Narayana Hrudayalaya Ltd

Meeting Details

• Date and time: Thursday, August 20, 2026 at 10:30 A.M. IST.
• Type and mode: One-on-One; Physical meeting.
• Event: Investor Meeting with FSSA Investment Managers.
• Participants: Company management to attend.
• Purpose: General investor interaction with the fund manager.

AGM details

• AGM held on 14 August 2026 via VC/OAVM.
• Scrutinizer’s report dated 17 August 2026.
• Remote e-voting window: 11–13 August 2026.
• Notice dated 22 May 2026.

Key resolutions and outcomes

• Resolution 1: Ordinary; adopt audited financial statements — Passed.
• Resolution 2: Ordinary; appoint/re-appoint auditors and fix remuneration — Passed.
• Resolution 3: Ordinary; dividend of Rs 4.50 per equity share — Passed.
• Resolution 4: Ordinary; reappoint Kiran Mazumdar Shaw as director — Passed.
• Resolution 5: Ordinary; ratify remuneration of Cost Auditors — Passed.
• Resolution 6: Special; revise remuneration of Viren Prasad Shetty — Passed.
• Resolution 7: Special; revise remuneration of Emmanuel Rupert — Passed.
• Resolution 11: Special; approve private placement of debt securities — Passed.

Dividend

• Dividend of Rs 4.50 per equity share approved.

Director changes

• Kiran Mazumdar Shaw reappointed as director (retiring by rotation).

Auditor appointments and remunerations

• Auditors appointed; remuneration fixed.
• Cost Auditors remuneration ratified for FY2026-27.

Debt securities

• Special approval for private placement of debt securities.

AGM details

• Held Aug 14, 2026, 11:30–12:57 IST, via VC/OAVM.
• Proxy voting not allowed; only attendees via VC/OAVM could vote.

Voting & results

• Remote e-voting Aug 11–13, 2026; voting at AGM also available.
• Results for items 1–11 to be submitted to exchanges by Aug 18, 2026.
• Scrutinizer appointed for e-voting.

Key business update

• Strategic update on UK hospital business acquisition of Practice Plus Group.
• Presentations covered performance, expansion, digital and ESG initiatives.

Financial Performance

• Domestic EBITDA margin around 24% with no beds added in 2–3 years.
• Margin growth driven by high-end procedures and increased robotics usage.
• Revenue growth expected from a mix of volumes and realizations.
• India net margin expanded 400 bps YoY including clinics.
• UK and Cayman segments showing improvement as ramp unfolds.

Domestic Hospital and Clinic Update

• Clinic footfalls support growth; Bangalore clinics strengthen the network.
• 66,000 clinic consultations were recorded in the quarter.
• ALOS targeted to settle around 3.9–4.0 days.
• North Bangalore expansion planned; HSR hospital on track.
• Most clinic revenue comes from membership programs.

Insurance and International Businesses

• Insurance losses remain volatile; book is still small.
• AI-based claim reviews and in-house claims aim to reduce fraud and costs.
• SME and retail segments expected to drive better margins.
• Cayman renewals in July achieved 100% acceptance.
• UK ROCE target not defined yet; still early days post-acquisition.

Balance Sheet and Cash Flows

• Cash balance has risen; INR 3,000 crores committed for projects over two years.
• Cash generation from India and Cayman supports deployment.
• Net debt-EBITDA is currently below 1; expected to decline by FY30.

Projects, Capex and Development

• Three projects postponed from FY28 to FY29; two to FY29 and one to FY30 due to licensing.
• Asset-light partner projects delayed by licensing issues; expected to improve.
• HSR Bangalore on track; North Bangalore expansion planned in second round.
• UK/Cayman software certification adds about 4–6 months to timelines.

Q&A Takeaways and Outlook

• ALOS target remains 3.9–4.0 days; efficiency drives ongoing.
• Integrated care model should support long-term profitability; timing depends on mix.
• Three years of capital deployment expected; progress reassessed periodically.
• Management refrains from providing short-term earnings guidance for insurance.

Meeting Details

• Wednesday, August 12, 2026, at 10:00 A.M. IST.
• Physical group investor meeting.
• Organised by Ambit Capital.
• Management to participate.
• Investor attendees: Sundaram Mutual Fund, Premji Invest, Unifi Capital.
• Additional attendees: Narnolia Financial Services, EverFlow Partners.
• Schedule tentative; changes possible.

Business Overview

• Narayana Health operates 55 facilities with 6,269 beds across India, UK, and Cayman Islands.
• Core segments include India Hospitals, clinics, and international hospitals; expansion via greenfield and lease projects.
• Q1 FY27 revenue grew 78% YoY to ₹26,836 Mn; EBITDA margin 18.8%.

Operational Highlights

• Q1 FY27 consolidated revenue ₹26,836 Mn, +78% YoY, +3.5% QoQ.
• EBITDA ₹5,052 Mn; margin 18.8%; PAT ₹2,073 Mn; margin 7.7%.
• 2,137 cardiac surgeries in Q1 FY27; 19 Pulse Field Ablation procedures since June 2026.
• CUVIS Ortho Robotic System and Thulium Laser introduced; robotic procedures across units.
• Total capacity beds 6,269; staff ~20,950.

Financial Performance

• Total operating revenue ₹26,836 Mn; EBITDA ₹5,052 Mn; PAT ₹2,073 Mn.
• Consolidated net debt to equity 0.42x; borrowings ₹48,776 Mn; cash ₹19,934 Mn.
• Foreign-currency debt includes US$115 Mn and GBP £150 Mn.

Capex & Growth Outlook

• HSR Bangalore: 215 beds, ₹4,900 Mn, FY28 completion; contractor onboarded.
• Rajarhat Kolkata: 350 beds, ₹9,000 Mn, FY29 completion; sanctions in place; timelines shifted.
• Central Bangalore: 220 beds, ₹1,600 Mn, FY29 completion; lease/construction agreement executed.
• South Bangalore: 350 beds, ₹8,000 Mn, FY30 completion; design/approvals underway.
• Raipur: 300 beds, ₹5,400 Mn, FY28 completion; contractor onboarded.
• South-West Bangalore: 100 beds, ₹840 Mn, FY27 completion; infra complete, approvals in progress.

Digital & ESG

• Digital initiatives: NAMAH QR tracking, bot-assisted admissions, online patient experience tools.
• NH ESG Vision: Health For All; NABH & JCI recertification ongoing; carbon neutral by 2040.

Governance & Shareholding

• Shareholding pattern as of 30 Jun 2026; total shares 204,360,804.
• Key DIIs and FIIs include Mirae Asset, Vanguard, BlackRock and Govt Pension Fund Global.

Risks & Mitigation

• Execution risk on capex expansions; several projects' timelines shifted; contractor onboarding underway.
• Foreign currency debt exposure from USD/GBP borrowings.

Financial highlights

• Consolidated revenue ₹26,836 Mn in Q1 FY27, up 78% YoY.
• Consolidated EBITDA ₹5,052 Mn, margin 18.8%.
• PAT ₹2,073 Mn, margin 7.7%.
• India revenue ₹13,247 Mn; Cayman ₹5,514 Mn; UK ₹8,257 Mn.

Liquidity and leverage

• Borrowings net of cash/investments ₹19,671 Mn; net debt/equity 0.42.
• Foreign currency debt: US$115 Mn and GBP £150 Mn.

Operational highlights

• Narayana Institute of Cardiac Sciences performed 2,137 cardiac surgeries in Q1 FY27.
• 19 Pulse Field Ablation procedures in June 2026 since launch.
• Gurugram hospital operationalized CUVIS Ortho Robotic System; Thulium Laser System.
• Robotic surgeries include CBD exploration, Hiatus/ventral hernia repair, simple prostatectomy, cytoreductive surgery.

Geography and corporate actions

• UK business is now in its third quarter under NH and remains stable.
• Separation from erstwhile parent nearing completion.

Event details

• Q1 FY27 results press release issued July 31, 2026; conference call Aug 3, 2026 at 3:00 PM IST.

Standalone results

• Revenue from operations: 10,971.02 million; total income: 11,275.15 million.
• EBITDA: 2,695.35 million; profit before tax: 1,877.21 million; net profit: 1,378.55 million.
• Debt-equity ratio: 0.73; current ratio: 1.49; net worth: 27,318.16 million.
• Tax expense: 498.66 million.

Consolidated results

• Revenue from operations: 26,836.34 million; total income: 27,191.10 million; EBITDA: 5,051.78 million.
• Profit before tax: 2,603.89 million; net continuing operations: 2,072.70 million.
• Discontinued operations: 21.65 million; total net profit: 2,094.35 million.
• Total comprehensive income: 1,940.45 million; debt-equity ratio: 1.24; net worth: 47,312.11 million.
• Segment revenues: Medical & healthcare 25,403.49 million; Others 1,563.56 million.

Notes on structure & items

• Operating segment is Medical and healthcare services; group has a single segment.
• Labour Code changes led to non-recurring gratuity/leaves impact; recognised as an exceptional item.
• Mergers/demerger schemes in progress; no material impact on quarter ended 30 June 2026.

AGM notice and AR access

• 26th AGM scheduled for Aug 14, 2026 at 11:30 a.m. IST via VC/OAVM.
• Letters dispatched to shareholders without registered emails providing web access to the Annual Report FY2025-26 and AGM Notice.
• Web links provided to access AGM Notice and Annual Report.
• Shareholders advised to register/update email, PAN, KYC, and nomination details with DP/RTA.
• Physical copies of Annual Report available on request from RTA or the company.

Meeting Details

• Date/time: Aug 03, 2026 at 03:00 p.m. IST, virtual conference call.
• Purpose: discuss unaudited standalone and consolidated results for quarter ended Jun 30, 2026.
• Organiser: Narayana Hrudayalaya Limited management.
• Webcast: conference call accessible via Chorus Call (link not included).

Participants

• Key participants: Company management (roles not specified).