,931.50 on 4 November 2026, up 6.7% from ₹1,810.40 a year earlier (7 November 2025) and up 255.0% over five years. Its highest weekly close since March 2016 was ₹2,263.20 on 27 June 2025. ### Narayana Hrudayalaya share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,720.20 | +12.3% |
| 1 month ago · 1 Oct 2026 | ₹1,741.40 | +10.9% |
| 6 months ago · 8 May 2026 | ₹1,820.30 | +6.1% |
| 1 year ago · 7 Nov 2025 | ₹1,810.40 | +6.7% |
| 3 years ago · 3 Nov 2023 | ₹1,034.40 | +86.7% |
| 5 years ago · 4 Nov 2021 | ₹544.10 | +255.0% |
| 10 years ago · 4 Nov 2016 | ₹338.10 | +471.3% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹288.95 | +568.5% |
| Highest weekly close since March 2016 · 27 Jun 2025 | ₹2,263.20 | −14.7% |
| Lowest weekly close since March 2016 · 17 May 2019 | ₹186.45 | +935.9% |
| 52-week high (weekly close) · 21 Nov 2025 | ₹2,043.20 | −5.5% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹1,625.00 | +18.9% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (561 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Narayana Hrudayalaya? 4 Nov 2026: Narayana Hrudayalaya closed at ₹1,931.50, up 12.3% on the week and up 10.9% on the month. Results for July to September 2026: Revenue up 73.0% and profit up 16.7% on a year earlier. ### Earlier

- 3 Aug 2026: Narayana Hrudayalaya held its results call for April to June 2026. Management guided: India hospitals to pursue combined volume and realization growth, with core operating margin expansion from throughput and operating leverage despite no meaningful bed additions over the next 2-3 years. - 17 Jul 2026: ex-date for a dividend of ₹4.50 a share. - Our read, 27 Jun 2026: The consolidation of UK Practice Plus and the Cayman insurance build have tripled group borrowings and compressed reported ROCE to current levels, creating the surface read of diluted quality. ### Our read of the business

The consolidation of UK Practice Plus and the Cayman insurance build have tripled group borrowings and compressed reported ROCE to current levels, creating the surface read of diluted quality. January to March 2026: Revenue nearly doubled on UK consolidation; India margins expanded 360 basis points to 25% while consolidated operating margin diluted to 20% from UK drag. (Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What dividend does Narayana Hrudayalaya pay? Narayana Hrudayalaya paid ₹4.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.23% at the ₹1,931.50 close on 4 November 2026. The last was a dividend of ₹4.50 a share, ex-date 17 July 2026. ### Narayana Hrudayalaya dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 17 Jul 2026 | ₹4.50 | Dividend | same day |
| 1 Aug 2025 | ₹4.50 | Dividend | same day |
| 2 Aug 2024 | ₹4 | Dividend | same day |
| 7 Jul 2023 | ₹2.50 | Dividend | same day |
| 22 Aug 2022 | ₹1 | Dividend | 23 Aug 2022 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 4 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Narayana Hrudayalaya Ltd paid out 11% of its profit as dividends in FY26, and it paid a dividend in 7 of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Narayana Hrudayalaya management say on the latest results call? On the call for April to June 2026, held on 3 August 2026, Narayana Hrudayalaya's management guided: India hospitals to pursue combined volume and realization growth, with core operating margin expansion from throughput and operating leverage despite no meaningful bed additions over the next 2-3 years. > “Premium increases will be a fact of life based on how the book performs. Our approach will be responsible pricing. > Ravi Vishwanathan, on insurance pricing, on the call for April to June 2026

### What management guided

- India insurance loss ratios to moderate to acceptable levels over time, with short-term volatility until portfolio scale improves. - ALOS planned at 3.9-4.0 days as soon as possible, balanced against complex medical cases. - Cayman insurance losses expected to improve on a rolling 2-3-quarter basis; January renewals expected to remain similar, supporting Cayman hospital growth. - Expansion milestones: two new clinics this quarter; Southwest Bangalore 100 beds planned by end Q2; three projects shifted, two to FY29 and one to FY30. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/6132/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 3 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Narayana Hrudayalaya story? What are the risks? India operating margin falls below 22% for two consecutive quarters on organic operations as new center overhead and wage inflation outpace mix gains. ### Each change stops working if

- : India operating margin falls below 22% for two consecutive quarters on organic operations as new center overhead and wage inflation outpace mix gains. - : UK operating margin remains stuck below 9% for two full financial years, indicating structural NHS-reimbursement constraints that prevent private-pay uplift. - : Combined loss ratio remains above 105% two quarters after the June price increases, indicating adverse selection is structural rather than correctable by repricing. ### The main risks

- : Three documented guidance reversals in three consecutive quarters raise the management credibility discount. ⚠ estimate
- : DII stake-cutting has been persistent, DII share fell from 14.1% in March 2023 to 9.1% in March 2026. ⚠ estimate

(Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Narayana Hrudayalaya's next results? When Narayana Hrudayalaya reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: India insurance loss ratios and expense controls to show moderation as claims reviews and SME-retail mix mature; check whether volatility narrows. - What to check (from the call)
- India insurance loss ratios and expense controls to show moderation as claims reviews and SME-retail mix mature; check whether volatility narrows. - Cayman repricing to flow through without an abnormal large claim; check whether insurance losses improve in the next reported quarter. - UK hospitals to regain operating capacity after heatwave; check revenue and margin recovery as software certification progresses. - Southwest Bangalore project to reach the promised opening milestone; check construction completion and operational start. ## Which stock lists is Narayana Hrudayalaya on? Narayana Hrudayalaya is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 245](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Narayana Hrudayalaya profitable? Narayana Hrudayalaya Ltd earned ₹301 Cr of net profit in the Sep 2026 quarter, +16.7% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹806 Cr. Over 10 years profit has grown 44.0% a year on average. That is 10.6% of the quarter's revenue. The same quarter a year earlier earned ₹258 Cr. For the full year, FY26 profit was ₹806 Cr (+1.9% on the year before). Why profit moved: revenue changed +73.0% on a year earlier and the margin moved −5.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +0.3% and revenue +72.0%. Profit is growing slower than sales: rising costs are taking part of the growth. FY27-Q1. revenue ₹2,684 Cr and profit ₹207 Cr as reported. FY27-Q2. revenue ₹2,844 Cr and profit ₹301 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much revenue does Narayana Hrudayalaya make, and is it growing? Narayana Hrudayalaya Ltd reported ₹2,844 Cr of revenue in the Sep 2026 quarter, +73.0% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 17.2% a year on average. The last full year, FY26, came in at ₹7,896 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. The last four reported quarters add to ₹10,273 Cr. FY26 revenue was ₹7,896 Cr, +44.0% on the year before. Recent pace: the last four quarters grew +72.0% on average, against 17.2% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +72.3%, against +41.6% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +1.7%, against +4.9% a year (rolling over). FY27-Q1. revenue ₹2,684 Cr and profit ₹207 Cr as reported. FY27-Q2. revenue ₹2,844 Cr and profit ₹301 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Narayana Hrudayalaya keep? Narayana Hrudayalaya Ltd's operating margin was 19.0% in the Sep 2026 quarter, 5.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 7.0% and 24.0%. The latest quarter is within that range. 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. Why the margin moved: operating margin changed −5.0 percentage points on the year while gross margin changed +0.3 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales. FY27-Q1. revenue ₹2,684 Cr and profit ₹207 Cr as reported. FY27-Q2. revenue ₹2,844 Cr and profit ₹301 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## Is Narayana Hrudayalaya's profit turning into cash? Over the last 3 years, 154% of Narayana Hrudayalaya Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,621 Cr of operating cash against ₹806 Cr of profit. After ₹4,184 Cr of spending on assets, free cash was −₹2,563 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 154% of profit came in as cash: the cash cycle got 26 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 6.7× depreciation over three years. The next section checks what that spending is building. ## Where does Narayana Hrudayalaya's cash go? Narayana Hrudayalaya Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −176 days in FY26, down from −150 days in FY21. It spent ₹6,460 Cr on assets over the last 3 years. Customers take 30 days to pay, and stock sits for 42 days on average. At FY26 sales of ₹7,896 Cr, each day of that cycle ties up about ₹21.6 Cr, so roughly −₹3,807 Cr is tied up in the business at any time. FY26: customers took 30 days to pay and stock sat for 42 days, about 1.4 months of sales sitting as stock, for a full cycle of −176 days, shorter than FY21's −150. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 42 days. Customers pay about 30 days after that. Suppliers are paid at 248 days. Together that makes the −176-day cycle. Spending on assets: ₹6,460 Cr over the last 3 years, against ₹967 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹292 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Narayana Hrudayalaya's P/E ratio, and how does it compare with its own history? Narayana Hrudayalaya Ltd's P/E is 43.6×, in the middle of its own history: higher than 38% of past readings. Its usual P/E (the middle reading) is 46.8×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹42.03. Why the multiple is where it is: over the past year earnings per share moved +2.0% while the price moved +6.7%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +28.8% a year; about +37.9% a year came from earnings growth and about −9.1 percentage points from the multiple (the market paying less); over 10 years the price moved +19.0% a year; about +31.5% a year came from earnings growth and about −12.5 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Narayana Hrudayalaya business getting better or worse? Narayana Hrudayalaya Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 15.3%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Narayana Hrudayalaya story, and has it been checked? Narayana Hrudayalaya Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: EARLY EXPANSION. Our read, 27 June 2026. From the numbers. 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 4, week 3, below 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. 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. What is proven. What would change our mind. A third documented guidance reversal on UK EPS timing would also raise the management credibility…

What the surface reading misses. The research reads it further: The 86th percentile reflects compression from historic peaks of 135 times (Sep 2018) and 58 times (FY21). 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. Sources: our stock research file (27 June 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Narayana Hrudayalaya management deliver what it promised? What Narayana Hrudayalaya Ltd's management promised, against what actually happened: 4 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. ## How much does Narayana Hrudayalaya earn on its capital? Narayana Hrudayalaya Ltd earned a ROCE of 16% in FY26. That is up from a low of 2% in FY21. Its return on capital used (ROIC) is 1.5 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 10.2% net margin and 0.63× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 10.2% net margin × 0.63× asset turnover × 2.75× leverage (assets divided by equity) ≈ 17.7% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 13.5% − 12.0% = +1.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 15.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Narayana Hrudayalaya have too much debt? Narayana Hrudayalaya Ltd has total debt of ₹5,857 Cr against shareholder equity of ₹4,540 Cr as of Jun 2026, so its debt is 1.29× its equity. Year by year, that ratio went from 0.49 in FY22 to 1.29 in FY26. Keep that borrowing in mind when reading the returns on this page. 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. ## What is the Narayana Hrudayalaya shareholding pattern? Domestic institutions raised their stake in Narayana Hrudayalaya Ltd by 2.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 10.7% of the company. Foreign institutions moved −0.7 points over the same period, to 9.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +2.8 points over 8 quarters, to 10.7%; Foreign institutions: −0.7 points over 8 quarters, to 9.0%; Promoters: −0.6 points over 8 quarters, to 63.3%. Why the owners changed: domestic institutions drove it (+2.8 points), with the other side taken by foreign institutions (−0.7 points). They raised their stake step by step. ## How far is Narayana Hrudayalaya from balance-sheet trouble? For Narayana Hrudayalaya Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Narayana Hrudayalaya rank in its industry? 40.7 out of 100, rank 15 of 20 in Hospitals, with 78% of the evidence available. Narayana Hrudayalaya Ltd scores 40.7 out of 100 against the 20 companies it is compared with in Hospitals, ranking 15. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 10.7 + 14.7 + 6 + 9.3 = 40.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Narayana Hrudayalaya compared with? Narayana Hrudayalaya ranks 15 of 20 Hospitals companies on the 4-Factor Sector Score, with 40.7 out of 100. 1. [KMC Speciality Hospitals (India) Ltd](https://www.sectoralpha.in/stocks/kmc-speciality-hospitals-indialtd) KMCSHIL · breaking out · Sector-leading setup · 81% evidence 80.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.0/35 · Revenue 35.1% · Profit 100% · Operating margin change 6 points · 88% evidence Capital efficiency 23.0/25 · ROCE 26.2% · Operating margin 31% · 100% evidence Valuation 14.1/20 · P/E 43.4× · PEG 0.68 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 45.6% · 1 year 115.4% · 25% evidence · 5 of 5 weeks ahead Exact sum: 31 + 23 + 14.1 + 12.5 = 80.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Sakar Healthcare Ltd](https://www.sectoralpha.in/stocks/sakar-healthcare-ltd) SAKAR · leader · Most evidence points up · 100% evidence 68.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.5/35 · Revenue 47.5% · Profit 100% · Operating margin change 8 points · 100% evidence Capital efficiency 11.4/25 · ROCE 12.4% · Operating margin 28% · 100% evidence Valuation 11.1/20 · P/E 49× · PEG 1.05 · 100% evidence Relative strength 13.8/20 · Lead over its industry 41.8% · Lead over NIFTY 500 45.4% · 1 year 161.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 32.5 + 11.4 + 11.1 + 13.8 = 68.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Apollo Hospitals Enterprise Ltd](https://www.sectoralpha.in/stocks/apollo-hospitals-enterprise-ltd) APOLLOHOSP · turning · Most evidence points up · 78% evidence 68.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.0/35 · Revenue 17.2% · Profit 33.2% · Operating margin change 1 points · 83% evidence Capital efficiency 15.2/25 · ROCE 17.4% · Operating margin 16% · 76% evidence Valuation 12.7/20 · P/E 57.7× · PEG n/a · 50% evidence Relative strength 16.6/20 · Lead over its industry 6.6% · Lead over NIFTY 500 11.2% · 1 year 10% · 100% evidence · 4 of 12 weeks ahead Exact sum: 24 + 15.2 + 12.7 + 16.6 = 68.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Dr Agarwals Eye Hospital Ltd](https://www.sectoralpha.in/stocks/dr-agarwals-eye-hospital-ltd) DRAGARWQ · breaking out · Evidence leans up · 81% evidence 62.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.1/35 · Revenue 20.1% · Profit 31.6% · Operating margin change -2 points · 88% evidence Capital efficiency 17.3/25 · ROCE 17.2% · Operating margin 30% · 100% evidence Valuation 12.5/20 · P/E 33.7× · PEG 1.36 · 100% evidence Relative strength 11.6/20 · Lead over its industry n/a · Lead over NIFTY 500 9.2% · 1 year 0.8% · 25% evidence · 8 of 12 weeks ahead Exact sum: 21.1 + 17.3 + 12.5 + 11.6 = 62.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Kovai Medical Center & Hospital Ltd](https://www.sectoralpha.in/stocks/kovai-medical-center-hospital-ltd) KOVAI · breaking out · Evidence leans up · 96% evidence 61.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.8/35 · Revenue 15% · Profit 15.8% · Operating margin change 1 points · 88% evidence Capital efficiency 19.1/25 · ROCE 22.6% · Operating margin 29% · 100% evidence Valuation 8.9/20 · P/E 24.8× · PEG 2.01 · 100% evidence Relative strength 14.7/20 · Lead over its industry 1.9% · Lead over NIFTY 500 6.6% · 1 year -9.2% · 100% evidence · 10 of 12 weeks ahead Exact sum: 18.8 + 19.1 + 8.9 + 14.7 = 61.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [GPT Healthcare Ltd](https://www.sectoralpha.in/stocks/gpt-healthcare-ltd) GPTHEALTH · quiet · Evidence leans up · 81% evidence 61.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.4/35 · Revenue 18% · Profit 0% · Operating margin change 3 points · 88% evidence Capital efficiency 18.1/25 · ROCE 19.9% · Operating margin 19% · 100% evidence Valuation 18.5/20 · P/E 23× · PEG 0.94 · 100% evidence Relative strength 9.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.1% · 1 year -10.7% · 25% evidence · 4 of 12 weeks ahead Exact sum: 15.4 + 18.1 + 18.5 + 9.1 = 61.1 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Yatharth Hospital & Trauma Care Services Ltd](https://www.sectoralpha.in/stocks/yatharth-hospital-trauma-care-services-ltd) YATHARTH · breaking out · Evidence leans up · 78% evidence 57.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 43.9% · Profit 22.5% · Operating margin change -2 points · 83% evidence Capital efficiency 12.4/25 · ROCE 12.9% · Operating margin 23% · 76% evidence Valuation 6.7/20 · P/E 49.3× · PEG n/a · 50% evidence Relative strength 19.1/20 · Lead over its industry 17.1% · Lead over NIFTY 500 21.6% · 1 year 16.4% · 100% evidence · 10 of 12 weeks ahead Exact sum: 19.4 + 12.4 + 6.7 + 19.1 = 57.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Artemis Medicare Services Ltd](https://www.sectoralpha.in/stocks/artemis-medicare-services-ltd) ARTEMISMED · leader · Evidence leans up · 100% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 14.7% · Profit 20% · Operating margin change 0 points · 100% evidence Capital efficiency 12.7/25 · ROCE 14.6% · Operating margin 18% · 100% evidence Valuation 8.0/20 · P/E 39.7× · PEG 2.44 · 100% evidence Relative strength 16.7/20 · Lead over its industry 8.4% · Lead over NIFTY 500 12.9% · 1 year 18.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 19.4 + 12.7 + 8 + 16.7 = 56.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Global Health Ltd](https://www.sectoralpha.in/stocks/global-health-ltd) MEDANTA · losing its lead · Evidence leans up · 96% evidence 52.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 21.3% · Profit 3.4% · Operating margin change -2 points · 88% evidence Capital efficiency 18.8/25 · ROCE 17.4% · Operating margin 22% · 100% evidence Valuation 5.5/20 · P/E 59.7× · PEG 9.11 · 100% evidence Relative strength 14.2/20 · Lead over its industry 3.7% · Lead over NIFTY 500 8.1% · 1 year -3.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 13.5 + 18.8 + 5.5 + 14.2 = 52 · What this means: Relative strength against the index is 8.1%, and revenue and profit growth are weak. 10. [Indraprastha Medical Corporation Ltd](https://www.sectoralpha.in/stocks/indraprastha-medical-corporation-ltd) INDRAMEDCO · quiet · Evidence leans up · 85% evidence 51.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.3/35 · Revenue 10.8% · Profit 10.9% · Operating margin change 0 points · 100% evidence Capital efficiency 17.6/25 · ROCE 35.8% · Operating margin 19% · 100% evidence Valuation 13.2/20 · P/E 14.6× · PEG 1.47 · 100% evidence Relative strength 7.7/20 · Lead over its industry n/a · Lead over NIFTY 500 -19.7% · 1 year -49.6% · 25% evidence · 0 of 12 weeks ahead Exact sum: 13.3 + 17.6 + 13.2 + 7.7 = 51.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 11. [Rainbow Childrens Medicare Ltd](https://www.sectoralpha.in/stocks/rainbow-childrens-medicare-ltd) RAINBOW · quiet · Evidence leans up · 100% evidence 50.1 out of 100 Growth Capital Valuation Relative
12. [Max Healthcare Institute Ltd](https://www.sectoralpha.in/stocks/max-healthcare-institute-ltd) MAXHEALTH · quiet · Evidence leans down · 85% evidence 48.5 out of 100 Growth Capital Valuation Relative
13. [Fortis Healthcare Ltd](https://www.sectoralpha.in/stocks/fortis-healthcare-ltd) FORTIS · basing · Evidence leans down · 78% evidence 45.1 out of 100 Growth Capital Valuation Relative
14. [Shalby Ltd](https://www.sectoralpha.in/stocks/shalby-ltd) SHALBY · quiet · Evidence leans down · 63% evidence 42.0 out of 100 Growth Capital Valuation Relative
15. Narayana Hrudayalaya Ltd this page NH · quiet · Evidence leans down · 78% evidence 40.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.7/35 · Revenue 72.3% · Profit 1.7% · Operating margin change -5 points · 100% evidence Capital efficiency 14.7/25 · ROCE 15.5% · Operating margin 19% · 100% evidence Valuation 6.0/20 · P/E 38.8× · PEG 6.83 · 65% evidence Relative strength 9.3/20 · Lead over its industry n/a · Lead over NIFTY 500 -2% · 1 year -2.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 10.7 + 14.7 + 6 + 9.3 = 40.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 16. [Aster DM Quality Care Ltd](https://www.sectoralpha.in/stocks/aster-dm-quality-care-ltd) ASTERDM · quiet · Evidence leans down · 96% evidence 35.0 out of 100 Growth Capital Valuation Relative
17. [Krishna Institute of Medical Sciences Ltd](https://www.sectoralpha.in/stocks/krishna-institute-of-medical-sciences-ltd) KIMS · quiet · Most evidence points down · 78% evidence 34.8 out of 100 Growth Capital Valuation Relative
18. [Jupiter Life Line Hospitals Ltd](https://www.sectoralpha.in/stocks/jupiter-life-line-hospitals-ltd) JLHL · quiet · Most evidence points down · 100% evidence 33.0 out of 100 Growth Capital Valuation Relative
19. [Healthcare Global Enterprises Ltd](https://www.sectoralpha.in/stocks/healthcare-global-enterprises-ltd) HCG · quiet · Most evidence points down · 71% evidence 31.1 out of 100 Growth Capital Valuation Relative
20. [Manipal Health Enterprises Ltd](https://www.sectoralpha.in/stocks/manipal-health-enterprises-ltd) MANIPALHOS · Too little evidence to rank firmly · 38% evidence 42.4 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Hospitals](https://www.sectoralpha.in/sectors/hospitals), all 20 compared on one page. ## Which companies are close to Narayana Hrudayalaya in size? Narayana Hrudayalaya is the 6th largest of 20 Hospitals companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Max Healthcare Institute, Aster DM Quality Care and Fortis Healthcare. Just below it: Global Health, Krishna Institute of Medical Sciences and Rainbow Childrens Medicare. ### Hospitals companies close in size

1. [Max Healthcare Institute Ltd](https://www.sectoralpha.in/stocks/max-healthcare-institute-ltd) ₹83,705 crore
2. [Aster DM Quality Care Ltd](https://www.sectoralpha.in/stocks/aster-dm-quality-care-ltd) ₹59,374 crore
3. [Fortis Healthcare Ltd](https://www.sectoralpha.in/stocks/fortis-healthcare-ltd) ₹57,992 crore
4. Narayana Hrudayalaya Ltd ₹35,154 crore
5. [Global Health Ltd](https://www.sectoralpha.in/stocks/global-health-ltd) ₹34,156 crore
6. [Krishna Institute of Medical Sciences Ltd](https://www.sectoralpha.in/stocks/krishna-institute-of-medical-sciences-ltd) ₹29,476 crore
7. [Rainbow Childrens Medicare Ltd](https://www.sectoralpha.in/stocks/rainbow-childrens-medicare-ltd) ₹12,378 crore

[All 20 Hospitals companies, largest first](https://www.sectoralpha.in/sectors/hospitals#all-companies)

### Companies close in size in other industries

1. [Emcure Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/emcure-pharmaceuticals-ltd) ₹35,510 crore · Pharma - Formulators
2. [HFCL Ltd](https://www.sectoralpha.in/stocks/hfcl-ltd) ₹35,401 crore · Telecom Services
3. Narayana Hrudayalaya Ltd ₹35,154 crore
4. [Indian Railway Catering & Tourism Corporation Ltd](https://www.sectoralpha.in/stocks/indian-railway-catering-tourism-corporation-ltd) ₹34,896 crore · Railways
5. [ITC Hotels Ltd](https://www.sectoralpha.in/stocks/itc-hotels-ltd) ₹34,825 crore · Hotels

## What else do people ask about Narayana Hrudayalaya? ### What is Narayana Hrudayalaya's share price today? Narayana Hrudayalaya Ltd's share price is ₹1,931.50, +6.7% over the past year. The whole company is worth ₹39,477 Cr on the market. In the last 52 weeks it traded between ₹1,625 to ₹2,043; today it is 73% of the way up from the low, 5.5% above its 200-day average (as of 4 November 2026). ### What were Narayana Hrudayalaya's latest quarterly results? Narayana Hrudayalaya Ltd reported revenue of ₹2,844 Cr and net profit of ₹301 Cr for the Sep 2026 quarter. Revenue rose 73.0% and profit rose 16.7% compared with a year earlier. Earnings per share were ₹14.73. The operating margin was 19.0%, 5.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Narayana Hrudayalaya's market cap? Narayana Hrudayalaya Ltd's market capitalisation is ₹39,477 Cr at a share price of ₹1,931.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Narayana Hrudayalaya performing? Narayana Hrudayalaya Ltd's share price has been falling for 3 weeks. In its latest quarter, revenue rose 73.0% and profit rose 16.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will Narayana Hrudayalaya's share price go up? This page does not forecast Narayana Hrudayalaya Ltd's share price. What it shows instead: the share price is ₹1,931.50, and it has been falling for 3 weeks. Its P/E of 43.6× is higher than 38% of its own last 11 years (as of 4 November 2026). ### Does Narayana Hrudayalaya have too much debt? Yes, Narayana Hrudayalaya Ltd has a lot of debt: its debt is 1.29× its equity, and its operating profit is 6 times its interest bill. FY26 borrowings were ₹5,858 Cr against equity of ₹4,537 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Narayana Hrudayalaya in its business cycle? Narayana Hrudayalaya Ltd's FY26 operating margin was 21.0%, against a 13-year range of 7.0% to 24.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 19.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Narayana Hrudayalaya story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Narayana Hrudayalaya a stock worth studying right now? What the numbers show: Narayana Hrudayalaya Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Narayana Hrudayalaya share price forecast for 2026? What management itself guided: India hospitals to pursue combined volume and realization growth, with core operating margin expansion from throughput and operating leverage despite no meaningful bed additions over the next 2-3 years. What would change the story: India operating margin falls below 22% for two consecutive quarters on organic operations as new center overhead and wage inflation outpace mix gains. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.