NHNarayana Hrudayalaya539551Quarterly results

Q2 FY27 results: consolidated revenue ₹ 28,440 Mn, EBITDA up 42.0% YoY; earnings call on November 2

Q2 FY27: consolidated revenue ₹ 28,440 Mn (+73.0% YoY, aided by the UK acquisition), EBITDA ₹ 6,054 Mn (+42.0%), PAT ₹ 3,012 Mn (+16.6%).

By ScoutQuest · Fri 30 Oct 2026, 6:53 PM IST · 3 min read

Consolidated Revenue

₹ 28,440 Mn (+73.0% YoY, aided by the UK acquisition)

Consolidated EBITDA

₹ 6,054 Mn (+42.0%)

PAT

₹ 3,012 Mn (+16.6%)

Headline numbers for the quarter

• Consolidated operating revenue was ₹ 28,440 Mn, up 73.0% YoY and 6.0% QoQ, largely due to the UK acquisition.
• Consolidated EBITDA was ₹ 6,054 Mn, up 42.0% YoY and 19.8% QoQ, with a margin of 21.3%.
• PAT was ₹ 3,012 Mn, up 16.6% YoY and 45.3% QoQ, a PAT margin of 10.6%.
• Excluding the UK, revenue was ₹ 20,156 Mn (+22.6% YoY) and EBITDA ₹ 5,452 Mn (+27.8% YoY), with the margin at 27.0% versus 25.9%.

The three geographies

• India: revenue ₹ 14,402 Mn (+16.6% YoY), EBITDA ₹ 3,548 Mn (+30.8% YoY), PAT ₹ 1,899 Mn (+36.2% YoY).
• Cayman Islands: revenue US$ 63.4 Mn (+28.2% YoY), EBITDA US$ 22.1 Mn (+23.8% YoY), PAT US$ 16.6 Mn (+20.9% YoY).
• United Kingdom: revenue GBP 64.4 Mn, down 0.9% QoQ, EBITDA GBP 4.7 Mn down 18.5% QoQ, and a net loss of GBP 2.7 Mn against a loss of GBP 2.2 Mn in Q1 FY27.

India hospital operating metrics

• ARPOB ₹ 19.5 Mn annualised, up 11.4% YoY.
• Average revenue per inpatient ₹ 163.4 thousand, up 9.4% YoY.
• Inpatient discharges 60.5 thousand, up 3.7% YoY.
• Hospital outpatient footfalls 744.3 thousand, up 12.5% YoY.
• India hospitals EBITDA margin 26.8% against 23.8% a year ago.
• Cardiac sciences remained the largest specialty at about 33% of India hospital revenue, followed by oncology at 15%.

Balance sheet and cash

• Gross debt ₹ 49,648 Mn, cash, bank and investments ₹ 30,818 Mn, net debt ₹ 18,830 Mn.
• Net debt to equity 0.38, down from 0.42 at 30 June 2026. Foreign currency debt includes US$ 114 Mn and GBP 150 Mn.
• Depreciation and amortisation was ₹ 1,629 Mn and finance costs ₹ 967 Mn, mainly from the UK acquisition.

Capacity expansion

• Six India projects adding about 1,555 beds, taking total bed capacity to over 7,800 beds, at a combined project cost of about ₹ 29,900 Mn.
• The Banashankari hospital in South-West Bengaluru started operations in the last week of September 2026; a 120-bed hospital at Park Street, Kolkata was added.
• HSR, Raipur and Rajarhat construction is stated to be on schedule.
• For FY27, the company plans ₹ 4,600 Mn of growth capex and ₹ 2,700 Mn of maintenance capex, of which ₹ 955 Mn and ₹ 681 Mn respectively had been spent by 30 September 2026.

Other points from the release

• Narayana Health operated 12 integrated care clinics as on 30 September 2026; clinic outpatient footfalls rose 27% YoY to about 81,000 and clinic revenue rose 19% YoY to ₹ 186 Mn.
• NH Insurance (India) wrote gross premium of ₹ 78 Mn in Q2 FY27; the solvency ratio improved to 162% from 155%.
• The group operates 56 healthcare facilities with 6,119 operational beds and a total capacity of 6,374 beds.
• Management will host a conference call on Monday, November 2, 2026 at 03:00 pm IST to discuss the performance.

What a retail reader can take away

The release reports higher consolidated revenue, EBITDA and profit on a year-on-year basis, with India and Cayman margins improving, partly offset by a net loss in the UK business. The company also sets out its bed expansion pipeline and the capex planned for FY27.

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