Narayana Hrudayalaya reported a strong Q2 FY27, with consolidated revenue surging 73% YoY to Rs 28,440 million. Net profit increased by 16.6% to Rs 3,012 million. The growth was supported by solid performance across domestic operations, Cayman Islands hospital and insurance segments, and recent facility launches in Bangalore. Investors should note the company's active expansion pipeline with multiple greenfield and leased hospital projects scheduled through FY30.
Narayana Hrudayalaya Q2 FY27 Revenue Surges 73% YoY
Revenue: Rs 28,440 Million | Profit: Rs 3,012 Million
Reader Takeaway: Strong revenue growth across domestic and international markets; watch the execution of the aggressive multi-year hospital expansion pipeline.
What just happened
Narayana Hrudayalaya released its consolidated financial results for the quarter ending September 30, 2026. The company saw a significant 73% jump in operating revenue to Rs 28,440 million compared to the same period last year. Profit after tax (PAT) rose 16.6% to Rs 3,012 million. India operations contributed Rs 14,402 million in revenue, a 16.6% YoY growth, with an EBITDA margin of 24.6%.
Why this matters
The company’s ability to scale is evident through its diverse revenue streams. The Cayman Islands business remains a core pillar, with hospital revenues up 18.4% and the insurance segment (CIHL) delivering an 80.2% growth. The successful launch of the Banashankari Hospital and Nagarabhavi Clinic in September 2026 underscores the company's focus on domestic network density.
Expansion Strategy
Narayana Hrudayalaya is maintaining an aggressive growth stance with multiple projects in the pipeline:
- Greenfield projects include HSR Bangalore (215 beds, FY28) and Rajarhat Kolkata (350 beds, FY29).
- Leased facilities are planned for Central Bangalore and Park Street Kolkata.
- Raipur facility expansion adds 300 beds by FY28.
Financial Health
As of September 30, 2026, the company maintains a net debt of Rs 18,830 million, equating to a net debt-to-equity ratio of 0.38. With gross debt of Rs 49,648 million and cash reserves of Rs 30,818 million, the company appears adequately positioned to fund its upcoming capital expenditure requirements.
What to track next
Watch for the progress on upcoming greenfield and lease projects. Sustainment of India’s EBITDA margins above the 24% mark will be key as the company integrates new capacities.